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Online sports betting has become one of the top pastimes all over the world. In the US, there are many operating sites that allow users to legally place bets and win payouts. With sportsbooks accepting wagers from those all around the world, you will find there are many ways to use betting accounts. Some of the best betting sites are crypto sportsbooks, allowing you to manage accounts using your selected cryptocurrency.
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Cryptocurrency is a form of exchange that takes place inside the blockchain. It uses encryption technology to control the creation of monetary units and to verify the transfer of funds.
The advent of blockchain technology is completely revolutionizing the way people do financial transactions and that revolution is also impacting significantly upon the world of online sports betting.
Crypto sportsbooks are growing rapidly and offering a unique way to play to their customers. Several traditional sportsbooks are beginning to accept cryptocurrency as a form of payment. There are also sportsbooks launching that operate entirely in the blockchain as 100 percent crypto sports betting sites.
For players who own cryptocurrency, making deposits and withdrawals are always just a click away. And since there’s no need to identify yourself while using the blockchain, remaining anonymous is an additional perk. That anonymity also creates an instant layer of security, since there’s no need to provide any personal information to a crypto sportsbook.
As well, there are no fees like those associated with many traditional forms of moving money around. Also, there’s no need for a player to maintain a large balance in their crypto sportsbook account. Since transactions can be made in a matter of moments, bettors can move money into and out of their account quickly.
Top Crypto Sportsbooks
Let’s look at some of the leading crypto sportsbooks and what they offer to bettors.
They accept over nine different forms of cryptocurrency. Stake is known as a reliable, trustworthy site. They require limited personal information in order to open an account.
Anonymity is assured with Cloudbet. All that’s required to register a new account is an active email address. They offer SSL and two-factor authentication to provide further security. There’s low margin on their odds and withdrawals take no more than a few minutes to process.
One of the first crypto sportsbooks to launch, Sportsbet requires new players to provide only an email address and a date of birth. They are among the most well-known of the crypto sportsbooks, serving as a sponsor of English Premier League clubs Arsenal and Southampton.
Types Of Cryptocurrency Sportsbooks
Several sportsbooks bill themselves as crypto sportsbooks. However, even some of these crypto-only sportsbooks have distinct differences. The fact of the matter is that they are not all dealing 100 percent in cryptocurrency
Some still accept fiat currency such as US dollars or Euros and then convert those funds into cryptocurrency. In the case of these sports betting sites, players are not afforded the same anonymity that someone who wagers entirely with cryptocurrency from the get-go will be receiving.
A true crypto sportsbook deals exclusively inside the blockchain and doesn’t accept or pay out in any form of fiat currency.
Created in 2015, Ethereum might not get the same publicity as Bitcoin but those who operate in the world of cryptocurrency view it as a viable, valuable form of digital funding. Unlike Bitcoin, Ethereum operates within its own platform, Ether, in order to fuel the currency.
Cryptocurrency players will find that the majority of online sportsbooks that are set up to accept cryptocurrency will indeed take Ethereum as a form of payment.
The main reasons that people will find betting with Ethereum to be advantageous are security and the speed and cost associated with a transaction.
Dealing with Ethereum is a relatively anonymous process. While it’s not 100 percent invisible, in terms of leaving a paper trail, blockchain technology is extremely limited in comparison to the traditional fiat currency forms of funding an account.
The same formula holds true when it comes to the pace of a transaction. An Ethereum deposit can be done in as little as 15 seconds. Some traditional forms of moving money can take up to 3-5 business days.
As well, the fees associated with standard financial transactions can be massive. For instance, it can cost as much as $50 to send a bank wire transfer. An Ethereum transfer can be done for pennies on the dollar.
Choosing An Ethereum Sportsbook
There are different types of Ethereum sportsbooks. Some are simply traditional sports betting sites that have expanded their scope to also include cryptocurrencies such as Ethereum among the funding options they offer to customers.
Then there are crypto-only sportsbooks such as Stake.com and Cloudbet.com that will only accept a variety of forms of cryptocurrency as payment.
Before signing up with any Ethereum sportsbook, bettors will want to do their homework on the site. Is it reputable? Are they secure? Do they offer the sports betting markets and betting lines that you are seeking?
Bitcoin Betting Sites
With the emergence of Bitcoin in 2009, online sports betting sites were quick to recognize the value of accepting the blockchain and cryptocurrency as a legitimate method of funding accounts.
Sports betting sites are actually going above and beyond the call to encourage players to opt for Bitcoin as their funding method of choice. The signup bonus offered to players using Bitcoin are significantly higher than when opening an account by depositing fiat currency.
The positives to choosing to fund your online sportsbook account with Bitcoin are numerous. Simply put, digital currencies such as Bitcoin make it far easier for a player to fund their account and get down to the business of betting on sports.
For starters, Bitcoin is a virtually anonymous method for completing a financial transaction. Each Bitcoin holder is given a virtual key to their Bitcoin wallet and only they can access its contents.
