Crypto Sports Betting: What are the Benefits of Sports Betting With Crypto?
The world of sports betting has experienced a significant shift with the emergence of crypto sports betting sites. These platforms have gained popularity as they offer a secure, fast, and easy way to place bets on a variety of sports events worldwide. Not only do they provide a broad selection of betting options, including conventional sports betting and more unusual options like fantasy sports, but they also enable users to enjoy the benefits of using cryptocurrencies for online gambling.
Crypto sports betting sites function similarly to traditional betting platforms but with the added advantage of using digital assets like Bitcoin, Ethereum, and other cryptocurrencies as payment and withdrawal methods. The use of digital currencies ensures secure transactions, lower fees, and faster payouts, making them an attractive alternative for sports enthusiasts worldwide.
⚠️ For most US residents, however, there is one big problem – there are currently no popular US-licensed sportsbooks that accept cryptocurrency. ⚠️
- Crypto sports betting sites offer secure and fast transactions with a variety of betting options.
- Users benefit from the advantages of using cryptocurrencies for online gambling, such as lower fees and faster payouts.
- Despite these theoretical benefits, the fact that no regulated US gambling companies accept crypto, means we cannot recommend that any US resident gambles or bets using cryptocurrencies.
Crypto Betting Platforms Compared
|Betting Provider||Cryptocurrencies Supported||User Interface||Bonus Offerings||Partnerships||Available to US users|
|1xBit||Bitcoin and more||User-friendly||Yes||No||No|
|Sportsbet.io||Bitcoin and more||User-friendly||No||Yes||No|
|FortuneJack||Bitcoin and more||Intuitive||No||No||No|
|SportsBetting.ag||Bitcoin and more||User-friendly||Yes||No||No|
|Bitstarz||Bitcoin and more||User-friendly||Yes||No||No|
|Cloudbet||Bitcoin and more||User-friendly||Yes||No||No|
|mBit Casino||Bitcoin and more||Mobile-friendly||Yes||No||No|
What is a Crypto Betting Site?
A crypto betting site is an online sportsbook that allows users to place bets on their favorite sports events using cryptocurrencies like Bitcoin, Ethereum, and others, as deposit and withdrawal options. These sites have become popular in recent years due to the increased usage of cryptocurrencies and the convenience and security they offer to users when managing their accounts.
One of the main advantages of a crypto sports betting site is the ability to handle transactions quickly and efficiently. Depositing and withdrawing funds using cryptocurrencies often have faster processing times compared to traditional banking methods. Additionally, these transactions typically have lower fees, which can be an attractive feature for bettors.
Crypto betting sites operate similarly to traditional sportsbooks in terms of offering a wide range of betting options, including moneyline, point spread, and over/under bets. They also frequently provide live betting options, allowing users to place bets in real-time as the events unfold.
To use a crypto sports betting site, a user would need to create an account and provide basic personal information. Additionally, they will need a digital wallet with their preferred cryptocurrency to deposit funds into their sportsbook account. Some popular crypto sportsbooks include BetUS, among others.
Why Use Crypto Betting Sites?
There are many reasons you’d want to consider crypto betting, here’s a list of pros and cons for using cryptocurrency betting sites.
- Secure: One of the main advantages of using crypto on betting sites is the high level of security it provides. Blockchain technology, which underlies cryptocurrencies, ensures that transactions are recorded and secured, making it difficult for anyone to alter or interfere with them.
- Fast: Crypto transactions are typically faster than traditional banking methods. This means that deposits and withdrawals can be processed quickly, allowing bettors to enjoy their games and winnings without unnecessary delays.
- Easy: Many crypto betting sites offer user-friendly interfaces, making it simple for both beginners and experienced users to navigate and place bets. Additionally, creating a crypto wallet is relatively straightforward, so accessing and using funds is hassle-free.
- Low fees: Since cryptocurrencies operate on a decentralized network, transaction fees are generally lower compared to traditional banking methods. This can lead to significant savings on deposits and withdrawals.
- ⚠️ No regulation in US: No licensed US sites accept cryptocurrencies. This is a big con, and overrides any pros.
- Volatility: Cryptocurrencies are known for their price volatility, which can result in the value of your winnings or deposits fluctuating dramatically. This could create uncertainties when planning your betting activities.
