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More and more online transactions, and therefore also sports betting, are being conducted with cryptocurrencies. We introduce you to the different cryptocurrencies, give you reasons for and against Bitcoin and Co. and, of course, have a full list of the best crypto sports betting sites.
Here's how the process works at the crypto betting provider
Many are interested in the big topic of cryptocurrencies, but quite a few quickly realize that this modern payment method requires a bit of familiarization. Unfortunately, it's not just about the complex, but in everyday life unimportant technical details, but also very specifically about the question “How can I deposit with a cryptocurrency for sports betting at all?”
FAQ – Best crypto sports betting sites
Yes, sports bettors and online casinos are even the main uses of this modern form of payment. You can find best crypto sports betting sites providers that have various cryptocurrencies in their quiver and some of them even offer a crypto bonus.
In the meantime, there are thousands of cryptocurrencies. By far the best-known representative is Bitcoin, which is often in the media, but you may also have heard of Ethereum, Cardano, Bitcoin Cash, Litecoin, Ripple, Dash, Monero or Tether (everything about Ethereum sports betting here).
Rarely does the betting provider take the hassle off your hands, but the usual way involves getting a free crypto wallet and then going to a trading platform and buying the desired coins there via credit card or similar. For the deposit, you will then receive the address of the bookie and have to send the corresponding transfer order.
Under sports betting license, cryptocurrencies are not allowed to be used. This is because the term “currency” is misleading, as they are precisely not currencies. Legally, you are operating a kind of currency trading, which is more like an exchange than a real payment.
Somewhat unfamiliar with the bookie and crypto betting
If we put the cart before the horse, we find the familiar picture for many with the different options in the checkout area of the crypto providers. You click on your preferred cryptocurrency, but then you might be surprised that you cannot directly enter your desired amount. Instead, you are presented with a long string of letters and numbers, probably also a QR code.
This is the recipient's address, to which you have to send the Bitcoins by hand. You will not be connected to your e-wallet as usual or have your bank account debited. Manual work is required here and you send the coins independently of the betting site.
Bookmakers often set very generous limits for cryptocurrencies due to their merits, and they don't add extra fees to payments either. Time-wise, it's as fast as your blockchain allows. Once you have initiated the payment, it needs to be confirmed a few times, which should be somewhere between half a minute and an hour. As soon as the money arrives at the bookie, it is available for betting.
Withdrawals are completely analogous, only in this case the bookmaker receives your cryptic payment address.
Crypto sports gambling noticeably more cumbersome for you
We can't tell you too much about the actual crux of the matter, as the various methods are so different. Of course, it is about what happens after the recipient's address has been made known. Where do you actually conjure up Litecoins, Tether, Dogecoin, Ripple and what they are all called?
Some special providers make your day easier. Here you can buy Bitcoins directly on the platform via credit card or bank transfer.
This is a bit more expensive than usual, but much easier. You are guided to your destination via the MoonBase exchange, exchange your real money there and do not need an additional wallet.
As a rule, however, you have to exchange Bitcoins yourself, which is very similar to setting up a stock account – but intentionally without the interposition of a bank. First, you need an e-wallet designed for the respective cryptocurrency, a kind of wallet on the Internet.
Then you often start trading outside of it. This can be compared to the foreign exchange market or simply like exchanging money on vacation. The usual way is through an online exchange, where cryptos are bought and sold on an ongoing basis. We advise beginners against direct P2P transfers, and mining requires the necessary know-how. Especially in Austria, Bitcoin ATMs can be found in some places, where it is quite practical.
The Best Cryptocurrencies for Sports Betting
Of course, bitcoin pops into most people's heads when the word “cryptocurrencies” is mentioned. However, there are already some strong alternative currencies that have also found their way to online bookmakers.
