Crypto Betting Sites

Unless you’ve spent the last few years living under a rock, you’re probably aware of what cryptocurrency is on some level. These digital assets outside of the traditional currency systems, providing many advantages. They’ve become increasingly popular over the years as they’ve turned into a trendy investment that has made many investors, experienced and inexperienced, very rich.

While the origins of cryptocurrency are foggy, the goal has been to create a decentralized form of currency, which began with Bitcoin in 2009. It has continued with crypto forms like Binance Coin, Dogecoin, Ripple, Ethereum, and more. Now, cryptocurrencies are a dime a dozen, and in many circles is a legitimate means of transaction. One of those circles is online betting, where crypto has become a commonly accepted form of currency.

Cryptocurrency betting is becoming increasingly popular. Cryptocurrency has advantages other currencies don’t, from faster deposits to bonuses for users in specific sites. These advantages, as well as much more information on crypto gambling, are explored below.

How do we choose the betting sites?

Crypto betting has followed the trend of the crypto industry as a whole and had a long, steady march into the mainstream. Now, you can find numerous crypto betting sites that will accept these digital assets as real currency. If you’re a bettor, and you’re looking to deposit a currency, there are numerous reasons to pick crypto as your method of choice. Here’s a breakdown of why crypto sports betting has become so popular with bettors:

Advantages of a Crypto Deposit:

Fast Deposits and Withdrawals: Many websites take time to process withdrawals and deposits, and it can be a process that tests patience. Crypto allows for fast withdrawals and deposits because there is no central bank or anything like that to go through.
User Safety: Because of the decentralized nature of crypto, they’re invulnerable to security issues like governmental instability. Blockchain tech makes crypto transactions, particularly with Bitcoin, very safe.
Geolocation Restrictions Could Be Avoided: Cryptocurrency is an international form of currency. For crypto betting sites, you can bank with them wherever you are, avoiding geolocation restrictions.
Bonuses for Crypto Users: Many websites incentivize crypto transactions by offering bonuses for depositing with these currencies, giving you additional money on top of your deposit.
More Discretion: If you don’t want a bank statement or more privacy, crypto offers a lot of discretion.
Elimination of Banks fees: Some websites have banking fees for things like wire transfer deposits. With crypto, there is no bank to go through, so no banking fees.

However, while there are many advantages, there are also some disadvantages of depositing using cryptocurrency. Here are some of the reasons some bettors would avoid this deposit method:

Disadvantages of a Crypto Deposit:

Price Fluctuations: Cryptocurrency is notorious for its wild price fluctuations. How much you deposited one day may be worth way more the next, or way less.
Limited Sites that Accept: You might find yourself banking with a site only because they offer crypto gambling. This might pigeonhole you, as there are only a certain amount of gambling sites that offer this deposit/withdrawal method.
Harder to Keep Track: With regular currency, you know how much you deposited. Your dollar value stays the same. With crypto deposits, it is harder to track your money, as well because there aren’t bank statements.

What is the advantages for the operators:

Betting operators run a business, so if they are to bank with cryptocurrency, there has to be an upside for them. We’ve explained why a user would want to use crypto for their betting, now here’s a quick breakdown of why crypto gambling sites would use this digital means of transaction:

No Third Parties Involved: With crypto sports betting, there are no third parties involved. It is just the betting site and the user. There is no bank to go through, which makes the process much simpler for betting sites.
Universal, Global Currency: Crypto isn’t tied to any specific location, holding the same value wherever it is in the world. That has value to the betting sites, as they can use a universal, global currency wherever the bettor is located.
Quick Transaction Time: Bitcoin transaction times are extremely fast, with an average transaction time just above 10 minutes. While some altcoins take longer, most of these transactions are faster than banks.

How Crypto Betting works?

While many of us have a general idea of what cryptocurrency is, they are deeply complicated. A general breakdown of how they work is this: they use distributed ledger technology, typically blockchain, which tracks transaction data and serves as a database for all info. Distributed ledger technology has no central data store or administrative functionality. This makes them decentralized, untethered, but also trackable.

Cryptocurrency doesn’t need to go through banks, as it is decentralized. It is not tied to a country or another currency. It is an independent form of finance that operates outside of traditional systems. For those wondering, cryptocurrency is legal in Canada and regulated under Canadian securities laws.

Using cryptocurrency for sports betting is only possible with websites that offer this feature. Unlike debit cards or secure online payment sites, many betting sites haven’t made adjustments to allow for crypto transactions.

However, for the ones that have, you can use crypto the same way as you would other deposit methods. Depositing with cryptocurrency, betting with crypto, and withdrawing with crypto are all options available to you.

How to Bet with Cryptocurrency?

Now that we know a little more about what cryptocurrency is and what sets it apart, let’s discuss how to bet with cryptocurrency.

Step One: Find a Website that offers cryptocurrencies as a withdrawal and deposit method.
Step Two: Set Up a Crypto Wallet
Step Three: Set Up a Crypto Exchange
Step Four: Send Cryptocurrency of Choice into Wallet. Bitcoin is the most commonly accepted crypto.
Step Five: Deposit the currency into your account on the crypto betting site.

Crypto betting vs regular betting

We’ve explained the advantages and disadvantages of betting with crypto, talked about how it works, now let’s compare it with betting with traditional currency.

Quantifying Stakes, Winnings, And Losses

When using a crypto betting site that facilitates all transactions in digital currency, it can be extremely difficult to keep track of how much you are winning or losing. This is because you need to enter your stake in crypto terms, as opposed to dollars, euros, or pounds.