- Limited options: While the number of crypto betting sites is growing, they are still not as widespread as traditional betting platforms. This might limit your choice of sites, games, and sporting events.
- Less anonymity: Although crypto betting sites might offer increased privacy compared to conventional platforms, using cryptocurrencies doesn’t always guarantee complete anonymity. Regulated sites are often required to implement KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, which might involve collecting personal information from users.
What are the Benefits of Sports Betting With Crypto?
Cryptocurrencies are still largely misunderstood by the wider world, but they have become incredibly popular in the world of sports betting. An increasing number of online sportsbooks are accepting Bitcoin, LUNA, and other cryptocurrencies, and for good reason. It turns out that there are plenty of benefits of sports betting with crypto, and we’re going to take a look at what some of those benefits are.
Security and Privacy
One of the biggest benefits of cryptocurrency in general is that it provides levels of privacy that traditional currency does not. Cryptocurrencies are unregulated, which means people have more control over their funds as they bet on sporting events.
Higher Betting and Withdrawal Limits
This will vary from one sportsbook to the next, but most books allow gamblers to place larger bets and make larger withdrawals when they bet with crypto. You still need to use some common sense and not get too carried away, but if you have the money to spend and you don’t want to be restricted by betting limits, crypto is often the way to go.
Faster Transaction Speeds
Sports betting with crypto also allows you to place bets and withdraw funds faster than with other forms of currency. Most online sportsbooks are generally pretty fast when it comes to finalizing transactions, but withdrawing funds can still take a while when you factor in banking and security regulations. On the other hand, you can deposit the cryptocurrency of your choice and place bets with it as soon as you have it in your digital wallet. Naturally, sportsbooks can get your winnings directly to you just as quickly.
Online sportsbooks offer bonuses and promotions all the time. Many of these are available to anyone who wants to place a bet, but there are plenty that are exclusively for those who are betting with crypto. If you know where to look, you might just make more money on bonuses simply by sticking with crypto when placing bets.
Finally, betting with cryptocurrency is generally less risky than betting with traditional money. Crypto is notoriously volatile, and there is always a risk involved when you’re trading it, but many online sportsbooks will convert your cryptocurrency to US dollars when you place your bet. This alone shields you from any volatility that is associated with crypto. Naturally, you still need to be careful whenever you place a bet for anything, but at least you won’t have to worry about the value of your winnings suddenly dropping after you’ve won a major bet.
Cryptocurrency is continuing to change the global economy in many ways, especially when it comes to sports betting. While betting with US dollars and other currencies probably won’t be going away anytime soon, there is a reason why so many online sportsbooks have embraced crypto. You’ll still have to do your own homework to find a sportsbook that makes betting with crypto worth your while, but the good news is that you most likely won’t have to look very hard to find one.
Crypto Betting License and Regulations
Are Crypto Betting Sites Licensed & Regulated in the US?
Crypto betting sites can be licensed and regulated, depending on the specific state they operate in. For example, Wyoming sports betting legislation allows sportsbooks to accept digital, crypto, and virtual currencies such as Bitcoin.
Are Crypto Betting Sites Legal in the US?
The legality of crypto betting sites in the US varies based on both state gambling regulations and crypto legislation. A country or jurisdiction must typically have legislation that allows online gambling and no ban on the use of cryptocurrencies for betting to be considered legal.
Are Crypto Betting Sites Legit?
Crypto betting sites can be legit and secure through the use of blockchain technology and instant withdrawal capabilities. As with any online gambling site, it is crucial to research and choose a reputable crypto casino that holds the appropriate licenses to ensure a safe and secure experience.
List of States Where Crypto Betting is Legal
Currently, Wyoming is one of the few states with legislation that explicitly allows crypto sports betting. However, more states may follow their example and adopt laws to clarify the status of crypto gambling. You can track the latest updates in state regulations by monitoring news and announcements from gaming commissions in each state.
Is it Safe to Bet Online with Crypto?
Betting online with crypto can be safe if you choose a trustworthy and licensed platform. Crypto casinos use blockchain technology for enhanced security, and instant withdrawals allow for expedited transactions. It’s essential to practice responsible gambling and carefully select a reputable crypto betting site to ensure a safe gaming experience.
