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:

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:

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:

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.

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.


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.

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.

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:

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.