One of the most exciting innovations in crypto during the last couple of years has been stablecoins. They are called this way because their value is stable and crypto volatility does not affect them. USD Coin (USDC) is a stablecoin cryptocurrency whose value is pegged to the US Dollar. That means that it will always be worth 1 USD. It is a new and much welcome option as USD coin combines access to crypto but without the risk of losing your value; Best of both worlds. On the flip side, since it is a new option, it is very difficult to find a bookmaker that accepts USDC. Let's continue into the reasons why and how to approach USDC gambling.
List of USDC Gambling Sites
You will struggle to find bookmakers that accept USDC. Even when you do, you need to be very wary of their trustworthiness. Which is the reason we put together a list with the top options. We based this list on bookies that thrive on reliability. We also looked for the ones offering a good amount of different cryptos, realistic deposit limits and minimum withdrawal terms.
What makes USD Coin Gambling unique
USD Coin is an excellent addition to the cryptomarket. Being a stablecoin allows for a convenient way to trade cryptocurrencies without the constant need to convert your conventional currency. You can buy literally almost every crypto you wish with USD Coin and this is excellent versatility. And the best part is that it has a stable price, making USDC gambling sites ideal because USD Coin does not fluctuate in value.
Reasons for USD Coin gambling
As you can understand, there are a lot of reasons that USDC gambling feels like a good choice. In fact, if you are risk-averse but still want to start gambling with cryptocurrencies, then USD Coin may very well be the go-to option for gambling. Let’s see why below.
✔ Hassle-free access to crypto (H4)
USD Coin provides excellent carefree access to cryptocurrencies. You can acquire it very easily and use it to enjoy the advantages of gambling with other cryptos, such as Bitcoin and Ethereum. It also trades with almost every crypto around, so you can swap it with whatever you like anytime.
✔ Very fast transactions
In USD Coin gambling, you can take advantage of the Ethereum network’s high speeds, allowing you to complete your deposits and withdrawals very quickly. For comparison, a withdrawal with USD could take up to 1-3 business days to complete depending on the bookie. Using USDC, a withdrawal does not take more than 5-10 minutes.
✔ Secure Transactions
We already spoke about taking the best of both worlds. One of the many positives cryptocurrencies have is unparalleled security in transactions they offer. It’s all due to the Ethereum blockchain USD Coin utilizes. A blockchain is an online ledger with copies in computers all over the world. It is considered unbreakable and can not be tampered with in any way.
✔ No volatility
One of the main pains you may experience when dealing with crypto is their extreme volatility. Imagine this applied to your bankroll 24/7. One moment your funds may skyrocket in value, only to evaporate the next day, diminishing your funds’ value. That is not the case with USD Coin, which has no volatility and will never be worth anything other than one USD. Even in times of extreme volatility, price seldom sheds more than 1%.
✔ Promising use case/incredible opportunities
Once you are done betting with USD Coin, don’t convert it to fiat just yet. By holding it, you have the opportunity to dive into the fascinating world of cryptocurrencies and decentralized finance (DeFi). Think about DeFi as bank services on steroids. Through it, you can access several services where you can allocate your USDC and enjoy passive income, which in turn you can use for gambling, making it essentially free money for gambling.
✔ Too big to fail: Backed by giants
USD Coin is not just any common cryptocurrency. It has some serious backers behind it, making it almost impossible to fail and most definitely here to stay. Besides that, the functionality of combining stable value and a fast, anonymous way to manage your bankroll when betting is too good to pass by.
Reasons against USD Coin gambling
We spoke about the advantages of using USD Coin in gambling. But, as you understand, there are, of course, certain disadvantages of USDC gambling. Some of these downsides are very significant so consider them wisely. Let's see what they are further below.
❌ Very scarce option
Despite the notable use-case for gambling, USDC is almost entirely absent in bookmakers. Currently, less than 10% of bookies accepting crypto even include it as an option. Meaning, you will struggle to manage to place a bet with USD Coin.
