Cryptocurrency Betting Setup: How to Start Crypto Gambling

Crypto betting is the safest and fastest way to gamble with real money online. Blockchain technology protects your banking information without fees. Crypto gamblers don’t share banking account or credit card information, while they avoid fees and verification delays. Everything is transparent on the blockchain, yet players maintain total anonymity when crypto betting.

Thus, crypto betting is the safest way to gamble online. Read our step-by-step guide to starting with crypto betting below and you’ll be playing in a few minutes. Learn how to buy cryptocurrency for betting. Read about choosing the right crypto betting site. Finally, follow our guide to setting up a wallet for gambling purposes.

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Key Takeaways:

  • Getting started with crypto betting involves setting up a digital wallet, buying cryptocurrency, and selecting a betting platform.
  • It’s important to choose secure and user-friendly services for each step.
  • Understanding the betting process and available options is crucial before placing bets.
  • Responsible gambling practices should be maintained throughout the betting experience.

How do I start crypto gambling?

Read the crypto betting guide below for a step to step guide. It gives you all you need to know to choose a crypto wallet and crypto exchange. It also gives tips for selecting a crypto betting site and moving your virtual currency to your player account. In fact, it gives every step in the cryptocurrency betting setup.

Step-by-Step Guide to Starting with Crypto Betting

  • Step 1: Setting up a cryptocurrency wallet.
  • Step 2: Purchasing cryptocurrency.
  • Step 3: Choosing a reputable crypto betting platform.
  • Step 4: Depositing cryptocurrency into the betting account.
  • Step 5: Understanding betting options and placing a bet.
  • Step 6: Withdrawing winnings and managing your funds.

Setting Up a Cryptocurrency Wallet

Set up a cryptocurrency wallet by choosing one of the top wallets out there. Here are more than a dozen options available for North American customers. Sign up with basic details. Some crypto wallets don’t require you to add your personal identification information. It truly is anonymous.

Coinbase Wallet

This is the best known US cryptocurrency wallet. Coinbase Wallet is the official wallet of Coinbase, the biggest cryptocurrency exchange in the USA. It offers easy support for over 500 tokens and biometric authentication.

Exodus

Beginners should consider Exodus, because it has a reputation for easing traders into the world of crypto. It supports more than 300 crypto assets, so Exodus works for any virtual currency used by a crypto casino.

MetaMask

Though it’s best known for interacting with the Ethereum blockchain, MetaMask is compatible with other major blockchain technology. MetaMask works as a mobile app or connects to regular browsers such as Google Chrome.

Electrum

Operating since 2011, Electrum has never required users to provide their identity. It supports the biggest cryptos, while offer quality customer support and easy usage.

Trust Wallet

Another decentralized app with strong security for Android and iPhone devices. It has a built-in Web3 browser.

Etoro

Supports 14 major cryptos and works well for mobile users. Practice using a $100k portfolio so you don’t make costly mistakes on startup.

Zengo

Uses 3-factor authentication and has a secure wallet recovery system. Don’t worry about losing your seed phrase.

BlueWallet

Offers multi-signature vaults for added security. Blue Wallet also supports on-chain or Lightning Network transactions.

Crypto.com

A decentralized finance wallet with over 250 coins. It’s a good DeFi wallet because it lets you earn interesting on 25+ cryptos.

Hardware Crypto Wallets

  • Trezor: One of two hardware wallets. SatoshiLabs, a Prague-based company, designed Trezor. It runs on your desktop computer and provides greater security than web-based apps. Place the keys to your crypto wallet on the Trezor device.
  • Ledger: The other major hardware wallets, it’s one of the best ways to store blockchain keyes. Ledger Nano X can manager more than 5,500 coins and tokens, including bitcoin, XRP, and ether.
  • SafePal: A hybrid crypto wallet.
  • KeepKey: A hardware solution for beginners.

Purchasing Cryptocurrency

Now that you have a cryptocurrency wallet, you’ll want to purchase cryptocurrency. Players want flexible cryptocurrencies that work at many different crypto casinos. For that reason, you’ll want to choose Bitcoin or one of its top altcoin rivals.

Some gambling sites support only Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Others support between 15 and 20 top cryptos, including options like Tether, USD Coin, Bitcoin SV, Solana, Avalanche, XRP, and Binance Coin. Many of those sites accept meme coins like Dogecoin and Shiba Inu.

When purchasing cryptocurrency, the main tip is to choose a virtual currency that fits your cryptocurrency wallet and crypto exhange.

Coinbase

This is an American publicly-traded company and the largest crypto exchange in the United States. Buy and sell crypto for fiat curency. Coinbase has regulatory restrictions, which some might not like.

Kraken

One of the oldest crypto exchanges (established 2011), the San Francisco-based company is known for strong security, low fees, and several advanced trading features. The user interface is a bit complicated.

Binance

Developed by Changpeng Zhao in 2017, Binance is a global company and the largest cryptocurrency exchange in the world. Binance is a reliable option that’s easy for newcomers. It does have fairly high trading fees.

Crypto.com

A good choice for mobile crypto traders. Crypto Dotcom is available in 90+ countries and supports 250+ cryptos. It has its own blockchain and CRO token. Crypto Dotcom even has its own crypto Visa card.

