Tether (USDT) is a cryptocurrency that maintains a constant value of 1$. It was the first blockchain-based digital coin with this characteristic. USDT manages to keep its value stable by being backed on a 1 to 1 basis to the US Dollar. That means that each separate coin represents a Dollar held in Tether’s reserves. It is primarily used as a way to counter the extreme volatility found in crypto markets. However, it also holds a good use case in the online gambling industry. Tether gambling sites are finding their way slowly but surely. They provide a good way to enjoy the benefits of cryptocurrencies without exposure to volatility. Sadly, USDT is still relatively obscure to the general public and nowhere near as popular as Bitcoin or Ethereum.
List of Tether Betting Sites
The bad news is that there are not many crypto-friendly bookies that accept USDT as a payment method. We have gathered a list to help you filter out the rotten apples and find an enjoyable USDT sportsbook. The Tether betting sites we recommend offer you great bonuses, good payout and execute fast withdrawals. You can also check their respective dedicated reviews to get a better grasp of them.
Why you should try USDT Gambling
The main deterrent to cryptocurrency gambling is volatility. Your crypto capital is susceptible to quite random price swings that heavily affect your bankroll management. It takes extra time and patience to deal with that. So naturally, most bettors avoid cryptos and stick to traditional currencies to keep their peace of mind. Well, Tether completely eliminates the annoying volatility factor.
In this way, you can enjoy the anonymity and fast transaction speed of cryptocurrencies without any consequence. Tether gambling may also be the ideal introduction to crypto bookmakers and casinos. As a new player, you will not have to do additional research about a specific coin. Moreover, bankroll management will be easier, as the Dollar value of Tether does not require additional calculations.
Tether Transaction Networks
Before proceeding to the Pros & Cons of Tether, it is important to clear out a technical characteristic that accounts for the most mistakes made in USDT transactions. Tether transactions are facilitated by more than one network. If you send funds to a wallet that does not support that specific network, you will lose them. The most common networks for Tether gambling purposes are Ethereum (ERC-20), Tron (TRC-20) and Omni (OMNI, based on Bitcoin). When you click a bookie’s deposit methods, the separate supported networks will be specified. Make sure that you send your USDT to the correct one. ERC-20 is the most common but boasts high fees due to Ethereum’s congestion issue. An upgrade is planned in the near future, but until then, the Tron (TRC-20) network is faster and charges very low fees.
Benefits of Tether Betting
USDT is available in many popular crypto exchanges. It also accounts for a major percentage of the trading volume. Therefore, there will be absolutely no liquidity issues. Also, most cryptocurrency and FIAT pairings in exchanges are based on USDT. That means that you can easily trade Tether with other cryptocurrencies or a traditional currency, minimizing fee charges. Other main advantages of Tether can be grouped as below.
✔️ Anonymous Transactions
Regardless of the network used, all transactions via Tether are registered in the respective network’s blockchain. Therefore, anybody can see them, but the wallets only hold an alphanumeric address. Thus, no personal information will be available to see. Moreover, most crypto-friendly bookies do not request a KYC process. Combining these two factors means that you will be able to keep a low profile while Tether gambling.
✔️ 100% Deposit Acceptance Rate
As in all cryptocurrencies, the technology behind Tether prevents any failed deposits. They are conducted fast and securely in a blockchain network that guarantees the funds transfer. You will face no disruptions in your betting activity by having to contact support.
✔️ No Third-Party between payments
The blockchain technology that we have mentioned eliminates the need for a third party to confirm the payments. That is done peer-to-peer, so your transaction with the bookie will be direct. That also prevents disruptive audits or AML checks, so you will not face any blocked funds or frozen accounts.
✔️ No Volatility
Indisputably the main advantage of Tether gambling. You can convert your FIAT funds to USDT, and the value will stay the same. The crypto market conditions will have no consequences. In this way, you have an easier time knowing how much you deposit, what you gain and what you lose.
✔️ Crypto Bonuses
Usually, crypto bonuses and promotions hold a higher value compared to their traditional counterparts. That is because the processing costs of cryptos are lower than the conventional banking methods. In addition, Tether gambling sites allow you to claim these lucrative offers without being afraid of volatility, as we have mentioned above.
✔️ Low Fees
That currently applies mainly to USDT transactions via the Tron network. As of June 2021, a TRC-20 payment costs just a few cents. ERC-20 and OMNI hold much higher fees and lower speed. Be aware that this may soon change, as upgrades to these networks are due. There is also the possibility of new USDT channels appearing. Tether betting sites may also add other existing Tether networks with low fees.