Sports betting with Ethereum cryptocurrency
The second best-known cryptocurrency is certainly Ethereum. If you are looking for Ethereum, you will also find it at some sports betting crypto providers. If a bookmaker has more cryptocurrencies than just Bitcoin, then he actually always has Ethereum on offer as well. Therefore, you should hardly have any problems finding an Ethereum betting provider. If you are interesting on how to make Ethereum sports betting please read our special article about second biggest crypto currency at the moment.
Litecoin, Ripple and other cryptocurrencies for sports betting
You will also stumble across the growing cryptocurrencies Litecoin and Ripple again and again when you want to deposit at well-equipped bookmakers.
Outside of the bookie industry, you can now find over 8,000 cryptocurrencies. Nevertheless, these can almost nowhere be used for sports betting. They are simply too new or still too unstable.
Sports betting with Bitcoin
Basically, cryptocurrencies are not really made for sports betting. There are various reasons for that. But among other things, the fluctuations are not conducive to crypto for sports betting with Bitcoin in particular.
Thus, it is much more difficult to keep track. If 1,000 euros have the equivalent value of 0.025 BTC, a 20 euro bet would require a stake of 0.0005 BTC. Clearly more difficult conditions in terms of money management and self-control.
Large selection of best crypto sports betting sites
We have searched the large market for you and have come across numerous bookies that allow payments via cryptocurrency at the same time and are pleasantly reputable. While the majority is still limited to payments in the official physical currencies, you will find enough variability to pick your personal strong partner.
As much as cryptocurrencies are on the rise and are still used to a large extent for online sports betting and gambling, countries remain less progressive towards them. Bookmakers that go the route of a license are not allowed to offer you crypto payments in some countries and thus fall through the cracks in this regard.
Here are 3 outstanding providers with European licenses, where you can place sports bets completely legally according to EU law. In our listings, you can also recognize Bitcoin providers directly by a brown frame, and you can find more convincing candidates by taking a closer look at Bitcoin sports betting.
Cloudbet
Even at first glance, it should be clear that Cloudbet is a classic crypto betting provider. Cloudbet calls itself the “No. 1 for bitcoin sports betting”. You can deposit there exclusively via cryptocurrencies. However, this should not be a hurdle for you if you do not have any coins available at the moment. You can also buy cryptocurrencies directly from the bookie via credit card and then use them directly.
Rabona
When it comes to crypto, the young bookmaker Rabona convinces with its diversity. Not only can you deposit with Bitcoin, but there are also other alternatives available if you prefer another digital currency. You can also deposit with Litecoin, Ripple or Ethereum. How much you can deposit or withdraw at once depends on your frequent player or VIP status. The more you bet, the higher the limits are.
Sportsbet.io
At Sportsbet.io, cryptocurrencies are in the foreground. You can deposit here with various sports betting crypto coins. Not only Bitcoin is accepted here, but also Ethereum, Litecoin and many more. You can even buy cryptocurrencies directly from the bookie or exchange your currency for cryptocurrency sports betting. Of course, you can then use it to gamble at Sportsbet.io.
Whatever page you choose in any case you will get opportunities to make bets on crypto horse racing, football, basketball and etc. for your favorite athlete or team.
Why should you bet with cryptocurrency?
Without a doubt, a one-click deposit with PayPal is much easier and also a lot more transparent than the concept of blockchains (but you also need a bank account with PayPal and have to register and verify there). However, since Bitcoin in particular is now so widespread, it can no longer be that alone. Therefore, we will now give you a brief overview of the advantages of betting with cryptos.
Anonymity:
Crypto transfer is completely anonymous thanks to the system used and it is very difficult to monitor even by official bodies. Its popularity among criminals is a good sign for you in this case.
Low cost:
Transfers always cost a little to maintain the system, but you never expect significant fees like with many euro e-wallets or credit cards. Especially transfers to non-EU countries are significantly cheaper.
Speed:
There are faster deposit methods, but transfers run reliably in under an hour. With withdrawals, you have the great advantage that nothing has to be checked as with the euro and possible waiting times are eliminated.
No verification necessary:
With a cryptocurrency, you do not fall under the radar of a state license. With some bookmakers, an email address is enough and there is no need for an otherwise obligatory verification.
