Cryptocurrencies are currently taking the world by storm. In the last couple of years alone, the number of innovations they offered is staggering. A great example is decentralized finance, which manages to compete with traditional finance, NFTs, the new form of digital art and, of course, crypto gambling. Gambling with cryptocurrency has actually been one of the early and most lucrative things you can do with your crypto and it does not seem to be slowing down.
It is basically everything you know about traditional gambling sites, albeit players gamble with digital assets, such as Bitcoin. To put it simply, you gamble with cryptocurrencies instead of fiat, traditional money. You may wonder whether you can do it, gamble with cryptocurrency. Sure, in the beginning, the process requires you to familiarize yourself with the way to do things. But trust us; follow our guide and be an expert in no time. We provide vital information on how to achieve this and some tips and tricks to get you started.
How to Bet with Crypto
Cryptocurrencies are currently taking the world by storm. In the last couple of years alone, the number of innovations they offered is staggering. A great example is decentralized finance, which manages to compete with traditional finance, NFTs, the new form of digital art and, of course, crypto gambling. Gambling with cryptocurrency has actually been one […]
How to gamble with cryptocurrency
There are some basic things you need to know before you begin. For instance, how to purchase crypto in the first place. Then, how to deposit and withdraw from a bookie. We will guide you through everything. It would help if you also learned how to manage your bankroll and stake when it is in the form of crypto. Then, it is best to acclimate yourself with crypto peculiarities. For example, the high divisibility of cryptocurrencies may seem strange at first, even confusing.
However, it is important to understand what a difference a couple of decimals make. In Bitcoin, for example, 0.1 BTC is a considerable amount of money, whereas 0.0006 Bitcoin is a more reasonable and realistic size for your stake. Learning this or simply using a calculator will help you realize the number of wagering funds and keep track of your profits and losses. This way, you will be able to make the most out of the benefits of gambling with cryptocurrency. Of course, to do that, you first need to select the ideal cryptocurrency for your gambling, as well as a good betting site.
Selecting your cryptocurrency for gambling
Ah, the joy of losing yourself researching the enormous amount of cryptocurrencies out there. There are actually more than four thousand coins. To say that selecting a couple is intimidating is an understatement. No worries though, we are here to help you learn which is the best cryptocurrency for betting for you. We are sure you must have heard about Bitcoin and Ethereum already. Granted, they are the most popular cryptocurrencies, but there are so many other gems out there that may better fit your purpose. For more in depth information on the most popular coins and more, check out our page for the Best Crypto Bookmakers.
Opting for the big ones
You could go with the largest ones, Bitcoin and Ethereum. But you will actually be missing out on some exciting options. BTC and ETH have been amongst the first options crypto bookies offered. They lead the way for the massive adoption of crypto in gambling. After all these years, the facts are that both of them provide great speed in withdrawals. This roughly ranges from a couple of minutes to an hour for Bitcoin and within minutes to half an hour for Ethereum. They also have especially great divisibility of funds in your bankroll. Meaning you can place much more bets than with conventional currency. They are also the safest bets, pun intended, to keep holding given the exceptional volatility in cryptocurrency prices. Both these cryptocurrencies are expected to be gaining value over time.
Opting for newer, faster options
Some of the newer options in crypto gambling we recommend are Ripple XRP and Litecoin. They both offer greater speed than Bitcoin and Ethereum, especially XRP, which is almost instantaneous. That can be very useful in Live Betting, for example. They also have meager fees. Even though bookmakers absorb the fees, this is a very enticing feature. You can make lots of transactions with almost no cost at all. Imagine doing this with your VISA. Both these coins are fairly popular in crypto bookies, with XRP lagging a bit behind. They are also quite abundant in exchanges, so you will have no trouble exchanging them for other cryptos or fiat.
Anonymous Sports Betting with Privacy Coins
If privacy and anonymous sports betting is your cup of tea, then you can definitely achieve it using a privacy coin. This a term for a group of cryptocurrencies that focus specifically on privacy. The first and arguably the most popular option is Monero (XMR). With its unique ring signatures and other features, it achieves truly untraceable transactions. Combine XMR with a crypto bookmaker that does not require Know Your Customer verification; then, you can 100% hide your betting activity from prying eyes. Other privacy coins you can use for under-the-radar betting are Zcash (ZEC) and possibly Dash.
