Category: Crypto betting

Crypto betting refers to the use of cryptocurrency, such as Bitcoin or Ethereum, to place bets on various events or outcomes. This can include sports betting, casino games, and other types of gambling. The use of crypto for betting allows for faster and more secure transactions, as well as greater anonymity for the user.

Crypto betting is gradually becoming popular in the sports betting industry. Plus, betting on sport events with crypto is much easier than you could ever imagine. Mainly, that’s because cryptocurrencies are now a mainstream, with millions using them as a preferred mode of payment.

Moreover, you will not face any challenge finding a casino that accepts crypto. Today, there are thousands of legit casinos that allow you to deposit and withdraw using a range of cryptocurrencies. Essentially, that means more choices for your banking needs. In this blog, we will explore more about crypto betting, including popular cryptos and factors of a good site.

Crypto casino cryptocurrency
Photo: CC0 Public Domain

Advantages of Crypto Betting

Interestingly, there are plenty of benefits of betting on sports with crypto. Currently, bookmakers are accepting these payment providers for good reasons. There are several advantages to using cryptocurrency for betting:

Anonymity: Cryptocurrency transactions can be anonymous, which can be beneficial for those who want to keep their betting activities private. Perhaps, this is of the best reason why you should consider a site that accepts cryptos. You don’t require to share your card or bank details with a sportsbook to make payments through a cypto. Typically, you only need a crypto wallet, and you are good to go.

Speedy Deposits and Payouts: Transactions with cryptocurrency are typically faster than traditional methods, such as wire transfers or credit card payments. This allows for faster deposits and withdrawals, which is especially useful for in-play betting or live betting. If you are tired of waiting for your withdrawals to reflect, here is a solution. Betting with crypto allows you to enjoy instant deposits and withdrawals. Provided your selected site doesn’t delay processing your cash out request, it’s possible to receive your money the same day you withdraw.

Higher Deposit and Withdrawal Limits: Here is another benefit that will excite you, more so if you prefer depositing or withdrawing huge amounts. Most crypto betting casinos have high deposit and cash-out caps. While this is a great thing, always practice responsible gaming.

Lower Transaction Fees: Cryptocurrency transactions have lower transaction fees compared to traditional methods, this can be beneficial for high-volume bettors.

Exclusive Bonuses and Promotions: Several casinos have unique bonuses for players who deposit using Bitcoin or any other cryptocurrency. Usually, this could be a welcome bonus, reload offers, or other surprise giveaways.

Security: Cryptocurrency transactions are secure and less susceptible to fraud, as they use blockchain technology which ensures that all transactions are recorded in a transparent and permanent way. Crypto betting provides a high level of safety that traditional currencies lack. They are unregulated, meaning you will have more control over your funds. Also, as we had discussed earlier, they don’t require you to share sensitive information. Majorly, that lowers the risk of data theft.

Accessibility: Cryptocurrency is accessible to anyone with an internet connection, which allows for a wider range of users to take part in online betting, including those in countries where online gambling is restricted.

Decentralization: Cryptocurrency is decentralized, meaning that it is not controlled by any government, organization or institution. This allows for more freedom and independence in the use of the currency.

Disadvantages of Crypto Betting

While there are many advantages to using cryptocurrency for betting, there are also some potential disadvantages to consider:

Volatility: The value of cryptocurrency can be highly volatile, which can be a disadvantage for those who want to hold onto their winnings or those who want to make a large deposit. The price of most cryptos, especially Bitcoin, bounces up and down each day. The limited number of crypto in circulation and high demand make them pretty volatile. So, you can’t keep a huge amount in your betting account, lest you risk losing a lot of money if the value depreciates.

Lack of regulation: Cryptocurrency is not yet fully regulated in many countries, which can make it difficult to ensure that betting sites are operating legally and ethically.

Limited acceptance: Not all betting sites accept cryptocurrency, so it may be more difficult to find a site that will allow you to use your preferred cryptocurrency.

Lack of consumer protection: Traditional methods of payment usually have some form of consumer protection, such as chargebacks. Cryptocurrency transactions are irreversible, so once a transaction is made, there’s no way to undo it, this can make it risky for the user.

Complexity: Understanding how to use cryptocurrency and securely store it can be complex and challenging for those who are not familiar with the technology.

Risk of loss or theft: As with any digital assets, there is a risk of hacking, loss or theft. The user must take extra precautions to keep the digital assets safe, if they don’t take the required steps, they might lose their digital assets.

How to Bet with Crypto?

Betting with cryptocurrency typically involves the following steps:

Obtain a cryptocurrency wallet: In order to use cryptocurrency for betting, you will need to have a digital wallet that supports the type of cryptocurrency you want to use. There are several types of wallets available, including software wallets, hardware wallets, and paper wallets.

