Crypto Bettors: Everything You Need to Know About Cryptocurrency Betting
Cryptocurrencies have become much more widespread in the past 10 years, and they’re far from being the niche interest they once were. Many of the general public have, at the very least, heard of crypto – and if you’ve been interested in trading these for a while, you might also have thought about the possibility of betting with cryptocurrency.
Placing a crypto bet is easier than most people think, but at the same time, knowing which sites you should trust is sometimes tricky. Compared to betting with fiat currencies, crypto sports betting (and casino gaming) is significantly less developed. Moreover, rules and legal matters will vary depending on where you live; some societies are more open to cryptocurrencies than others.
Are you unsure where to start with cryptocurrency betting? You’ve come to the right place. Learn about whether crypto betting is legal, which currencies are accepted at sportsbooks and casinos, and all the other essential info you need today.
Is Cryptocurrency Betting Legal?
Whether cryptocurrency betting is legal where you live will generally depend on whether you can gamble at all. Practically every jurisdiction that lets you legally place money on sports and/or play casino games also allows cryptocurrency betting. Given its relatively new nature, there is no specific legislation about crypto gambling in most places.
However, some countries have taken a hardline approach to cryptocurrencies in general. So, if you do bet with crypto, you should ensure that cryptocurrencies are legal where you’re based. Otherwise, you could still land yourself in needless trouble.
While cryptocurrency betting is generally legal in jurisdictions where fiat currency gambling is allowed, the opposite is also true. If you live somewhere that prohibits gambling activity, you will also not be allowed to participate in cryptocurrency betting.
Which Cryptocurrencies Are Accepted at Casinos and Sportsbooks?
The cryptocurrencies you can bet with will depend on the casino/sportsbook you choose. In most cases, you won’t be able to wager with cryptocurrencies at the majority of established brands you already know. Here, you’ll need to find an alternative method (e.g. digital wallets).
If you wager at a cryptocurrency-specific sportsbook or casino, you will almost certainly be allowed to place bets with Bitcoin. As the most established cryptocurrency, it’s unsurprisingly also the most widespread when we look at different operators. Ethereum, often considered the second-biggest cryptocurrency behind Bitcoin, is also often used at many crypto betting operators.
However, these are by no means the only currencies you can wager with. Depending on where you go, you might be able to bet with Dogecoin – USDT is also often accepted. You can also often bet with Ripple and Binance Coin. This is hugely beneficial because you’re not reliant on the bigger currencies to wager if you don’t wish to use these.
See also: Iron Cross Craps Strategy: The Complete Guide
Which Sports Can I Bet on With Cryptocurrency?
In most cases, you will have no problems betting on the same sports with crypto as you can with fiat currencies. Most cryptocurrency sportsbooks will let you wager on all the major soccer games and leagues, including the Premier League, La Liga, the Bundesliga, and international sporting events such as the World Cup and Copa América.
Besides soccer, you can also wager on many major US leagues. These include the NFL, NHL, and MLB – along with college sports (in jurisdictions where doing so is legal). Tennis, handball, and other sports are also available, and you typically have access to numerous events in this respect.
Most of the time, you can choose between different odd formats. While American betting will likely be the norm if you’re in the US, you can also choose fractional and decimal betting odds if those help you to understand what’s going on more easily. The payout is, in most cases, identical.
How Do I Withdraw Cryptocurrency Bet Winnings?
When you’re ready to withdraw any winnings you generate at a crypto gamble site, you’ll follow similar protocols to a fiat currency casino. You will need to specify where you want to send your winnings, which in all cases will be your cryptocurrency wallet. Enter your wallet details to receive your winnings, and if necessary, verify your identity.
Some casinos will have minimum withdrawals, but this is not the case for all of them.
What Is the Age Limit to Bet at Cryptocurrency Betting Sites?
The betting age limit will be the same as it is for fiat currency casinos in your jurisdiction. In the US, this will – in most cases – be 21. In many European countries (e.g. the UK), the minimum age will be 18. Check this before you sign up for an account; you’ll normally have to confirm your identity with an official ID.
See also: What Are the Odds? How to Read Betting Odds and More
Can I Play Casino Games With Cryptocurrency?
Yes! In the same way that you can wager on sports with cryptocurrency, it’s also possible to play casino games. Many cryptocurrency and blockchain bet websites will let you play a number of popular games, including multiple slot titles. You can also, in many places, participate in live casino games.
Like sports betting, however, you probably won’t be able to wager in person with cryptocurrencies. It’s worth asking the venue you visit, but most of the time, this will not be possible. Nonetheless, it’s a great option if your primary aim is to play online.
What Are the Best Cryptocurrency Betting Sites?
You’ll find numerous cryptocurrency betting sites online, and here are some of our favorites.
Sportsbet.io
Sportsbet.io is perhaps the most famous crypto bet site. The sportsbook is partnered with several sports clubs, including Hull City and Newcastle United. You’ll find all of the main sporting events here, such as soccer and basketball. You can also bet on more obscure sports and events, including darts and virtual soccer.
You can wager with BTC, LTC, USDC, BNB, and various other cryptocurrencies.
bets.io
bets.io is another popular cryptocurrency betting website, and it’s one of the best if you want multiple currency options. Like Sportsbet.io, you’ll find many of the most popular sporting events to wager on.
The website also has multiple casino options, such as slots. You can participate in lottery games and jackpots, too. bets.io takes wagers in BTC, BNB, and other currencies.
Lucky Block
Lucky Block is known for its bonuses, and you can bet on many of the same things that bets.io and Sportsbet.io allow. It has a comprehensive suite of slots and live casino games. You can also participate in different game shows via Lucky Block.
When playing with Lucky Block, you have the chance to become a VIP and get loyalty bonuses. You can also buy crypto on the site if you wish to deposit fiat currency; if not, you can wager in BTC, ETH, and other cryptocurrencies.
Cryptocurrency betting is still in its early stages compared to fiat currencies, but you’ll still find a number of decent options. Many casinos accept multiple cryptocurrencies, meaning that you have more options than you might think. Generally speaking, you will be able to play at cryptocurrency casinos if you can already wager with fiat currencies where you live. Many crypto casinos will let you wager on the same sports that you otherwise would, and many also offer casino games. A lot of the other rules, such as withdrawing your money, are not very different from wagering at a fiat currency casino. When looking for the best crypto gambling site, look at their offerings/currencies to see if they match your needs.
