Litecoin is boring and will slowly but surely moon. Have patience. These are not random, but the words of the Litecoin founder back in 2017. It indicates more or less the nature of Litecoin, one of the largest cryptocurrencies by market capitalization to date. Litecoin Betting Sites offer it as a popular option for your banking and not by accident. Besides Bitcoin, the granddaddy of crypto, Litecoin is one the most upcoming payment methods in online gambling due to its versatility and speed of use. Let’s journey together in the reasons why and how to go about Litecoin Betting.
Top-rated Litecoin Sportsbooks for 2023
The good news is there is no one best Litecoin sportsbook for 2023, but several. Although betting sites that accept Litecoin are scarce, we have put together a list of top-rated ones. We filtered for low -if any- fees, as well as reliability, odds and withdrawal processing speed. Have a look, then proceed to our detailed walkthrough on how to place a Litecoin bet; we got you covered.
Bitcoin vs. Litecoin Gambling
Even though there are not many differences between Bitcoin and Litecoin, it is worth noting them. One significant difference is that compared to Bitcoin, there are not as many gambling sites that accept Litecoin. As a banking option, it is a bit more scarce. It makes sense, considering that crypto is still a niche payment method in betting sites in general.
BTC and LTC Similarities
The two cryptocurrencies have many similarities, which is only logical. Given Litecoin at a core is a copy of the Bitcoin code with some adjustments to make it faster and cheaper. They are both decentralized and use no or intermediary, meaning they are peer to peer. That is facilitated by the use of the blockchain each of them has.
BTC and LTC differences
We do not want to get too technical, but the main differences between Bitcoin and Litecoin are the encryption algorithm each employs. Practically, this means that it will take less time for Litecoin to appear in your balance when you fund your account than with Bitcoin. It will also cost much less. Even more so, the best Litecoin gambling sites still absorb the fees of such transactions for you.
Reasons you should be opting for Betting with Litecoin
When it comes to using Litecoin Betting sites, there are many reasons you should consider using Litecoin as your crypto of preference for betting, and we will dive in now.
✔ Faster transactions
Litecoin boasts a speed of transactions faster than Bitcoin’s, and this is true. While with Bitcoin, it may take roughly 6 minutes, a Litecoin transaction will only take 2,5 minutes to process. If you also factor in that when the Bitcoin network is busy, transactions may take up to 1 hour to fully process, Litecoin is the way to go for speed.
✔ Cheaper transactions
When it comes to Litecoin, one of its main traits is the small fees. They are next to nothing and even if there are some, bookies absorb them. To be more precise, Litecoin fees are approximately one-tenth of Bitcoin’s. There is a good chance you will hardly ever pay more than 1 dollar in fees using it.
✔ Near anonymity (pseudonymous)
As with all cryptocurrencies, when you are using one, you do not disclose your personal details. The only information you use is your digital wallet’s and the sender’s Litecoin address. It is truly remarkable how close to being anonymous that is when you practice Litecoin gambling. Be aware that, in theory, your identity could be exposed if it is ever tied to your cryptocurrency wallet address. That is why we call it pseudonymity and not total anonymity.
✔ Under the radar betting
In the realm of cryptocurrencies and Litecoin betting, it is finally entirely possible to bet under the radar. Provided you use it properly and follow all necessary steps, you can enjoy your gambling and minimize the chances any person or agency will know about your activity. There is no geographical limitation. You can access all Litecoin bookmakers from literally anywhere in the world if you wish.
✔ Unique/Better bonuses and VIP program
The lack of any third party hired to overlook transactions and payments is possible when using crypto. As such, bookmakers save themselves for a large number of expenses. Most of them are paying this forward to the players by offering unique bonuses and VIP perks. These can not be found anywhere else than when betting with crypto. However, make sure to check all the fine print regarding bonuses before depositing, as these perks often come with hefty wagering requirements.
