Pros & Cons of Crypto Betting
Low fees
Larger game selection
Fast withdrawal and deposits
Enhanced Privacy features
Safe and secure from fraud
Regulatory uncertainty
Complex and requires learning to understand its working principles
What is Crypto Betting?
Crypto betting is a very simple concept. It is relatively the same as normal sports betting but using cryptocurrencies. However, crypto betting is a bit complex compared to how normal eSports betting works.
Crypto betting works in a couple of ways. Some crypto betting sites can allow users to place crypto bets directly using crypto from their currencies, while others prefer users to deposit as another currency. Therefore, users can place bets on their favourite sports market using cryptocurrencies like Ethereum and Bitcoin as withdrawal and deposit options.
Crypto Bookies vs. Fiat Bookies
Regardless of its form, money should act as a form of exchange, a unit of account that can store value. Crypto and fiat currencies meet this requirement but differ in several ways.
Fiat bookies allow payment methods that use fiat money tied to a government-issued currency like the Canadian dollar, while crypto bookies use digital currencies that get their value from blockchains like Bitcoin. Most people prefer crypto bookies due to its benefits. Crypto bookies are more cost-effective, simpler and faster than fiat bookies.
How to Choose a Crypto Betting Site
Here are some of the fastest withdrawal methods from your selected sportsbook:
Legitimacy and Reputation
It is always important to research the reputation and legitimacy of several crypto-betting sites before settling for one. Go with the betting site with positive reviews and a solid track record from other users. Additionally, check the site's legitimacy (is it regulated and licensed by a known and reputable authority?). You can be sure of security and fair gambling experience by choosing a reputable and legit betting site.
Sports and Esports Coverage
When considering a crypto betting site's sports and esports coverage, it is essential to consider several factors first. Check the variety of games available. A good crypto betting site should have many options, including popular games like roulette, baccarat, blackjack and slots. Choose a betting site that offers quality games or use a well-known software provider that creates fair and high-quality games.
Exchange Rates and Fees
This is another thing that can help you get the best crypto-betting site. Different betting sites offer different fees and exchange rates. The site you choose will entirely depend on how you value your money. Compare exchange rates and fees to find a favourable one for your betting needs.
Betting Features
Betting features vary from one crypto-betting site to another. If it is your first time, you must seek guidance on what feature to consider. However, experienced players looking for something new elsewhere will know some of the amazing and important features to consider when selecting a crypto betting site, like welcome bonuses, competitive odds, guides on handling different cryptocurrencies and the availability of gaming options.
Regulation, Licenses, and Security
Security is one of the most important aspects when gambling online, especially cryptocurrencies. Check the security measures set by different crypto-betting sites regarding your financial and personal information. This means you should select the betting site that uses 2FA as an added security feature and encrypted technology. Ensure the casino is licensed by a reputable authority for fairness and top gaming experience.
Bonuses, Promotions, and VIP Benefits
Bonuses, promos and VIP programs are vital to any online gambling site, including crypto betting sites. Therefore, compare and contrast VIP benefits, promotions and bonuses from different crypto-betting sites and choose the one that make you feel your money has more value. When researching a certain crypto site, check their welcome bonuses, VIP programs, free bets, and deposit bonuses to know what's best for you.
Customer Support
Things might go wrong or you may want to inquire something about the site or betting features. The customer support program is important. Ensure that the crypto betting site has a responsive customer support team. A reliable and best crypto betting site should have a 24/7 support team ready to assist with any issues.
Payment Speed
Speed is what separates the best crypto betting site from the rest. Generally, all crypto betting sites offer fast payment methods, but not all meet the expected limit. Therefore, select the one you feel best suits your betting needs. Faster payment means saving time you would otherwise use waiting for the money to reflect on your account.
Mobile Compatibility
People nowadays prefer working or gambling on the go. If you are among the people who would want to bet anytime and anywhere, choose a crypto betting site that is mobile compatible. Check with the site first to know if you can use it as an app or in your phone browser. Sites that are compatible with the phone make things easy and faster.