Your account will not be blocked:
This is associated with a nice protection against account blocking. Not only do you pay anonymously, at special bookies you also bet anonymously and do not have to fear any exclusion.
Tremendous security:
Are bets with cryptos safe? But yes, because of the decentralized network of the blockchain, but still the complete logging of every (anonymous) transfer, every payment remains publicly traceable. Everyone is monitoring everyone.
Then and now a special crypto bonus:
Payments with cryptocurrencies are comparatively cheap for the bookmaker and they don't have to worry about chargebacks. Therefore, some put a bigger focus on this and lure you with extra crypto offers. You might find the right crypto sportsbooks bonus in our article.
Inflation-proof:
High single-digit or even double-digit inflation rates are not uncommon, especially in times of crisis, and Bitcoin and Co. were developed, among other things, to function independently of economic and social events.
Buying cryptocurrencies – this is how it works
As it is with the currency exchange of common physical currencies, you must first exchange your euros into cryptocurrencies, or buy cryptocurrencies. There are various options and websites for this. We present you 3 reputable ones:
Coinbase
The crypto exchange Coinbase originates from the USA and is also licensed there by the US financial authorities. So you can safely buy cryptocurrencies there. And there are even 34 different ones. As one of the largest and most renowned platforms in the scene, Coinbase has built up a large user base in the double-digit millions.
Kraken
Another US website, Kraken.com, has been available since 2011. There you can get cryptocurrencies via credit card or SEPA transfer. Also licensed by the US authorities, up to 47 different coins are offered here.
BitPanda
With the provider BitPanda, a European, or more precisely Austrian crypto exchange is getting involved in the market. BitPanda has been live since 2014 and focuses primarily on the best-known and strongest cryptocurrencies: Bitcoin, Ethereum, Dash as well as Litecoin. As an EU citizen, you can trade there without any problems. By the way, the fees of the website are already integrated into the coin price, unlike usual.
What are the reasons against betting with cryptocurrency?
While everyone opens a bank account as a matter of course when they are still at school, it takes a bit more to deal with cryptocurrencies. But it does not remain purely with the difficult access. Below you can read about the disadvantages of betting with cryptos.
Cumbersome:
In addition to the normal form of payment (bank account, credit card, etc.), a special e-wallet is required and then Bitcoins must be purchased similar to shares on appropriate marketplaces.
Difficult to understand:
Everyone knows what the euro is and how a bank works. If you want to understand cryptocurrencies, you need some start-up.
Speculative:
The exchange rate of cryptocurrencies sometimes fluctuates tremendously. If you want to cash out your winnings, you may have to wait for the right time.
High risk of loss:
The actual crypto payment is exceptionally safe. However, the problem might lie within yourselves: Due to the anonymity and the fact that you don't really have any money in your haze at any time, you risk losing all of your funds completely at any time. Whoever knows your access codes owns your money. If you lose the codes, everything is irretrievably lost.
No state license:
Bitcoin has long been recognized by the state as a trading object and is therefore completely legal. However, this does not mean that it is an official means of payment in the form of a real currency and is regulated accordingly (and quite fundamentally, it cannot really be regulated at all).
So, if you find a Malta license on the website, for example, which provides you with excellent protection in the form of Euros, this has no additional government protection for your Bitcoin account (aside from that generally enshrined in law for any trade). So be careful and only use the betting providers that we have found to be good.
Conclusion about sports betting with crypto:
Using crypto payments for sports betting is clever, but it also poses dangers.
Bet cryptocurrencies will become more and more popular in the future and are a real alternative to the usual euro payments, especially for internet sports betting. They are completely anonymous and secure, but also require some preparation.
We see a problem in the fact that the use of cryptos at Using of crypto at the bookie is not regulated and it is problem.
This allows you some freedom, such as no obligation to provide data or restriction to certain types of bets, but also deprives you of the protection of a flawless betting license. In addition, you can never lose your access data.