It would be best if you chose trusted bookmakers for your LTC gambling. Then, provided you always double-check the address you are sending your crypto and you never share your wallet private keys, the security offered when betting with Litecoin is paramount. There is simply no way for anyone to either falsify or alter transactions on the blockchain.
✔ Same day pay
One of the most exciting aspects of crypto is how instantaneous transactions are compared to traditional methods, such as a bank or even e-wallet withdrawals. This is true when it comes to your withdrawals in Litecoin. This combination of transaction speed and low fees allows bookmakers to facilitate access to your winnings within the same day, which is nothing less than impressive.
✔ All games and markets are available
You will not be missing out on any of your favorite options when you opt for Litecoin sports betting or gambling at a Litecoin casino. You get all the markets, games and options you would, exactly like gambling with fiat money. This is very important because as much as one would consider trying new payment options, this should not come at the expense of a variety of bets available.
✔ Lower minimum deposits, higher maximum withdrawals
Another handy perk you get when you use Litecoin for betting and crypto, in general, is access to lower deposit and higher withdrawal limits. Due to Litecoin’s high divisibility and the lack of fees towards third parties, Litecoin bookmakers allow for a great degree of flexibility on the amounts you can deposit and withdraw.
✔ Litecoin is one of the most nimble crypto out there
Litecoin aims to be one of the most agile crypto out there. There is even a major update to its code coming during 2021, which will make it faster and more secure than before. If you want to be on the very edge of adoption and you like a good bet, Litecoin is your go-to option.
✔ While betting, you invest in Litecoin too (UP)
One of the most intriguing aspects when betting with Litecoin is that while you are using it for your betting, its price may rise. Significantly. Meaning, you basically have decent chances that your bank will increase over time. That is, of course, provided you keep your funds in LTC in the long run. On the flip side, this keeps you exposed to a possible downtrend in price.
Reasons to stay away from Litecoin gambling
Not everything is good and positive when using a Litecoin gambling site. While there are plenty of reasons to choose Litecoin for gambling, there are drawbacks to it too. Let’s go through them together.
❌ All things crypto can be a bit intimidating at first
It is a fact that, like all new and emerging things, there is a learning curve to it. True in crypto, too, there are several motions you need to familiarise yourself with in order to practice security or even be able to simply execute a transaction. This can discourage players who would rather wish to make their deposits with a press of a button. There is also the extra burden that comes along with self custody of funds, which is synonymous with cryptocurrency.
❌ If you make a mistake, you lose your funds
Speaking of which, this is very important when using not only Litecoin but cryptocurrencies in general. You are responsible for your own funds; no third party or bank takes care of everything for you. This level of freedom comes with the burden of aiming for zero mistakes. You make a mistake, put the wrong address or send the wrong amount of money, it is irreversible; chargebacks are not possible in crypto and you need to be vigilant in every step.
❌ There are still few Betting Sites that accept Litecoin
Sadly, Litecoin is not considered a widely accepted payment method in bookmakers, even by crypto standards. Betting sites that accept Litecoin are still scarce out there, so you will need to do some digging to find trusted bookies that also accept Litecoin. This practically may sometimes mean you will be missing out on some market or game options if you strictly want to pay with Litecoin.
❌ Is it really secure and safe?
Litecoin has been scrutinized for its actual security vulnerabilities, which come at the expense of its better speed. There is a particular criticism about the algorithm used by Litecoin and its effectiveness against security breaches. You should also be wary of suspicious bookmakers with a sketchy license, irresponsive customer support and bad online reviews.
❌ Litecoin is an old coin
According to crypto experts, Litecoin is a ‘Dino’ coin. More specifically, a coin that is part of the old guard of crypto, which admittedly is not very popular. Which is older than many brave new coins out there. Even though it still ranks high by its market capitalization, it is doubtful it will stay there for long since it has been losing spots to newcomer projects.
❌ Litecoin is volatile (down)
Adding its age to the inherent volatility that comes with all cryptocurrencies means the future of Litecoin, at least price-wise, does not seem too bright or promising. This may effectively mean that if you are holding it to place your bets, its value is more likely to go down over time than up.