✔️ Fast Transaction Speed
Again, a benefit that applies currently only to TRC-20 transactions (As of June 2021). Payments via Tron are settled within just a few seconds. ERC-20 transfers need 10-60 minutes and OMNI 40 minutes to 2 hours. Currently, the benefits of Ethereum and OMNI are that more merchants accept them and an added layer of safety. In any case, Tron is a secure network, but it can not reach the levels of Ethereum and Bitcoin, on which OMNI is based.
Drawbacks of Tether Gambling
Sure, Tether eliminates the volatility factor, but it is still a cryptocurrency. You will have to deal with crypto exchanges, specific wallets and weird technical terms. Traditional banking methods are still more user-friendly. A wrong transaction leaves you helpless, usually unable to retrieve lost funds. Additionally, there are only a handful of decent USDT gambling sites, as BTC and ETH are more popular cryptocurrencies, despite their volatility. Last but not least, the company behind Tether has been accused multiple times of shady practices, which we will mention in more detail later on. First, let’s see the other main disadvantages of Tether betting.
❌ Offshore Licencing
Offshore regulators license almost all crypto-friendly bookmakers. These licenses are less reliable and may lead to unpleasant situations if a dispute arises. Take that into consideration before opening an account. You should do diligent research before your first deposit. We also recommend checking our approved sportsbook selections above.
❌ Different Networks are Confusing
Many Tethers lie lost in wrong networks, as their incorrect transfer directed them to a dead-end. This is a common rookie mistake that happens a lot with tokens transferred in multiple blockchains. Therefore, be very careful when initiating a Tether payment. A good way to be on the safe side is to send a small amount to the desired wallet address. Then, if it is successful, you can proceed to the main funds’ transfer without being afraid of a possible mistype or wrong network. In any case, the multiple available networks are a disadvantage for USDT gambling, as it adds another difficulty layer.
❌ More Trustworthy Competitors
As you will see below, Tether faces quite a few accusations for transparency and compliance reasons. The matter even escalated to a legal dispute with the New York Attorney General, but that has been settled. Many players might feel uneasy trading their hard-earned money with a shady token. There are other alternatives to Tether, which are more transparent and relatively secure. Nevertheless, no one until now has lost any Tether funds due to company issues.
❌ Centralized Cryptocurrency
While Tether relies on decentralized blockchains for transactions, the company behind it is fully centralized. That means that you will have to trust the people behind it. It also goes against the hardcore crypto mentality. Coupled with the shady actions from the people behind it, Tether gambling may be a no-go zone for many users.
USDT Gambling - What You Need to Know
Tether and other cryptocurrencies that maintain a stable value are called ‘stablecoins’. They are usually pegged to the Dollar, but there are options for Euro, Yuan and other common national currencies. Stablecoins were initially invented to provide a safe port to store crypto capital. Nonetheless, they are now also preferred for their ease of transaction, as USDT transfers are much faster than normal USD ones. The i-gaming industry could not let this opportunity slip of course, as it holds much potential. Despite being a controversial case, Tether is still the most popular stablecoin, and it powers a big chunk of the crypto world.
The Creation & Controversy of Tether
The Tether project was first presented in July 2014 with the name of ‘Realcoin’. The name Tether appeared after a rebrand later that year. The first trades began in January 2015, when the exchange ‘Bitfinex’ listed Tether on their platform. USDT’s first network was the Omni layer based on Bitcoin’s blockchain. Since then, Tether has evolved to be the major stablecoin in terms of market capitalization. There are several controversies with Tether. First of all, the companies behind USDT and the Bitfinex exchange have a weird relationship, and it is rumored that there are the same people behind these two entities. Secondly, it is unclear whether Tether really backs up every digital token with real US Dollars.
An independent third-party audit has never been completed. Additionally, Tether has been accused of manipulating the price of Bitcoin in late 2017 upwards. However, the most important case was a lawsuit against Tether and Bitfinex filed by New York’s Attorney General in 2019. The argument was that Bitfinex used Tether’s client reserves to cover up financial losses. There was a settlement in February 2021. Bitfinex had to pay a fine and end all activities, including Tether trading in New York State. Consider this case before initiating your Tether gambling activity.
Tether vs. Bitcoin
Tether and Bitcoin are two different worlds. They have a different use case and it is unfitting to compare them. Tether is a centralized stablecoin and its primary use is to counter crypto volatility. Bitcoin is the world’s first cryptocurrency, it leads the crypto market and you can think of it as digital gold. Their main connection is that one of Tether’s networks, the OMNI protocol, is based on Bitcoin.
