Crypto Betting Guide: How It Works and Top Benefits

Exploring the Advantages of Crypto Betting

Crypto betting grows in popularity each year because it offers many benefits that traditional gambling doesn’t. When you bet using cryptocurrencies, your real money play has enhanced security, privacy, and speed. In this article, we describe how crypto betting works.

In doing so, we compare crypto betting to traditional betting methods. We discuss the major benefits of cryptocurrency deposits and withdrawals while giving further tips for mitigating risk while playing. We discuss the best crypto wallets and exchanges, which crypto gambling platforms are best for US players, and give tips on signing up and starting to gamble using crypto methods.

Key Takeaways

  • Crypto betting involves using digital currencies to wager on various outcomes.
  • It offers faster transactions, increased privacy, and lower fees compared to traditional betting.
  • Users should choose reputable platforms and be aware of the legal and security aspects.
  • Responsible gambling practices are crucial in crypto betting.

How does crypto betting differ from traditional betting?

The most fundamental difference is players use a different type of currency for placing bets. Crypto betting involves the use of virtual currency tied to blockchains like Bitcoin, Ethereum, and Tether. Traditional betting uses fiat currencies like US dollars, Euros, British pounds, and other government-issued currencies. Crypto betting is faster, more secure, more private, and incurs fewer fees (or has no fees.) It’s also decentralized, supports smart contracts, and sometimes offers token rewards. It’s a better option all around.

Advantages of Crypto Betting

Crypto betting has many advantages. Below is a list of the main advantages of using a crypto gambling site. We explain each in the next section.

  • Faster and Safer Transactions
  • More Privacy and More Transparency
  • No Fee
  • Bigger Bonuses
  • Token Rewards
  • Beat Inflation
  • Using Crypto Gambling Sites
  • Smart Contracts

Faster and Safer Transactions

Blockchain technology uses single-use passwords that change once you make a payment. Since the password to your funds changes the instant that it is sent over the internet, identity thieves cannot steal your banking information. Online gambling sites don’t have to verify your identity with the same intense scrutiny they would with credit cards or bank transfers.

For that reason, crypto betting deposits are faster. Because blockchain payments are faster and safer, you’ll receive winnings quicker than ever possible with credit cards. Safety and security are an essential part of these transactions, so payments are faster and safer.

More Privacy

Blockchain payments are more private than other payments, because you don’t use your bank account or credit card information. Instead, you use an ever-changing password to verify your identity. No username or real name is used, making the payment virtually anonymous.

While crypto payments are private, they are more transparent than credit card and bank account payments. That’s because the payment appears on the blockchain, where it is verified and validating by third-party token miners. Crypto deposits therefore are more private and more transparent.

No Fees

Crypto betting therefore is faster, safer, more private, and more transparent. Since it’s so much easier for the gambling sites, almost no online casino, sportsbook, or poker site charges fees for crypto withdrawals. Receive faster payouts and never pay a transaction cost.

Bigger Bonuses

When you play at a traditional online casino that supports crypto payments, you’ll receive bigger bonuses when you make crypto deposits. If a site offers a $1000 bonus for credit card and debit card deposits, it might offer $1500 for crypto deposits.

Las Atlantis Casino offers $5000 for credit card deposits, but $9000 for crypto deposits. The disparity varies between different sites, but almost any casino site offers bigger rewards for people who use crypto deposits. They can do so because the time and work requirements for verifying crypto deposits is smaller. It’s cheaper for the casino, so it passes the savings on to players.

Token Rewards

Mining tokens lets crypto users collect passive income from their investment in blockchain technology. Token mining involves documenting and verifying transactions on the digital public ledger known as blockchains. When your device is the one that validates transactions, that blockchain rewards the miner with token rewards.

Some crypto betting sites offer their own token rewards. These offers let players share in token mining. Like other investments, people without huge bankrolls can share the costs of token mining. Token rewards at a crypto site lets a player dip their foot into the pool of token mining.

