OmiseGo Sports Betting 2023

OmiseGo review

OmiseGo (OMG) is an Ethereum-based blockchain and crypto, which was launched in an ICO in July 2017. OmiseGo ICO price was 0.2283 USD. The platform was created and managed by an established Southeast Asian payment processor, Omise. Omise was founded in 2013, and four years later, it developed OmiseGo, with the company raising $25 million in its ICO. The blockchain platform (click here to now best blockchain technology bookies) aims to decentralize payment networks and set in its place an open, public financial system that is not completely reliant on banks.

How Does It Work?

The OmiseGO network reaches consensus using the Proof-of-Stake (PoS) protocol for its OMG token. Thus, the token is used to execute transactions in the ecosystem, pay transaction fees on the network, and maintain the decentralization of the Omise blockchain. By staking OMG tokens in their wallets, holders are able to validate transactions and collect transaction fees. Like other PoS-based tokens, incorrect validation is punishable.

What Makes It Unique?

The OmiseGO network is entirely public and decentralized, running on top of Ethereum and built on scale large volumes through the off-chain Plasma scaling solution. Plasma is the infrastructure that will facilitate other blockchain platforms to interact with each other. Through Plasma, every EPP (eWallet payment provider) on OmiseGO is able to enter a smart-contract with ETH, redirect liquidity on its own off-chain centralized network and operate independently from the decentralized OmiseGO network.

Advantages and Disadvantages

A notable feature of the OmiseGo system is its plasma infrastructure, which facilitates faster scaling and opens up new options for decentralized exchanges and inter-ledger communication. Moreover, OMG is managed by a reputable company, Omise, which has been operating in the payment processing industry for many years now. The chain is totally decentralized, meaning no one can freeze or control OMG.

You can find on OmiseGo reviews that the downside of this crypto is volatile and has lost so much in value in the last year that it has reached new lows. The team’s project has also been criticized for not following through with their roadmap and developments, which has greatly affected investor trust in the OMG coin and, as a result, its price.

How Is It Used for Sport Betting?

OmiseGO crypto is the asset that has the same transactional properties as all other tokens and coins. Users can deposit or withdraw OMG from their wallets just like any other crypto.

First, you have to go to your bookmaker payment page and click on the link that will take you to its OMG wallet address page. Then, you access your own OMG wallet or OMG exchange where you have your coins stored and initiate a withdrawal of funds to the sportsbook wallet. The OmiseGo coin will then be transferred in several minutes and appear in your betting site balance.

The withdrawal requires that you access your betting wallet, paste the address of your external wallet or even a physical hardware wallet, and initiate a withdrawal request. After the request has been approved by the bookie, you will receive your OMG. There are around a dozen sports betting sites which accept account funding through OmiseGo.

While most crypto sports betting sites will list that they support OMG as a payment method, there will be some that actually convert the crypto into BTC, and you play on the site with Bitcoin, not OMG. A fee will be charged for this transaction, which will be subtracted from the player’s cash-out sum.

Is It Safe to Use for Betting?

As a blockchain that is based on Ethereum, OMG transactions are secured by the ledger’s underlying technology.

Online gambling might not be legal in all states and countries, but some might not condemn the use of cryptos such as OMG instead of fiat. As such, one can still bet and respect the law by using cryptos as payment. If you opt for OMG payment on betting site, then all your betting activities will stay on a ledger, which does not leave any traces to bank accounts.

If the use of top cryptos, such as BTC or ETH as payments is illegal, then there is a chance that using OMG is also prohibited. Most sites that support OMG are usually crypto-only and implement a Provably Fair policy that uses cryptographic algorithms to ensure the randomness of the outcome of their games. Click here if you want to know best crypto only bookmakers.

How and Where to Get It? OmiseGo where to Buy?

In order to purchase OMG coins, you must first create an account on a reputable online exchange and deposit either fiat or crypto to OmiseGo buy.

OmiseGo can be found on a number of crypto exchanges and trading platforms, including Binance, Bitfinex, Bittrex, Bithumb, CREX24, HitBTC, Huobi, Kraken, KuCoin, Poloniex, OKEx, and UPbit.

The coin is most commonly paired against ETH (OMG to ETH), BTC (OMG to BTC), and USDT, but there are several fiat options as well. There are 5 EUR pairs on different exchanges, namely Kraken, Bitvavo, CEX.IO, CoinMetro, and LiteBit.eu. USD pairs (OMG to USD) are available on 9 exchanges: Kraken, WhiteBIT, COSS, Exrates, AlterDice, EXMO, P2PB2B, CEX.IO, and Bitfinex. South Korean users are able to trade the Korean won for OMG on nine exchanges, such as Bithumb, UPbit, Coinbit, Korbit, Gopax, OKEx Korea, and Coinone. AUD options are also available on two exchanges.

If you want later to reap the staking rewards of the Omise network, you will need to set up a wallet with available functionality. Once you have downloaded and installed your wallet, you go to the exchange you have selected for your trading and create an account.

Exchanges that support fiat options will all require you to pass their KYC and AML identification process before you can fund your account. Several crypto-to-crypto exchanges also have this procedure mandatory. After you have successfully passed this process, you deposit your fiat or crypto funds, make the OMG buy order from the trading page of the exchange, and wait for the order to be executed. Once your OMG coins have been credited, you can proceed to move them to your external OmiseGo wallet.

Conclusion

While OmiseGo started out as a promising Ethereum project that would bring a decentralized solution for conversions of all crypto assets, the coin has not seen much improvement in price in the past years, which is probably why OMG is not among the most used cryptos in online sportsbooks.