❌ Less decentralized
The strong backing USDC enjoys by Coinbase and Circle may at a glance be positive. However, this also makes it less decentralized. Potentially, this means that if the significant backers decide to pull the plug on USDC, they might be able to achieve it and kill the coin. Unfortunately, and contrary to the crypto mainstream, USDC is not decentralized enough to be censorship-resistant.
❌ Relatively high minimums
Whereas the USD Coin provides interoperability and a way to eschew crypto volatility, the cost of doing business on the Ethereum network is high at the moment. That translates to higher fees for the bookies, who can not afford to have as low minimums as they do in other cryptocurrencies. For example, while you can deposit as low as 1 USD worth of Litecoin or XRP, in contrast, the minimum for USDC is 150 USD. A fact that may not sit well with players who wish to gamble on a budget.
❌ Irreversible Transactions
Cryptocurrencies, USDC included, provide peer-to-peer transactions without a mediator, such as a bank or payment service. Unfortunately, this means that you cannot reverse a transaction in case of a mistake or theft. As a result, you lose your funds forever. That is not to be taken lightly.
❌ Withdrawal Limitations
Even though USD Coin gambling allows for blazing fast transactions, this is not always the case. Simply because the bookie may impose limitations on the amounts or the intervals they permit you to withdraw your money. Sometimes they even process withdrawals manually, meaning you will not be getting your money as fast as you would hope.
❌ Unlike other cryptocurrencies, you will not enjoy any upside
One of the most exciting things about gambling with other cryptocurrencies is that it is quite probable they rise in value and your gains are multiplied. This is not the case with USD Coin, which will always be worth 1 USD. You could be missing out on massive gains that way.
❌ Crypto requires some proficiency
Cryptocurrencies are a new asset and as with everything new you need to familiarize yourself with the processes and most importantly avoid making mistakes that will cost you. We did mention transactions in crypto are irreversible.
Are USDC betting sites safe
USDC is a cryptocurrency with stable value; price and volatility-wise, it does not get safer than this in crypto. Adding the fact that there are significant players involved behind USDC and the US government’s blessings make for a very safe and secure asset. As for the betting sites that offer USDC, they can be safe as long as they have some particular traits. No matter what, always play in trusted bookies. Look for a USDC Sportsbook with a license, offering reasonable bonuses and responsive, 24/7 customer service in chat & email. Of course, you are also wondering about law and taxes.
☝ Legislation around USDC gambling
A central feature of almost all cryptocurrencies is decentralization. That means no central authority exists to control them. That fact alone makes cryptocurrencies legal to the vast majority of the world. Nonetheless, legislation around gambling with them is a bit vague. It actually depends more on age & gambling laws in your region. Also, keep in mind that legislation is ok as long as you play at a trusted bookie, but in general, if the bookie is accessible to your country without a VPN, it’s probably legal to use it.
☝ Do I pay taxes using a USD Coin Sportsbook
Currently and for the most part, USDC gambling is not taxable. We recommend you approach this as you would with any potential taxation coming from gambling winnings. Moreover, keep in mind, in most cases, unless you realize profits/crypto to fiat, you are not taxed. The latter may be more accurate than not in stablecoins, especially if you do not sell your USDC in the end.
Explaining USD Coin Gambling
Stablecoins are cryptocurrencies whose value is tied to the worth of a particular asset. This asset can be a real-world commodity like gold, another (crypto)currency or, in the case of USD Coin and, as the name implies, tied to the value of the United States dollar. Same as every stablecoin, USDC pegs its value to the dollar. In addition, it aims to provide interoperability as a stable means of transaction within the sphere of cryptocurrencies. USD Coin was created by Centre Consortium, a partnership between Coinbase and Circle.
Coinbase is the largest crypto exchange globally, and Circle is a payment systems giant backed by Goldman Sachs, one of the world’s largest investment banks. Moreover, to keep this value stable, USDC keeps one US dollar for every USD Coin issued at a monitored bank account. This way, there is no doubt about its credibility. If you combine this undisputed credibility with the fact that it allows for speed transactions and a haven away from volatility looking to chop up your bank, making all the more clear USDC gambling is a fantastic option.