Beat Inflation

In economics, inflation is a general increase in the price of goods and services. As the economy grows and populations increase, central banks must print more money to keep up with the increased activity. This causes inflation over time.

Blockchain protocols set a finite number of units, so cryptocurrency units increase in a predictable fashion. Thus, they are not subject to MO/MB inflation like traditional currencies.

Crypto Gambling Sites

Players can pick crypto gambling sites that embody many of the advantages above. These sites support more privacy, faster and more secure transactions, token rewards, and bigger bonuses. It’s the final factor we should focus on.

When you use a crypto casino with no other payment methods, the site offers huge bonuses. For instance, TrustDice offers a $90,000 welcome bonus. If you prefer, you can collect 3 Bitcoins instead. These bonuses are 10x or 20x the average bonus you’ll find on most sites.

Crypto gambling sites offer reload bonuses and VIP rewards, too. That means players receive bigger rewards with every single bet made on the site.

Smart Contracts

Ethereum is more than a cryptocurrency. The Ethereum blockchain runs a simple program that allows users to initiate smart contracts. Ethereum casinos give customers faster and safer payments. Once players take their money off-site, they can use their winnings for smart contracts.

Using developer-friendly languages like Solidity and Vyper, people can write smart contracts.

Smart contracts can be used for:

  • Peer-to-peer transactions
  • Automatic Payments
  • Cross Border Payments
  • Data Recording
  • Supply Chain Management
  • Resolve Insurance Disputes
  • Offer Error-Free Services
  • Data Sharing on Clinical Trials
  • Speed up Mortgage Processes
  • Automate Escrow Amount
  • Fractional Ownership of Real Estate
  • Digitize Payroll Administration
  • Ledger-Protected Voting in Elections
  • Recording Financial Data
  • Automate Insurance Policies and Services
  • Form a Digital Identity
  • Reduce Costs on Financial Transactions

crypto betting casinosHow to Get Started with Crypto Betting

Getting started with crypto betting takes two additional steps than usual: setting up a crypto wallet and buying crypto at an exchange. Once this is done, crypto betting is quicker, safer, more private, and less hassle-free than any other banking option.

  1. Choose a Crypto Wallet: A Bitcoin wallet is how you store cryptocurrency online. It’s like a bank account for crypto. Examples include Coinbase, Ledger, Robinhood, Zengo, Electrum, TrustWallet, MetaMask, Exodus, BlueWallet, and Crypto.com.
  2. Choose a Crypto Exchange: Once you have a wallet, visit a crypto exchange to buy units. Each of the leading platforms have its own pros and cons. Read about trading fees, withdrawal fees, and key features before choosing a Bitcoin exchange. Top options for American traders include Coinbase Exchange, Kraken, Gemini, Crypto.com Exchange, and Binance US.
  3. Buy Crypto Units: Whether you buy bitcoins, Ether, stablecoins, or an altcoin, make a purchase. You’ll be trading fees like you would when trading on the stock market.
  4. Crypto Casino Sign Up: Next, pick a crypto casino that supports the payment method you prefer. Create a player account, then accept the casino’s confirmation email. Log in to the site.
  5. Make a Deposit: Once you’re back on the crypto gambling platform, visit the Cashier or Deposit page. Choose your preferred crypto deposit method, then add the address of your wallet when prompted by the website. Choose how much to deposit and confirm payment.
  6. Accept the Crypto Bonus: Crypto gambling sites offer welcome bonuses to new users. These are often the highest on the site. Accept the bonus and satisfy the terms of use before withdrawing.
  7. Play for Real Money: Clear the rollover requirement by playing acceptable casino games. It works the same for sports betting and poker sites. Once you’ve cleared the requirement, withdraw winnings using your crypto wallet.

Crypto Casino Payment Methods Explained

When you’re choosing a preferred payment method, it helps to know the options. Between them, our recommended crypto casinos use 17 different cryptocurrencies. Read the section below to get a short introduction to each of these options. You won’t find each at every single gambling site, but you’ll find 16 of them at many of our top picks.

