DAI is an important stablecoin built on Ethereum. It has the same value as the US dollar. Unlike other popular stablecoins, it is decentralized and that can be beneficial in several ways. Some bookmakers allow you to bet with DAI – let’s take a look at the options.
SportX
SportX is one of the newest and most interesting cryptocurrency bookmakers on the market. The liquidity is slowly adding up and you can place bets on the most popular sports markets without the need to give any personal information to the bookmaker.
DAI is the main currency that SportX uses. However, you can also use Ethereum.
Since SportX is a new project, one of the first market-based crypto bookmakers and definitely the most successful of its kind so far, the options might be a bit more limited than with other bookmakers. But we surely expect SportX to keep growing, because we love the idea of a peer-to-peer betting site.
You can bet with SportX on their website, or you can do it through the Exodus wallet application!
Cloudbet
Our favorite bookmaker Cloudbet doesn’t put a clear emphasis on DAI as SportX does, but it is one of the many cryptocurrencies you can use when you place your bets there.
Cloudbet has great odds and a very impressive game selection. They also have a competent customer support section. Deposits are incredibly fast and you can start betting within seconds. Like on SportX, you bet anonymously, you only need to share an email address and choose a password. We do recommend adding 2-factor authentification, though.
Aside from betting with DAI, you can also bet with other stablecoins like USDT (Tether) or USDC. Naturally, they also allow you to bet with the top cryptocurrencies such as Bitcoin, Bitcoin Cash and Ethereum.
Start betting with Cloudbet here!
The future of betting
The future of betting is surely decentralized, so it is possible that betting with DAI will become the norm. At least for players who don’t want too much instability. Or perhaps there will be a new token specifically designed for betting.
In any case, smart contracts and oracles will revolutionize the field. If the Ethereum system continues to be dominant, DAI will also have many use cases. A site like SportX is a small taste of what is about to come, and it seems very likely that peer-to-peer betting exchanges will become commonplace.
Read our essay about how DeFi will change the betting landscape forever.
How to obtain DAI
It is quite easy to obtain DAI if you already own cryptocurrency. If you don’t, it will take a little longer, but still easy enough.
If you have Ethereum, you can exchange it into DAI through one of the many decentralized exchanges. Uniswap is one example. Some wallets let you do it automatically. You can also use the Maker platform to collateralize your Ethereum and generate DAI.
In case you don’t already have any crypto, you need to obtain some Ethereum first. You can use a centralized exchange and buy ETH for normal money. Kraken and Coinbase are some popular exchanges. You can also buy on the private market, for example by finding a person online who is selling his ETH. After you have Ethereum, simply follow the directions above.
Conclusion
DAI is unique in the sense that it has been a successful decentralized stablecoin. If you don’t like the swings and instability of Bitcoin and the other volatile coins, but if you still want to bet anonymously with a crypto bookmaker, using DAI is the way to go. We hope you enjoyed this guide – feel free to share it with your friends if you feel that others can use it as well.