Gemini

Gemini prioritizes security and compliance. The New York-based exchange offers hot wallet insurance and requires both two-factor authentication and SOC 2 certification.

Robinhood

The Robinhood exchange offers low costs, especially for options trades. Robinhood is easy to use and no fees for cryptocurrency trades, though it has limited variety.

SoFi

The company which bought naming rights for the Los Angeles Rams and L.A. Chargers home stadium. SoFi is a good option for beginners, because it has an intuitive user interface and allows stock trades. It has world-class security and customer support.

Choosing a Reputable Crypto Betting Platform

Now that you have a crypto wallet and crypto exchange, it’s time to choose an legitimate crypto betting platform. Most Americans still play in an unregulated offshore environment, so it pays to do research on reputable online casinos, poker sites, and sportsbooks.

Research gambling sites by reading our casino reviews and sportsbook reviews. Many of the sites we discuss combine casino games with poker and/or sports betting. When reading site reviews, pay attention to the games offered, the welcome bonus and other promotions, and the crypto deposit options.

Make a choice based on the best combination of factors for your gaming needs. Some players will want different sites for their casino gambling and sports betting. Others will prefer one single site that offers all forms of gambling with one player account. Choose accordingly.

Once you choose your gambling site, create an account. Click the “Sign Up” button or the welcome bonus ad at the top of the page to get started. Enter your name, address, username, and email address. Be prepared to use a promo code to collect the welcome bonus when you make your first deposit.

Here’s how you make a cryptocurrency deposit.

Depositing Cryptocurrency into the Betting Account

Once you’ve purchased cryptocurrency, you’ll need to transfer it to your wallet. Then you’ll want to move it from your wallet to your casino account. Remember: always transfer cryptocurrency from your crypto wallet and not your crypto exchange.

Inside your exchange account, select “Withdraw” or “Send.” Past your cryptocurrency wallet’s address into the box provided. In your crypto wallet, click “Receive” to finish the move to your account. Also, make certain you generate a new wallet address.

  1. Log in to your gambling site account.
  2. Select the cryptocurrency you purchase from the deposit options. Make certain it’s the same currency, because no two coins are interchangeable.
  3. Inside your crypto wallet, press “Send.”
  4. Paste the address generated in the gambling site’s cashier page into the field in your wallet. Alternately, you can scan the QR code on the gambling site.
  5. Choose the amount of crypto units you want to send. Once again, press “Send” to make the deposit.
  6. The confirmation screen will appear to assure all the information is correct. Review the address and compare against the address on the gambling site’s cashier page.
  7. Once this is confirmed, click “Send.” Wait up to 15 minutes for your funds to appear in your casino or sportsbook account.

Understanding Betting Options and Placing a Bet

Once you have cryptocurrency in your casino account, it’s time to bet for real money. Understand the betting options at your gambling site. Online casinos have bets on casino games and live dealer games. Sportsbooks have bets on sporting events, live in-game betting, racebook bets, esports, and virtual sports. Poker has betting on Texas Hold’em, Omaha, and Seven-Card Stud.

Placing a bet is easy, once you have cryptocurrency units in your account. It gets more complicated when you accept a welcome bonus, because it has terms of use. Most welcome bonuses favor online slots, scratch cards, and Keno when satisfying the wagering requirement. If so, play slots and scratch cards to clear the requirement.

Withdrawing Winnings and Managing Your Funds

Withdrawals can happen anytime your bonus requirements are satisfied. Withdraw your winnings in the reverse. Visit your cashier or banking page on the online gambling site. Choose your favorite crypto and request a withdrawal. Copy and paste your crypto wallet’s address in the withdrawal request form. Choose the amount you wish to withdraw, then confirm payment.

Once again, you’ll need to wait for a while before the virtual currency arrives in your crypto wallet. It can take as little as a few minutes or as much as 24 hours. Some crypto casinos even take up to 48 hours, though a few minutes or hours is common. That’s it — you now understand how to withdraw winnings and manage your funds.

Getting Started with Crypto FAQ

What is the best crypto wallet for betting?

The best crypto wallet for gambling depends on your needs and preferences. Read through our section above on crypto wallets. Coinbase, Exodus, Electrum, and MetaMask are a few of the best options.

Coinbase Wallet is the biggest US crypto wallet, while MetaMask is known for Ethereum trading. Exodus is great for beginners, while Electrum is great for privacy and anonymity.

Trust Wallet and Etoro are good choices for mobile users, while Zengo and BlueWallet are great for security. The ultimate in security are hardware wallets like Trezor and Ledger.

How do I choose the right crypto betting site?

Make a checklist of the factors most important to you: games, software, bonuses, customer support, reputation, and crypto banking methods. Once you do, read through crypto betting site reviews. It’s a matter of matching your checklist with the factors discussed on our thorough crypto gambling site reviews.

Once you’re read through our crypto betting guide, you’ll have all the information you need to make a wise choice. After that, it’s a matter of choosing a crypto wallet, Bitcoin exchange, and crypto betting platform. Once you set up a wallet for gambling purposes and set up the cryptocurrency in your casino site, you’re reading to gamble.

Pick a crypto betting site today and start gambling in the safest and most convenient way possible.