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Bitcoin SV (BSV)
  • Avalanche (AVAX)
  • Dogecoin (DOGE)
  • Shiba Inu (SHIB)
  • Cardano (ADA)
  • Tether (USDT)
  • USD Coin (USDC)
  • Binance Coin (BNB)
  • Polygon (MATIC)
  • Ripple (XRP)
  • Solana (SOL)
  • Stellar (XRM)
  • Tron (TRX)

Bitcoin

Bitcoin is the cryptocurrency which started it all in 2009. The mysterious Satoshi — perhaps a person or perhaps a group — invented Bitcoin to trade value online as a reaction to the global recession. Bitcoin remains the most widespread crypto and its market value just reached record levels (again.) Every crypto casino supports Bitcoin transactions.

Litecoin

Litecoin was the first major alternative to Bitcoin. It was created in October 2011 by a former Google engineer named Charles “Charlie” Lee, who adapted Litecoin from Bitcoin’s open-source code with a few improvements. Litecoin has four times more units, which means it’s four times faster than Bitcoin.

Ethereum

Ethereum is the second-most popular crypto payment method, both with online merchants and gambling sites. Like Litecoin, Ethereum is faster than Bitcoin. It also supports smart contracts, which could lead to even-money sports betting contracts. For that reason, many have touted Ethereum as the altcoin most likely to overtake Bitcoin one day.

Bitcoin Cash

Bitcoin Cash emerged from a hard fork with Bitcoin in 2018. It is another cheaper and faster alternative to Bitcoin, one designed to solve Bitcoin’s scalability issues. It’s also popular at a variety of online casinos, such as BetUS, Slots of Vegas, Wild Casino, BetOnline, PayDay Casino, and Super Slots. If you want something faster and cheaper than Bitcoin, but don’t want something too unconventional, then Bitcoin Cash might be your favorite choice.

Bitcoin SV

Bitcoin Satoshi Vision or Bitcoin SV also emerged from the 2018 hard fork from Bitcoin. Its users believed Bitcoin Cash would not solve Bitcoin’s scalability issues. A few crypto casinos support Bitcoin SV, including Slots LV and Cafe Casino.

Avalanche

Avalanche is a blockchain platform and competitor to Ethereum that uses the native currency AVAX. The goal of Avalanche was to solve scalability issues and speed up transaction processes. All fees are removed from circulation (burned), to allow AVAX to become scarcer over time. Its high uptime and fast response times boosts the amount of AVAX rewards a network participant can earn for processing Avalanche transactions.

Dogecoin

Dogecoin is the most popular of the meme coins. This crypto developed as a joke around a dog meme (doge) , but since became a legit crypto method. Dogecoin is volatile, so it’s not at every gambling site. Still, it handles payments between $20 and $100,000 at Wild Casino and BetOnline, so it’s a legit method.

Shiba Inu

Shiba Inu is a Japanese meme coin that took inspiration from Dogecoin, or at least Dogecoin’s mascot. It launched in 2020 under the stewardship of the Ryoshi group. Named for a Japanese breed of dogs called Shiba Hinu, it’s often featured in gaming sites that also have Dogecoin.

Cardano

Cardano is a super-fast decentralized PoS blockchain founded in 2015 and launched in 2017. It isn’t mined like Bitcoin but can be purchased on crypto exchanges or by participating in the Cardano network. The altcoin’s call letters (ADA) are an homage to Augusta Ada Lovelace, a 19th-century British noblewoman and mathematician who is credited with creating a proto-computer. The inventor of the Analytical Engine also happens to be the natural daughter of Lord Byron.

Tether

Tether overtook Bitcoin as the world’s most-traded cryptocurrency in 2019. That’s because Tether is pegged to the US dollar, meaning its value always mirrors the value of US dollars. Tether is a great choice for crypto users who don’t like the market volatility of other cryptocurrencies. If you want the speed, security, and privacy of crypto payments but like the stability of the US dollar, Tether is a great choice for your gaming needs.

