Your first steps in crypto betting

Set up a wallet, learn how market prices work, and understand the risks before placing a bet.

Crypto betting guide illustration

Getting started with a wallet

Crypto betting takes some getting used to if you’ve only used traditional betting sites. On a non-custodial platform, you manage your own wallet and can check transactions on the blockchain.

1. Choose and secure your wallet

A non-custodial wallet lets you manage your private keys. Examples include MetaMask, Rabby and Trust Wallet. Check the wallet’s official documentation and whether it supports your chosen platform and network.

Keep your wallet recovery phrase private and backed up securely. A legitimate betting platform will never ask for it.

2. Add funds to your wallet

Platforms use different networks, including Polygon, Base and Arbitrum. Confirm the supported network, the currency accepted for wagers and any gas fees before sending funds. You may need the network’s gas token as well as the wagering currency, which can be a stablecoin such as USDC.

3. Connect to a betting platform

Open the verified platform website and select "Connect Wallet." It may request a signature to confirm wallet ownership. Some signatures cost no gas but can still authorize access to your funds. Read every signature and token approval request before accepting it.

Reading prices and comparing markets

Understanding probability and price differences helps you assess a trade before putting money into it.

What a price says about probability

For a binary "Yes" share paying $1 on a win and $0 on a loss, $0.75 implies roughly a 75% probability before fees. Your own 85% estimate may suggest value, but it can be wrong. Account for fees and the possibility of losing the full purchase price.

How arbitrage works

Traders look for different prices for the same event across platforms, sometimes using bots. Before treating a gap as arbitrage, compare settlement rules, available liquidity and total fees. Prices can move before both orders fill; this can leave an unhedged position.

Frequently asked questions

That depends on where you live. Some regions strictly regulate online betting, even when a platform is accessible from there. Check local laws before taking part.

Oracles report real-world results to smart contracts. For example, Polymarket uses UMA and a dispute process. The market’s written rules determine which result counts.

For a fully funded, unleveraged outcome share held to settlement, the trading loss is limited to its purchase price, plus fees. This does not cover separate wallet, contract or stablecoin losses. Leverage and liquidity provision have different risks; read the product’s terms.

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