Without a doubt, cryptocurrency has brought drastic changes to the face of online transactions in the finance sector. Since Bitcoin was created in 2009, these virtual currencies have gradually taken over several online platforms globally as a means to make and receive payments. Today, these virtual currencies provide endless opportunities as people can not only trade them for profits but also make highly secured, incredibly fast, and convenient transactions on online markets, including crypto betting sites.
Today, the growth of the online sports betting sector in Nigeria has been nothing short of burgeoning, with the number of punters and sportsbooks increasing exponentially. As more people go into sports betting every day in the country, the need for quick, safe and convenient payment methods on sportsbooks continually increase.
Due to the popularity that cryptocurrency has gathered in Nigeria over the years, several online merchants in the country now accept it, and many online betting sites have integrated it among their payment methods – offering massive opportunities to punters in the country. Whether you are a greenhorn in sports betting or an experienced punter, you will find that virtual currencies are an ideal option for payments on online bookies.
Are you looking to get started on crypto sports betting? Look no further, as this article will provide every detail you need – from what crypto betting is all about and how you can find the best crypto betting sites to how you can make successful deposits & withdrawals, the benefits of crypto gambling, and many more.
The Best Cryptocurrency Betting Sites Nigeria 2022
- Nigerian Based Casino (Allows Naira)
- Combines Casino with Sportsbet offer
- Unique live casino games
- Option to bet live on a sporting event
- Lots of promotions for new and loyal users
- Plenty of available betting markets
- Good choice of games
- Fast withdrawal times
- Large number of games developed by leading software providers
- Easy to use website
- A full section of promotions and bonuses
- Frapapa licenced in Nigeria
- In-play wagering function
- 24/7 Customer Support
- Multi-live betting
- Several bonuses and promotions
- Transactions with cryptocurrencies only
- The 6-level Vip program
- 24/7 available customer service
- In-play betting on sporting events
- Lots of bonuses and VIP program
- Android and iOS applications
- In-play and live streaming of sporting events
- Adaptability to new and old mobile devices
- A large number of betting markets
- In-play betting is available
- Betting on virtual sports is offered as well
- The minimum deposit is only 100 NGN
What is Crypto?
As you may have already known, crypto is the short form for cryptocurrency. It is a term that represents a number of virtual currencies that can be traded for profits or used to transact with online merchants that accept them. You don’t need to worry if you don’t know much about cryptocurrency. Below are some must-know facts that will sum up the concept for you:
- Cryptocurrencies are digital currencies created mainly for borderless transactions that don’t rely on the government or financial institutions.
- Bitcoin was the first cryptocurrency created in 2009, and today, there are hundreds of cryptocurrencies in the world.
- Every cryptocurrency is built on blockchain technology – a virtual ledger that records every crypto transaction publicly and gives them maximum security against alteration.
- Cryptocurrency is 100% decentralised. Thus, it can’t be controlled or regulated by any central authority such as banks or the government.
- The lack of regulation by a central regulatory authority means cryptocurrency is highly volatile. The value of crypto can be very high one day and plummet the next depending on the transactions within the network.
- Today, crypto is used across crypto betting sites as it opens the door for seamless, secured, and fast transactions.
How does Cryptocurrency Work?
To enjoy a flawless experience on crypto betting sites, it is expedient you understand how cryptocurrency works. As mentioned above, cryptocurrency is a digital means of exchange built on a super-secure technology known as the blockchain, which is more or less the foundation of the cryptocurrency market. Blockchain technology is a decentralised digital ledger that stores and records every cryptocurrency transaction. These transactions can be seen by everyone on the crypto network but can’t be modified or altered. These pieces of information are stored in several blocks distributed across a chain of computer systems on the same network – hence the name blockchain.
Since cryptocurrency is decentralised, it doesn’t have a central authority that regulates it and doesn’t require a trusted party to authorise transactions. Thus, bodies like the government, banks, or any trusted intermediary needed in a regular transaction have no part in crypto transactions. This eliminates fees, charges, and the bulk of personal information required when dealing with fiat currencies. Also, the fact that crypto is built on a decentralised blockchain makes it one of the most secured payment methods available globally.
While mining led to the creation of the earliest blocks for the blockchain of mainstream crypto networks such as Bitcoin and Ethereum, it is essential to note that this method is not practical anymore to get crypto today as the blocks have gotten more complicated and would require more than regular computer hardware to solve.
So, if you’re looking to get into crypto sports betting today, the ideal option available is to go to a trusted and legit exchange and buy the crypto tokens you need using traditional money. We’ll go into more detail about this later in this guide.
History of Cryptocurrency
Cryptocurrency developed from the need to create a digital currency for borderless transactions, and this idea has been discussed for years. However, the crypto journey started when a person or group under the pseudonym ‘Satoshi Nakamoto’ published a white paper detailing how cryptography can help create a “Peer-to-Peer Electronic Cash System” that won’t need intermediaries such as banks and governments to authorise transactions. This led to the creation of Bitcoin, the first cryptocurrency ever, in 2009. The first crypto transaction took place in 2010 when a Florida computer programmer ridiculously traded his 10,000 Bitcoins for 2 Papa John Pizzas.