USD Coin

USD Coin is another stablecoin that’s pegged to the US dollar. USDC faces the drawbacks of centralization risks because it’s managed by a single entity, Circle. This opens it to counterparty risks, as well, because you rely on trust in Circle and its banking partners. Like Tether, it lacks the high return potential of most other cryptocurrencies. Still, it’s a stable alternative for those who want an alternative to Tether.

Binance Coin

Binance Coin is the virtual currency used by the Binance exchange. Originally launched in 2017, Binance Coin’s designers based it on the Ethereum network. It’s now the native currency of the Binance chain, its blockchain. Interestingly, it uses one-fifth of its profits every quarter to “burn” Binance coins held in its treasury. Binance Coin is designed for lower transaction fees, as well as online purchases of travel bookings, entertainment tickets, and other services sold online. It offers smoother financial services, including online gaming.

Polygon

Polygon is a blockchain platform designed to create a multi-chain system that’s compatible with Ethereum. It uses a PoS consensus mechanism for processing transactions on-chain. Formerly known as the Matic Network, it provides an easy framework for new blockchain projects to build on Ethereum without facing scalability issues.

Ripple

Ripple is yet another decentralized blockchain designed to facilitate faster payments than any of its altcoin rivals. It does not run with a PoW system like Bitcoin or a PoS system like Ethereum. Instead, Ripple is designed to prevent double-spending, which theoretically improves the integrity of the system.

Solana

Solana is a high-performance crypto blockchain that uses decentralized applications and supports smart contracts. Like Ethereum, it uses a proof-of-stake consensus mechanism with timestamped transactions for the sake of maximum efficiency. It has a low barrier to entry, making it a viable alternative to Ethereum.

Stellar

Stellar’s goal is to reduce the cost and time required for cross-border value transfers. Its goal is to connect financial institutions with fast and cheap open-source payment technology. Stellar derives its protocols from the same codebase as Ripple, so it shares many similarities to XRP tokens.

Tron

Tron an open-source blockchain platform that began as a token built on Ethereum, though it’s since switched to its blockchain. For that reason, Tron can run smart contracts the same way Ethereum does. Tron can be used for building decentralized apps (dApps), which are like other software applications but are safer to run on peer-to-peer (P2P) networks.

Best Platforms for Cryptocurrency Gambling

You’ve picked a safe crypto exchange and Bitcoin wallet. You’ve also chosen the best crypto payment method for your resources and play style. Now it’s time to pick reputable gaming platforms that accept your favorite crypto method. Please be aware of the legal and security aspects of online gambling, which we explain on our reviews and real money pages.

Wild Casino

Wild Casino is our top pick for cryptocurrency gambling. It supports deposits and withdrawals with 16 of the top crypto methods. Players can deposit between $20 and $500,000 in Wild Casino using Bitcoin. The deposit limits are between $20 and $100,000 if you prefer to use Avalanche, Binance, Bitcoin Cash, Cardano, Dogecoin, Ethereum, Litecoin, Polygon, Ripple, Solana, Stellar, Shiba Inu, Tether, Tron, or USD Coin.

When it’s time to make a withdrawal, the payout limits are between $100 and $100,000 for Bitcoin. If you prefer to use Ethereum, Tether, or USD Coin, the payout limits are between $200 and $100,000. The withdrawal limits are between $20 and $25,00 for Cardano and Litecoin, while they range from $50 and $10,000 for Shiba Inu.

For Avalanche, Binance, Bitcoin Cash, Dogecoin, Polygon, Ripple, Solana, and Stellar, the withdrawal limits are $20 and $10,000. In all cases, crypto transactions have no fees. Ethereum payouts arrive instantly, while all other crypto withdrawals arrive in your wallet within 15 minutes.

Combine these crypto payments with Wild Casino’s $9,000 Crypto Bonus and it’s the best US online casino for crypto gamblers.