How to Get Started with a Crypto Betting Site
How to Deposit Money with Crypto to a Betting Site?
To begin using a crypto betting site, you first need to deposit funds. Choose a reputable and secure site, then follow these steps:
- Sign up for an account on the betting site.
- Navigate to the cashier or deposit section.
- Select your preferred cryptocurrency as the payment method.
- Generate a wallet address or QR code from the site.
- Send your chosen cryptocurrency to the provided wallet address or scan the QR code using a crypto wallet app.
Ensure to double-check the wallet address before sending. Funds should appear in your betting account within minutes to an hour, depending on the chosen cryptocurrency and network confirmation times.
How to Withdraw Money from Crypto Betting Sites?
Withdrawing money in crypto from a betting site involves a similar process as depositing:
- Head to the cashier or withdrawal section of the betting site.
- Choose your preferred cryptocurrency as the payment option.
- Enter your wallet address.
- Specify the amount you wish to withdraw.
- Confirm the transaction.
Keep in mind that processing times for withdrawals can vary depending on the betting site and network conditions.
Crypto Deposit & Withdrawal Limits Compared
Crypto betting sites tend to have more flexible deposit and withdrawal limits compared to traditional payment methods. These limits can depend on the specific cryptocurrency used and the site’s policies. Some common limits include:
- Minimum deposit: $10 to $20 equivalent in cryptocurrency
- Maximum deposit: $5,000 to $50,000 equivalent in cryptocurrency
- Minimum withdrawal: $20 to $50 equivalent in cryptocurrency
- Maximum withdrawal: $5,000 to $100,000 equivalent in cryptocurrency
Remember to check the site’s terms and conditions for exact limits.
Crypto Deposit & Payout Times
Deposit and payout times may vary based on factors like network congestion and the chosen cryptocurrency. In general, however, crypto deposits are usually faster than traditional payment options:
- Deposits: Instant to 1 hour
- Withdrawals: 1 to 48 hours
Do You Need to Pay Tax on Winning Withdrawals to Crypto in the US?
In the United States, the IRS treats cryptocurrency as property for tax purposes. This means that any gains, including those from crypto betting, are subject to capital gains tax. Keep track of your transactions and consult a tax professional for specific guidance on reporting and paying taxes on crypto winnings.
Crypto Betting Bonuses Reviewed & Compared
One key aspect of evaluating crypto betting sites is their bonuses and incentives. By comparing different sites, we can identify those that offer the most attractive offers for new and existing players.
Many betting platforms provide a welcome bonus to attract new users. This can significantly increase your initial bankroll, giving you more opportunities to explore the platform and bet on sports events or casino games.
Reload bonuses also play a crucial role in retaining existing customers. Such bonuses offer additional funds when players deposit more cryptocurrencies into their accounts. An example of a betting site with competitive reload bonuses is Cloudbet, known for their frequent promotions that cater to loyal players.
Incentives for using specific cryptocurrencies can enhance the overall betting experience. For example, some platforms may provide extra bonuses for using Bitcoin, giving customers an added reason to use the popular digital currency. BetOnline is a site that supports multiple cryptocurrencies, including low-fee coins like Stellar Lumens, Ripple, and Dogecoin, offering players a versatile range of choices.
Most Popular Sports to Bet on Using Crypto
Cryptocurrency has revolutionized the sports betting industry by offering increased security, privacy, and lower transaction fees. With the growing popularity of crypto betting, several sports have gained attention among bettors using digital currencies. Let’s have a look at some of the most popular sports for crypto betting.
- NBA: Basketball is among the top sports to bet on using cryptocurrencies, particularly the NBA. The extensive range of matches and the dynamic nature of the game make it an exciting choice for bettors. Many crypto sports betting sites offer a wide variety of betting options for NBA games, including point spreads, moneylines, and over/unders.
- Football: American football, particularly the NFL, is another popular choice for crypto bettors. With its massive fan base and complex strategy, football provides plenty of wagering opportunities on individual games, season outcomes, and prop bets. Many online platforms accept cryptocurrencies like Ethereum for NFL betting, giving bettors access to competitive odds and secure transactions.
