Published on: 21/06/2021
Crypto Betting: All You Need to Know to Bet with Crypto
The crypto betting revolution is here. We’ll tell you what crypto betting is, how to do it, and reveal those websites who make crypto betting safe, easy and fun. But is crypto betting legal? Don’t worry as we’ll cover that too.
In fact, if there was anything about betting with crypto you wanted to know but we’re afraid to ask, you’ll get all of the answers you need right here. It’s never been easier to get the best crypto betting experience. So take a look below and get ready to take your first crypto bets!
What is crypto betting?
Crypto betting is just like regular betting except that you’ll be funding your bets with cryptocurrencies such as Bitcoin rather than traditional payment methods. This could mean using cryptos to bet on regular sports like football, basketball, tennis and so on. Or it could also mean making crypto bets on big esports like Counter Strike Global Offensive, League of Legends and Dota 2.
The actual process of putting your bets down isn’t any different with crypto betting. After you’ve made a deposit with a cryptocurrency, you’ll probably find that the deposit has been converted into a regular currency. From here, you can decide how much of a stake you want to put down in your bets. If you’re lucky enough to make some winnings with your bets, then you can then make a withdrawal back to your crypto wallet. All of which shows that cryptocurrencies betting should be quick, fun and easy.
Key reasons why crypto betting is big news
While the process of putting down crypto bets might not be massively different from regular betting, it has a few features that make it superior to using normal currencies to fund your bets:
- Faster payments: You’ll probably find that the process of making crypto payments to betting sites will be almost instant. Plus the process of making withdrawals with cryptocurrencies will commonly be faster compared to regular payment methods like cards and bank transfers.
- Greater security: There’s something welcoming about the fact that you won’t be exposing any of your banking information to a betting site when you enjoy crypto betting. Just make deposits from your secure crypto wallet without the need to disclose any personal information.
- Anonymity: As you’ll be making crypto payments, there won’t be any record of you spending money at a betting site on your bank statement.
Reasons why crypto betting still has some way to go
While betting with cryptos is hugely promising, there remain a few key reasons why not everyone has made the jump to using cryptocurrencies to fund their bets just yet.
- Limited number of crypto betting sites: The sad fact is that the majority of major bookmakers have yet to accept crypto payments. This means that if you were determined to use a crypto betting site, you’ll have a much more limited variety of odds to choose from. As a result, your chances of getting the best betting odds on the market would be less.
- Fees and limits: Some betting sites may accept crypto payments, but these sites will often add some significant fees for making deposits and withdrawals with Bitcoin and so on. Plus you might find that there is a high minimum threshold for adding money to your account and requesting payouts.
Is crypto betting legal?
Yes, crypto betting is perfectly legal in many countries around the world. However, it’s still best to check the online gambling laws in the country that you live in. This is because each country may allow certain kinds of gambling and not others. While nations like the UK may have a relatively relaxed attitude to online betting, things are much more restrictive in certain states in the US.
In terms of betting with cryptos, we have seen many fully licensed and regulated bookmakers who take payments with cryptocurrencies. Admittedly, lots of the larger online bookmakers have yet to accept crypto deposits as there is something of a grey area in how cryptocurrencies are regulated.
Is betting with cryptocurrencies safe?
There is nothing illegal with you using a cryptocurrency to fund your sports bets, as you are not using a regular currency. This lack of legal requirements means that there have sadly been plenty of unregulated crypto betting sites popping up.
The fact that these crypto betting sites aren’t regulated means that they don’t have to obey any online gambling laws. As such these online bookmakers won’t have to give you a safe and fair betting experience, and there’s no guarantee that you’d get paid whatever winnings you made. This means that if you’re determined to use cryptocurrencies to fund your bets, make sure that you only use a fully licensed and regulated betting site.
Who is the best crypto betting site?
We’ve prepared an awesome shortlist of the best crypto gambling sites has to offer. Chances are that you should be able to pick one of these sites and find some awesome crypto betting odds for your favourite sport. But just to help you out, here are some crypto betting sites that are well worth a look:
- Unikrn: If you like betting on esports like CSGO and LoL, you’ll definitely want to put down a crypto bet at Unikrn.
- Arcanebet: Another excellent esports betting site that’s starting to accept crypto payments. Always plenty of esports betting markets here.
- 22Bet: This quality sportsbook has excellent odds for all major and minor sports and lets you use most big cryptos to power your bets.
- Pinnacle: Well known for having some of the best sports betting odds in the world, now Pinnacle also accepts some crypto payments.
- Buff.bet: Always worth a look for anybody who wants to use cryptocurrencies to bet on anything from football to esports.
Which cryptocurrencies can I use for betting?
Given the immense popularity of betting with cryptos, there’s a pretty good chance that you’ll be able to use your preferred cryptocurrency to fund your bets at most good crypto betting sites. This means that whatever the best crypto for 2021 is, you’ll be able to use it for making fast and secure deposits and withdrawals.
Most crypto betting sites that we’ve come across will accept Bitcoin deposits. Plus we’ve seen a growing number of bookmakers who are letting you make deposits and withdrawals with other cryptos like Ethereum, LiteCoin, Bitcoin Cash, Tether, DogeCoin and so on.
How do I make deposits and withdrawals with cryptos?
It’s pretty simple to start betting with cryptos. Here are some simple steps for you to follow:
- Buy your cryptos: This means having to go to a crypto exchange and deciding whether to buy Bitcoin, Ethereum and so on. You’ll also have to decide whether to use a soft or hard crypto wallet for storing the private keys for your cryptocurrencies.
- Sign up to the cryptocurrency site: Here you’ll have to provide some personal information like your email address, but the whole process should be over in just a few minutes.
- Make your crypto deposits: Once your account has been verified, you can then make a crypto payment by linking your wallet with the betting site. It should barely take a minute for the crypto deposit to show up in your account.
- Put your bets down: Now it’s the fun bit where you get to use your crypto deposits to fund your sports bets. You can try crypto betting on pretty much any sport you can think of. Just make sure that you’re always betting on the best possible odds.
Don’t forget about crypto casinos
While we’ve been focused on crypto betting, it’s important to note that there’s another form of crypto gambling that’s proving very popular – crypto casino gaming! Crypto casinos work in just the same way as crypto betting sites. Here you just have to make your deposits with a cryptocurrency and then start wagering. Expect to be able to play hundreds of games of slots, roulette, blackjack and baccarat once your crypto deposit is in your account.
Why crypto betting is here to stay
It’s amazing to think that betting with cryptos has only been with us for a handful of years, but it’s clear that this is an increasingly popular option for lots of sports fans. After all, using crypto payments to fund your bets gives you much greater flexibility and speed, and there are some great crypto betting sites starting to appear on the scene.
However, we have to recognise the fact that there is still a fairly limited number of crypto betting sites compared to those who only accept regular payment methods. This means that you might not get access to the best odds or bonuses if you decided to use a crypto to fund your bets.
But the good news is that betting with cryptos is getting much more popular and so we can expect to see plenty more cryptocurrency bookmakers in the future. So be sure to stick with us to make sure you find your perfect crypto betting site.