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Types of major cryptocurrencies for betting

As the world gradually accepts the use of cryptocurrencies for everyday transactions,betting websites have also started allowing users to wager with cryptocurrencies.

Currently, there are a number of cryptocurrencies that bettors can use for their wagers and the list of accepted crypto is growing every day.

But before getting the types of cryptocurrencies, it is necessary to know what a cryptocurrency is:

A cryptocurrency is a virtual, encrypted and decentralised form of currency, meaning there is no interference of a central authority like the Federal Reserve System in the USA, European Central Bank or the Reserve Bank of India (RBI).

Business in cryptocurrencies is usually done through tokens or coins. Although some cryptocurrencies have entered the physical world with credit cards, the majority of them remain entirely intangible.

The major cryptocurrencies accepted by crypto gambling sites are as follows:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Litecoin (LTC)
  • Binance Coin (BNB)
  • DogeCoin (DOGE)
  • Polkadot (DOT)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)

How to deposit/withdraw using crypto on a betting site?

Making deposits and withdrawals using cryptocurrency on a betting site is as easy as ordering a pizza online. Here's how you can start using crypto for your bets.

Buy some cryptocurrency

You need to own the accepted cryptocurrency before you can start betting. If you don't possess the authorised cryptocurrency, it's possible to buy it from any online crypto trading platform with conventional fiat currency like INR and USD. You can also buy from e-wallets like Moonpay and UTORG.

Deposit cryptocurrency on a betting site

Once you have your cryptocurrency, all you have to do is find a betting website that accepts deposits in crypto and register on it.

Certain websites will allow you to link your account to your crypto wallet while a few websites will provide an option where you can buy crypto directly.

For depositing through your crypto wallet, select the deposit option and choose the cryptocurrency you wish to deposit. A QR code or a deposit address, generally made of random numbers and alphabets, will appear. Scan the code or paste the link in your crypto wallet to deposit cryptocurrency to your betting account.

Some websites also let you convert fiat currencies like INR, USD, and EUR into cryptocurrencies but they are quite rare.

Since crypto is fairly new to the betting industry, many websites offer bonuses on deposits.

Start betting with cryptocurrency

After creating an account and adding your cryptocurrency to your betting account, you can use it to bet on any sport or game of your choice. You can choose from sports like cricket, horse racing, football, to casino games like blackjack, roulette, slots, teen-patti, etc using cryptocurrency.

Withdraw your winnings

You can withdraw your winnings the same way you deposited your funds. Most betting sites that accept cryptocurrencies share the same payment gateway or portal for both deposits and withdrawals. Hence, if you win a bet, all your winnings will be added to your betting account. From where you can transfer your winnings to your bank or crypto wallet using the portal. A couple of examples of these gateways are Moonpay and UTORG.

Betting payment methods for crypto gambling sites

As cryptocurrencies are becoming more mainstream, many people have started to buy various types of crypto. Seeing the opportunity, many betting sites have begun to accept cryptocurrencies as a payment option, but you'll find only a few where you'll find flexible payment options.

Here are a few payment options for cryptocurrencies:

  • Credit Cards
  • Wire Transfers
  • Moonpay
  • UTORG
  • Paycryptos
  • BitForex
  • Local Bitcoins
  • Crex24
  • Zebpay and many more.

Similarly, you can withdraw your winnings by the options offered by a certain bookmaker.

FAQs for crypto gambling sites

Are there any deposit limits and withdrawal limits for cryptocurrencies in a crypto gambling site?

The minimum limit for deposits and withdrawals varies for each bookmaker. For example, the minimum deposit for Ethereum can be 0.01 ETH and the maximum limit for withdrawal can be 1 or 2 ETH.

Is Bitcoin legal?

This entirely depends on your region. While Bitcoin is legal in many countries and jurisdictions like the UK, USA, it is also restricted in a few countries like Nepal, China, Bolivia, and a few others. Hence, if you want to buy or bet with bitcoin, make sure you're in a region where it's legal.

Is it safe to bet with cryptocurrency?

Cryptocurrencies are just as vulnerable to a changing market, however, there are currencies like Bitcoin and Etherium which are convenient and stable. When you use crypto to bet it allows you to play anonymously and as many bookmakers offer crypto-betting, the safety in placing bets is assured.

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1win is a relatively new bookmaker which has earned a good reputation. Punters will find a huge selection of games, generous welcome bonuses, and promotions. 1win also holds a Curacao license making them a legit online betting site.

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Launched as recently as November 2022, JungliWin is one of the emerging platforms in the online betting space.

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Betadda is a sportsbook that offers a wide variety of markets, including virtual sports, and live events to choose from. It boasts of a live casino and slots, weekly promotions, and ultra-fast crypto wagering and withdrawal facilities. Betadda caters to more than 30 sports and over 300 video slots, tables, and live dealer games consisting of free spins, jackpot prizes, and bonus rounds. The sports betting site is crypto-compatible.

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