Buy cryptocurrency: Once you have a wallet, you will need to purchase some cryptocurrency. This can be done on a cryptocurrency exchange, such as Binance, Coinbase, or Kraken.

Find a betting site that accepts cryptocurrency: Not all betting sites accept cryptocurrency, so you will need to find one that does. Some popular crypto-friendly betting sites include Cloudbet and 1xBit.

Deposit cryptocurrency into your betting account: Once you have found a betting site that accepts cryptocurrency, you will need to deposit some cryptocurrency into your account. This can typically be done by sending cryptocurrency from your wallet to the betting site’s wallet address.
Place your bets: Once your account is funded, you can use your cryptocurrency to place bets on various events or outcomes.

Withdraw your winnings: If you win, you can withdraw your winnings back to your wallet by requesting a withdrawal from the betting site. Some sites may convert your winnings to fiat currency, while others will allow you to withdraw in the same cryptocurrency you deposited.

It’s important to keep in mind that cryptocurrency is not yet fully regulated in many countries, so it’s important to check the laws and regulations in your area before using cryptocurrency for betting.

Is it safe to place sports bets with crypto?

Using cryptocurrency for sports betting can be safe, but it is important to take certain precautions to ensure the safety of your funds.

Use a reputable betting site: It’s important to only use reputable and licensed sports betting sites that accept cryptocurrency. Look for sites that have a good reputation and positive reviews.

Use a secure wallet: Keep your cryptocurrency in a secure wallet, like a hardware wallet, that is protected with a strong password and two-factor authentication. This will reduce the risk of hacking and loss of funds.

Be aware of the volatility: Cryptocurrency can be highly volatile, so be aware of the potential for changes in value when placing bets. It’s also important to consider how changes in the value of cryptocurrency might affect your bets and winnings.

Keep records: Keep records of all your transactions, this will help you to track your activity and detect any suspicious activity.

Keep your private keys private: Keep your private keys private, never share them with anyone, this will protect your funds from being stolen or lost.
While it’s possible to safely place sports bets with crypto, it’s important to be aware of the risks and take necessary precautions. With the right steps, you can ensure the safety of your funds and enjoy the benefits of using cryptocurrency for sports betting.

Is crypto gambling legal in the US?

The legality of cryptocurrency gambling in the United States varies by state.

In general, the use of cryptocurrency for gambling is not explicitly prohibited by federal law in the United States. However, some states have laws that prohibit or regulate online gambling, and these laws may also apply to cryptocurrency gambling.

In states like New Jersey, Nevada and Delaware have legalized online gambling, and accept bitcoin and other cryptocurrencies as a form of payment. Some other states have laws that specifically prohibit online gambling, and it’s unclear how these laws might apply to cryptocurrency gambling.

It’s important to note that the legal landscape for cryptocurrency gambling in the US is still evolving, and the laws and regulations may change over time. It’s recommended to check the laws and regulations in your state before engaging in cryptocurrency gambling.

It’s also important to consider that even though in some states is legal, the IRS (Internal Revenue Service) consider cryptocurrency as a property for tax purposes, meaning that the gains and losses from gambling with crypto are taxable.

Best Crypto Betting Sites

Usually, the first step to crypto betting is finding a legit and reputable website. Well, if you have been in the industry for a long, that might not be a problem. However, for a beginner, you might wonder, where do I start? Well, don’t stress about it, we have a guideline to help you.

Account Creation Process

Mainly, choose a casino with straightforward registration stages. You don’t want a site that takes ages to set up your account or verify your details.

Bonuses and Promotions

Select casinos with several bonus offers. While at it, ensure the bonus terms are friendly.

Number of Games

Always join casinos with many games. Also, consider one with variety, such as table games, slots, scratch cards, live games, and jackpots.

License and Regulation

Another thing to check when looking for a good crypto betting site is license and regulation. Great sites have licenses from genuine and strict regulators.

Other factors that determine if a site is worth joining include:

Crypto Betting Apps

There are several cryptocurrency betting apps available for mobile devices, including both iOS and Android platforms. Some of the popular crypto betting apps include:

  1. 1xBit
  2. Cloudbet
  3. Nitrogen Sports
  4. FortuneJack
  5. Betcoin
  6. Stake

It’s important to keep in mind that the legality of crypto betting apps may vary depending on the country or state you are located in. Also, it’s recommended to check the reviews and reputation of the app before using it.

Popular Cyptos for Sports Betting

Bookmakers accept various cryptos, with most supporting deposits and withdrawals. What’s more, depositing with cryptocurrencies is fast and secure, making them among the best payment methods. With that, you will mostly find:

Currently, almost all casinos accept Bitcoin. That’s not a surprise considering that this is among the oldest and most popular crypto. Plus, it easy to deposit and withdraw through Bitcoin, making it a favourite to many.