Kickstart your Tether Betting
First of all, you need to set up a Tether wallet. You can find online wallets, desktop / mobile choices and offline hardware too. There are quite a few options, and there are no optimal solutions. Do your research in order to choose the best one that suits your needs. Make also sure that it supports your Tether network of preference to avoid future unpleasant surprises. Next in line is the creation of a crypto exchange account unless you already have one. For USDT, we recommend Binance, Kraken and KuCoin. Be sure to make all transactions with Tether gambling sites from your personal wallet only. There have been cases where exchanges banned accounts that had direct transactions with crypto sportsbooks and casinos, on to the next steps.
How to Deposit to a USDT Gambling Site
- Buy USDT from the exchange: You can do this by debit card, bank transfer, or different e-wallets. Almost all exchanges trade USDT directly with Dollars, Euros, Pounds and other main traditional currencies.
- Transfer USDT to your wallet: Before depositing to a Tether bookie, you will have to send USDT to your wallet. Find the transfer option, and type in your wallet address. Then you will have to select the transfer network. Check what networks your wallet supports. Also, keep in mind that exchanges may charge additional fees on top of the network ones.
- Deposit USDT to the bookie: Open an account at a Tether bookmaker of your choice. Select the Tether deposit method in the cashier section. A complex combination of characters and numbers will appear. It is the address to which you will have to send your USDT to fund your account. Open your wallet and find the transfer option. It would be better to copy-paste the address that shows up in the bookie to avoid typing mistakes. Again, check the available USDT networks that the bookie offers, and send your funds appropriately. A mistake here will make you lose the deposit, so be very careful.
How to Withdraw from a USDT Bookmaker
- Transfer the winnings to your wallet: After a big win, you will probably want to enjoy your newly acquired funds. Go to the cashier section and select Tether as the withdrawal option. A tab will appear, in which you will have to type in your personal USDT wallet address. Again, be sure to select the correct network. Confirm your request.
- Cash-out your winnings: After the bookmaker authorizes your withdrawal request, you will receive your funds in a few seconds to a few hours, depending on the network you selected. When you receive them in your wallet, you can transfer them to the exchange again for other cryptos or FIAT currencies. Keep in mind that some exchanges offer debit cards. This gives you the option to use your winnings immediately, without moving them to a bank or another payment service.
Is Tether Gambling Safe
Sure, Tether is surrounded by different controversies and you should be well aware of them. Nevertheless, if you dig enough in most cryptocurrencies, you will find questionable facts and people claiming that they are scams. The reality is that no one has ever lost Tether capital, and it is still the most popular stablecoin. Moreover, the networks in which Tether transactions are settled are secure and robust. You will face no issues whatsoever.
There will be no legal issues, too, unless you live in New York State, in which USDT is banned. If you can access online gambling sites legally, Tether gambling sites will be legal too. Additionally, your USDT gambling winnings are not taxed automatically, as fiscal authorities do not directly access your crypto transactions. As good as that may sound, we do not endorse tax fraud. Be aware that a thorough investigation can trace even anonymous transactions back to your person.
Is Tether Gambling Worth it
The reality is that crypto-friendly gambling sites are on the rise. An important factor is that the low cost of cryptocurrency transactions is too good for bookies to ignore. Moreover, ongoing country-specific regulations are eliminating many options for bettors, as many sportsbooks become unavailable. Crypto bookies are the perfect counter for this issue, as they mostly manage to circumvent the restrictions. Serious players should consider crypto betting in order to maintain their edge by having multiple options available.
My opinion is that Tether betting sites are the perfect solution. The fewer geographic restrictions are not the only reason. You will have access to all the benefits of cryptos without worrying about the fluctuation of your bankroll’s value. Also, by choosing USDT gambling, you will not have to dive deep into the crypto world. In contrast to most crypto projects, Tether has a pretty simple target. Maintaining a stable price. Provided that you are not discouraged by the controversies surrounding it, I believe that you should give it a try.
USDT is the ticker used in exchanges for Tether, like BTC for Bitcoin. ‘Tether limited’ is the name of the centralized company behind it.
Initially, the Tether company held 1 Dollar for each USDT, fully backing them with cash equivalent. However, Tether now claims that the backing includes collaterals like assets and loans receivables, not only cash reserves.
Despite all controversies surrounding Tether, no end-user ever suffered losses. It is the most popular stablecoin. However, if you do not feel comfortable holding Tether capital, many other supposedly safer options are available.
Yes, Tether transactions and gambling are only banned in New York State. If you can legally gamble with other currencies, you may as well do it with USDT.
Most popular exchanges offer Tether trading. You can buy Tether by setting up an exchange account and buying it there with a FIAT currency of your choice.