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The Sports Betting Psychology Of Crypto Gambling

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One of the most compelling aspects of gambling with crypto is gambling with crypto.

While cryptocurrencies are undeniably the best way to gamble on sports, the sports bettor isn’t just a sports bettor.

At heart, all gamblers are the same: They’re gamblers, full stop.

We are all Kenny Rogers.

So while you may get started in cryptocurrency because it’s an easy way to bypass the pesky UIGEA bet funding regulation and immediately move money into your online sports betting account, you’ll invariably come to the conclusion that the crypto market deserves just as much of your time and attention as your favorite online sportsbook.

Indeed, there’s even a chance – probably a pretty good chance – that once you jump into the crypto game, you’ll actually start putting those other betting games (like, say, this weekend’s NCAA games or NFL games) on the backburner.

We certainly hope that doesn’t happen, but it may.

And if it happens, it’ll happen because the crypto market scratches so many of the same itches that the online betting market does.

So today, instead of giving you more crypto deposit or payout tips, we want to give you some plain old crypto tips.

More specifically, we want to talk about Cardano.

Cardano (ADA) was recently added to the online betting banking menus at BetOnline and SportsBetting AG, but that’s already old news.

Sure, we’re excited about it, but not just because we have a lot of ADA and can now use it directly to top off our betting accounts.

Even more than that, we’re excited because this means Cardano is becoming that much more entrenched in the mainstream.

It’s no secret that the best online sportsbooks only add the most popular and most growth-friendly crypto assets to their bet funding options.

In many ways, whether or not your online betting site accepts a given coin is a good metric by which to gauge that coin’s overall market standing.

We’ve talked about the whys and wherefores before, but in general, the best gambling venues take what they consider to be the best cryptos.

And they’re not basing this on anything other than the long-term crypto price charts.

The same way a legal online sportsbook uses historical data to post their odds for every contest, so to do they rely on such data when it comes to the crypto coins they support.

Aside from that, of course, are the myriad other ways people look at crypto value potentials.

You can track trading prices at CoinMarketCap, you can read up on all the daily crypto news at countless dedicated blogs, and you can follow every last drop of hype across the socials.

If you’ve been doing that for Cardano in particular, you already know how exciting the platform is.

For the gambler, crypto investing – or crypto gambling – is a “simple” matter of determining which assets are primed for the most growth.

Sure, if you’re a millionaire, you could take the top thousand or so coins – most of which are certified shitcoins – and drop $1000 on each one.

If any single coin pops off – even if it’s some total nothing that goes from $0.0000000001 to $0.001 – the asset is still a shitcoin, but now you’ve made back many millions on your initial investment.

If a few such shitcoins trend that way (and a few such shitcoins always do), congratulations: You’re now a billionaire.

But you probably don’t have that kind of seed money.

Instead, then, you’ve got to choose your spots.

And Cardano ought to be in the top spot on your big board.

Exactly one year ago today, the Cardano price was sitting at $0.1066 per coin. Today, the price of one Cardano coin is $2.1934.

That’s an increase of 1957.6 percent.

Even better, the ADA all-time high (ATH) reached $3.0976 on September 2, 2021.

Calculated against the above yearly low, that’s an increase of 2805.82 percent.

And as everyone knows, no major crypto coin’s ATH is ever it’s final ATH.

Yes, the price will dip – it’s dipping right now! – but it always reliably spikes back up.

As Bitcoin betting pros know, many of these spikes go as Bitcoin goes. But as next-gen cryptos gain in popularity, they tend to make their own tides instead of rising and falling with Bitcoin’s.

Cardano is on the verge of decoupling itself from BTC in just such a way, and it’s doing it by going after Ethereum. You can see this in action by taking a look at all the naysayers and skeptics among the Ethereum gambling community.

With the Cardano Alonzo launch on September 12, smart contracts and NFTs are a go.

Ethereum has dominated the market for both for years, but ADA is now a legitimate contender.

No, it’s not an “Ethereum killer” – ETH is the second biggest crypto coin by market cap and the most widely used crypto blockchain by volume, after all.

But the Cardano blockchain is much faster, far less expensive, less energy intensive, and much more decentralized.

It is a groundswell for De-Fi, to say the least.

Of course, ADA isn’t the only one.

Many crypto gamblers are also big on an asset that no online gambling site accepts (yet): Solana.

Solana (SOL) promises a similar feature set as – and similar utility to – Cardano, and the Cardano vs. Solana debate is almost as hot as the Cardano vs. Ethereum debate.

A year ago, the Solana price was $2.2664 per coin. Today, the SOL price is $152.09.

That’s a year-over-year increase of 6610.64 percent.

It’s grown three times as fast as ADA.

Clearly, both have been exceptional investments, and they’ll both likely continue to be.

But crypto enthusiasm is a double-edged sword.

Solana’s huge comparative pump represents more risk in terms of “the bottom falling out” than ADA’s smaller (but still impressive) surge.

As such, many might view it as a less safe buy right now.

But there’s another aspect to consider, too.

One of the problems with crypto assets trending in the hundreds of dollars or more per coin is that they present a psychological barrier to entry.

How many people do you know who didn’t buy into Bitcoin last year at $8000 or so because they “couldn’t even buy a whole coin”?

Well, we know plenty.

And if that was true at $8000, it’s damn true at $58,000!

So it goes with Solana, albeit on a smaller scale.

Many sports bettors only make $50-$100 deposits at a time. Most of them do, in fact.

Well, the same is true for crypto bettors.

If you only have $100 to put into a crypto coin (or a selection of coins), you’re much more likely to go on a coin where you can get multiple coins for your money.

Do you want 0.66 of a Solana coin or do you want 45.66 ADA coins?

The psychological side of the action – that is, where bettors are more likely to put their money – is very much in play here.

Think about it: You see this every day with sports betting lines.

The entire premise of a spread bet is psychology.

The books move the odds to influence where you’ll put your cash.

If you’re a seasoned bettor, you already understand this basic reality.

And if you’re just getting started, you’d better learn it quick.

So whether you bet on sports, bet on crypto, bet on ADA, bet on SOL, or anything else in the grand Venn overlap, as long as you look to human nature – as long as you understand the psychology of the gambler – you can clean right up.

Bet on the sweep.

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