Best Crypto Betting Entities – Exclusive Guide on Bitcoin Betting 2024
What is Crypto Betting?
Crypto betting involves wagering on sports or political events using cryptocurrencies like Bitcoin, Ethereum, Tether, and others. It’s notably different from the traditional approach, where you use FIAT money like USD or EUR. As such, you won’t transact with options like bank cards and eWallets. Instead, everything is done using crypto wallets.
When you use cryptocurrency betting sites, you enjoy benefits like faster payments and better security. Typically, you pay low transaction fees as well. However, crypto betting online also has its drawbacks. The number one is volatility, as the value of the coins can rise and fall at any time.
Furthermore, the crypto gambling space isn’t as well regulated as conventional options. That’s why most newbies ask the question: Is crypto betting legal? Our answer is always that it depends on your country. All the same, if you go for legit online Bitcoin betting sites like those we recommend, you’ll have no issues.
Coins Used in Betting with Crypto
When talking about gambling with digital coins, the focus is usually on BTC. However, many betting sites accept other altcoins. You can go with any you prefer, and we’ve highlighted the top ones below:
Bitcoin
Being the most popular cryptocurrency, it’s no surprise Bitcoin ranks number one. The currency is present on pretty much all crypto gambling platforms on the web. Notably, you’ll want to consider online Bitcoin betting due to the coin’s high market value.
Ethereum
After Bitcoin comes Ethereum, and this is another reliable coin for crypto betting. ETH’s main benefit is its fast block confirmation time of 12 to 15 seconds. Thanks to this, you’ll record quicker payments on betting sites, especially in terms of withdrawals. Notably, Ethereum can also work for NFT betting, as it’s the most used coin in the niche.
Tron Coin
Tron is a crypto betting option to consider if you’re after affordable transactions. The coin has zero fees for most payments. If you pay a charge, it’ll be negligible at no more than $0.000005. Thanks to this, you get to keep more of your gambling funds.
Ripple
This altcoin has held on since 2012, showing its potential as one of the best cryptocurrency options. It’s regular at top crypto betting sites, and transactions only take seconds with it. Besides, XRP’s consensus protocol ensures your funds are well secured.
Litecoin
As its name says, Litecoin is a lite version of Bitcoin. Therefore, it offers quicker processing times and lower fees compared to the king of the market. It’s another top crypto coin you can consider using for online betting.
How To Acquire Cryptocurrencies For Betting
Whether you choose Bitcoin or other popular cryptocurrencies, you need to first source them. Afterward, you transfer to your betting account wallet and start gambling. If you’re wondering how to acquire the coins, here’s what we recommend:
- Buy with fiat from exchange platforms like Coinbase, Binance, and Kraken
- Purchase coins from Bitcoin ATMs if there’s any near you
- Join staking programs and earn crypto coins as rewards over time
- Mine crypto by completing complex math problems if you’re tech-savvy
Security Considerations For Storing Cryptocurrencies
Getting coins is only the first step to betting with crypto. You also need to make sure they’re stored properly for security reasons. In that regard, we advise following the below crypto betting tips:
- Use more hardware wallets. These options are offline, meaning they can’t be hacked
- Activate Two-factor Authentication (2FA) on your crypto wallet. About all wallet providers have this feature, and it’s ideal for adding an extra security layer.
- Ensure your private keys and recovery phrases are well-backed up. In this regard, we advise storing them offline — like in a book.
- Always update your wallet and any other crypto software you use. This will keep them in sync with the latest security patches and remove all vulnerabilities.
Types of Crypto or Bitcoin Betting Sites
Many bettors mistake crypto gambling to be just about sports. However, several types of BTC betting sites exist, each with its options. You can check out the top five below:
Casino Games
Here, we’re talking about platforms where you can play games like slots with free spins, blackjack, roulette, and baccarat. They’re like conventional sites, except that you play blackjack, roulette, and slots using digital coins. That said, crypto casinos take things up a notch with exclusive Provably Fair titles. These casino games use blockchain, allowing you to confirm the fairness of all rounds.
Sports Betting
For this option, you stake on sports like soccer, basketball, cricket, and tennis. The number of featured sports is usually high, reaching no less than 20. Plus, you can expect thousands of betting markets for the popular sports. If you go with the best platforms, you also get competitive odds. Our crypto betting tips can also help you score good predictions.
Political Betting
If you’re unaware, you can also wager on the outcome of political events using cryptocurrencies. Elections are the go-to betting market at the best political betting sites with Bitcoin. For instance, you can predict the winner of the US presidential election, the UK Prime Minister’s seat, and so on. The major events are typically seasonal, but you’ll still find others with less popularity all year round.
Horse Racing
With horse racing gambling sites that accept Bitcoin or other cryptocurrencies, you bet on the tracks. This is where you’ll find bet types like Win, Place, and Show. Also, there are competitive odds for exotic betting markets such as Exacta, Trifecta, Superfecta, and Quinella. Ultimately, the goal is to predict which horses will cross the finish line first.
Esports
All crypto sportsbooks we’ve reviewed also support eSports. If you choose the category, you can wager on popular games like League of Legends, Counter-Strike, Dota 2, and Valorant. A notable appeal of betting on eSports with crypto is that you also get live-streaming. That way, you can follow the matches in real-time.
