Cardano is a decentralized proof-of-stake blockchain platform powered by its native cryptocurrency, ADA. Cardano has been around since 2017, but its popularity is on a steady rise since the steep price surge in early 2021. The gambling industry could not let an opportunity like this go amiss, as ADA boasts fast, secure and low fee transactions. Cardano gambling sites have started to show up, and many popular sportsbooks are adding ADA as a payment method.
As in all popular cryptocurrencies, sadly, scammers and shady operators popped up in search of victims. They try to capitalize on the fact that many players are new to the field and uninformed. This is particularly true for rising coins, like ADA. We suggest you perform careful research on the matter beforehand and use trusted bookies to enjoy your Cardano gambling safely.
Top Rated Cardano Sports Betting Sites
Cardano is a relatively new payment method for online sportsbooks and can be considered uncharted terrain. Τhere are only a handful of bookies around and you will be hard-pressed to find a good one. With the intention to help you filter out the bad apples of Cardano gambling, we provide below a list of the best Cardano Bookmakers. The recommended brands are thoroughly tested and offer you high odds, fast withdrawals, as well as juicy welcome bonuses. Additionally, If you wish to search the matter more in-depth, you can read their dedicated reviews.
Why bet with ADA
ADA holds a majority of the advantages that most cryptocurrencies do. That is rapid transactions, low fees and anonymity. Interestingly, in contrast to other cryptos, the Cardano network is backed by three established and transparent organizations, making ADA one of the safest cryptocurrencies. Moreover, the enterprises behind Cardano have huge plans for it, and its development is continuous and steady. Besides being an efficient payment method, its blockchain network could become the base for decentralized sportsbooks and casinos.
Early ADA adopters have many opportunities ahead of them. Another fact to note is that most Cardano bookies convert your ADA deposit into a traditional currency, eliminating the factor of volatility, which we will discuss later on. However, some sportsbooks let you keep your funds in ADA if you wish to keep it real with crypto. So Cardano gambling offers you flexibility in terms of volatility.
How can Cardano Betting benefit you
As we have already mentioned, the developers behind Cardano mean serious business, so the technology behind its network is first class. You will face no technical issues whatsoever. Also, ADA is available to trade in all popular crypto exchanges, and liquidity is plentiful. Cardano holds its own official wallets, too, diminishing the possibility of scams in that sector. Let’s summarize the most important benefits of Cardano betting.
✔️ Anonymous Betting
The correct word to use here is ‘pseudonymous’. All transactions that go through the Cardano blockchain network are transparent and anyone can view them. But they can see only the numeric addresses, not any personal information. If the bookie does not request any KYC documents, it will be hard to trace the transactions back to you.
✔️ Low Transaction Fees
Cardano gambling sites usually will not charge you any additional fees besides the minimum deposit and withdrawal amounts. Remember that in cryptocurrency transactions, the sender always pays a fee to get it validated by the blockchain. The fee Cardano charges are currently around 0,17 ADA, which as per May 2021 translates to ~0,3$. The developers have mentioned that if ADA’s value continues to increase, the fee percentage will be diminished to maintain low transaction costs.
✔️ No Third Party
Deposits and withdrawals are strictly between you and the bookie. The blockchain network simply validates the action as you confirm the payment. Say goodbye to blocked funds or frozen banking accounts due to third-party security checks and AML audits.
✔️ 100% Deposit acceptance rate
The network’s independent nature also means that a payment can not be declined. You will no longer have to deal with failed deposits and the consequential hassle of contacting either the bookie’s or the payment provider’s support.
✔️ Fast Deposits & Withdrawals
While not able to compete head to head with debit cards, e-wallets, or many other cryptocurrencies, Cardano transactions are pretty fast, as they get settled within 40 seconds. This especially shines in withdrawals, where you will not have to wait 3-5 business days after the bookie’s confirmation.
✔️ Access to Crypto bonuses & High odds
Cardano betting gives you access to crypto bonuses, which are usually more substantial than their traditional counterparts. Also, since ADA transactions cost less for the bookmakers, they typically offer better payout in their sports markets.
