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Ever tried crypto betting? Playing at betting sites that accept Bitcoin, Ethereum, Dogecoin and the like offers innumerable benefits, from lightning-fast transactions to total anonymity online.
But of course, you do need to know whatâs what when it comes to things like volatility and whether crypto betting sites are 100% legal where you live. Youâll also have to tread carefully when selecting where to play, as some sites offer far better features than others. Hereâs everything you should know.
Letâs start out with a bit about the mechanics of things â which are actually a lot simpler than you might think.
So, what are crypto-friendly betting sites? Basically, crypto sports betting sites are regular betting sites, just powered by crypto. This means that youâll be putting down sports bets directly using a cryptocurrency of your choice, depositing using that same cryptocurrency and cashing out into a crypto wallet when you come to withdraw. Iâll explore how this works a little later on. What you need to know right now is why these sites are so hot.
Crypto iGaming sites are becoming immensely popular. Recent estimates suggest the crypto betting market is worth upwards of $250 million, but why is crypto betting so hot right now? Well, it offers anonymity, speed, and tons of other benefits and crypto betting bonus.
That said, it isnât for everyone. It requires a basic understanding of crypto markets, getting your head around how âcrypto walletsâ or similar buying-and-selling platforms work, and worrying about other potential hiccups like volatility and legality â which Iâll get to later.
For now, letâs look at the key benefits on offer, which are:
Most run-of-the-mill betting sites offer things like Secure Socket Layer (SSL) encryption to keep you and your data protected online, but the best crypto sports betting sites crank things up a notch further.
As youâve probably already heard, cryptocurrencies are underpinned by blockchain technology, which basically means transactions are super-secure and canât be meddled with. Theyâre also completely anonymous â which offers you added privacy online.
Did you know that the fastest crypto blockchain, Solana (SOL), has a transaction speed of 3,000 TPS? No? Well, it doesnât matter â all you need to know is cryptocurrencies are fast.
From a betting standpoint, this means you can expect average crypto deposits and withdrawals to be processed much quicker than bank transfer, e-wallet, or credit card transactions.
Many of the best BTC sports betting websites have been built from the ground up by people who are, letâs say, a little techy.
This means you can usually expect ultra-fluid usability, fast-loading betting slips and maybe even some state-of-the-art features you might not find with your average bookmaker.
Ever heard of âprovably fair?â Itâs the reason many budding and longstanding bettors alike appear to be flocking to crypto-friendly betting platforms.
In a nutshell, provably fair casino games or digitised sports-inspired games offer 100% randomised outcomes that can be verified for their authenticity via blockchain. This adds a whole new layer of legitimacy to such games and is one of crypto bettingâs biggest draws.
All betting sites offer bonuses to new and existing customers, but more Bitcoin-centric sites often advertise exclusive crypto bonus offers, Dogecoin betting sites may offer different rewards.
This means that if you deposit using a preferred type of coin, you might be able to reap bigger rewards than other bettors playing using old-hat USD or EUR.
As I said earlier, if itâs your first time playing at cryptocurrency-powered iGaming sites, youâre going to need to get your head around the following:
If you want to make crypto deposits and request crypto withdrawals with any betting site, youâre first going to need a crypto wallet. These function much the same as e-wallets like PayPal and Neteller, except youâll be using them to buy, sell and store your preferred cryptocurrencies.
To find one thatâs going to be a good fit, check out my Mbit sport review and other crypto casino sites reviews to see which wallets are most iGaming-friendly. MetaMask and Coinbase are classic reputable options. And you can usually set up most wallets via the following quick-and-easy steps:
| What to Do đ„ | How Long It Takes âČ | |
|---|---|---|
| Step 1 | Choose a trusted platform, download their app, register, and set up two-factor authentication (2FA). | A few minutes, maybe? |
| Step 2 | Hook up a bank account, credit card, or e-wallet, search for your preferred crypto, and purchase some coins. | 5-15 minutes, max. |
| Step 3 | Once your wallet is stuffed with crypto, note down your crypto address and use this for deposits/withdrawals at your favorite betting site. | Depends on the user. |
This is on you â youâll need to find an ideal betting site first, which brings me to my next pointâŠ
Once youâve set up a wallet and got your hands on some crypto, and possibly some crypto casino bonus rewards too, itâs time to get betting. Use my trusted comparisons and brand reviews here at Jaxon, such as my Litecoin betting sites review to locate a betting platform that allows for gameplay in your preferred type of coin, then create an account.
Once youâre in, you can use your crypto walletâs address to send deposits to and request withdrawals from your betting site. Some brands might require Know Your Customer (KYC) checks or email verifications the first time around, which are usually fairly self-explanatory.