Crypto Betting Bonuses
Crypto betting bonuses form one of the greatest ways to start having fun while making money. Bonuses ensure that you still get a profit even when you lose your first games. Bonuses come in different ways, mostly depending on the crypto casino you are playing in.
However, some common crypto betting bonuses come in welcome bonuses, deposit bonuses and free bets.
❗Why Use Cryptocurrency for Betting
If you haven't tried crypto betting, learn how it works first since most people prefer it over fiat betting sites since it is more convenient, cost-effective, simpler and faster.
Another reason you should use cryptocurrency betting sites is that it is more profitable than fiat currency, especially when the price of cryptocurrencies increases. The safety that crypto comes with cannot be compared to fiat currency.
How to Deposit Crypto
1.
Logging In - The VIP Entrance
Imagine strutting up to a swanky casino, but instead of a bouncer, you've got a login page. Punch in your credentials like you're entering the secret code to an exclusive speakeasy. Make sure you've got the right details, though; you wouldn't want to accidentally end up in the janitor's closet.
2.
Navigating the Dashboard
Once you're in, welcome to the glitzy dashboard, your digital betting floor. It's where all the cryptocurrencies hang out, shimmering and waiting for your attention.
3.
Picking Your Game - Select Your Bet
Now, you're ready to pick your poison. In the vast sea of Cryptocurrency sports betting sites, select where you want to place your digital chips. It's like choosing whether to hit the poker tables or try your luck at roulette, except here, you're betting on the digital equivalent of thoroughbreds.
4.
Making the Move - Placing Your Bet
Found your game? Brilliant. Now, look for the 'transfer' or 'deposit' button to get your assets into the game. It's akin to buying chips at the cashier, except you're doing it with the ease of a click, all ready to make a splash on the betting floor.
5.
Choosing Your Strategy - The Network Select
If your chosen digital asset is a bit of a diva and demands a specific network, you'll see a 'select transfer network' option. Think of it as choosing whether to play European or American roulette. Each has its quirks, so pick the one that suits your game plan best.
Placing Bets with Crypto
Crypto betting allows its players to place bets on different sports events. Popular sports you can place bets on using crypto include football, soccer, ice hockey, basketball, baseball and many more. Some crypto betting sites offer virtual sports and eSports that allow players to bet on simulated competitions and games. Free bets are also commonly available at crypto sportsbooks. Remember, betting with crypto is fast and secure.
Best Cryptocurrencies in Online Betting
Bitcoin
Bitcoin is the first and most popular cryptocurrency ever in the online scene. It was created in 2009 by Satoshi Nakamoto. It has helped introduce digital currencies in many sectors, including online gambling sites. Today, you can get different online casinos offering Bitcoin as their main payment currency.
Bitcoin Cash
Bitcoin Cash is another cryptocurrency closely related to Bitcoin. In other words, Bitcoin Cash is an altcoin or spin-off of Bitcoin that was created in 2017. Bitcoin Cash split in 2018 into two cryptocurrencies: Bitcoin SV and Bitcoin Cash. Most of the biggest online betting sites that allow Bitcoin Cash handle about 3% to 5% of BCH transactions daily.
Ehereum
Ethereum is a digital technology that allows global payment, digital money and other applications like crypto betting sites. It facilitates fast and secure transactions in the betting environment, from depositing to withdrawals. It is a decentralised open-source blockchain platform characterised by smart contract functionality.
Litecoin
Likecoin was first introduced by Charlie Lee as a decentralised peer-to-peer crypto in 2011. It shares similarities with Bitcoin as it used the original Bitcoin's source code. It is among the first altcoins in the market and uses an open-source software project under an MIT/X11 license.