✔️ Volatility (+)
ADA betting allows double-gambling for the bettors that like to invest in Cardano and not only use it as a payment method. A big win may become even bigger if the charts are in your favor. However, volatility is not always your friend, which we will mention in the disadvantages section below.
What are the downsides of Cardano Gambling
Cryptocurrencies are still in their infant state and the regulatory framework in most countries is a grey zone. While the future seems bright, only a crystal ball can tell us if the optimistic predictions hold true. For Cardano specifically, while its journey has been successful and it is one of the most ambitious crypto projects, it is still under development. Its success will depend on future regulations and industry competitors. As for its main disadvantages in gambling, they can be summed up.
❌ Volatility (-)
A feature that almost all cryptocurrencies hold. A drop might reduce your winnings in ADA’s value. You can minimize this risk by using a hybrid bookie, which will convert your deposits into FIAT funds. Even with this option, one should be more careful if he/she decides to bet with ADA.
❌ Offshore Licencing
Another negative point for crypto gambling, that includes ADA too. Most bookies that accept Cardano payments hold offshore licenses, meaning they can be less reliable. Tread carefully and try not to get in any dispute, as you will face a hard time with it.
❌ Technical Complexity
While there have been many steps in the right direction, cryptocurrency usage requires a certain degree of technical knowledge. The crypto-space is not yet as user-friendly as most traditional banking methods nowadays. Transactions are non-reversible and there is no support in case of a mistake. This fact deters many players, and this may hamper the development of ADA gambling. Do not proceed with financial transactions if you feel uncertain about the methods and procedures.
❌ Limited Industry Adoption
Indeed, the number of bookies that accept ADA is still very low compared to other more popular cryptos, like Bitcoin or Ethereum. While Cardano bookmakers are on the rise, you will be limited to only a few bookmakers for now.
Cardano Gambling - The basics
To effectively use ADA for betting, it is helpful to know its history and this technology. Cardano is a unique project with a vision to become the platform of choice for developing future decentralized apps. Its developers strive to bring innovative solutions in a multitude of sectors. The gambling industry has much to gain from it, as Cardano could be the base for developing new sportsbook and casino products. As history has shown, this specific industry eagerly adopts new technologies to bring in more players and profits.
Cardano’s History & Development
Cardano was inspired and initially developed by Charles Hoskinson, one of the co-founders of Ethereum. He left the Ethereum project as he disagreed with the direction it was headed. The Cardano team tries to outperform Ethereum and other similar platforms by using the proof-of-stake algorithm named Ouroboros. Additionally, every technological update is thoroughly researched, tested and reviewed by many academics and scientists of various expertise before its final integration. This is why its development is slow but steady.
Cardano also claims to be the most environmentally sustainable blockchain protocol, and it is designed with global scalability in mind. It would be a huge mistake not to mention Gerolamo Cardano, the Italian polymath of the 16th century whose name is used for the project. Other than being one of the most important Renaissance mathematicians, Cardano was an avid gambler. Inspired by games of chance, he wrote the first book that scientifically examined the concept of probability. That gives Cardano gambling a romantically practical significance.
Cardano vs Bitcoin
The comparison between Cardano and Bitcoin is unavoidable. BTC’s popularity and the fact that it is the first cryptocurrency makes it the primary point of reference for technical characteristics and market prices. The main difference is that the now established Bitcoin gets considered mainly as a store of value, and secondly as a means of exchange, like gold. Cardano is a rising star. Its main competitor is Ethereum and it seeks to cover a multitude of use-cases. From a technical point of view, they are two completely different networks. The basic difference is that Bitcoin’s algorithm is based on Proof-of-Work while Cardano uses a Proof-of-Stake one.
Start your Cardano betting
To get started, you must first set up a personal ADA wallet. The two official wallets, which we recommend, are the Daedalus and the Yoroi. Download them from Cardano’s official website. Be sure to read up their characteristics and details carefully. Secondly, you will have to open an account at a crypto exchange. The most reputable ones are Binance, FTX and Kraken.
It is very important to make the transactions with Cardano gambling sites from your personal wallet only. There have been instances where exchanges banned accounts that dealt directly with crypto-friendly sportsbooks and casinos. Also, do not forget to double-check the addresses before proceeding to a payment.
