Despite the fact it’s still in a conceptual stage, Web3 is proving to be quite a technological feat. The new iteration of the world wide web will bring a decentralized and transparent environment for the people. It will be used for everything from browsing the web to sports betting.
Betting on Web3 sports betting sites will be different than traditional betting platforms. Of course, it’ll take some getting used to, especially when it comes to Web3 sports betting efficiently.
Monitoring your assets and tracking your Blockchain betting spending is a crucial step in any sports betting strategy. We’ll show you how to track your Web3 sports bets below that’ll make the whole process easier to handle.
Blockchain Explorers
If you want to track transactions linked to your e-wallet address, you can use different kinds of blockchain explorers. Etherscan and Solscan are your best options. Here’s a step-by-step guide that’ll help:
- Identify which blockchain your betting site of choice operates on. It can work on Binance Smart Chain, Solana, Ethereum, or others.
- Copy the wallet address directly from your crypto wallet such as Metamask, Trust, or any online option.
- Paste the address into the search bar of the blockchain explorer.
- Check all the transactions – you can filter bets, deposits, withdrawals, and any smart contract interactions. Use filters to narrow your search down. This will help you track your sports betting activities much easier.
Portfolio Trackers
Web3 portfolio trackers are specifically designed to monitor all transactions in your wallets. There are many tools for this purpose. Debank and Zerion are the most popular ones. They can automatically track your sports bets online if you follow the steps below.
- Go to the website of your preferred portfolio tracker.
- Connect your wallet – use the Connect Wallet feature and follow the on-screen instructions.
- The tracker will then scan your wallet and display all betting transactions and assets.
- You can use various filters and categories to display your gains, losses, and overall performance for a selected period.
Using portfolio trackers will help you check your betting history. This can have a profound impact on the bets you make in the future.
dApp Integration
most Web3 platforms will allow you to track your bets at Blockchain betting and sports betting sites by integrating dApps. This will help you track bets automatically inside your wallet. You will first need to connect a specific dApp.
- Open your crypto wallet and go to the dApp browser – most Web3 wallets have it.
- Enter the web address of your preferred betting platform.
- As soon as it connects to the dApp, you should see a Betting History or My Bets tab.
- Click on it to see a history of your previous bets.
When integrating dApps, make sure to choose the correct blockchain of your betting platform. If you don’t, the dApps might not connect properly.
Using Web3 Betting Platforms’ History Features
Instead of trackers or dApps, some betting platforms have a history feature that helps you track your bets. It should be available under one of the main categories. Log in to your bookie of choice, navigate to History or My Bets, and use the filters to track your bets. This is the simplest way to track your bets as long as your Web3 bookie of choice has such a feature.
Monitor Your Profit and Losses with External Tools
Third-party tools such as Dune Analytics or Zapper can help track your bets. Even better, they allow you to create custom dashboards where you can track your profit and losses. These powerful tools will also track how much crypto you’ve staked and how much you’ve won over time.
Track Your Bets Manually
If you want to track your bets offline, you can always keep a manual track. This can help you with tax reporting and organization. For example, you can use a spreadsheet such as Google Sheets or Microsoft Excel to log every bet you make.
You can enter specific details such as date, bet amount, odds, the platform you bet on, and other things. You can then sort the data by any category for quick access to your bet history.
Use Tax Software for Crypto Bets
Using tax software is a good way to track your bets for financial purposes. If you’re a professional bettor, tools such as TokenTax and Koinly can help. Connect your wallet to each of these apps, and you can review taxable events such as profit as well as track your bets and wins. This will ensure you file your tax reports properly.
Final Thoughts
Tracking your Web3 sports bets is important for both tax and personal purposes. It’ll help you become a better bettor in the end, and thanks to blockchain technology, there are many apps that can do that at the click of a button. Use the apps we mentioned in this article, and you’ll have a powerful ally in your quest to becoming a master bettor.