Iâve said it before, and Iâll say it again â crypto betting sites arenât going to suit everybody. Getting used to how crypto works can be a bit of a learning curve for newbies, and there are considerations in terms of legality and volatility, too. Perhaps the three biggest things you ought to have in the back of your mind before you begin, are:
Before signing up with any betting site, itâs absolutely vital to read up on the legal backdrop for sports betting where you live. For example, the UK and Malta both offer legal, regulated Bitcoin betting sites, while in the US, no licensed bookmakers currently accept crypto, and in nations such as Canada and Germany, itâs a bit of a grey area.
Wherever you live, make sure you do your research before you play â and donât forget that the rules could differ between crypto casinos and crypto sports betting sites.
Google âcryptocurrencyâ and âvolatilityâ will probably come up as the next suggested search term. While crypto offers boosted privacy and speed over fiat forms of cash, the values of the likes of Ethereum betting sites, Doge and even Bitcoin are sadly known to be especially volatile and unpredictable â and youâll need to factor this in when using such coins to play at online betting sites as part of a wider iGaming strategy.
Another often-overlooked con is limitation. Crypto iGaming platforms are relatively new and arenât quite as mainstream as old-school betting sites yet. Now of course, having to choose from the newest betting websites around isnât necessarily a bad thing â you can expect state-of-the-art features and better functionality than longer-in-the-tooth sites â but it does mean there arenât as many options. So, youâll have to choose your preferred site very wisely.
Iâve already outlined some potential downsides to crypto betting, and this means that I should probably highlight some alternative payment options that you can use for your sports bets.
The good news is that most of the sportsbooks featured in the banners of this page will have a variety of different payment methods that you can use. Keep your eye out for the following payment options if you donât fancy using cryptocurrencies:
| Payment Type đł | Popular Payment Providers đ |
|---|---|
| Debit and Credit Cards | Visa, Mastercard |
| E-Wallets | PayPal, Payz, Skrill, Neteller |
| Prepaid Cards | Paysafecard |
| Bank Transfers | Various Banks |
The majority of sports fans will make betting deposits with a debit or credit card. This is because there is a lot of familiarity about major card providers like Visa and Mastercard and most betting sites feature this payment method. Other advantages of using cards for your betting include the facts that you can make instant deposits, enjoy high limits and that cards feature some of the highest levels of online security.
The downsides of using cards for betting are that your card withdrawals can be relatively slow meaning that it could take between three and five working days for the money to reach your account. Plus you might not want to enter in your sensitive card information at a betting site.
Iâve noticed that more and more betting sites are starting to accept payments from ewallets like PayPal, Payz, Skrill and Neteller. These ewallets are hugely popular because of their sheer convenience, and itâs worth noting that ewallets are hugely fast too. Not only do they let you make instant deposits, but most ewallet withdrawals will go through in less than 48 hours.
The main disadvantage of using ewallets for betting is the fact that your ewallet deposits may be ineligible for some welcome offers. Plus there is no guarantee that every betting site will feature your preferred ewallet.
Prepaid cards are great as they allow you to make payments online without having to have a bank account. Plus there is something nice about being able to use something like Paysafecard because it lets you keep your betting budget separate from your regular cash.
As such, you will find many betting sites now let you make your deposits with prepaid cards. The downsides? Well, the biggest drawback is that you can rarely make a deposit back to your prepaid card, meaning that youâll have to withdraw to another payment method. Plus prepaid card deposits will often be ineligible for some betting bonuses.
Itâs also worth noting that some sports fans like to keep it old-school by making their payments via a standard bank transfer. Such an option is widely available at betting sites, and youâll just have to type in your bank details and then make your deposit.
Bank transfer betting is useful because it is trustworthy and that you will also get full access to all available bonuses while enjoying high deposit and withdrawal limits. The downsides are that it can be unsettling to enter in your bank details at a betting site, and that bank transfers are notoriously slow. Iâve even seen some bank transfer withdrawals that take well over a week to process.
As youâve seen, using cryptocurrencies to play at sports betting sites online will bring you a ton of great benefits â from dramatically sped-up transaction times when making deposits and withdrawals, to total anonymity online and unhindered access to things like provably fair games and crypto-exclusive bonuses.
But of course, you will need to take steps to ensure crypto sports betting sites are 100% legal when you live first. And youâll need to be able to stomach any potential volatility in your preferred cryptocurrencyâs market, too. It isnât for everyone, but if it does tickle your fancy, be sure to check out the banners on this page for some top-tier iGaming experiences.
In a nutshell, itâs the same as regular sports betting, except youâll be using crypto instead of cash. To find out more, check out my detailed guide.
You certainly can â find out which sites are best for this with Jaxon.
This depends entirely on where you live. Check out my expert guide for more information.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