After Bitcoin was created, other cryptos known as altcoins followed, such as the emergence of Litecoin in 2011. A big step for crypto was the acceptance of Bitcoin by WordPress in 2012, which significantly boosted the popularity and adoption of the coin. Soon, Ethereum was created in 2016, and it went beyond just being a decentralised transaction system to feature what is known as smart contracts, where people can build apps on its blockchain. Today, Ethereum is the world’s second-largest crypto.
Over the years, cryptocurrency transactions have picked up steam across several online platforms, and one of the by-products of this is several crypto betting sites we have around today. Today, there are thousands of cryptos in circulation, some of which are accepted as payment methods on several sportsbooks in Nigeria.
Cryptocurrency in Nigeria
In a move believed to curb fraudulent activities in Nigeria, the Central Bank of Nigeria, acting by the federal government’s directive in February 2021, banned every bank and financial institution from facilitating crypto payments and transactions. Despite this move, crypto investment and transactions in the country have continued booming. The ban has only a minimal effect as crypto traders have resulted in P2P trading on offshore exchange platforms such as Binance, Paxful, etc. Today, Nigeria is one of the top five countries that excel in crypto usage globally.
While most Nigerian-based betting sites do not accept cryptocurrency as a payment method, punters in the country can easily bet on several offshore betting sites that accept crypto.
Advantages of Cryptocurrency betting
Here is the part you’ve probably been waiting for, and we assure you that you won’t be disappointed. Cryptocurrency betting offers a wide range of opportunities to punters, and we will explore some of the major ones below.
One of the major characteristics of crypto transactions is their high-security level. As mentioned above, crypto is built on blockchain technology using cryptography, which ensures no information concerning any crypto transaction can’t be modified, and they are made public to be verified by several nodes across the network. Therefore, crypto betting is highly secure compared to traditional payment methods that are susceptible to errors.
A major importance of crypto decentralisation is that it makes fast transactions possible by bypassing authorization by intermediaries such as banks and other financial institutions. When you wager on crypto betting sites, your transactions are instantly processed. Additionally, crypto transactions are free from the relatively high fees charged by traditional payment methods. Thus, you are not charged any fee for crypto sports betting.
One of the most desired attributes by punters is anonymity when placing their wagers on their favourite sportsbooks, and crypto betting offers this at its best. When you bet with cryptocurrency, you are not required to provide any of your details, as your wallet address is all you need for unique identification. Therefore, you can be sure that your identity is kept private. This also adds an extra security layer to your transactions, as you can rest assured that your data cannot be compromised.
Cryptocurrency in Betting
Due to advancements in digitalization and widespread access to a fast internet connection in recent years, crypto betting has grown tremendously in Nigeria, and there is a wide range of options available when choosing a crypto betting site. This payment method is ideal for Nigerian punters as it opens the door for quick, convenient, and highly secured transactions.
However, it is essential to note that most betting sites that accept crypto payments are offshore sites due to the clampdown of virtual currencies by banks in the country. However, there is still a wide range of options available if you want to bet on crypto. You can refer to our list of carefully selected top crypto betting sites open to Nigerian residents. That said, let’s move on to the real action of making deposits and withdrawals on crypto betting sites.
How to Deposit and Withdraw on Crypto Betting Sites
The most essential must-have for every crypto transaction is a wallet address which you can get from a trusted wallet provider online. You can seamlessly send and receive funds from your online sports betting account using your unique wallet address. Still a bit complicated? Below is a step-by-step guide on depositing and withdrawing on crypto betting sites.
Making Deposits on Crypto Betting Sites
Here are the simple steps required to deposit with crypto:
- Log in to your preferred crypto betting website and ensure it accepts the crypto you wish to bet with.
- Select your preferred cryptocurrency among the options listed in the Banking/Cashier/Deposit section. An address will be generated for you immediately.
- Copy the address generated on the crypto betting site and paste it into your main crypto wallet.
- Enter the amount of crypto you wish to send
- Your deposit will be processed almost immediately and appear on your betting account.
Withdrawals on Crypto Betting Sites
Withdrawing funds from crypto betting sites is a simple process – more or less the opposite of the deposit process.
- Log in to your preferred sportsbook and go to the Banking/Cashier/Withdrawal page.
- Select your preferred cryptocurrency from the list of options offered by the site
- Enter the unique address generated from your crypto wallet into the withdrawal section and enter the amount you need to withdraw.
- Expect to receive the funds into your crypto wallet almost instantly.
How Secure is it to Use Cryptocurrency in Betting?
As we have pointed out before, cryptocurrency is built on a technology known as the blockchain – making it one of the most secure payment systems globally. Every crypto transaction is encrypted in an extended network of blocks and can’t be modified or hacked. These transactions are also made public to be added to the blockchain only when they have been verified as valid by most computers in the network. Therefore, punters can rest assured that cryptocurrency betting offers the highest level of security possible.
