Best Crypto Bookmakers Ranked - February 2023
The cryptocurrency betting industry is growing massively and there are hundreds of competitive sites to choose from. Since the competition is extremely high, the best crypto betting sites are now offering more bonuses and benefits to attract large numbers of gamblers. Additionally, they offer fast deposits and withdrawals, a larger selection of games and low fees. In this article, you will find all the relevant information about cryptocurrency betting sites, and the benefits of betting with crypto over FIAT currencies.
- What To Consider When Choosing A Crypto Betting Site?
- Accepted Cryptocurrencies at Online Bookmakers
- Crypto Wallets - How To Buy Cryptocurrency?
- How To Deposit With Crypto?
- Crypto Betting Bonuses and Promotions
- Crypto Betting vs Traditional FIAT Currency Betting
- The Benefits of Bitcoin Gambling Sites and Crypto
- Are There Any Disadvantages to Crypto Gambling Sites?
- Conclusion - The best crypto betting sites
What To Consider When Choosing A Crypto Betting Site?
Since there are so many crypto betting sites out there you have to be keen when choosing one to bet on. Each player is looking for a site that will satisfy their betting needs. When looking for a good site first you should look at their sports coverage. Always pick a site that has a wide coverage of both popular and less popular sports. Also, check the available payment options, the speed of deposits and withdrawals and the type of bonuses offered.
Legitimacy and Security
Placing bets using crypto is no different from betting with FIAT currencies. If sports betting is legal in your region then crypto betting is legal too. Cryptocurrencies are just but another source of funding. As for legitimacy, you have to be careful about the site you choose to bet on. A legitimate betting site should have a license from a well-known regulatory authority such as the United Kingdom Gambling Commission. The site should also have security measures in place for the protection of its customers.
Nowadays betting using cryptocurrency has become a common practice with many bookmakers accepting cryptos. There are different cryptocurrencies rising each day but so far Bitcoin is the leader in that market and you’ll find so many Bitcoin betting sites. However, there are also other currencies that online betting sites and these include:
- Bitcoin Dash
- Bitcoin Cash
Most of these cryptocurrencies have similar characteristics to each other and most especially to Bitcoin. These are just but a few cryptocurrencies, there are more than 30 cryptos you can bet with.
For the exchange rates, things are a little trickier. Some cryptocurrency betting sites will allow you to deposit and withdraw in crypto but deny you the chance to place bets in the same. This means that at some point you will have to change your crypto into a FIAT currency once you deposit and vice versa when you withdraw. The bookmaker sets the exchange rate of how much will be credited to you. At the end of the day, this makes a big difference in how much money you will have to bet with or cash out.
An advantage of cryptocurrency betting sites is that, unlike other sites that come with high fees, they have lower fees. They all come with some fees, but they boast minimal fees that are paid directly to the miners of the currency. The fees can be as low as 1% or less of your total payment. For example, if you are depositing £300 in BTC, you will incur a £3 charge, which is quite low. But, before you join any betting site make sure you check out the fees charged on your crypto. That is so that you can make the most out of your deposits.
Regulation and Licenses
Betting regulations and licensing are very important aspects of any online bookmaker. The world of cryptocurrency can be a little loose than other currencies. For instance, some exchanges do not even need a know-your-customer system. However, that is where the bookmaker comes in with decent regulation. Betting regulations are put in place to ensure that you get a fair payout and that your crypto is held and used correctly. To ensure you are protected, only join a crypto betting site that is licensed and regulated.
Crypto betting sites allow you to wager tokens, but what is paid out from the waging greatly depends on the odds offered. Depending on the odds you bet on, you will get a bit more or less crypto for winning bets. Over time, the differences in odds add up. Each betting site offers its own odds and you should research sites that have better odds. Once you have found the best odds for your favourite sports you can join the site and start betting.
One thing that you have to look for is a betting site that accepts crypto. However, it goes beyond accepting crypto. There are so many other things you have to look at on crypto betting sites. For starters, you have to check the sports coverage and it should include popular and less popular options. Another thing you should check out is if the site has in-play and live streaming features. You should also look at the site’s ease of use. Ideally, a great betting site should be easy to use, have wide sports coverage, an in-play section and a live streaming feature.
Accepted Cryptocurrencies at Online Bookmakers
Cryptocurrency is such a big market and there are so many new coins being launched every now and then. Most of these currencies are now accepted by many betting sites. There are different cryptocurrencies that punters can use to bet. Some sites will accept only single crypto such as Bitcoin, while others will accept all the cryptos. Below are some of the most commonly accepted cryptos:
Bitcoin is the most popular and leading cryptocurrency at the moment. That is why you will find so many betting sites that accept Bitcoin deposits. Bitcoin was the first crypto to be accepted in the gambling industry, and it is the leader out of all the cryptos. Currently, it has the most value and the highest acceptance rate among online betting sites. Some sites will allow you to deposit, bet and withdraw in Bitcoin but others will want you to exchange your BTC into a FIAT currency.