BetOnline

BetOnline Casino is our second pick for cryptocurrency gambling. It has the same exact banking methods as Wild Casino. That includes the 16 cryptocurrencies we listed above. In fact, the deposit limits and the withdrawal limits are the exact same. BetOnline matches Wild Casino in every way, except its crypto bonus is smaller.

The welcome bonus at BetOnline Casino is $3,000 over your first three deposits. You’ll receive a $1,000 bonus on each of your first three payments at a 100% match rate. Add $1000 and you’ll have an additional $1000 in your player account. That’s good, but it doesn’t match Wild Casino’s offer.

Some gamblers might prefer BetOnline, despite the lesser promotional offer. That’s because BetOnline offers hundreds of casino games, sports betting, horse racing, and poker betting. It’s an all-in-one cryptocurrency gambling site, which should appeal to many gamblers.

Las Atlantis Casino

The next best casino for crypto gamblers is Las Atlantis Casino. This site offers 475 online slots and nearly 100 other online video poker and table games. It also supports deposits using Bitcoin, Ethereum, Litecoin, Binance Coin, Ripple, Dogecoin, and Tether.

When you make crypto deposits, the limits are between $20 and unlimited for all seven crypto methods. If you use Bitcoin, Ethereum, Litecoin, Binance Coin, Ripple, or Dogecoin, the deposit arrives in your player account within 15 minutes. Tether deposits arrive instantly.

Payouts work differently. When your withdraw winnings, Bitcoin is the only crypto withdrawal methods. For most players, the payout limits are between $250 and $1500 and arrive within 1 to 3 days. For VIP players, the payout limits range between $250 and unlimited. You’ll need to speak to your VIP account manager to arrange limits. The withdrawal time remains 1 to 3 days.

BetUS Casino and Sportsbook

BetUS is the next best platform for cryptocurrency gambling. When you play at BetUS, you can make deposits and withdrawals using Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. The cryptocurrency deposit limits range between $10 and $50,000.

Crypto deposits come with a 50% boost over the standard deposit. Thus, if you see an offer for a $1000 welcome deposit using credit cards, the crypto bonus will be $1500. Call 1 888 51 BETUS (23887) to get the full details about BetUS’s crypto bonuses. When it’s time for crypto withdrawals, players can fill out a crypto request form or call 1-800-51 BETUS (23887) to speak to an account manager.

Gamblers at BetUS can make sports bets or play casino games. The site has a separate account for each activity, so you’ll have a casino account and a sports betting account. BetUS features a myriad of sports betting bonuses, casino bonuses, and specific crypto bonuses. It can get confusing but is very flexible.

To help crypto gamblers, here are the main crypto bonuses at BetUS:

  • 250% Crypto Bonus: Up to $5000 for the Sportsbook: Promo Code CAS250
  • 200% Crypto Bonus: With up to 30 Risk-Free Bets for the Sportsbook: Promo Code JOIN200
  • 20% Cash Bonus: Up to $2500 with 6x rollover for the Sportsbook: Promo Code 20CASH
  • 200% Crypto Bonus: 150% for Sports + 50% for Casino: Promo Code FIRST200
  • 100% Crypto Bonus: On Next Two Deposits up to $2500: CRYP2X
  • 20% Cash Re-Up Bonus: Re-Up Bonus on all Crypto Deposits: Promo Code RU20CASH

More Crypto Gambling Platforms

If you want a handful of more recommendations for crypto gambling sites, consider Slots of Vegas, PayDay Casino, SuperSlots Casino, and Planet7 Casino. SuperSlots is an excellent site if your favorite game is online slots. It supports 16 different crypto payment methods with huge transaction limits. PayDay Casino is a new online casino, but it offers the same 16 crypto methods and the same huge deposit and payout limits.

Planet7 Casino is a much older site with about 200 casino games. It supports Bitcoin deposits and withdrawals, while it has a huge number of bonus codes for different games. Planet 7 Casino is also has a $30 bonus chip, which is one of the few no-deposit bonuses players can access in the United States.

