Sports Betting With Crypto – Things to Know & Coins to Use

In recent years we have seen a surge in the online gambling industry and a lot of sportsbooks are gradually adopting crypto as a way of payment. Crypto betting is getting more mainstream based on how many bookmakers have added it as a legit way of payment and it is not surprising, because if we take a closer look, Bitcoin betting offers numerous advantages over fiat money betting.

Although it’s called crypto betting, there are usually only a few coins that are accepted. These are:

  • BTC
  • ETH
  • LTC
  • DOGE
  • BCH
  • USDT

Of course, it does not mean that besides these 6 major cryptocurrencies, there are no other digital coins that betting sites offer to customers. It depends primarily on a particular sportsbook. In general the more options there are for players – the better for both sides.

3 Categories of Coins Crypto Bookies Use

There are over 1,000 digital coins in the world, but of course, not all of them are used in betting. The categorization makes everything easier. We can divide coins that crypto bookies use into categories. The three categories are:

  • Popularity
  • Anonymity
  • Safety

Let’s discuss them each by each below.

Popularity

crypto betting todayThese coins are chosen because more people know about them, which means more people are likely to own them and use them for deposits. These coins are:

No question that Bitcoin is undoubtedly the most popular one. If you find any bookmaker on the Internet it will definitely offer BTC for betting. Bitcoin was the first crypto that first appeared back in 2009 and when crypto gambling became a trend, betting sites immediately decided to incorporate BTC as a way of payment. Even now, when we have Ethereum and Litecoin they are nowhere closer to Bitcoin in terms of popularity.

At the same time, people go for popular cryptocurrencies, because they are sure about safety. When a particular cryptocurrency exists for a long time it is more trustworthy. The popularity of payment can be considered the first criterion for players when they choose a sportsbook. Some people also think of Bitcoin Cash when they mention popular cryptos and it is difficult not to agree with them, but the abovementioned 3 cryptos will be discovered on almost every bookmaker’s website.

Anonymity

betting with cryptocurrenciesCrypto betting has numerous advantages over traditional betting – we have already mentioned that above. The main reason why people use cryptocurrencies is due to how hard they are to detect by regular means. This keeps their betting hobby away from unwanted eyes. Even though the following coins are favored for their anonymity, it doesn’t mean that other coins aren’t anonymous. These ones are just better at it. They are:

In different countries, there are different rules regarding online betting. To avoid surveillance from both the government and central banks people often turn to crypto. If we take a look at Bitcoin Cash and Dogecoin these 2 are definitely above other cryptocurrencies in terms of security and anonymity. Transactions are impossible to detect and your identity is not revealed. They are recorded in Blockchain. However, there is one thing we should emphasize. Some betting sites might require a verification check from you, meaning that providing personal documents could become necessary. Because of that, it is a good idea to check the terms and conditions in advance.

Safety

betting on sports with cryptoSometimes people just want to benefit from the advantages of cryptocurrencies without having to deal with the massively volatile nature, that they possess. So in this case the coin provided below is the top choice when people want to just make transactions faster by using crypto, but still remain relatively safe from jumping prices:

USDT, also known as Tether, is considered one of the safest cryptocurrencies you can use on crypto betting sites. When we talk about safety we could also mention its relative stability. In the recent past, Tether has been the victim of various malicious attacks but has survived. Tether is listed on all cryptocurrency exchanges and betting sites. Therefore, all crypto traders can use it, regardless of the degree of experience. That is why it has managed to increase its market share since its inception. Tether Limited continually scales as the company always focuses on customer satisfaction. To demonstrate to its customers that Tether is backed by US dollars, the company launches periodic publishing of its invoices.

When people are dealing with crypto betting, safety should be the number one priority – of course alongside anonymity and popularity. Crypto should be protected from any kind of attacks.

Best Bitcoin Sportsbook

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FAQ on Crypto Betting

Is it legal to bet with cryptocurrencies?

It depends on your location. Every country has its set of laws and they’re always different. For example in one country betting with cryptocurrencies might be legal according to the jurisdiction, while in the other ones you may face limitations. We should point out that before you start betting, you need to check the laws (if they exist) regarding betting with crypto, in order to avoid any charges.

Generally, the majority of countries allow players to gamble with cryptocurrencies. Because of its nature, Bitcoin is hard to control. It was recently, that states started to adopt laws oriented specifically on betting with Bitcoin and other digital coins. Also, if we take an example of the United States, you can meet countries where the legal status of crypto depends on a particular state. The same can be said about India, where many states prohibit betting with Bitcoin.

What is the best crypto to bet on sports with?

The best crypto to bet on sports with is Bitcoin. This was the first crypto that appeared in the world and online sportsbooks also started to feature BTC first in their payment methods. At the same time, Bitcoin is available everywhere. You will find it difficult to find a website, where payments with Bitcoin is not supported. Even if the betting site supports only 1 crypto it will be Bitcoin. Considering Bitcoin’s volatile nature, it is a brilliant tool for maximizing your winnings. Its price changes frequently and is characterized by rapid surges. Because of that, even if you do not bet on a particular sporting event, you might get some profits.

Another decent crypto to use for betting is USDT. Unlike Bitcoin, it is a relatively stable cryptocurrency, that rarely changes in price. If you are looking forward to entertainment, choosing this crypto can be a great idea.