USDC, Ethereum and other networks
USDC operates as a token on the Ethereum network. That makes it possible to take advantage of the vast array of applications Ethereum offers. On the other hand, this comes with expensive fees. That is the reason you see a vast difference in minimum amounts you can deposit in bookmakers compared to other cryptocurrencies. There have been developments lately which allow USDC to run on other currencies’ network, such as Stellar, Solana, Binance Network. Despite being very fresh additions, the latter will help lower the cost of fees for a transfer of USDC. It will be a game-changer once USDC Bookmakers apply the above. The minimums will be significantly reduced, making USDC gambling more attractive.
Buying and Depositing at USDC gambling sites
You must use liquid and trusted exchanges to purchase and deposit your USDC for gambling. Coinbase is the best option to go, as it is the exchange that co-created USD Coin. Binance, Kraken are good choices too.
- 1 Open an account. If you trade up to a certain amount (usually depicted in BTC worth), you will not need KYC verification. Deposit your conventional currency.
- 2 Buy some USDC, then transfer it to your digital wallet. Do not send it directly to the bookmaker. They have very strict gambling policies and you may end up losing your funds!
- 3 Go to a USDC Sportsbook, sign up for an account; in most cases, you only need an email address to register and no other personal information.
- 4 In the deposit section, select USDC. Then, copy the unique address generated there. Always carefully check the address you are depositing crypto.
- 5 Go back to your personal wallet and paste the above address. Be CAREFUL on the network you use; It MUST only be ERC-20.
- 6 Confirm the transaction. That’s it. Within minutes, you have funded your account and you can now start betting.
How to Withdraw from USDC betting sites
Once you are done betting, simply go to the withdrawals section. Make sure to check the withdrawal terms and conditions before initiating one because you need to see the limits your bookie allows, as well as the frequency of the withdrawals they allow. Then, using the same process as deposits but in reverse, send your gains back to your wallet. In line with each bookie’s policies, consider that you may need to do this more than once to withdraw your profits entirely. Then, you can now either store your USDC in your wallet or go to a trusted exchange, trade it for anything or allocate it to a DeFi service and earn passive income.
Is USD Coin (USDC) gambling worth it
USDC and stablecoins are a must because of the way they incorporate access to crypto options for your gambling and the fact they keep you safe from violent price swings. Coupled with the fantastic speeds in withdrawals and the excellent subsequent investing opportunities they offer, you should definitely opt for USD Coin gambling. The only issue is that there are very few bookies that accept it right now.
Remember, despite being a new coin, USDC is an almost guaranteed top 10 coin. It will be around more than most crypto and we are most confident it will become more widely available for sports betting in the near future. In the meantime, choose your USDC sportsbooks from our list and remember to gamble responsibly.
Yes, it is safe. You get the security that the Ethereum blockchain offers. Provided you are careful with your personal information and wallet passwords and avoid installing malicious applications to your device, you are 100% safe.
This depends mainly on the taxation around gambling winnings and capital gains in your country. Also, keep in mind that in most countries, you do not pay any taxes for holding USDC and not converting it to fiat.
USD Coin is a product of Centre Consortium. That is a significant partnership between the largest crypto exchange in the world, Coinbase and one of the world’s leading firms in payment systems, Circle. Notably, a majority investor in Circle is Goldman Sachs, one of the world’s biggest investment banks.
USDC is a stablecoin cryptocurrency with a value pegged to one US dollar. You can use it to purchase other cryptocurrencies. You can also use it in DeFi, decentralized finance applications, with numerous options and solutions for passive income.
Yes, it is. It combines the best of both worlds. It allows you a great degree of interoperability with cryptocurrencies while at the same time it has a stable value that keeps you safe from crypto price swings.
Even though they are both cryptocurrencies, this is where their similarities stop. Bitcoin is considered a digital equivalent to gold, a great way to invest your savings and money. On the other hand, USDC is simply the digital US dollar.