Placing Basketball Bets With Exchanges Using Cryptocurrencies: Exchange Betting on Basketball with Bitcoin & Alternative Cryptos

Basketball is one of the most exciting sports to bet on, with its fast pace and frequent scoring. Betting exchanges provide an alternative to traditional sportsbooks, allowing you to bet against other bettors rather than the house. This guide will explain how basketball betting exchanges work and how you can deposit with cryptocurrency and we will also throw in some valuable tips.

What is a Basketball Betting Exchange?

For starters let’s start with the basics. What exactly is a basketball betting exchange? It is an online marketplace where bettors can bet against one another instead of betting against a traditional bookmaker. In a basketball betting exchange, you have two options:

Back a selection: Bet that a specific outcome will happen (e.g., the Los Angeles Lakers will win the game).

Lay a selection: Bet that a specific outcome will not happen (e.g., the Lakers will not win the game).

Betting exchanges provide more flexibility than traditional sportsbooks because you’re not limited to betting on fixed odds set by a bookmaker. You can either back or lay a bet.

How Basketball Betting Exchanges Work

Here’s a closer look at how betting exchanges work for basketball:

Back and Lay Markets: As mentioned above, you can either back or lay a team in a game. For example, you might back the Chicago Bulls to win against the Milwaukee Bucks, or you could lay the Bulls by betting they won’t win.

Odds and Matching: The odds are determined by other users on the platform. If someone offers odds of 2.10 for the Bulls to win, and you agree to those odds, your bet is placed. Another user might lay the Bulls at those odds, betting they will lose. The bet only goes through once both parties agree on the odds.

In-Play Betting: Basketball is a game of runs and momentum shifts. Betting exchanges allow for in-play betting, where you can place bets during the game as the odds shift based on what’s happening on the court.

Commission: Betting exchanges make their money by taking a small commission (normally in the region of 2%-5%) on your net winnings.

Using Cryptocurrency on Basketball Betting Exchanges

Cryptocurrency is popular at sports betting sites and betting exchanges. Using Bitcoin (BTC), Ethereum (ETH), or other digital currencies offers several advantages for all aspects of betting on basketball:

Fast Transactions: Deposits and withdrawals using cryptocurrency are faster than traditional payment methods, making it easy to manage your account and place bets quickly, which is important in fast-moving basketball markets.

Anonymity: Cryptocurrency offers more privacy and anonymity for users who prefer to keep their betting activity discreet.

Lower Transaction Fees: Cryptocurrencies often have lower or no transaction fees than conventional banking methods, making them more cost-effective for bettors.

Tips for Basketball Betting Exchanges

Study Team and Player Form: Basketball is a sport where individual players can make a huge impact, especially superstars like LeBron James or Giannis Antetokounmpo. Look at recent form, injuries, and head-to-head matchups before placing bets.

Leverage Lay Betting: If you think a team is overrated or likely to underperform, you can lay that team instead of betting on the favourite. For instance, if you think a team is overhyped due to recent wins but faces tough competition, laying that team could be a profitable strategy.

Monitor In-Play Odds: Basketball is fast-paced, and the odds can change dramatically during a game, especially in the fourth quarter. In-play betting on exchanges allows you to capitalize on sudden shifts in momentum.

Pay Attention to Team Depth: In basketball, especially in the NBA, teams often rest their stars during a long season. Pay attention to team depth, especially when key players are out. This can create opportunities for sharp bettors to back or lay teams based on lineup changes.

Watch for Arbitrage: Sometimes, you may find differences in odds between a traditional sportsbook and a betting exchange. By backing a team on one platform and laying them on another, you can lock in guaranteed profits, a strategy known as arbitrage betting.

Example of a Basketball Betting Exchange Bet

Let’s say the Golden State Warriors are playing the Boston Celtics.

Back Bet: You decide to back the Warriors to win the game with a 1 BTC bet at odds of 1.90. If the Warriors win, you will receive 1.90 BTC (your original stake plus 0.90 BTC profit, minus commission).