Cardano
Cardano is a decentralised, open-source and public blockchain platform. The development of this cryptocurrency was started in 2015 by Charles Hoskinson (Ethereum co-founder). It can offer peer-to-peer transactions using ADA (internal cryptocurrency). It is used in some online gambling sites as an alternative payment method.
Tether
Tether was created in 2014 by the company Tether Limited Inc. It is a stablecoin that has more than 14 blockchains and protocols where. It has been minted as of 2024. Other than crypto betting sites, Tether can be used on several leading blockchains like Omni, Tezos, SLP (Bitcoin Cash's Simple Ledger Protocol) and Algorand.
Dogecoin
It was created by software engineers Jackson Palmer and Billy Markus. It is the first cryptocurrency to be considered a "meme coin". This is because it was created by accident to make fun of the same digital currency it now represents. Some crypto sportsbooks use Dogecoin as an alternative payment method.
Understanding Odds in Crypto Betting
Since all crypto bookies generally offer lower fees, they can give players better odds than some fiat competitors. It is always good to go for better odds since it will add up in the final pay. Check different markets and events for odds variations. Crypto betting sites offer hundreds of markets per event with favourable odds for everyone.
🔐Security of Crypto Bookies
Crypto bookies offer one of the best online security for personal and financial information. Security measures start with licensing, where a reputable body is used to license the site. Most crypto-betting sites use 2FA (Two-Factor Authentication) as an additional security feature. This ensures the best and fair betting experience online.
Crypto Betting Strategy
Depending on your skills and experience, crypto betting strategy may vary from one person to another. However, it is essential to consider the bet when betting rather than the coin. When betting, you get to enjoy compound wins if the token value rises. However, you shouldn't always rely on the value of your token to rise when betting for you to win more.
❓FAQ Crypto Betting
Yes. Cryptocurrencies, like Bitcoin betting sites and Ethereum, offer the highest security during online transactions. Most crypto uses state-of-the-art encryption technology to prevent any theft or fraud activities. The 2FA measure acts as an additional security feature to help gamblers have a fan and fair gaming experience.
Crypto is fast compared to fit currency. Normally, withdrawals are done almost instantly. However, on some occasions, it may take 2-3 hours for your withdrawals to be processed. Also, withdrawal speed may depend on the cryptocurrency used.
Yes. Most crypto bookies offer exclusive bonuses to enhance the fun in betting. These bonuses ensure you win even when you lose on your starting bets. You should not base selecting the right crypto site on bonus but choose the one with several bonus programs.
Online bookies accept different kinds of cryptocurrency. Major Cryptocurrencies should be available in most crypto sportsbook, including Litecoin, Bitcoin and Ethereum. The more options are offered, the better for you. Payment is faster regardless of the crypto used or allowed in an online bookie.
Betting limits vary depending on the cryptocurrency used. For Bitcoin Cash, the maximum bet is capped at 1000 BCH and you can make a profit of 100 BCH. For Bitcoin, the profit is 10 BTC for a maximum bet of 100 BTC, while For a maximum bet of 2 million DOGE, you can get a maximum profit of 500k DOGE.
Yes. There are many betting sites offering eSports events and casino games. Therefore, players can bet on different and available eSports games and stand a chance to win big. The options are wide for eSports games, depending on the crypto bookmaker.
Generally, crypto betting has no specific rules and regulations governing its play. Most of the rules come from the online bookmaker offering crypto betting games. It is either prohibited or officially allowed.
Deposit and withdrawal limits vary depending on the coin used. There is no deposit limit for cryptocurrency. However, the withdrawal limit is set by the crypto-betting site. For example, the withdrawal limit for bitcoin is 10 BTC.
Since there is no specific crypto gambling law with crypto, it falls in the legal gambling category. Therefore, crypto should be in the same category depending on your country's laws on online gambling or gambling in general.
There are a lot of factors you need to consider before you settle for the best crypto-betting site. Some of the things you need to consider include bonuses and promotions, licensing and security, legitimacy and reputation and customer support service.