Political Betting: How to Bet on Politics and Win Bitcoin
As there are always high-profile political events taking place, gamblers have become attracted to the idea of betting on them. Betting on politics is exciting, and a lot of money can be won by bettors.
Here is a guide to help you understand what political betting is, what you can bet on, and how to bet on elections and other political events with bitcoin.
Table of Contents
- What is Political Betting?
- Betting on Politics: What Can You Bet On?
- How to Bet on Elections & Other Political Events on 1xBit
What is Political Betting?
Political betting refers to predicting elections or other political events and placing a bet on the outcome.
Many gamblers feel that betting on a political outcome is somewhat easier than betting on a sports event. Gambling on politics is relatively new but has been gaining a lot of traction lately. It can be highly profitable and thrilling, and the betting lines are easier than in sports betting.
Betting on Politics: What Can You Bet On?
The political betting market has become very lucrative for bettors around the world. And, there are various political events that you can wager on. Among these are national elections, mayoral elections, party primaries, and by-elections.
Below are some of the election betting odds that you can use to predict and win on 1xBit.
Who Will Win
This is also called a money line bet as it is simply a ‘Yes’ or ‘No’ prediction.
For example, in the scenario of “who will be the conservative party leader after Boris Jonson?”, when you click on your candidate of choice, it’s a Yes. Therefore, your winning pay will depend on the odds the candidate you've chosen has. The higher the odds the bigger the pay and vice versa.
Special Bets
This is where you wager on what you think will happen in the future. They are also called futures bets and are normally offered weeks, months, or years before a political event happens. For instance, you can wager on who you think will win the US elections in 2024.
Point Spread
In a point spread wager, you win predictions based on the average points given to a candidate. You can wager on whether a candidate will win by more or less than a certain percentage. For instance, you wager that your favorite candidate will win by more or less than 50% of the votes.
Over/Under
On this wager, you will be betting on whether an outcome will be higher or lower than a certain number. For example, you can predict whether a democrat nominee will garner more or less than the total votes given by the bookmarker.
Most Seats
Here, you can wager on the political party you think will have the most seats in an election. For instance, you can wager that the Republican Party will have a majority of seats in the upcoming US Senate elections.
Props
Prop bets let you pick a specific outcome, mostly presented as a question. For example, you can wager on whether a certain president will complete a full term in office. Or if a political party will win the most seats or not and more.
How to Bet on Elections & Other Political Events on 1xBit
Let’s now see how you can bet on elections and other political events using 1xBit.
Create an Account on 1xBit
First, go to your browser and open 1xBit.com. Then, click the ‘Register’ button on the top left side of your screen. After filling in your details, press ‘Register’. Once you’ve registered, deposit Bitcoin to your new 1xBit account to start betting on politics.
Choose your political event
Next, hover your cursor over the sports tab on the top left side of your screen, then pick ‘Bets on Politics’. Choose the political event you want to wager on and select your odds before placing a bet.
Place your bet
After choosing your odds, enter the amount you want to wager on the right side of your screen in Bitcoin (denoted as mBT). All particulars of the outcome will be shown on the same end.
Next, click on ‘Place A Bet’ to activate your bet. The amount wagered will be deducted from your 1xBit account.
All winnings for successful wagers will be deposited to your 1xBit account in mBT. Thereafter, you can withdraw in the cryptocurrency of your choice since 1xBit supports 40+ cryptocurrencies.
To start betting on politics with bitcoin, head over to 1xBit and sign up for a free account!