Lay Bet: Alternatively, you might lay the Warriors, meaning you believe they will not win the game. If the Warriors lose, you profit from those who backed them.

Pros and Cons of Basketball Betting Exchanges

Pros: 

Better Odds: Since you are betting against other people and not a bookmaker, the odds are often more favourable on exchanges.

Lay Betting Option: Exchanges allow you to bet against a team or outcome, giving you more flexibility in how you approach the game.

In-Play Betting: Exchanges allow you to adjust your bets as the game progresses.

Potential for Arbitrage: Differences in odds between sportsbooks and exchanges can lead to arbitrage opportunities, where you can lock in profits by backing on one platform and laying on another.

Cons:

Liquidity Issues: Less popular basketball leagues or matches may not have enough bettors on the exchange, making it difficult to get your bets matched.

Commission Fees: While odds are generally better, exchanges take a small commission on your winnings.

Complexity: For beginners, understanding how to back and lay bets can be confusing compared to traditional betting, which is more straightforward.

Flexible Alternative to Traditional Sportsbooks

Basketball betting exchanges offer a more flexible alternative to traditional sportsbooks. By allowing you to bet against other people, offering better odds, and enabling you to lay bets, exchanges give bettors more control over their bets. The addition of cryptocurrency betting makes the process even smoother with fast transactions, anonymity, and lower fees.

As always, bet responsibly, enjoy the game, and take full advantage of what basketball betting exchanges have to offer!

Frequently Asked Questions

Our GOSUBETTING experts have put together a list of frequently asked questions about basketball exchange betting.

• What is basketball exchange betting? +
  Basketball exchange betting allows you to bet against other users rather than a traditional bookmaker. You can either back (bet for) or lay (bet against) specific outcomes, with odds set by other users, creating a person-to-person betting marketplace.
• How does basketball betting work on an exchange? +
  In basketball exchange betting, you can either back a team or player to win or lay them, meaning you bet against them. The odds are determined by the other bettors on the exchange, and bets are only matched when both sides agree on the odds.
• Can I use cryptocurrency to bet on basketball in an exchange? +
  Yes, many betting exchanges support cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others. You can deposit your crypto, place bets, and withdraw your winnings in cryptocurrency.
• Why should I use cryptocurrency for basketball betting? +
  Using cryptocurrency for basketball betting offers faster transactions, lower fees, and more privacy. Deposits and withdrawals happen more quickly than with traditional banking, and your financial details remain anonymous.
• Are the odds better on a basketball betting exchange compared to traditional sportsbooks? +
  Yes, basketball betting exchanges offer more competitive odds because they are determined by users, not the exchange itself. Since you can also lay bets, you have more flexibility and potentially better value compared to traditional sportsbooks.
• Can I place live bets during a basketball game on an exchange? +
  Yes, most basketball betting exchanges offer in-play betting, where you can place bets during a live game. Basketball is a fast-paced sport, and in-play betting allows you to react to momentum shifts and adjust your bets accordingly as the game unfolds.
• What does it mean to lay a bet in basketball exchange betting? +
  Laying a bet means you are betting against a specific outcome. For example, if you lay the Lakers to win a game, you are betting that they will not win. If they lose or the game ends in a draw (depending on the bet), your lay bet wins.
• Is it safe to use cryptocurrency for basketball betting on an exchange? +
  Yes, as long as you use a reputable betting exchange. Make sure to choose platforms that are well-reviewed and trusted in the betting community.
• What are the fees when betting on basketball exchanges using cryptocurrency? +
  Betting exchanges charge a commission on your net winnings, which is usually around 2%-5%. When using cryptocurrency, there may also be small transaction fees related to the blockchain network (like Bitcoin mining fees), but these tend to be lower than fees for traditional payment methods.
• What strategies should I use for basketball exchange betting with crypto? +
  To be successful, study team and player form, injuries, and recent performance trends. Use in-play betting to take advantage of shifts in momentum during the game. Lay bets can be profitable if you believe a favourite is overvalued. Additionally, monitor crypto rates for optimal times to deposit or withdraw funds, as the value of cryptocurrencies can fluctuate.