Also, crypto betting sites do not request any personal information to verify your identity, unlike traditional banking methods. Thus, your data can’t be used by cybercriminals to commit fraud. However, note that it is your responsibility to choose a licensed and reputable crypto gambling site to avoid exposure to security threats.
How to Get a Crypto Wallet
We have noted above that the fundamental of every crypto transaction is a wallet. Getting crypto wallets varies from one type of crypto to another; however, it is a simple process that can be completed online without visiting any physical institution. Below is a general step-by-step guide you can apply to get a wallet for your preferred crypto token:
- Visit any trusted Crypto exchange or go straight to any trusted crypto exchange such as Binance, Coinbase, Luno, etc.
- Sign Up with your email address
- Complete the processes required. You’ll be required to choose the type of wallet you want to use. Note that software wallets are the most common and suitable for sports betting. Depending on which is suitable for you, you can go for either a desktop or mobile software wallet.
- After you are done with the registration, you can install the wallet application on your device.
- You are all set! You can now buy crypto with your wallet address using the Peer-to-Peer option on exchanges.
Fees Attached to Cryptocurrency Betting
One of the advantages we mentioned above regarding crypto sports betting is that it attracts no fees. Unlike traditional banking methods that charge fees to authorise transactions, cryptocurrency transactions are decentralised and don’t need authorization by a third-party institution, so crypto betting sites charge zero fees when making deposits and withdrawals.
Alternatives to Crypto Betting
While cryptocurrency is one of the best payment methods available to Nigerian punters, you may want to consider other alternatives available. Here are other payment options to consider for online betting outside of crypto:
Quickteller is a digital wallet popular in Nigeria for making fast and convenient payments across several online platforms, including online betting sites. It is accepted by a wide range of sportsbooks in the country and prevents users’ details from being shared with betting sites – protecting punters from information theft. However, it is essential to note that you can’t process withdrawals from betting sites with Quickteller.
Bank cards remain one of Nigeria’s most popular payment methods as most people are familiar with them. Almost every online sportsbook in Nigeria, both local and international, accepts bank cards as part of their payment options. However, these cards attract charges, and you have to be extra careful about protecting your card details from fraudulent activities since you are sharing them directly with the betting site.
Neteller is another popular e-wallet payment service accepted by several betting sites in Nigeria. It helps secure your bank and card details while providing you with a quick and convenient way of making transactions.
Absolutely. Cryptocurrency is built on cryptography and blockchain technology – making it one of the safest and most secure payment methods.
Crypto sports betting allows you to make seamless deposits and withdrawals that are incredibly secure, quick, and free. Check out the step-by-step guide we have provided above for easy payments on crypto betting sites.
Not exactly. Your unique crypto wallet serves as your identification and is pre-verified. However, you may need to verify your email when getting the wallet from trusted exchangers or the crypto network website.
Not at all. Both withdrawals and deposits are free on crypto betting sites. Bear in mind that exchanges may charge fees when you’re buying, selling, or trading crypto.
Cryptocurrency is built as a decentralised network to eliminate the shortcomings of banks and other financial institutions; therefore, your payments cannot be declined. The verification of your transaction can only take a little longer if there is heavy traffic on the blockchain.
As one of the fastest payment methods available, crypto betting sites receive deposits almost instantly.
Withdrawals are equally as fast as deposits. Since no intermediaries are authorising your transactions, you can expect to get your withdrawals immediately.
Your choice of payment methods can significantly affect your sports betting success. Therefore, here are some valuable tips to keep in mind as you go
- Take Your Time
While there is a wide range of payment options available to you in sports betting, it is essential to take your time to research each of them and decide the one that is most suitable for you. This helps ensure a seamless betting experience.
- Be Aware of the Fees
Although betting with crypto is free, you must still find out every fee associated with betting on your favourite crypto betting site before getting started.
- Make Sure your Preferred Payment Method is Accepted
Before jumping on an online sportsbook, ensure it accepts your preferred payment methods to avoid complications. For instance, most local Nigerian betting sites do not accept crypto as their means of payment.
For crypto gambling, you have to go the extra mile in ensuring that your preferred crypto gambling site accepts the crypto token you wish to bet with.
- Know the Transaction Limits
Crypto betting sites may have limits for deposits and withdrawals, so it’s expedient to read up a site’s Terms & Conditions before signing up to place a bet.
Summary – Crypto Betting Sites
Nigeria is one of the countries that thrive most in crypto transactions and investments globally, even amidst the clampdown by the Central Bank. Today, different virtual currencies are accepted across several crypto betting sites in the country – providing an extremely secure, quick, and convenient way by which punters can make deposits and withdrawals.
Are you interested in enjoying the benefits that come with crypto gambling? We believe this guide has offered you all you need to hit the ground running!