Published on: 18/05/2023
Crypto Gambling: How Does It Work? Tips and Insights
Have you ever taken part in crypto gambling? For years, it has been a concept and a practice that has been gathering steam online, with many millions of punters taking part in crypto gambling. As cryptocurrency has become more popular and more valuable, online crypto gambling sites have been cropping up all around the world. They offer betting markets, casino games, and slots, all backed by the power of cryptocurrency. In this article, we’re breaking down everything you need to know about crypto gambling.
It’s only getting bigger with time, and the best crypto gambling sites are building their customer bases almost effortlessly. Read on to learn everything possible about crypt gambling, including whether it’s completely legal and worthwhile, and if you can actually turn a profit by gambling with your cryptocurrency.
What is Crypto Gambling?
Crypto gambling is just like regular gambling except that you’ll be funding your bets with cryptocurrencies. This means that you could be playing roulette or poker at your favorite casino after making a Bitcoin deposit.
Just because you are using cryptocurrencies to fund your bets doesn’t mean that the actual gambling activity should be any different. Instead, crypto gambling just describes a slightly different way of funding your bets when compared to using regular credit cards or e-wallets. So, if you’ve ever had the slightest experience of normal gambling, then you’ll quickly get to grips with crypto gambling.
Typically, crypto gambling is more popular in the casino space, but these days, you can use crypto to bet on all major sports – and even esports betting markets.
How Does Crypto Gambling Work?
Crypto gambling is easy and the variety of games is usually wide. We’ve prepared a handy guide to crypto gambling to get you started, but for now, we’ll walk you through the basics of crypto gambling.
- Register your account at account at a crypto gambling site
- Make a deposit with a cryptocurrency like BTC, ETH or LTC
- Browse the sportsbook for the betting odds you want
- Enter your betting stake from your crypto deposits
- Withdraw any winnings you made to your crypto wallet
It’s really that simple. The best thing is that crypto deposits and withdrawals tend to be much faster than most other payment options and you shouldn’t have to pay any fees either.
Best Crypto Gambling Sites
You can pick any crypto gambling site on our shortlist and know that you’ll get an awesome service. Whether you want to use Bitcoin for playing at a crypto casino, or you prefer to make an Ethereum deposit for betting on sports, you’ll find the perfect site. So keep reading to see our shortlist of the best crypto gambling sites and learn how we picked these awesome operators!
Possibly the best crypto casino site
There are plenty of decent crypto gambling sites out there, but we think that Bitcasino is the best crypto casino currently available. This is because the site has literally hundreds of quality slots and table crypto gambling games, and many of these are exclusives that you won’t find elsewhere. Plus, you can fund your wagering with a massive number of lesser-seen cryptos like Ripple, Tron, EOS, Bitcoin Cash and much more.
Massive variety of crypto gambling options
Betway is a great all-around crypto-gambling site. It might foreground its esports bets, but it’s equally good for anything from regular sports betting to casino gaming. You’ll be able to fund your gambling at Betway with major cryptos like Bitcoin, Ethereum and Litecoin. Plus you’ll always find some decent bonuses and promotions to power your bets.
One of the best crypto gambling sites for sports betting
This is another excellent all-around crypto-gambling site. If anything, GG.bet prioritizes its sports bets that give you awesome coverage for everything from football and basketball to tennis and MMA fighting. Plus we have to say that the GG.bet casino is excellent, with a particularly strong selection of live casino games. Making crypto payments at 22Bet is easy and you can deposit and withdraw with the likes of Bitcoin, Ethereum, LiteCoin and DogeCoin. All of which makes for a quality crypto gambling website.
Better sports odds than other crypto gambling websites
Just because you’re enjoying some crypto gambling doesn’t mean that you should settle for anything less than excellent sports betting odds. This is why all sports fans should head to Pinnacle for their crypto bets as the brand forgoes any kind of bonus to put all of its efforts into giving you the best odds on the market. Not that it’s all about sports betting at Pinnacle, as this brand also has one of the biggest crypto casinos we’ve come across. All of these can be accessed by signing up and making your deposits with the likes of Bitcoin, Tether and Litecoin.
Decent sports and esports crypto gambling options
Cyber.bet might sound like a flashy and futuristic betting site, but we found that it offers you a nice, down-to-earth way to put your crypto bets down. From decent esports odds to a good amount of sports betting markets, you’ll find lots of things to bet on here. Plus we found well over 1,000 slots and table crypto gambling games at the Cyber.bet casino. At the moment, it looks like you can only make crypto payments with the likes of Bitcoin, but it’s still an impressive start for one of the best crypto gambling sites.
A great option for crypto esports gambling fans
LuckBox is well known for being one of the planet’s best esports betting sites. This can be seen in everything from the number of betting markets for even the most niche of esports to the fact that you get free live streaming all over the online crypto gambling site.
We should also note the fact that LuckBox has a pretty good casino that features games from many top developers. Again, you can only make cryptocurrency payments with the likes of Bitcoin, but we’re hoping for more cryptos to be featured there soon.
One of the more promising crypto gambling websites
This is another esports betting site that’ll happily accept payments made with cryptos like Bitcoin and Ethereum. Beyond esports, you’ll find a good amount of bets for more traditional sports, as well as some fairly ‘unique’ casino gaming options. All of this makes for a great little crypto-gambling site that’s well worth a look. Just don’t forget to pick up one of the brand’s welcome bonuses when you register your account.
