Blockchain Betting: Claim Winnings Automatically!

Blockchain betting is the new way users can start wagering their favorite sports and esports and is the first time in history that it’s really using the full potential of blockchain technology by offering a new, and real transparent way to place bets. Traditional betting websites, even those accepting cryptocurrencies, often involve lengthy registration processes, fund transfers, and depend on third-party systems. Blockchain betting, however, is changing the game by eliminating these hurdles and allowing users to place bets directly on the blockchain. This not only increases player privacy and security but also grants that every transaction is transparent and verifiable. Below, we’ll explain what blockchain betting is, how it works, and why it’s set to change the way online betting is done.
Blockchain Betting element 6

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What is Blockchain Betting?

The next generation of Betting and or online wagering! Blockchain betting is bridging new vision bridging together the power of blockchain technology and unique betting options, Unlike traditional and some crypto based betting sites. Blockchain betting enables users to place bets directly from their crypto wallet extension such as meta masks!

How Does Blockchain Betting Work?

In blockchain betting, the entire process from placing the bet to receiving the payout is recorded on the blockchain. Here’s how it works:

  1. Connect Your Wallet: Instead of creating an account with personal details, you simply connect your cryptocurrency wallet to the blockchain betting site.
  2. Place Your Bet: After connecting your wallet, you place your bet. The funds are locked in a smart contract on the blockchain until the result of the bet is determined.
  3. Automated Payouts: Once the outcome is decided, the blockchain automatically distributes the winnings to the winner’s wallet. There’s no need for manual withdrawals or claims.

This system makes sure that every transaction is transparent and secure, with no reliance on third-party intermediaries.

Understanding Gambling Dapps in Blockchain Betting

Gambling decentralized applications, or dApps, play a big part in blockchain betting. These dApps are essentially betting platforms built on blockchain technology, where all betting activities are managed through smart contracts. This connection is must because it promises that every bet placed is transparent, secure, and entirely decentralized. Unlike traditional betting sites that require users to trust a centralized gambling site, gambling dApps allow players to interact directly with the blockchain. This means that in blockchain betting, you’re not just placing a bet; you’re engaging with a decentralized system that guarantees fairness and transparency. By understanding gambling dApps, you can see how they underpin the entire concept of blockchain betting, making it possible to place bets with complete confidence, knowing that the process is secure, anonymous, and free from third-party interference.

Blockchain Betting vs. Crypto Betting

While both blockchain and crypto betting involve the use of cryptocurrencies, they differ in how bets are placed and processed.

Feature

Blockchain Betting

Crypto Betting

Account Creation

No account needed; connect wallet directly

Requires account creation

Fund Transfer

No need to transfer funds; funds locked in smart contracts

Funds need to be transferred to the betting account

Bet Processing

Entirely on-chain; transparent and automated

Processed by the platform, not necessarily on-chain

Payout

Automatic, directly to wallet

Requires manual withdrawal

Transparency

100% transparent; visible on the blockchain

Depends on the platform’s transparency

Security

Decentralized, secure by design

Security depends on the platform

Placing Your Bet: Blockchain Betting vs. Crypto Betting

Traditionally, when placing a bet on a sports betting site, you have to create an account, transfer funds into your account, and only then place your bet. This process can take time and requires trust in the betting platform.

By connecting your wallet to blockchain betting, you can place your bet instantly. There’s no need to transfer funds in advance, as everything is handled by smart contracts on the blockchain. This eliminates the waiting time and reliance on third parties, making the process faster, safer, and obviously more transparent .

Betting Using Blockchain Technology on Different Mainnets

Blockchain Betting on Polygon

Betting with Matic: Polygon, a layer-2 solution on Ethereum, offers low-cost and fast transactions, making it ideal for blockchain betting. You can place bets using Matic, Polygon’s native token.

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Blockchain Betting on ERC-20

Betting with Ethereum: Ethereum’s robust and well-established network is home to many blockchain betting platforms. Although transaction fees can be higher, Ethereum’s security and decentralized nature make it a popular choice.

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Blockchain Betting on Solana

Betting with Sol: Solana offers ultra-fast transaction speeds and low fees, making it an attractive option for blockchain betting. Bet with Sol and enjoy a seamless experience.

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Top-Rated Blockchain Sportsbook

Blockchain sportsbooks are changing the way users wager! Users can now enjoy the full power of blockchain technology enjoying a real transparent betting process .Here are some of the top-rated blockchain sportsbooks:
#1

Metawin - Web3 Based Multi-Chain Blockchain betting!

Metawin, launched in 2024, is a fully decentralized Web3 platform that allows users to bet on the blockchain. With smart contracts and blockchain technology, users can bet simply by connecting their wallet like any other decentralized platform they know. The process is simple as it is the same you would do on Pancakeswap!

More About Metawin :

  • Decentralized Registration Process:
    Metawin simplifies sign up by only requiring users to connect their crypto wallets. That means there is no need for any personal details!

     

  • Blockchain Betting Options:
    Metawin focuses on a wide array of blockchain-based betting markets, from sports betting to decentralized casino games. All bets are processed through smart contracts across most known chains and Mainnets!

