With the growing popularity of cryptocurrencies, betting using crypto has become mainstream in certain countries. In this article, we go over different cryptocurrencies used for betting, list any pros and cons, and, of course, rank the best crypto betting sites available in 2022.
Cryptocurrencies have been making the headlines for the past decade, with several crypto enthusiasts shoring up some very tidy profits indeed. At the same time, cryptos have become increasingly useful, not only as a speculative investment, but as a payment method that boasts low fees, fast payments, anonymity, and security.
Still, for the uninitiated, this modern payment method requires a little familiarisation. The aim of this article is not to explain the technical details of how each blockchain works for each altcoin, but rather to discuss the ins and outs of crypto betting for beginners.
There are several ways to buy cryptocurrency for betting. Certain crypto betting sites, such as Cloudbet or Sportsbet.io, even make things easier by letting you purchase crypto directly from their platform using a credit card or bank transfer. The site will guide you to your destination via the MoonBase exchange, where you can exchange your fiat currency without the need for an additional wallet. Although this is little more expensive than usual, it's much more convenient.
While there are other ways of obtaining cryptos, such as mining, we assume that most bettors will probably buy their coins at one of the major exchanges. For this, you will also need a crypto wallet in which to store your coins.
Once you have your wallet set up, you can easily buy any number of cryptos, from established coins such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, to altcoins with a lower market cap. You can use your credit card, e-wallet, or other payment method to buy your desired cryptocurrency.
When it comes to selecting a crypto exchange for sports betting, you'll be spoilt for choice. Still, there are a few factors you should look at, including:
With that said, here are our favourite crypto exchanges for sports betting.
Once you have bought your cryptos, opt for a site that accepts your preferred coins, offers a fair welcome bonus, and holds a licence from a trustworthy authority. Most reliable crypto betting sites are licensed in Curaçao (more on that later).
Alternatively, you can copy/paste the wallet address displayed on the payments page and send the funds manually. Make sure to send your funds to the code displayed; you may not be able to reclaim the money if it ends up in the wrong destination.
Withdrawing your funds from any crypto betting site should be a piece of cake. Remember to make sure you have no active bonuses, as these usually prevent you from making withdrawals.
Below, we take a quick look at typical bonuses, fees, timing and limits at crypto betting sites.
When it comes to crypto betting coins, there is a world of choice at your disposal. Of course, Bitcoin is the most recognisable coin of its kind; however, there are already several alternative currencies that have been catching up in terms of popularity, even at betting sites.
Outside the sports betting industry, there are now over 8,000 cryptocurrencies. Nevertheless, only a few can be used sports betting, with the others simply too new or still too unstable. The most widely used are undoubtedly Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Tether, and more recently, Dogecoin.
While Bitcoin is the most well-known and popular crypto, even for betting, it is not necessarily the best. It has become one of the more expensive currencies when it comes to miner’s fees and its original value can hardly be called stable. On the other hand, as Bitcoin enthusiasts will point out, it is the only truly unregulated crypto, meaning it is not controlled by any corporate entity.
The second most popular cryptocurrency is most definitely Ethereum, found at most crypto sports betting providers. If a bookmaker accepts more cryptocurrencies than just Bitcoin, then it almost always accepts Ethereum as well. While it is not yet 100% stable, it boasts lower fees and faster transfers.
Our personal favourite for sports betting is undoubtedly USDT. This coin was designed as a stablecoin, and, as its value is tied to that of the US dollar, you can be more or less sure that your winnings will not fluctuate in value.
You will also come across the increasingly valuable cryptocurrencies Litecoin, Bitcoin Cash, and Ripple at reliable crypto betting providers. These too boast lower fees and faster transfers compared to the original crypto, Bitcoin.
Looking for the top crypto betting sites available? We have scoured the internet and found numerous bookies that allow payments via cryptocurrency. We made sure that any crypto betting site listed here holds an appropriate licence from a reliable governing body. Besides this crucial aspect, we also paid attention to the number of accepted cryptos, the sports available, odds competitiveness, bonus offers, customer service, and more. Taking these parameters into consideration, here are our recommended crypto sports betting sites.
It should be clear upon first glance that Cloudbet is a go-to destination for crypto betting, with the site itself even claiming to be the „No. 1 for bitcoin sports betting“. Here, you can only deposit via cryptocurrency. If you don't have any coins yet, don't worry – you can also buy them directly from the bookie via credit card. They even offer a free crypto bet to new players!