How to Choose the Best Crypto Gambling Site
The first thing that you’ll need to do is to identify which gambling site has your preferred betting option. After all, some of the above sites focus exclusively on sports betting, while others will prioritize casino gaming. Plus it’s worth noting that some crypto gambling sites might be better for some things like football odds or roulette games than others.
We’d also recommend you check our operator reviews to see what it’s actually like to use these gambling sites. You’ll discover which sites have awesome gambling apps that you can use on a smartphone or a tablet such as the Betway casino app, or you might discover a site that even features free live streaming.
Plus it’s worth checking around to see which crypto-gambling sites have decent bonuses to help you get more from your bets. Anything from a big matched deposit deal to a simple £10 no-deposit bonus can work wonders.
How to Get Started
We think that it’s pretty simple to use a crypto gambling site. It follows a fairly similar procedure to if you use a regular online casino site. But just to get you started, here’s what you need to do.
- Create a user account at the crypto casino by entering your email
- Make a deposit from your crypto wallet in Bitcoin, Ether and so on
- Put down your stakes on your preferred slot or table game
- Make a withdrawal of any winnings you made back to your wallet
Obviously, you’ll need plenty of luck to make some winnings from your crypto gaming. But be sure to read our guide to the top 10 crypto casino games where you’ll get a great overview of some awesome slots and table games you can play with crypto deposits.
How to Deposit and Withdraw
Most decent crypto gambling sites will let you pick and choose the best crypto for 2021 to make deposits with. This means that you should simply be able to link up your crypto wallet with the crypto gambling site and add funds to your account. Creating a user account is pretty easy, as you’ll often be able to sign up with little more than an email address. However, it’s nice to get further security by providing the betting site with some more personal details.
The number of cryptocurrencies accepted by gambling sites can vary quite significantly. Some betting sites will only accept Bitcoin payments, while other gambling operators may accept cryptos like Ethereum and Litecoin. We’ve even seen some sites that accept literally dozens of cryptocurrencies from Tether to Bitcoin Cash and everywhere in between.
Crypto Gambling Tips
Gambling at crypto casinos is almost the same as doing it at regular online casinos. Nevertheless, there are some tips you can follow to avoid throwing all your bonuses and budget in one spin! Check them out:
- Use stablecoins: is investing in crypto gambling? No, but it can double up your risk. Yeah sure, BTC is the biggest coin and we all know that; yet, using stablecoins like USDT or BUSD allows you to reduce your volatility so you are not double betting.
- Play safe: Play only at registered and licensed casinos. Other than that, you are running a high risk of making untraceable deposits on weird sites.
- Stick to a budget: Keep a real budget at hand for betting, try to stick to it and if you win a lot, you can either make your numbers bigger or keep it the same while taking out your earnings.
- Choose the right games: When going for crypto gambling games try to pick the ones with the best RTP and more bonus options.
Is Crypto Gambling Legal?
It depends on which country you are resident in. After all, some countries like Australia have made online casino gaming illegal, whereas it’s perfectly fine to bet on sports. There can even be different online gambling laws within certain countries. For crypto gambling, the USA is a good example of this, as the state of New Jersey has legalised online casino gaming and sports betting, whereas states like Utah remain firmly opposed to all forms of gambling.
It’s worth noting that many countries have been slow to establish firm regulations over how cryptocurrencies are used to pay for goods and services online. As it stands, there’s something of a grey area for using cryptos, which means that as long as you stay safe, you should be perfectly fine with using cryptocurrencies to fund your online gambling.
Is Cryptocurrency Gambling Safe?
Many people have enjoyed crypto gambling without any kind of problem. However, there might be a handful of crypto gamblers who’ve had some issues as a result of using the wrong kind of crypto gambling site. There are some rogue betting sites out there that will take your crypto deposits, take your bets and have no intention of paying out. As a result, we’d only recommend using those crypto gambling sites that have the following trust factors:
- Licensing: You should only use fully licensed and regulated crypto gambling sites. If you use a site that doesn’t have a legitimate online gambling license, then there’s no guarantee that you’ll get a safe and fair gambling experience.
- Encryption: We’d recommend looking at how the crypto gambling bookmaker or casino looks after your personal data. Unless it has SSL-level encryption technology, we’d suggest giving it a miss.
- Reputation: It’s easy to see what crypto gambling Reddit users have to say about any online betting or gaming site. So do your research and see whether that crypto gambling site can be trusted.
- Customer support: If a crypto gambling site takes good care of its customers, then it’s going to be unlikely to rip them off. So look for a crypto gambling site or bookmaker who features friendly and professional customer support that’s available 24/7 on live chat, email, and telephone.
To Sum Up
By now you’ll see that online crypto gambling is just like regular gambling but with the added advantage of making faster deposits and getting paid your winnings much more quickly. It’s worth noting that many people like using cryptos for gambling as it allows you to do things like stay anonymous and there’s no record of your betting on a bank statement. All of which suggests that crypto gambling is here to stay. So pick one of our recommended crypto gambling sites and see what you can win.