❌ Possible future regulation
Another reason to be wary of using Litecoin for gambling is that we are so early in the game that regulation has not caught up with it. This potentially may mean there will be regulation in the near future that does away with most of Litecoin’s perks. For example, there may come out a regulation that will require you to disclose your identity on a betting site to be able to use Litecoin. Due to the decentralized nature of crypto, this is hard but not impossible.
Are betting sites that accept Litecoin secure
Yes, they can be. Make a habit to always play in trusted bookies for LTC gambling. Look for ones with a visible and known license, excellent customer service and great online reviews. As for the crypto part, Litecoin can be safe, too, provided you follow the procedures involved correctly. Back up your wallet’s private keys and never share them with anyone. Double and triple check the addresses in every transaction you execute and you should be fine. Even though there is some criticism for the technology Litecoin uses specifically, nothing alarming is yet to have happened though. There are also considerations about law and taxes.
☝ Litecoin for gambling and legislation
As with every crypto, legislation regarding LTC gambling is still a bit vague. That is because regulators and nations worldwide have yet to decide what to make of this new cryptocurrency mania. Additionally, the decentralized nature of Litecoin makes it extremely difficult to bind to any national laws. It is hard to impose a law when there is no actual sovereignty to the asset you are trying to legislate. No matter what though, it all comes down to whether gambling is legal in your region or not.
☝ Do I pay taxes for any Litecoin bet
This matter, too is unclear, but for the time being, you are safe to assume that if you are being taxed for gambling or capital gains in your country, then you will be taxed for using LTC sports betting the same way too. As always, when in doubt, it is best to consult a professional.
How to Go About Litecoin Sports Betting
This is where you start taking notes. We have put together an essential guide regarding the steps you would want to take to be able to bet on sports with Litecoin or spend your precious crypto at a LTC casino. We also provide some more information on what Litecoin actually is.
What exactly is Litecoin
Litecoin is a decentralized peer-to-peer digital currency. It was created in 2011 by Charlie Lee, a former Google engineer. Measured by market capitalization, Litecoin is currently sitting at the edge of the top ten of all cryptocurrencies. This top ten cryptocurrency is basically a hard fork- hard disagreement on the community- of the original Bitcoin source code. It is also optimized to achieve faster transactions along with cheaper fees. While Bitcoin uses an algorithm called SHA-256, which has been tested for stability and reliability, Litecoin employs a different one, called Scrypt. This one is different, not only in how it manages transaction data but also in terms of the sizes of the blocks on Litecoin’s blockchain. Litecoin has larger blocks, which result in better speed in transactions but also less fees.
What is the Blockchain
The blockchain is basically an online ledger containing every transaction ever, whose copies exist in computers all over the world. That makes it impossible to falsify transactions and also removes the need for a third party such as a bank or another payment processing service to check that everything is documented correctly. But I am sure you would prefer to skip the technical talk by now. Let’s now proceed to the practical steps you need to take to bet with Litecoin.
How to Buy Litecoin and Deposit at betting sites
You need to get a digital wallet for your Litecoin; choose wisely. There are numerous options out there, and all range in the spectrum between convenience and safety. Go to an exchange to purchase Litecoin. We would recommend some big ones, such as Kraken and Binance, and some popular & easy to use options like Crypto.com. The next thing you need to do is acquire some LTC and withdraw it from the exchange to your personal wallet. Register for an account in one of your favorite Litecoin betting sites. Select LTC as a deposit option. Enter the amount you wish to deposit; they usually have it in USD for convenience. Get your unique LTC address there and use it to send your coins.
How to place Litecoin Sports Bets
Within 5-6 minutes from you sending the funds from your personal wallet, your bankroll should be ready by now. You can now use your Litecoin the same way you would use your fiat. Pick your bets and depending on whether your bookmaker has converted your crypto to fiat or not, choose the amount in either and you are good to go.