The young bookmaker Rabona accepts a wide variety of cryptos for betting. Here you can not only deposit with Bitcoin, but also with dozens of alternatives, including Litecoin, Ripple, or Ethereum, as well as fiat options. With a huge welcome bonus up to €100 for sports, along with cashback offers, boosted odds, a weekly reload bonus, and more, it should come as no surprise that Rabona is quickly becoming one of the most popular crypto sport betting platforms in Europe and beyond.
Sportsbet.io is a crypto-first betting site. You can deposit here with various coins, including Bitcoin, Ethereum, Litecoin, and many more. You even have the option of exchanging your fiat currency for crypto directly from the bookie. What's more week, you can win a USDT 50 free sports bet every week!
Even though cryptocurrencies are on the rise and are becoming more widely used for online sports betting and gambling, most European countries and licensing bodies remain less accepting towards them. This is because many governments deem them as a catalyst for money laundering and being harder to control, which makes them wary of affording them any sort of official status. So far, no European government has licensed casinos to accept cryptocurrency; however, this does not mean that you should go for unlicensed sites.
As a result of all this, most crypto betting platforms are licensed in Curaçao, while there have been experiments with licensing it in the EU country of Malta as well.
Ah taxes, the scourge of any sports bettor, and as far as we are concerned, an unfair tax. After all, didn’t we already pay tax on our income before we decided to gamble with it? And can we add gambling losses as an expense on our yearly tax returns? Probably not… Luckily, many countries in Europe do not have a gambling tax, while others do.
Many sports bettors turn to crypto betting as a way to “dodge” the tax man. Whether this is effective is not clear.
Thus, when you sell your cryptos for cash, there is may be a crypto tax or income tax. This differs greatly between countries. In Germany, for example, there is no tax on the sale or cryptos, provided they have been held for at least one year.
Without a doubt, a one-click deposit with PayPal or credit card is much easier and also a lot more transparent than using cryptos. On the other hand, crypto for sports betting can offer a great many advantages, especially in countries where sports betting is a grey area or where banking options are limited.
Here is a brief overview of the benefits of betting with cryptocurrency.
Crypto sports betting has a few drawbacks, the main one being that it might not even be available. Licensed crypto betting sites often have blacklisted countries from which they cannot accept players. Below we have compiled a few disadvantages of betting with cryptos.
Sports betting using crypto has become widespread, with fans of various sports all around the world using the currency for different reasons.
Crypto soccer betting is very popular, especially in Latin America, where there are few alternative banking options.
Betting on the NBA with crypto is highly popular, especially in US states that have not yet licensed online gambling.
Horse racing betting with crypto is popular all over the world, especially in the US.
Esports are popular with the younger demographic, as are cryptos, which explains why this currency is often used to bet on this relatively modern sport.
Most crypto betting sites also have an excellent crypto betting app of their own, offering all the same features of their desktop counterparts. An advantage that apps have over mobile sites is that they are less liable to crash, and function more smoothly overall. This is especially important if you are a fan of live betting.
If you have not downloaded an .apk file before, worry not – the process is not very complicated. That said, you may have to change a few of your phone settings for the process to be completed.
Yes, of course, there are dozens of available crypto betting sites. You can find the best options right here!
First, sign up to a site that accepts Bitcoin. Next, head to the payments section, enter an amount, and scan the QR code with your wallet app – that's it!
Some of our favourite Bitcoin betting sites include Cloudbet, Rabona, and Sportsbet.io.
In our opinion, USDT is the best crypto for betting, as it pretty much the only reliable stablecoin that has almost never fluctuated in value vs the USD.
The most popular coins for online betting with crypto are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, and Tether. Recently, Dogecoin has also been added to this list.
We believe that cryptocurrencies will become more and more widespread in the future, having already become a viable alternative to conventional fiat payments for online sports betting. While their offer plenty of advantages, such as being completely anonymous and secure, there are however a few downsides worth taking into account.
While we have listed licensed and reliable crypto betting sites on this page, you will have to manage your own taxes where and when necessary. In addition, many crypto betting sites do not accept users from certain countries. In that case, you might be better off at a licensed betting site with fiat currency, if only for the sake of convenience.
Overall, crypto betting does still offer various benefits, especially in countries where online gambling is still a bit of a grey area legally or where banking systems are outdated. These jurisdictions are the real prime markets for betting with cryptos, though these coins even hold advantages for bettors in countries with a wealth of reliable and fast fiat options, as seen earlier in this article.
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