Speed is another feature of the Bitcoin experience. Depositing to a sportsbook account with Bitcoin can be done rapidly. More importantly, withdrawals are processed with equal pace. Everything is processed in a matter of minutes. That certainly isn’t the case when it comes to online sports betting sites and fiat currency.
Reliability is another Bitcoin trademark. There’s no worry about a Bitcoin transaction not going through. More and more traditional methods of moving money, most notably credit and debit cards, are rejecting deposits to any form of gambling site.
Choosing A Bitcoin Sportsbook
Some traditional sports betting sites have expanded their deposit and withdrawal options to also accept Bitcoin as a funding option. However, in most of these instances, the sportsbooks simply convert the Bitcoin into fiat currency when it is deposited and then convert it back to Bitcoin when a player makes a withdrawal.
Then there are some sites that call themselves Bitcoin sportsbooks but will also accept fiat currency, which they then convert into cryptocurrency, changing it back to fiat currency when an amount is withdrawn by a customer
A true Bitcoin sportsbook like Sportsbet.io or Cloudbet.com accept only cryptocurrency as a method of funding a betting account. Look for sites that are licensed and regulated. Also be certain to see that they offer the types of markets and bets that you are seeking to play.
While Bitcoin is the most popular and well-known form of cryptocurrency, it’s hardly alone in the blockchain. In fact, there are hundreds of cryptocurrency options.
Other popular forms include Ethereum, Tether, Litecoin, Dogecoin, Ripple, Bitcoin Cash, NEO, Binance Coin, USD Coin and EOS.
The best crypto sportsbooks will accept most if not all of the leading cryptocurrencies.
Advantages To Crypto Sportsbooks
Players who bet at online sportsbooks are always seeking a smooth and easy method to transfer money to and from their accounts. Many major credit card companies will outright refuse to process transactions involving any form of gambling.
Cryptocurrency is also a universal currency that is accepted around the world.
On the operator’s end of things, the ability to avoid utilizing traditional forms of money transferring enables the sportsbooks to avoid the costly fees attached to these transactions, as well as eliminating the delays that accompany the processing of such transactions. That makes the entire process much more cost efficient.
In turn, these savings can be returned to the customer in the form of lower margins, which lead to the opportunity to offer better odds on wagers provided. And because cryptocurrency is more cost effective, crypto sportsbooks tend to offer more lucrative bonus and promotional offers in order to attract customers who utilize crypto.
Tracking data of users is much easier with cryptocurrency. That enables crypto sports betting sites to better understand the wagering habits of their customers, allowing them to cater their site to the sports most popular with bettors.
What You Can Bet On
When you register at a sportsbook online that allows you to fund an account using cryptocurrencies, you will find tons of betting options. The currency being used to manage the account does not alter the options or betting choices. You will find that the best crypto betting sites will cover all major sports from around the world, providing many opportunities to bet on professional, amateur, and even college sports. No matter what sports you enjoy, you will be able to place safe and secure bets using cryptos and can generate some amazing payouts.
Some of the top sports that appeal to bettors include:
When betting using cryptocurrencies, you will find there are many different options. Bitcoin is one of the most used cryptos when placing sports bets online, but there are other options. If you want to use a different method to fund and manage your account, the best betting sites will support different currencies to make sure that all crypto bettors have safe and secure ways to manage accounts. Here are a few of the more popular currencies you can expect to find supported:
- Litecoin – Offering similar characteristics to Bitcoin, Litecoin is a great choice for sports bettors. It offers fast transaction speeds and enhanced security measures.
- Bitcoin Cash – This is different from Bitcoin as it uses larger block sizes and provides for larger transactions to be completed. There are also fewer fees than when using Bitcoin.
- Ethereum – Operating on an open-source blockchain like Bitcoin, Ethereum has proprietary traits that make it an appealing option.
Crypto Betting Bonuses
One of the great things about signing up at crypto betting sites is the offering of bonuses and special promotions. These websites want to attract those that are using cryptocurrencies to place bets. As a new member, you will be greeted with a welcome bus when you make your first deposit. This is a match bonus that will be instantly credited to the account, boosting your balance and providing bonus funds to use for betting.
You will also find that the best crypto sites will have ongoing promotions for those that are loyal and return. These can include free bets, insurance bonuses, odds boosts, reload bonuses, and more. Each site will have a great array of bonus deals that can enhance the betting experience and provide ore way to enjoy payouts when betting with cryptos.
How quickly are transactions processed?
When you make a deposit using a crypto at a betting site, you can expect the process to be instant and there are no added fees. When withdrawing, cryptos provide the fastest way to receive your payouts.
Are crypto payments secure?
Using crypto to manage a betting account is one of the safest ways to engage in real money betting online. Using blockchain technology, cryptos offer great levels of security and also allow you to remain anonymous since you do not have to provide personal or financial details at the site.
What is the most popular crypto for sports betting?
You will find that the majority of online sportsbooks will accept Bitcoin as a payment method This is the top choice for bettors, though some other options that are commonly supported include Ethereum and Litecoin.