  • Slots of Vegas: Bitcoin
  • PayDay Casino: Bitcoin, Avalance, Binance Coin, Bitcoin Cash, Cardano, Dogecoin, Ethereum, Litecoin, Polygon, Ripple, Solana, Stellar, Shiba Inu, Tether, Tron, USD Coin
  • Super Slots Casino: Bitcoin, Avalance, Binance Coin, Bitcoin Cash, Cardano, Dogecoin, Ethereum, Litecoin, Polygon, Ripple, Solana, Stellar, Shiba Inu, Tether, Tron, USD Coin
  • Planet7 Casino: Bitcoin

Safe Crypto Betting Practices

Responsible gambling begins when you choose a reputable cryptocurrency gambling site. This requires research to ensure the fairness and reputation of the website you choose. Crypto banking methods help, but only if you use crypto deposits and withdrawals at legitimate online casinos, sportsbooks, and poker sites.

Reading gambling site reviews helps you get started on a safe track. Picking the best bets and using bankroll management techniques enhance your user experience and ensure your make smart bets. Withdrawing with the safest, fastest, and most anonymous crypto methods completes the picture.

When you play, employ these safe crypto-betting practices to ensure you have a safe, fun, and profitable gaming experience:

Find Casinos with Transparent Policies

Read a site’s terms of use and FAQ pages. The terms and conditions should be transparent and fair. Wagering requirements should be reasonable, while game requirements should let you clear the requirements with a flexible set of games. Withdrawal policies should be clear, and payouts should be fast and reliable. If not, pick another site.

Choose Sites with Secure Payment Systems

Choosing crypto gambling sites solves this problem. Only play at sites that support payment with one or more cryptocurrencies. It helps if a casino or sportsbook uses 128-bit encryption and SSL certifications. It also helps if their verification process is thorough and efficient. But never pick a site that won’t send money using blockchain technology.

Play at Sites with Positive User Reviews

Read casino review sites and player aggregator sites. These give a sense of a gaming site’s history, reputation, and business practices. Don’t assume one bad review is the gospel, because everyone has disgruntled customers and bad reviews can be faked. Learn the consensus opinion on a site’s reputation. If the player consensus is good and the review sites give sterling reviews, pick that gaming site.

Make Smart Bets with Bankroll Management Techniques

Learn a few bankroll management tips and use them to control your gambling. Read about win goals and loss limits, which limit your gaming activity to peak time and lock in winning sessions. Study how to calculate your bankroll, then never bet more than 1% to 3% of your bankroll on any single bet.

Learn how to spot signs of problem gambling. If you exhibit those signs, find a helpline and speak to a counseling professional. Never bet your mortgage bill or car payment, but only wager money set aside for entertainment. Play safe and enjoy the game. It’s called responsible gambling.

Know about Return to Player and Game Odds

Study your favorite game to find the best bets available. If you play casino games, learn about return-to-player (RTP) and which games are best. Pick blackjack or video poker if you prefer games with skill. Pick baccarat or craps if you prefer games with no strategy — but first, learn the bets with the best odds in those games. If you play slots, then learn which slot games have the best odds.

When you make sports bets, then study the game conditions and latest news to find an edge. If you play poker, then study poker strategy and use online tools to boost your card-playing abilities. In every case, you’ll learn tips that boost your odds of winning.

Conclusion

Crypto betting has many benefits that traditional betting doesn’t. Place bets on your favorite games with enhanced security, anonymity, and speed. When players learn the advantages and start betting smarter, they’ll see a difference in their results.

Now that you’ve learned the overview, players should explore crypto betting. Pick a wallet, pick an exchange, and buy some crypto units today. Remember to proceed with caution and responsibility, which leads to more winning and more fun. Choosing a crypto casino or sportsbook aids with responsible gaming, so choose a crypto casino gambling site and start playing today.