Use Stablecoins to avoid volatility
Surely you have heard that cryptos have extreme volatility in their price. You can easily bypass this and avoid the violent fluctuations in price by using stablecoin. As the name implies, these are cryptocurrencies that have a stable price, usually pegged to the value of one USD. Such coins are Tether (USDT) or USD Coin (USDC). The decision of which cryptocurrency you will select is important, because it will also determine which digital wallet you will be using. Let’s dive in.
Since cryptocurrencies are digital assets, you need a place to store them. And since the peer-to-peer, decentralized nature of cryptocurrencies does make them impossible to squeeze into your bank account, what you need is a digital wallet. Basically, cryptocurrency wallets fall into two categories, hot and cold wallets.
Hot wallets are the ones that are always online, whether in the form of a browser extension or software you download to your device. These are the most convenient options but more prone to security issues in case of a hack, loss of device or similar.
On the other hand, cold wallets are external devices that do not require a constant internet connection. Think of them as special USB sticks where you can store your cryptocurrencies. They are slower to use but are the safest option possible. The two options we recommend on this one are Ledger and Trezor. Always shop from their official online stores.
Then there is the issue of selecting a hot or cold wallet compatible with the cryptocurrency you will be gambling. Not all wallets are compatible with every coin, so you need to weigh which option fits your needs best. Choose wisely. For more extensive information on wallets, check out our guide on the Best Crypto Wallets for Online Gambling.
After you select your wallet, you now need to purchase some crypto. The best place to do this is at a cryptocurrency exchange. Some bookies incorporate an exchange in them, but it would not be our first option, as it usually comes with unnecessary fees and not optimal prices. Instead, we recommend that you use a reputable exchange. There are numerous reasons for this. First, it is about liquidity.
You need an exchange with liquidity so that you can actually trade your fiat to crypto. Then, you need a reliable and trustworthy exchange. Finally, if you decide to gamble using a less popular option, such as EOS or TRON, you would want to go to an exchange that actually offers these coins. Don't forget to check our guide on Crypto Exchanges for anything you need to learn about cryptocurrency exchanges.
Custodial and non-custodial cryptocurrency exchanges
One critical factor to consider when gambling with cryptocurrency is whether the exchange you will use is non-custodial or not. Some good examples of non-custodial, major and trustworthy exchanges are Binance, Kraken and Coinbase. Simply put, if you purchase a cryptocurrency from a custodial option, you will be out of luck because you will not be able to transfer your cryptocurrency out and into a bookmaker. Such options to avoid are Revolut, Crypto.com, even PayPal. The latter is said to be changing to non-custodial soon, but not yet. If you purchase your crypto from any of these three options, you will not be able to transfer them to your wallet and subsequently to a bookie. You can only buy and sell crypto through, not transfer it, so be careful with your choice.
Cryptocurrency Betting - How to deposit
Moving on, you now need to select the bookie of your preference. Go ahead and sign up. In some cases, you will need KYC, so consider your selection carefully, especially if under the radar is something you are aiming for. We also recommend not to use a VPN. The reason is that bookmakers have a way to detect this. Even though they may allow you to register, using a VPN may prompt them to lock you out of your account, either by taking away your deposit or worse, when the time comes for your withdrawal. Speaking of which, make a habit of reading all terms and conditions before depositing your precious cryptocurrency. Then proceed with the following steps:
- Go into your account. Usually, this is located in the upper right corner of the screen. Select the deposit option on your account. Keep a keen eye for any applicable bonuses at this point which may require a manual selection by you.
- Select also the appropriate coin. Then you will see on the screen the address you need. Go back to your wallet and carefully paste the address for the recipient. Always double-check this part because, in case of a mistake, cryptocurrency transactions are irreversible.
- Once you check everything is correct, confirm the transaction on your wallet. Within moments, your bankroll is funded and you are now almost ready to start your cryptocurrency betting. The last thing to do is select which crypto sportsbook you will be placing your bets on.
Best Crypto Gambling Sites
If you want to dive into cryptocurrency betting, you need to be careful. Many sketchy bookmakers out there will not hesitate to scam you. This is why we put together a list of the most trusted and best crypto gambling sites. We only include bookmakers who have been around for a while, do not compromise in markets and games offered, but also provide a substantial variety of cryptocurrencies. Also make sure to check out our Bitcoin Sports Welcome Bonuses article. And do not forget about the withdrawal process.