How to Withdraw from a betting site that accepts Litecoin
Once you are done playing, go to the withdrawal option on the betting site you used. Initiate the whole process as when you were depositing but in reverse. You can now store your Litecoin away or spend it, sell it.
☝ New Litecoin Gambling Sites to look for
Other common types of Litecoin gambling
Besides sports betting, there are many ways to gamble using Litecoin. Some of them have been around for much longer than Litecoin sports betting. Let’s go through some of the most common ones here.
- Casinos: Online casinos that accept Litecoin have been around ever since crypto started being adopted by them. In fact, casinos were among the first places you could ever spend your precious crypto, true pioneers in a sense. There you can play all your favorite casino games, such as the ones we mention below.
- Poker: Litecoin poker used to be a hot option a couple of years ago. However, the lack of adoption, mainly lack of tables, eventually drove players away. Since they are always looking for action, it was only a matter of time before websites that offered poker tables using Litecoin started to shut down.
- Lottery: That is a straightforward but popular option in LTC gambling. Lotteries have been around forever and now they are available in Litecoin too. You simply choose a series of numbers for winners, usually 6. The more numbers you get right from the total, the larger your prize will be. Admittedly, it is not very easy to win, but the jackpots can be very rewarding if and when you hit them.
- Roulette: Another go-to classic casino game that you can now bet on with Litecoin. You place your bets in a number or groups of numbers, the color of your choice, even odd, even numbers and you spin the ball.
- Slots: It would be impossible for slot machines not to be part of the cryptocurrency gambling ecosystem. That all-time classic game is also available to play with Litecoin and it works just the same way as traditional slots. Many online casinos often offer free spins as part of a welcome bonus or ongoing promos too, so look out for them when you register to play with Litecoin.
Is Litecoin betting worth it after all
I am most confident that crypto is here to stay and betting sites seem to be on the same page too. We are still in the beginning and more and more bookmakers will be accepting Litecoin. On the other hand, we should keep in mind the risk of Litecoin being obsolete in the near future since there are so many other cryptocurrency options sprawling around as payment methods in gambling. As such, you need to be vigilant and follow crypto markets for any significant changes. If this is not something you are keen on doing, then best stick to fiat, but trust me, it is all worth it. Before you go, make sure to go through our hand-picked Litecoin bookmakers for the best ones around. Always remember, whether you are new to Litecoin betting or not, the game is the same. Gamble responsibly and never bet more than you can afford to lose.
There is a common misconception when it comes to prices in cryptocurrencies. For example, many people are discouraged from buying Bitcoin because “it is so expensive right now.” One should not compare cryptocurrencies based on market capitalization. The price per coin then comes when you divide the market cap to the available number of coins. Given that currently there are more than 3.5 times more Litecoin than Bitcoin circulating the market right now, the price reflects that.
Litecoin currently sits at number 10 of all crypto based on market capitalization, which is roughly 21 billion dollars and a price of approximately 300-330 dollars. What you should consider is how much do you think its market capitalization will grow? For example, if it grows five times (very ambitious), it will land in spot number 3, just behind Ethereum and will have a price of 1500 dollars. You should consider the probability of this outcome vs. the rise in price, in other words, risk vs. reward.
One of the main drivers for crypto adoption is to be able to use them in many places. As such, Litecoin is currently being accepted as a payment method in major businesses. You can most definitely spend it on countless things.
Litecoin theoretically is better than Bitcoin. The way it’s constructed allows for faster transactions and some criticism about its algorithm’s security, which luckily has not been established yet.
Litecoin was meant to be the Silver to Bitcoin’s Gold. Given that the whole crypto market is slowly but steadily growing, you can say that Litecoin has a future. On the other hand, many naysayers claim that Litecoin is simply a useless Bitcoin clone.
Sadly, no. If you make a mistake and send your LTC to a wrong address, your coins are gone. Transactions are irreversible and that is a hard fact in crypto.