The Psychology of Crypto Betting
Crypto betting has a different psychology behind it than traditional sports and casino gambling. Factors involved in crypto betting make it much more than just gambling. In fact, crypto betting employs both elements of traditional sports betting and casino gaming, as well as stock market investing and finance.
In this blog, we dive deep into the psychology of crypto betting. Check out why crypto gambling is raising betting to another level.
Understanding the Psychology of Betting with Crypto
Betting with Cryptos is More Than Just Gambling
The first thing to understand about crypto betting is that when we wager with cryptos, we aren’t just gambling on a sporting event or pulling the handle on a slot machine. Although entertainment plays a part in crypto betting, the fact that we use cryptocurrencies like BTC, ETH, and LTC means we are participating in both investment and utilization.
We utilize our cryptocurrency to make bets. But our crypto also doubles as investment. As the price of BTC goes up, as an example, the value of our bankrolls also go up.
Thrill in Betting Remains, But Profits Can Be Higher
The thrill we get when making bets remains when we use cryptocurrencies to place wagers. However, there is an added understanding that every time we bet with cryptos, there is the chance of making more profit.
The reason for this is that when we bet with cryptos we are juicing an investment vehicle. Here’s an example:
Wager 1 mBTC at $40 on the Raiders to cover against Kansas City. After we win our bet, we receive the value of our wager in mBTC. So in dollars, our return would be $40 + $36 at $4 juice or 10%.
The total we receive is $76. Ah, but we must also consider the value of mBTC. So let’s say the market for mBTC goes from $40 to $50. We’ve made more than just betting with dollars.
Psychology Surrounding Crypto Betting Requires a Stable Mind
We cannot approach betting with cryptos the way we bet with traditional fiat currency. One of the reasons is because of the above illustration. The main pitfall regarding crypto betting is that we must consider our bankroll first.
What this means is that we must think of the price of Bitcoin, Ethereum, Litecoin, and other cryptos in our cryptocurrency portfolio. This means we look at our cryptocurrency portfolio and decide what we are going to use to fund our accounts before thinking of any bets.
We must also consider the following psychological factors involved with sports betting and gambling:
- Embrace Anonymity: Crypto betting requires us to embrace being anonymous. If we don’t mind providing our personal information and having credit card companies snoop into our business, then stick with traditional online betting platforms.
- See Value in our Money: Crypto betting requires us to see value in our money. What we mean by this is that our money has value, it’s not just utilization, but every mBTC, or a part of an mBTC, LTC, ETH, BNB, or BTC we use to fund our accounts has intrinsic value beyond the utilization aspect.
- Not Afraid to Lose Because We Know We Make Quality Bets: Crypto bettors don’t fear losing because we always make quality, or value, plays. That’s the key to profiting when sports betting. Making quality plays.
- We Understand the Utilization and Investment Aspects of Crypto Betting: Refer to above if you have questions regarding the utilization and investment aspects of crypto betting.
Diving into crypto betting means we must change how we view sports and casino gambling. This means taking on a new set of psychological factors that go beyond traditional betting and into investment, bankroll management, and thinking of gambling as a part of our entire crypto bankroll/investment ecosystem.
Where to Bet on Sports with Crypto
Sports betting odds are available all year round here at Nitrobetting.eu. Create a Nitrobetting.eu account now to win tons of crypto from all major sports.
Feel free to browse sports betting guides. While you are at it, go ahead and check out all the latest sports betting odds and more in our online crypto sportsbook.
*All odds stated are subject to change without prior notice.READ MORE: Developing Winning Crypto Betting Strategies
