Solana Sports Betting Deposits And Payouts

Solana is a particularly good cryptocurrency for sports betting for four main reasons (outside of enhanced bonuses and same-day payouts, which all crypto betting options provide).

First, Solana transaction times are minimal, with SOL transfers taking just 5-10 minutes at most. For online sports gambling, this means bettors can get their accounts funded almost instantly with zero risk of UIGEA interference. Solana payouts are similarly rapid.

Secondly, Solana transaction fees – i.e. native Solana blockchain fees – are among the smallest in the industry. Most transactions – even those of thousands of dollars in SOL – cost just a few pennies in network fees.

Thirdly, Solana is an investment-grade crypto coin. Its recent massive growth notwithstanding, the SOL value should continue to climb. As a gambler, when you get paid out in Solana and then hodl that SOL, you can make a mint on top of your mint!

Finally, Solana supports staking and rewards. By simply delegating your Solana to a SOL stake pool using a Solana staking wallet, you can earn passive Solana income. These Solana rewards (aka free SOL) are paid out every few days. 

This is a tough question to answer.

If you’re just getting started in crypto, you should pretty much always get started with Bitcoin (BTC).

However, various altcoins – such as Solana – can experience even more rapid growth at times, and BTC won’t always be the top dog.

For sports betting in particular, we think Solana is the better option right now, because its growth patterns have mimicked Bitcoin’s while the SOL transaction times and fees are much smaller than those for BTC.

If you want to deposit more and withdraw more – and if you want that to happen as quickly as possible – Solana is the superior online gambling crypto coin.

Some crypto enthusiasts will debate this endlessly, but right now, Solana is the clear winner.

Ethereum – while popular and profitable – is the most expensive and slowest cryptocurrency on the market.

Ethereum gas fees are unpredictable block to block, and these can really eat into your bottom line as a bettor, whether you’re making deposits or claiming payouts.

At many legitimate online sportsbooks, Ethereum deposit and withdrawal limits are also less favorable than those for other cryptos, which is primarily due to the cost of using ETH.

But Solana has no such issues. Whereas ETH takes 45-90 minutes to process, SOL takes 5-10 minutes. And while Ethereum can eat up 10% or more of your deposits/withdrawals in fees, Solana fees are fractions of a penny on the dollar. 

Despite being better than Ethereum for online sports betting right now, Solana is undoubtedly not an “Ethereum killer.”

While every new, exciting crypto platform that supports smart contracts, NFTs, and De-Fi are – at one time or another – labeled “Ethereum killers,” that’s never panned out.

Solana is no more an ETH killer than Cardano. Instead, SOL and other similar coins will exist alongside Ether, as each coin has different applications and partnerships.

Plus, once Ethereum 2.0 comes out sometime in 2022, the playing field will be even more level.

No, Solana mining isn’t a thing.

At least, not in the traditional crypto mining context whereby individuals run mining software to verify blocks and get a cut of the new crypto generated for doing so.

With Solana – as with other third-gen PoS coins (i.e. Cardano) – this “mining” is handled by stake pool operators.

Solana stake pool operators process SOL blocks, and their processing status is determined by how many people have pledged their own Solana to those pools.

This kind of delegation does not remove custody of SOL tokens from SOL holders, but it does decentralize the “mining” process.

Solana delegators are rewarded for supporting their stake pools by receiving a share of the new Solana generated by those pools. These Solana rewards – aka free Solana – are meted out every Solana epoch (i.e. every two days).

To stake your Solana, all you need is a SOL staking wallet and the address of a reliable SOL stake pool. 

Yes, of course!

Now, when it comes to where to stake Solana, there’s no right answer. There are thousands of Solana stakepools, and as long as you choose one that’s operating under the SOL saturation threshold for maximum ROS (return on stake), you’re good to go.

All the best Solana staking wallets have SOL pool search tools, so you don’t even need to do that much digging.

And remember: When you stake SOL, you’re not giving up custody of your coins. You can still buy, sell, and trade Solana as normal.

In Spanish, “Solana” is a female name meaning “sunlight.” Meanwhile, Sol is the name of our sun and our solar system.

Thus, Solana is a metaphorical “shining light” in the crypto space, which is reflected in both its network name and its ticker symbol (SOL).