Key Features of Crypto Betting
To get conversant with online crypto gambling, you need to know the main elements in play. We’ve outlined them below:
Decentralization of Cryptocurrencies
First things first, digital coins are decentralized since they’re based on the blockchain. Basically, this means no particular person controls them. It’s unique from Fiat currencies, which are issued by central banks and governments.
Due to this, it’s not surprising that many people ask: Is crypto betting legal? Well, if you reside in a region where online gambling and digital coins are allowed, you have nothing to worry about.
Since cryptocurrencies are decentralized, you have more control over your funds while betting. Both deposits and withdrawals are carried out directly between you and the gambling site. There’s no third party in play.
Furthermore, the decentralized nature of the blockchain keeps everything transparent. You can easily monitor your deposits and payouts, as everything is recorded on a public ledger.
Security & Privacy
Bitcoin launched in 2009, and since then, no one has been able to hack the blockchain. That should give you an idea of the level of security that comes with using crypto for gambling. One reason for this is decentralization, which we’ve already talked about.
Immutability also plays a key role in ensuring security and privacy. Once you make a transaction, it’s permanently recorded on the blockchain, and no one can alter it. Besides the coins themselves, crypto betting online sites also have native security systems. For instance, you get 2FA, so someone getting your hands on your password is not enough to access your account.
Fast Transactions with Proper Security
You can’t skip quick payment speed when talking about the main features of cryptocurrency betting. All top crypto coins you’ll find have fast confirmation times, taking only a few seconds to minutes.
Take ETH, for instance: the coin completes transactions within 12 to 14 seconds. Yet, that’s not the quickest, as other cryptos like Tron and Ripple take less than five seconds. Without debate, this is much faster than fiat money.
At conventional betting sites, you usually have to wait 2 to 5 days to receive payouts via bank transfer. EWallets can process withdrawals within 24 hours, but they’re still nowhere as fast as crypto coins.
Low Transaction Fees
Finally, we must mention that using top crypto betting sites is an affordable way to gamble. You won’t have to deal with hefty fees. Notably, most Bitcoin sportsbooks and casinos don’t deduct any charges at all for deposits and withdrawals. Hence, you’ll only pay network fees if applicable.
Most crypto network costs are between $0.01 to 0.9. The exact amount will depend on the blockchain condition as of when you submit the payment request. Regardless, it’ll be minimal compared to fiat methods, which can deduct 1% to 5% of the transaction amount.
Future of Bitcoin or Crypto Betting
At the moment, Bitcoin betting sites are trending and attracting many gamblers. However, what will things look like in years to come? We are quite optimistic that the future will be even better with the following emerging trends:
- Blockchain integration: Currently, not many crypto betting sites are actually based on the blockchain — they just mainly support digital coins. This can change in a few years.
- Artificial Intelligence: AI has been shaking up many industries in the past few years, and it’ll likely become mainstream in betting. Casinos and sportsbooks can count on it to personalize user experience.
- NFT Betting: We believe it’s only a matter of time before gamblers can wager using NFTs like cryptocurrencies. Coins like ETH, SOL, and BNB will be the leading options if this becomes a trend.
- Metaverse gambling: The Metaverse is not fully actualized, but it’s hard not to see its potential in online betting. This innovation will allow crypto bettors and players to engage in virtual environments. As a result, the betting experience will become more realistic.
- Better regulations: If someone asks the question, “Is crypto betting legal?” the answer is usually dynamic. That’s because there’s no universal regulation regarding digital coins. However, with more countries embracing the concept, cryptocurrency betting may be well-regulated in the coming years.
Responsible Gambling
As you sign up to stake with the best crypto betting sites, it’s crucial to stay safe. That’s where responsible gambling comes in. To stay in control, we advise using tools like deposit limits, time-outs, and self-exclusion. Thankfully, most online Bitcoin betting platforms have these options.
If you notice any sign of gambling addiction, ensure you seek help immediately. Usually, you can contact the customer support team of the crypto betting site for assistance. Alternatively, we advise reaching out to professional organizations like Gamblers Anonymous and GamCare.
Conclusion
There’s a lot to leverage at crypto betting websites. We highlighted the security, fast transaction speed, and minimal charges as the main upsides. Besides that, the fact that you have several betting options – sports, casino, horse racing, and others — is a big plus. That said, note that you can only enjoy these perks when you use safe platforms.
Ensure you carefully take your time to access and choose a good site using our crypto betting tips. Also, remember that gambling with digital coins has its risks, like market volatility. For this reason, we recommend seeking professional advice from time to time. You can also check our site for the latest updates on gambling with cryptocurrencies.
FAQ
What are the benefits of using cryptocurrency for betting?
The benefits of using cryptocurrency for betting include better security, faster transactions, and low transaction fees. These are an upgrade to what’s obtainable on traditional sites.
Can I withdraw my winnings in cryptocurrency?
Yes, you can withdraw your winnings in cryptocurrency at a gambling site. All you have to do is submit a payout request and provide your wallet address. Also, you must have met all the requirements. These include account verification and playthrough for crypto betting bonuses like the welcome bonus, free spins, and free bets.
Are there any fees associated with crypto betting?
Crypto betting online involves little to no fees. The vast majority of platforms don’t have any charges, and you may only need to pay network costs.
Are crypto gambling platforms anonymous?
Yes, crypto gambling platforms are anonymous since you can deposit and bet without providing sensitive details. That said, you usually have to verify your ID before withdrawing for regulatory reasons.