Preparation

As you probably gathered from previous sections, there are other things you need to do before betting with crypto. You need to have a crypto wallet, and a crypto exchange available. This means if you’re doing cryptocurrency betting, there are going to be more steps. With traditional currency, all you need is a bank account and a card.

Deposit and Withdrawal

However, if you have all your crypto necessities fully set up, depositing and withdrawals are faster. There is no bank, so it takes less time for the currency to come in and out of your account, which saves you time, and potentially money. This is because there aren’t banking transaction and wire transfer fees that stack on to your deposits and withdrawals.

Crypto Betting FAQ

Since cryptocurrency is a relatively new and complex topic, bettors understandably might have many questions. Below, we’ve compiled some of the questions bettors might have, along with the answers.

Is it safe to bet with cryptocurrency?

Cryptocurrency is extremely safe. While this isn’t to say the fluctuations aren’t a concern, but the actual technology behind crypto is very secure.

Is it legal to place a bet using cryptocurrency?

Crypto sports betting is legal. Because crypto isn’t controlled by any bank or country, they don’t have jurisdiction over the legality of placing these bets.

How do I buy cryptocurrency?

Firstly, to buy cryptocurrency, you’re going to need a crypto wallet to store it. Then, you can find many online places that will allow you to buy crypto, whether it’s Coinbase or Wealth Simple.

Should I be afraid of the changes in the currency?

Cryptocurrency fluctuates wildly, which is one thing that sets it apart from most currencies. It can drop or rise in value 50+% in one day. The honest answer to this question is yes. If you invest $100 in the equivalent in Dogecoin, and one day that’s worth $150, and the next it’s worth $30, that is a problem. You’ve essentially just flushed $70 down the drain if you cash out of your $100 investment and it’s worth $30.

How do I cash out?

To cash out, you need to Withdraw from the betting website that you have deposited with. Withdrawing allows you to take all your money out of the site, or as much as you want. Most sites have minimum withdrawal limits, so be aware. To cash out of crypto, you need to find an exchange, which will allow you to swap your crypto back for a fiat currency.

Recommended cryptocurrencies for betting

There are a huge variety of cryptocurrencies, with new ones popping up and entering the mainstream every day. However, that doesn’t mean there isn’t a hierarchy, with some cryptocurrencies being much more well-known and commonly used than others. Here’s a quick breakdown of some of these cryptocurrencies that have become commonly used in gambling. For more than just a brief summary, we’ve also provided a comprehensive guide to each of these cryptocurrencies.

Bitcoin: Bitcoin is the original decentralized cryptocurrency, coming into existence in 2009, and inventing Blockchain in the process. It is the cryptocurrency with the highest market cap, and each Bitcoin is worth thousands of dollars. The identity of Bitcoin’s creator remains a mystery.
Ethereum: Ethereum is the cryptocurrency with the second highest market cap behind Bitcoin. Ethereum was crowdfunded into development and went live in 2015. Since then, it has seen its value skyrocket as it becomes one of crypto’s leading currencies.
Binance Coin: Binance Coin is a coin that was launched in 2017, and has quickly risen to have the 4th highest market cap of any cryptocurrency. It is used to buy and pay fees on the Binance Exchange, the largest cryptocurrency exchange in the world.
Ripple: Released in 2012, Ripple is a currency exchange that is operated by Ripple Labs. Their actual currency is called XRP and has the 6th highest market cap of any cryptocurrency.
Dogecoin: Starting as a meme, Dogecoin became a favourite of investors to quickly rise to a legitimate form of currency, with the 7th highest market cap of any coin. Championed by investors like Elon Musk and Mark Cuban, this crypto coin is one to keep an eye on.

How to choose the Crypto Betting Site that suits you

Now that we’ve discussed the advantages and disadvantages, how it works, and which cryptocurrencies are best for you, let’s talk about how to find the right crypto betting site. Having a betting site that you love makes sports betting a much more enjoyable experience, so finding that site that will give you your betting rush is essential. Here are some factors that must be considered:

Support Cryptocurrencies: This is obviously the first thing to consider if crypto gambling is your priority. Not all betting sites support crypto, so making sure that you are betting on one that does is a must. Some that do include Stake, Sportsbet.io, Cloudbet, and Betflip.
Reputation: Since many of the most well-known betting sites haven’t implement crypto in their deposit and withdrawal options, you might end up using a website that is less established. It is important to do your research and make sure they are a quality website that is safe and secure.
Variety of markets: Having a wide variety of markets is very important. You need options, so having a betting site that will provide you with a ton of choices is a must.
Customer Support: Crypto isn’t as straightforward as some forms of banking options, so using a website that prioritizes customer support is key. You don’t want any mix-ups, so find a website with a call line or a 24/7 customer service chat that will help you in case of an emergency.

Cryptocurrency terminology

Cryptocurrency has a lot of terminologies that come with it, so here is a guide to some of the commonly used words you might hear when learning about crypto.

Altcoins: An altcoin is a cryptocurrency that is not Bitcoin.

Blockchain: Blockchain is a type of distributed ledger technology that Bitcoin uses as a transaction database. It collects information and gets its name from the way it stores it.

Crypto Wallet: A Crypto Wallet is a device or program that allows you to store the public or private keys to a crypto transaction. It allows users to store and access their crypto assets.

Crypto Exchange: Crypto exchanges are businesses or websites that allow users to trade their cryptocurrency for other assets, such as regular currency.

Bet138