Litecoin has also been gaining a lot of popularity in the gambling industry and has similar characteristics to Bitcoin. However, Litecoin transactions are more efficient in the sense that their speed is superior and it is also cheaper to use. Although Litecoin might not be as popular as Bitcoin at the moment, the currency is gaining a strong acceptance rate. There are dozens of betting sites that accept Litecoin and you should try them out to enjoy the great speed of transactions.
Bitcoin Cash is similar to Bitcoin but they differ in the sense that the former has a larger block size. Also, Bitcoin Cash allows bigger transactions to be carried out at the same time in an efficient manner. Another difference is that it has lower fees than Bitcoin and other cryptos and this is very exciting to punters. Just like other cryptos, you can purchase Bitcoin Cash almost anywhere and use it to place bets at your crypto betting site.
You have probably heard about Ethereum or come across Ethereum betting sites. Ethereum operates just like Bitcoin. Both of them operate on an open-source blockchain, but Ethereum has its own proprietary traits. This cryptocurrency has been in existence since 2015 and has already branched from ETC to the popular ETH. The cryptocurrency is gaining popularity in the online gambling industry and you will mostly find it next to Bitcoin.
Dogecoin gambling is picking up the pace and many crypto sites allow DOGE deposits. There are so many wallets that support DOGE and this makes it easier for punters to access and use the crypto. Some of the trusted DOGE exchanges include Coinbase, Bittrex, Kraken, Poloniex, and Bitfinex. Through these, you can change BTC, other cryptocurrencies or FIAT currency into Dogecoins. Dogecoin sites also have a community program where punters can interact with each other as they talk about betting.
While the above-mentioned cryptos are the most common options among betting sites, there are over 30 cryptocurrencies you can actually beet with. However, these options aren’t as common as the ones mentioned above. A few cryptos worth mentioning include:
- Binance Coin
Please ensure you sort through the list of cryptos to understand how each works, the pros and cons, as well as the right betting sites.
Crypto Wallets - How To Buy Cryptocurrency?
Cryptocurrencies are stored in digital wallets a but you can also get physical wallets that store your crypto. None of them is better than the other and each of them has unique has codes for the payments. A good example of a digital wallet is Exodus where punters can create their wallets and store their crypto. In general, there are two categories of crypto wallets and these are the non-custodial wallets and hosted wallets.
To open a non-custodial wallet, you’ll have to download an app like Coinbase wallet, create your account and note down your private key. On the other hand, a hosted wallet is easy to open. You simply open an account with an Exchange and use a 2-step verification process for safety. Once you have opened the account, you should select the coin you are going to bet with. If you do not have crypto in your wallet, go to an exchange such as Binance, and purchase the asset of your choice. Once the crypto gets into your wallet you can start depositing at your crypto betting site. You can rely on a non-custodial wallet or the more secure hosted wallet.
How To Deposit With Crypto?
The first thing you will need is a crypto wallet. That i’s where the address with which you will send, receive and store your cryptos. Once you have already created your wallet, you have to buy the crypto or mine it yourself. For betting, it is highly advised you get your coins from an exchange (which allows you to convert your FIAT currency into cryptos). Each betting site provides instructions on how to deposit crypto into your account. In most cases, you have to sign up for an account, select crypto as your preferred currency, and send money from your wallet. The platform will provide you with an address or a QR code that you will use to send the money.
Crypto Betting Bonuses and Promotions
The first thing that enthusiastic punters look at is the type of bonuses a betting site offers. Cryptocurrency betting site bonuses give you extra funds and free bets to incentivise you into betting. Whenever you are looking for a new betting site always check out what bonuses they offer because that’s one way of maximising your profits. Almost all cryptocurrency betting sites offer new customers a welcome bonus. These offers are usually a great way to start your betting journey. A welcome bonus might come in form of money, cashback or even free bets.
Apart from the usual welcome bonus, some sites go the extra mile to reward returning customers. They do so by hosting some regular promotions that might come in form of reload bonuses, cashback offers, free bets or prizes. Good sites will even have a VIP program that rewards loyal customers. Although the bonuses might seem large, there is a catch most of the time. Some bonuses come with extreme requirements that might seem hard to meet. For example, some bonuses come with a high wagering requirement which makes it almost impossible for you to get any profit.
Crypto Betting vs Traditional FIAT Currency Betting
For decades, FIATmoney has been the only medium of exchange. However, with the rise of cryptocurrencies, things have become better because now you can bet using cashless transactions. That is because cryptos have many benefits over FIAT currency and the significant ones are:
High speed of transactions. Punters love fast deposits and withdrawals and this is what they get on cryptocurrency betting sites. Almost all cryptos allow instant deposits, withdrawals and transfers. Instant payments are difficult to achieve especially when you are using FIAT currency. Compared to the long waiting periods in other betting sites, crypto sites process your winnings within minutes or hours.
Lowered costs. Compared to traditional FIAT currencies, cryptocurrency does not require any storage cost or high transactional fees. When you are dealing in FIAT currencies, you’ll have to cater for the additional fees such as the processing, transactional and conversion fees. With cryptos, all these fees do not apply and that is why they charge lower costs.
Anonymity and transparency. In digital currencies all transactions are recorded and encrypted, so no one can bypass the security protocols. Thus, all your transactions remain anonymous and secure.