Once you are done sports betting with cryptocurrency, the process of withdrawing your crypto from a bookmaker is fairly straightforward. It is basically the same as the deposit. Even though cryptocurrencies offer lightning-fast speeds for transactions, you need to pay attention to the terms for withdrawals. Some bookmakers may allow for a limited amount of withdrawals daily, weekly or monthly. Others may process withdrawals manually. It is best you consider this carefully, to know when to expect your profits back to your wallet. As soon as your funds are in your possession, you can decide whether you want to keep them in crypto or go back to an exchange and convert them into fiat or another cryptocurrency. Hang on. You may be wondering whether all of this is legal and safe.
Cryptocurrency gambling legality and safety
There is always a consideration for the legality of cryptocurrencies in gambling. The fact of the matter is that it all depends on whether gambling is legal or not, as well as the gambling age limits to your region. Cryptocurrencies are considered legal worldwide, but you should do your own research on your region’s laws and regulations about crypto gambling. Then there is the issue of safety when using cryptocurrency for gambling.
The answer is yes, provided you play at trusted bookies. You can identify them by the license they have, usually a Curacao one, as well as the solid reputation and excellent customer service, both in chat and email. Better yet, check out our list further above and you are good to go. And as we briefly discussed earlier, you could go 100% under the radar when betting using cryptocurrencies.
Crypto gambling is the king of Under the radar
One of the coolest things that crypto gambling has to offer is anonymous sports betting. Only with cryptocurrencies is it possible to achieve that. This is done by utilizing the blockchain, the anonymous online ledger almost all cryptocurrencies have so that no one can know about your transaction. Read more on this fascinating technology on our Blockchain for gambling article. Make sure you do not link your identity to your crypto address, though, as this will compromise and expose your activity.
Our recommendation for complete under-the-radar betting is to use an operator that requires nothing more than an email address during registration. A good example could also be no age verification bookmakers. They should also accept one of the two best privacy coins around, Zcash (ZEC) and Monero (XMR). Using any of these two coins at a bookie such as above, you ensure that no one will ever know your betting activity. Very useful if absolute privacy is what you are looking for.
Despite the learning curve required to learn how to use them, you will be ready to utilize all Crypto gambling has to offer once you get the hang of it. If you haven’t already, at this point, take notes because I would also like to provide some extra tips to consider to help you master gambling with cryptocurrency. The following tips have helped me over the years make the most out of my game. You should always keep your wallet’s seed phrase secret and never share it with anyone. Keep at least two copies of it, if possible, stored in separate locations. Consider using a different address for each transaction, which maximizes your privacy and makes your moves harder to follow.
Pay attention to wagering requirements for the crypto bonuses you encounter on each bookie; this way, you will be able to distinguish the good ones from the frivolous ones. Also, keep track of the crypto markets to know when it is a good time to withdraw your gains for maximum profit or a good time to purchase your favorite crypto at a discounted price. Cryptocurrency betting is a fantastic option for gambling and is here to stay. Be sure to utilize the guide and you will master gambling with cryptocurrency in no time.
Even though some crypto gambling sites incorporate a crypto exchange, we recommend that you go to a large exchange such as FTX, Coinbase and purchase your cryptocurrency. They have much better rates and lower fees for trading crypto.
The short answer, yes it is legal. To be more precise, it depends on the laws around gambling in your region and/or country. Just to be on the safe side, play at bookies with at least some kind of license and ones that are accessible to your country.
Actually, Coinbase has explicit rules against gambling. Meaning, if you transfer your cryptocurrency directly from Coinbase exchange to a crypto bookie, the least that can happen to you is the deposit is denied. This exchange is so strict that you may even get locked out of your Coinbase account or even lose your funds for this.
Of course you can. There are several reputable betting sites that accept crypto and have nothing to be jealous of from the traditional bookies. The depth of lines, odds and bonuses are on par with them, so you will not be missing out on any of the action.
You can bet on several different bookmakers that accept it. We recommend you check out our list of the top cryptocurrency betting sites and use this guide to place your bets.
Yes. As a matter of fact, Bitcoin has been one of the oldest, most popular and widely used crypto payment methods. There is not a single bookmaker accepting crypto that does not accept Bitcoin. However, we strongly recommend you do not gamble away your Bitcoin. It is not getting any cheaper and is only bound to increase in value in the future. Better opt for another altcoin.