☝How to deposit to a Cardano Gambling Site
Buy ADA from the exchange: You can do that by debit card, bank transfer and e-wallets. Most exchanges trade ADA directly with dollars, euros, or pounds. Otherwise, you will have to buy another cryptocurrency first and then trade it with ADA.
Make the ADA payment to the bookie: Open an account in a Cardano Bookmaker of your choice. Select the ADA deposit method in the cashier section. A complex combination of characters and numbers will appear. That is the address to which you will have to send your ADA to top up 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.
Hybrid & Non-Hybrid bookie: Before completing the payment, you should know that the sportsbook you selected converts your ADA funds in FIAT currency or keeps them as they are. If it is the first option, check the conversion rate to avoid any unpleasant surprises.
☝How to withdraw from a Cardano Gambling Site
Select ADA as withdrawal method: In the fortunate event of a win, go to the available withdrawal methods and select ADA.
Transfer the winnings to your wallet: A tab will appear, in which you will have to type in your personal ADA wallet address. Double-check it. Then recheck it. It would be a tragedy to lose your hard-earned winnings.
Cash-out your winnings: If you want to cash out your newly acquired funds, you will have to transfer them to the crypto exchange again. Go to your wallet’s transfer option and type in the address of your exchange account. There you can trade your ADA with other cryptocurrencies or a traditional currency. Keep in mind that some exchanges offer debit cards, and by using them, you can avoid bringing funds again under the eyes of heavily regulated banks or other payment services.
Is it Safe to Bet with ADA
We have made clear that Cardano holds one of the most robust networks, and the teams behind it are fully transparent. There have been no reports of any technical issues so that you can maintain your ease of mind. Additionally, ADA transactions are fully legal, but the regulations behind cryptocurrency payments are currently still in development. You should keep yourself updated on the latest developments.
Another interesting fact is that winnings from Cardano gambling are not taxed automatically. Fiscal authorities in most countries can not monitor crypto transactions. However, we do not recommend committing tax frauds, as ADA payments can be traced back to you if a proper investigation takes place.
Should I try out Cardano Gambling
The growing involvement of cryptocurrencies in the online gambling industry is hard to dispute. The beginning happened with Bitcoin, but now more convenient digital coins are challenging its dominance. I believe that its dethronement as the main crypto payment method is imminent. Cardano is an exciting alternative for this. While it does not hold the gold medal in any sector, it can be considered a helpful jack-of-all-trades. The network is secure, its speed is satisfactory and the fees are reasonable. It will also help you keep your gambling activity private in a safe way.
While not yet widely adopted for payments, my opinion is that new Cardano gambling sites will continue to appear. Its use case is quite convenient for both bookies and bettors. For now, you can enjoy its advantages for transactions, as well as use it to get crypto-exclusive bonuses. The only downside is the low number of available betting sites. In any case, the Cardano project has a grand scale long-term vision and I expect to see much from it in gambling and beyond.
Cardano is a decentralized blockchain network based on a proof-of-stake algorithm named Ouroboros. The native digital currency of the Cardano network is named ADA. It tries to overcome the downsides of Ethereum, its main competitor.
You can buy ADA, Cardano’s token in all popular exchanges. You can do this with traditional methods like a debit card or a bank transfer, but every exchange holds various methods.
Yes, Cardano gambling is entirely legal. If you can gamble online with a traditional currency, you will be able to it with ADA. Check your country’s regulations on the matter.
We are not financial advisors and can not give a subjective opinion on the matter. However, the objective fact is that Cardano has established itself as a top ten cryptocurrency and all indications hint that ADA’s value will continue to rise.
ADA is the name of Cardano’s native token. It was inspired by Ada Lovelace, a 19th-century mathematician recognized as the first computer programmer.
The key difference from a simplistic technical point of view is how each network validates new blocks in the blockchain. Bitcoin uses a Proof-of-Work algorithm, while Cardano uses Proof-of-Stake. The two methods have different pros & cons, but most modern projects are heading towards Proof-of-Stake. Also, Bitcoin is considered a store of value, like digital gold, while Cardano is still under development and tries to dethrone Ethereum as a platform for decentralized apps.