- Soccer: Soccer, also known as football in many parts of the world, is a global phenomenon and naturally attracts a lot of crypto bettors. Prestigious tournaments like the FIFA World Cup, UEFA Champions League, and domestic leagues guarantee a vast array of betting options throughout the year. Crypto sportsbooks offer various betting markets for soccer, from match outcomes to goal scorers and more.
- Baseball: With its long season and numerous games, baseball is a favorite among many sports bettors. Major League Baseball (MLB) is especially popular for crypto bettors, thanks to its statistical nature, which caters to various betting strategies. Crypto sportsbooks typically provide a range of betting options for MLB games, such as run lines, moneylines, and futures.
Ways to Bet with Crypto
Best Free Crypto Betting Sites
One of the top free crypto betting sites is BetOnline. They offer various betting markets for sports, horses, poker, and live games. BetOnline is particularly attractive for users interested in depositing and betting with cryptocurrencies like Bitcoin, Litecoin, and Ethereum.
Some features you can expect from free crypto betting sites include:
- Easy deposit and withdrawal with cryptocurrencies
- Various betting markets
- A user-friendly interface
Best New Crypto Betting Sites
New crypto betting sites are continuously emerging, offering secure and private betting experiences for their users. Keep an eye out for BetOnline’s mobile app, which provides convenience and accessibility to bettors on the go. Below is a table summarising the best new crypto betting sites:
Best Crypto Betting Apps
Mobile apps such as BetOnline’s [future] app offer an excellent platform for betting with crypto. These apps usually come with user-friendly interfaces, easy deposits and withdrawals with crypto, and an extensive range of betting markets.
Some benefits of using crypto betting apps include:
- Convenience and accessibility
- Privacy and security
- Diverse betting markets
Best Crypto Fantasy Betting Sites
Crypto fantasy betting sites offer a unique approach to sports betting. Users can create their fantasy sports teams, compete against others, and bet using cryptocurrencies like Litecoin. These sites combine the fun of fantasy sports with the benefits of crypto betting. Some of the best crypto fantasy betting sites compared below:
Should You Use Offshore Gambling Sites with Crypto?
Offshore gambling sites accepting cryptocurrencies can offer various advantages, such as:
- Anonymity: Crypto transactions protect users’ privacy
- Lower fees: Crypto transactions usually have lower fees compared to traditional payment methods
- Accessibility: Cryptocurrencies can make it easier to access offshore gambling sites
However, it’s essential to do thorough research before using offshore gambling sites, as regulations and their legality may vary depending on your location. It’s crucial to choose a reliable and secure platform when betting with crypto.
What to Consider When Picking a Crypto Betting Site?
When choosing a site for sports betting with cryptocurrency, there are several key factors to consider. Following are some aspects that should be taken into account:
Crypto Betting Sites to Avoid
As a US resident, we advise to avoid all crypto betting sites. In particular, avoid sites that lack good customer service, as it can be an indicator of a poorly managed platform. Low-quality customer service may result in unresolved issues, missed bonus opportunities, and delayed payouts.
Moreover, steer clear of betting platforms that do not have a valid license from a reputable gambling authority. Such unlicensed sites may pose significant risks to your funds and private information.
List of Countries Where You Can Bet Online with Crypto
While some countries freely allow online crypto sports betting, others may have restrictions or have not yet addressed the issue in their legislation. Before jumping into sports betting with cryptocurrency, it’s essential to be aware of your country’s legal stance on the matter.
Betting Markets and Odds
When selecting a crypto betting site, consider the range of betting markets available. A vast selection allows you to bet on various sports, leagues, and events. Additionally, competitive odds are vital, as they directly impact your potential winnings. Check if the site offers competitive odds across different sports and markets to maximize your betting profitability.
Security and User Experience
A reliable crypto betting platform should employ industry-standard security measures, such as SSL encryption and regular third-party audits. These measures ensure that your funds and personal information remain safe while using the site. Also, prioritize sites with user-friendly interfaces that offer smooth navigation and a seamless betting experience.
Top Alternative Payment Methods to Crypto
While cryptocurrencies have become increasingly popular for sports betting, not everyone is comfortable or able to use them. Here are the top 5 alternative payment methods to crypto for placing bets online.