     

  • Blockchain Bonuses and Promotions:
    Metawin offers decentralized promotions and smart contract-triggered bonuses. New users receive a 50% deposit bonus up to 500 USDT.

     

  • Decentralized Loyalty System:
    Players on Metawin earn loyalty tokens by betting on the blockchain. These tokens can be staked for extra rewards or exchanged for exclusive perks like reduced transaction fees or higher payout rates, all through a decentralized reward system.

     

  • Cryptocurrency Payment Methods:
    Metawin exclusively supports most cryptocurrencies , including Bitcoin, Ethereum, and Binance Coin. All deposits and withdrawals are executed through smart contracts.

     

  • MetaWin Combines Both Technologies:
    Although MetaWin is a Web3 based blockchain casino / betting site and due to the reason they are licensed (Government of Curaçao) , players can also purchase crypto directly through their platform using moonpay.
#2

Onchainbets.xyz - The OG of Polygon Blockchain Betting!

Onchainbets.xyz, a pioneer in Polygon blockchain betting, is known for its speed, low transaction costs, and seamless experience. Launched in 2023, this decentralized platform allows users to place bets across a wide variety of markets directly on the Polygon chain, making it perfect for those looking for fast and cost-effective blockchain betting.

More About Onchainbets.xyz:

  • Decentralized and Fast Transactions:
    Onchainbets.xyz leverages the efficiency of the Polygon network, offering incredibly fast transactions with minimal gas fees. No personal details are needed, just connect your crypto wallet to start betting!

     

  • Polygon-Based Betting Options:
    Focusing on sports betting and blockchain based casino games, Onchainbets.xyz processes all bets through smart contracts on the Polygon chain.

     

  • Smart Blockchain Betting Bonuses and Rewards:
    Onchainbets.xyz rewards players with exclusive Polygon-based bonuses, including blockchain betting no deposit bonus of 2$ for new users. All bonuses are fully decentralized, triggered automatically through smart contracts.

     

  • Loyalty Tokens and Staking:
    Players earn loyalty tokens that can be staked for extra rewards. The more you bet, the more rewards you unlock, from higher payouts to reduced fees, all managed through the Polygon network.

     

  • Crypto Payment Methods:
    Onchainbets.xyz supports MATIC and a range of other cryptocurrencies native to the Polygon chain. All deposits and withdrawals are handled through secure smart contracts.
#3

Dexsports.io - Multi Chain Crypto and Blockchain Betting!

Dexsports.io is a versatile multi-chain platform that supports blockchain betting on numerous blockchains, providing users with a variety of betting options on different chains. Launched in 2022, Dexsports offers betting markets from sports to eSports, with full integration across alot of blockchains like Ethereum, BNB Chain, and Polygon.

More About Dexsports.io:

  • Multi-Chain Blockchain Betting Flexibility:
    Dexsports.io allows users to connect multiple wallets across different blockchains, providing a decentralized betting experience. Users can switch between blockchains fast and easy across a wide range of betting markets.

     

  • Large Variety of Betting Markets:
    From sports betting to eSports and blockchain based casino games, Dexsports.io offers one of the largest Blockchain betting options, all managed through decentralized smart contracts.

     

  • Blockchain-Powered Bonuses:
    New users on Dexsports.io enjoy multi-chain bonuses, receiving up to 200 USDT in rewards, depending on the blockchain they bet on. These blockchain bonuses are automatically distributed through smart contracts.

     

  • Decentralized Loyalty and Governance:
    Loyalty rewards come in the form of governance tokens, allowing players to influence the platform’s future. Players can stake these tokens for extra rewards or use them to vote on upcoming features.

     

  • Multiple Crypto Payment Methods:
    Dexsports.io supports numerous cryptocurrencies across various blockchains, including ETH, BNB, and MATIC. All transactions are fully decentralized and processed via smart contracts.
#4

Bookmaker.xyz - Polygon-Based Blockchain Betting Site!

Bookmaker.xyz, launched in 2023, is a fully decentralized betting platform built on the Polygon blockchain. It’s designed for bettors who want a fast, low cost, and simple to use. The website focuses on providing an optimized betting experience with transparent transactions and reliable smart contracts.

More About Bookmaker.xyz:

  • Decentralized Polygon Betting:
    With all bets processed through Polygon’s secure and cost-efficient blockchain, Bookmaker.xyz guarantees swift transactions without high gas fees. Players can start betting instantly by connecting their crypto wallets, skipping the need for traditional sign ups.

  • Polygon Exclusive Betting Markets:
    Bookmaker.xyz offers a wide range of Blockchain betting options, from traditional sports to crypto based casino games all based on the Polygon chain.

  • Polygon-Based Bonuses:
    Bookmaker.xyz rewards new users with bonuses of up to 50 MATIC, automatically distributed via smart contracts. No wagering requirements, and payouts are instant!

  • Loyalty and Rewards System:
    Bookmaker.xyz rewards users with tokens that can be staked or exchanged for reduced transaction fees or higher betting limits. All loyalty points are managed on-chain via smart contracts, making the process fully decentralized.