The Benefits of Bitcoin Gambling Sites and Crypto
With cryptocurrency betting, you get to enjoy so many benefits including financial privacy, lower fees, anonymity, faster transactions and many more. Here are some of the benefits of crypto gambling:
Cryptocurrency betting sites offer full privacy to the extent of remaining anonymous. This financial privacy ensures that all your activities remain hidden from credit rating agencies, banks and even your family and friends. In short, you can gamble privately without anyone noticing. Apart from financial freedom, it also ensures that all your transactions are kept safe and secure at all times.
For FIAT currencies customers will have to pay credit card fees, transaction fees, processing fees, deposit and withdrawal fees. When all these fees are summed up, you will be losing a great amount of money. Luckily, with cryptocurrency betting you won’t be charged all these extra fees, so you will be enjoying lower costs. In fact, the transfer fee with cryptos could be as much as 90% less than FIAT currency transfer rates.
Bigger and Better Bonuses
Best cryptocurrency betting sites offer bigger and better bonuses more frequently than FIAT currency betting sites. This is made possible because the operator saves money on deposit and payout fees, and chargeback fees. As a result, they tend to give back to their customers in form of bonuses.
Play from Anywhere
The online gambling industry operates under very strict regulations. Sports betting sites have to obtain licenses, pay fees and taxes and so many more requirements. If a betting site accepts a player from a restricted country they might get heavy sanctions. Traditional bookmakers get alerted by your credit or bank transfer information and block you instantly. However, with crypto betting, it’s hard to know where the deposits are coming from, so you can bet from anywhere.
Are There Any Disadvantages to Crypto Gambling Sites?
All technologies do have drawbacks and cryptocurrencies are no exception. There are various risks involved when you use crypto for betting online. However, the benefits outweigh the risks but it’s worth mentioning a few.
Most traditional online bookmakers are fully licensed and stick to certain betting regulations. That’s because FIAT currency circulates between different parties such as the government, banks and financial institutions. So, running a FIAT currency betting site without a license is impossible because the authorities will realise. On the other hand, operating with cryptos makes it easier for bookies to operate without licenses, which means that their customers are not protected by any authority.
Traditional bookies operate by accepting payments via FIAT methods. Therefore, they have to cater for chargebacks that are imposed on them by third parties. You can request your credit card provider to carry out a chargeback, to recoup your money. However, when you’re dealing with crypto you cannot request a chargeback because there is not a financial intermediary in place.
Cryptocurrency Price Volatility
Cryptos especially Bitcoin is known to be very volatile. You can’t avoid this risk at any time because the currency’s value keeps changing and it can happen in a matter of hours.
Conclusion - The best crypto betting sites
In summary, if you want to start crypto betting this is the best time to do so when the market is opening wide. Finding the best crypto betting sites is not simple but after reading this guide you should find one that caters to all your needs. There are tons of betting platforms accepting cryptos but only a few of them are worth your time. A simple way of finding a good crypto site is by checking reviews online. Once you have already found a bookie, you can buy the crypto of your choice, deposit it, and start betting. Crypto betting is very simple and anyone can do it starting from amateur punters to professional ones. Plus, as long as you follow the guidelines explained in this review you will not have a difficult time. So, do not miss out on trying your luck on cryptocurrency betting sites.
Is It Safe To Gamble With Cryptocurrency?
Yes, gambling with cryptocurrency is totally safe as long as you are on the right betting site. The right betting site is one that has a license by a respectable regulatory authority such as the UKGC or Malta Gaming Authority.
Is It Easy To Deposit With BTC?
Yes, depositing with BTC or any other crypto is very simple. All you have to do is create a wallet, and buy or mine your BTC. From there, go to your betting account and choose BTC as the preferred currency. Use the address provided or QR code to send your money.
Are There Any Fees When Depositing With Cryptocurrencies?
In some cases, BTC and crypto transactions are free and do not come with any additional fees. However, some betting sites will charge you some fees but the good news is that it is lower than what FIAT currencies charge.
Do Online Bookmakers Accept Only BTC?
No, online bookmakers may also accept other cryptos like Ethereum, Litecoin, Bitcoin Cash, Dogecoin and many more. Some sites will only accept one type of crypto while others will accept several. You will also find other sites that accept both FIAT currencies and cryptos.
Are There Exclusive Bonuses For Using Cryptocurrency?
Yes, some online betting sites provide punters with bonuses exclusive to cryptocurrency deposits. This is not a common practice and sites that offer such promotions are usually new to the crypto gambling industry.
What Other Crypto Currencies Do Online Bookmakers Accept?
Apart from the popular Bitcoin, online bookmakers also accept other cryptos such as Ethereum, Litecoin, Dogecoin, Bitcoin Dash, Monero, and many more.
Is It Possible To Bet On Esports In Crypto Betting Sites?
Yes, there are so many online sites that provide esports betting options. As long as a betting site accepts cryptos and they have esports you can wager on them using your crypto coins.
Are There Any Deposit And Withdrawal Limits When Using Crypto?
Yes, online betting sites usually have deposit and withdrawal limits to control how much comes in and gets out. The specific limits differ from one betting site to the other.