- E-wallets: E-wallets like PayPal, Neteller, and Skrill offer a convenient alternative to cryptocurrencies. They provide fast and secure transactions, with most sports betting sites supporting these options. It is crucial to ensure that the selected e-wallet is compatible with the betting platform before creating an account.
- Credit and Debit Cards: Many sports bettors prefer using their credit or debit cards to fund their accounts. Visa, Mastercard, and American Express are widely accepted at sportsbooks, and transactions are usually processed instantly. However, keep in mind that some banks may charge fees or block transactions related to gambling activities.
- Bank Transfers: Traditional bank transfers can be another option if crypto isn’t your preferred method. While they may take longer to process compared to e-wallets or cards, bank transfers tend to have higher deposit and withdrawal limits. It’s essential to verify with the betting site if your bank is supported to avoid any issues with transactions.
How to Gamble Responsibly with Crypto
When entering the world of crypto sports betting, it is essential to approach gambling responsibly. One of the first steps for a gambler is to set limits on their crypto deposits and bets. Establish a budget that you are comfortable with and stick to it.
Diversify your crypto investments by allocating funds across various coins. It is wise to spread your risks and not to put all your funds into one specific cryptocurrency. Additionally, only use reputable platforms for crypto sports betting. Do your research and opt for secure and trustworthy gambling sites.
Stay informed about the fluctuating nature of the cryptocurrency market. Regularly monitor the value of your chosen cryptocurrencies, as these could impact your gambling decisions. If the value of a coin drops significantly, it may be wise to adjust your betting limits accordingly.
Practice self-control and do not chase losses. Accept that losses will occur from time to time, and don’t let emotions rule your gambling decisions. If you find yourself in a losing streak, take a step back, reassess your betting strategies, and resume when you are in a more rational state of mind.
Lastly, remember to stay updated on the latest news and developments in both the sports betting industry and the cryptocurrency market. By staying informed, you increase your chances of making well-informed decisions and approaching crypto sports betting in a responsible manner.
Frequently Asked Questions
Is crypto betting legal?
Crypto betting legality varies depending on the jurisdiction. In some countries, online sports betting is legal, and using cryptocurrencies is allowed. For example, Wyoming sports betting law allows players to deposit funds with a variety of crypto and digital currencies, with Bitcoin being the most popular option. Be sure to check local laws and regulations in the area you reside before participating in crypto betting.
How to bet with Bitcoin?
To bet with Bitcoin, you first need to buy Bitcoin from a reputable cryptocurrency exchange. Once you have acquired Bitcoin, you can deposit it into your sports betting account on a platform that accepts cryptocurrency. Many sports betting sites offer Bitcoin as a deposit and withdrawal option, making it a convenient and secure method to place bets. Follow the platform’s guidelines for transferring Bitcoin, and ensure your bet has been placed correctly.
Is crypto betting safe?
Crypto betting can be safe if you follow proper security measures. Use reputable online sportsbooks, keep your private keys secure, and enable two-factor authentication on your accounts. It is also essential to research the betting platform’s security and reliability. By taking these precautions, you can minimize the risks associated with online sports betting using cryptocurrencies.
Which betting apps accept crypto?
Various apps accept crypto for sports betting, including well-established platforms and emerging services. The number of apps that support crypto payments is growing, as it is advantageous for both sportsbook operators and users due to lower fees and faster transactions compared to traditional payment methods. Make sure to verify that the sports betting app you choose supports your desired cryptocurrency before signing up.
What are the best crypto gambling sites in 2023?
There is no definitive answer to which crypto gambling sites are the best, as preferences and requirements vary between users. However, several platforms have gained positive user feedback and offer a variety of features, including competitive odds, user-friendly interfaces, and excellent customer support. Be sure to compare different sites, read reviews, and choose the one that caters to your betting preferences and crypto requirements.
Are there decentralized sports betting sites?
Decentralized sports betting refers to a system where users can place bets on sports events using blockchain technology. This eliminates the need for a central authority, giving users more control and security over their betting transactions. Decentralized sports betting platforms typically accept various cryptocurrencies and offer a more transparent and secure betting experience compared to traditional sportsbooks. Research and compare different decentralized betting platforms to find one that suits your cryptocurrency preferences.