  • Crypto Payment Methods:
    Bookmaker.xyz supports MATIC as its primary currency but also allows deposits and withdrawals in other Polygon-based tokens, offering flexibility to its users.

Do Your First Blockchain Bets : Step-by-Step Guide

Follow this step-by-step guide to place your first bet using blockchain betting technology (Steps 1,2,3 are done once in each new sportsbook) :

Step 1: Funding Your Wallet

If you don’t have a crypto wallet yet, create one using popular options like MetaMask or Trust Wallet, and ensure you have funds in it.

Step 2: Choose a Blockchain Sportsbook

Pick a trusted blockchain sportsbook from our list, such asn Onchainbets.xyz.

Step 3: Connect Your Wallet

Visit the sportsbook’s site and connect your wallet. Enables you have selected the correct network (Polygon, Ethereum, Solana, etc.).

Step 4: Place Your Bet

Choose the event you want to bet on, enter the amount, and confirm the transaction. The funds will be locked in a smart contract.

Step 5: Wait for the Outcome

Once the event concludes, the smart contract automatically determines the winner and distributes the winnings to the appropriate wallet.

Best Crypto Wallet Extensions for Blockchain Betting

When it comes to blockchain betting, having a reliable crypto wallet extension is a must for fast and reliable transactions. Here are five popular crypto wallet extensions and how they support blockchain betting.

MetaMask

MetaMask is used for blockchain betting, and is probably the most accepted across all blockchain betting sites offering easy integration. It supports Ethereum and other EVM compatible networks like Binance Smart Chain (BSC) and Polygon (MATIC). Its benefits include secure seed phrase storage, easy DApp connection, and an easy to use interface for managing tokens.

Trust Wallet

Trust Wallet is a multi chain, supporting big blockchains like Ethereum, Binance Smart Chain, and Tron. It allows users to access DApps directly from the extension, making it ideal for betting. Its key features include staking, secure private key management, and access to multiple assets.

Coinbase Wallet

Coinbase Wallet is great for beginners, offering support for Ethereum, Binance Smart Chain, and Avalanche. It’s user friendly, making it easy to access blockchain betting sites. Benefits include integration with the Coinbase exchange.

Phantom

Phantom is specifically designed for the Solana network, known for its fast and low-cost transactions. It’s ideal for Solana based betting bookmakers, offering seamless staking and DApp integration. Some of the benefits include an intuitive interface and access to DeFi features on Solana.

Exodus

Exodus supports multiple blockchains, including Bitcoin, Ethereum, and Binance Smart Chain. It integrates with DApps, making it a good choice for blockchain betting. Its benefits include a sleek design, inside wallet exchange options, and hardware wallet compatibility for added security.
Blockchain Betting Wallets

Transparency in Blockchain Betting

Blockchain betting is exactly what every crypto bettor has been looking for! Unlike traditional crypto betting, where the bet is just made using cryptocurrency, blockchain betting provide that the entire betting process is done on the blockchain. This means you can track every step of the process, from placing the bet to receiving the payout.

How to Track Your Web3 Sports Betting

Tracking your bets in Web3 sports betting is straightforward. Since everything is recorded on the blockchain, you can easily view the transaction details and contract status using a blockchain explorer. This transparency ensures that you always know where your money is and how the bet is progressing.

Claim Your Winnings on Decentralized Sports Betting Sites

One of the important advantages of blockchain betting is that there’s no need to claim your winnings manually. As soon as the bet is settled, the smart contract automatically transfers the funds to your wallet. This process is instant and secure, with no need to wait for approval from the website unlike the betting sites you know today.

Most Common Blockchain Betting Sports

Blockchain betting covers a wide range of sports, including:

  • Football
  • Basketball
  • Tennis
  • Horse Racing
  • Esports

Most Common Blockchain Betting Esports

Blockchain betting is also popular in the esports arena, with common games including:

  • Dota 2
  • League of Legends
  • CS: GO
  • Fortnite

Blockchain Provably Fair Blockchain Based Games

In addition to sports betting, blockchain technology is used in various casino games to increase the trust and fairness between the user and the platform they are betting on:

  • Blockchain Slots
  • Blockchain Poker
  • Blockchain Roulette
  • Blockchain Blackjack

Blockchain Betting - FAQ’s

A blockchain is a decentralized ledger that records transactions across a network of computers. This technology enables that every part of the transaction is transparent and can be easily tracked and verified and most importantly it can’t be altered!
Blockchain works by recording transactions in blocks, which are then linked together in a chain. Each block contains a cryptographic hash of the previous block, transaction data, and a timestamp.
Blockchain betting sites can be found on websites that support decentralized applications (dApps). Some popular ones include Polygon, Ethereum, and Solana networks.
To bet on blockchain, you need to connect your cryptocurrency wallet to a blockchain sportsbook. After placing your bet, the funds are managed by a smart contract, which automatically handles payouts.
Betting on a chain means that the entire betting process, from placing the bet to receiving the payout, occurs on the blockchain.

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