Cryptocurrency Betting Guide [2020]

 If the cryptocurrency market overall or a digital asset is solving a problem, it’s going to drive some value. 

Balances on Cryptocurrency Betting sites

First, we divide Crypto Betting Sites into two categories, regarding if they hold balances in local currencies (like US dollars) or Cryptocurrencies.

Local currency Balances

On the one side, those who hold players’ balance in Fiat Money.

Either you deposit with Credit Card, Bank Transfer, or Cryptocurrencies, your money is directly converted in USD (dollars). Of course, placing bets as well as receiving winning is made in USD.

I recommend playing on such sites if:

• You want to reduce your exposure to Cryptocurrencies volatility

or

• You are willing to place your bets in local currencies (USD, Euro, etc.)

However, at the withdrawal time, you can choose to receive the money in cryptocurrency.
And it is a piece of cake. To explain, you just have to enter your withdrawal amount and your cryptocurrency address. They will do the conversion and send your cryptos!

To illustrate, here are the Cryptocurrency Betting Sites to play with a USD balance  (US dollars):

• Betonline.ag (Worldwide except for UK/France)
• Bovada.lv (the US only)
• Bodog: Canada, India, and Latin America
• Bookmaker.eu (worldwide)

Cryptocurrency Balances

On the other side, some Crypto Betting Sites keep players’ funds in Cryptocurrencies.

Factors to consider when choosing the best cryptocurrency for Betting

When it comes to Cryptocurrency Betting, I want to remind you of two important things.

First, don’t gamble with money that you can’t afford to lose. It is the fundamental rule of gambling, and it is obviously true with Cryptocurrency Betting.

Secondly, I encourage you to implement a Crypto Betting Strategy according to your Investment Plan.

Of course, if you come to Cryptocurrency Betting only for its advantages, there are many ways to limit your exposure to crypto’s volatility.

We already saw the first way, using the Cryptocurrency Betting Sites that hold balances in local currencies.

Besides, Stablecoin Betting minimizes your exposure to cryptocurrencies. Indeed, Stablecoins are cryptocurrencies backed on USD. To illustrate, 1 Tether keeps worth 1 USD.

Stablecoin Betting with Tether is available on: 

• Bookmaker.eu (Worldwide)
• Cloudbet.com (Worldwide except for US/UK)

Of course, it is fine to use your crypto holdings to make deposits. Especially if you want to gamble with a part of your profits. Otherwise, you have to implement a Cryptocurrency Betting Strategy that protects your crypto investments.

Lower fees

Cryptocurrencies have very low fees. Indeed, you can transfer millions with Ethereum for less than a $5 fee.
However, a $5 or even a $1 fee is a significant amount when you make a $20 deposit.

Bitcoin used to have the biggest fees, while Ethereum smart contracts usage keeps ETH fees higher than other cryptocurrencies.

For this reason, if you are about to make small to medium deposits, altcoins are a wise choice.
Above all, Litecoin, Bitcoin Cash, Monero, and Dogecoin have transaction fees lower than $0.03.

In particular, Ripple (XRP) fees are lower than $0.002.

Finally, some sites like Betonline which only accept Bitcoin or Bitcoin Cash and hold balances in USD. I’m used to buying Bitcoin Cash to deposit there, while I withdraw with Bitcoin. So, I save fees and receive my winnings with my favorite coin!

Faster transactions

Cryptocurrencies provide fast transactions.

However, Crypto Betting Sites wait for a predefined number of confirmations before crediting your balance. One confirmation is one block added to the blockchain.

So, depending on the cryptocurrency block time and confirmations required, some deposits are faster than others.

To illustrate, here is an estimation of deposit times on Stake.com based on average crypto block times and the number of confirmations required.

As you can see, EOS, Tron, and Ripple Betting are the fastest way to deposit (less than a minute).

Ethereum Betting has a deposit time of around 3 minutes there.

For Litecoin Betting and Dogecoin Betting, you can expect between 5 and 15 minutes for deposit times.

Cryptocurrency Betting Offering

Let’s explorer the main cryptocurrencies allowing Crypto Betting.

If you need to get on of these, our guide shows how to buy these Cryptocurrencies in a couple of minutes.

Ethereum Betting

Ethereum is the second-largest cryptocurrency market capitalization, behind Bitcoin. The cryptocurrency generated by the Ethereum platform is Ether.

Get Ethereum

Stablecoin Betting

A Stablecoin is a cryptocurrency backed on the US dollar. It means that one coin is constantly worth one US dollar.

Among stablecoins, Tether (USDT) is more used.

Get Stablecoins

USDT-ERC20 transactions take place on the Ethereum platform.
For that reason, transaction fees and block time are the same as Ethereum transactions.

Stablecoin Betting is a great way to leverage Cryptocurrency Betting advantages with limited exposure to market volatility.

Best sites for Stablecoin Betting on sports or casino:

Also, you can deposit Tether (USDT), DAI, TrueUSD (TUSD) as well as USD Coin (USDC) on Stake through its integrated exchange. So, the best place for Cryptocurrency Betting through Stablecoin deposits is Stake.

Ripple Betting

Credit Card (US Dollar, Euro)

Those who don’t have cryptocurrency yet may ask how to get started with Crypto Betting.

First, we made a crypto beginner guide to get Crypto in six (6) minutes.

Secondly, the fastest way to start both getting Crypto and to begin Cryptocurrency Betting is to deposit with a Credit Card. In particular, Players buy a Cryptocurrency through a third-party service that sends the funds directly to its Crypto Betting Balance.

Indeed, Cloudbet and Stake let players credit their balance through Moonpay third-party services.

Moonpay accepts Visa, MasterCard, Bank transfer from EU/UK, and some virtual cards, including Apple Pay. It sells Bitcoin, Bitcoin Cash (BCH), Dogecoin (Doge), EOS, Ethereum (ETH), Litecoin (LTC), Tron (TRX), Tether (USDT), and Ripple (XRP).

Finally, you can deposit with credit cards on all Cryptocurrency Betting Sites that hold balances in fiat currencies: Betonline, Bookmaker, Bodog, and Bovada.

Even if you won’t get crypto in the first place, you’ll still be able to withdraw your winnings using Crypto.

Conclusion about Crypto Betting

I hope this article gave you a better understanding of the different cryptocurrencies features. Surely, Cryptocurrencies Betting helps reduce fees, wait, and limitations.

While it may be true that choosing the right Cryptocurrency leverages these advantages, picking the right Crypto Betting Site is crucial.

We made in-depth guides and reviews that present key information

• Best Crypto Sports betting sites
• USA Crypto Sportsbooks
• Bitcoin Poker Rooms
• Top Crypto Casinos

The last word about EOS, Tron, and Dogecoin Betting, which are popular in the cryptocurrency community.

Stake.com is the best cryptocurrency betting site for these altcoins because it can hold balances with EOS, TRX, and DOGE.

FAQ

Is it legal to gamble with Cryptocurrency?

Cryptocurrencies are legit in most jurisdictions.

So, unless there are online gambling restrictions in your country, Crypto Betting is legal.

Is Cryptocurrency a good investment 2020?

We don’t give financial advice. This is my personal opinion, do your research before investing.

In my opinion, we are in the early stages of blockchain technology and cryptocurrencies. It offers amazing perspectives.

For that reason, I keep investing a reasonable part of my funds in the best cryptocurrencies.