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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:
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.
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:
Similarly, you can withdraw your winnings by the options offered by a certain bookmaker.
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.
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.
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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Considered one of the best sports betting sites, Sportsbet.io is the pioneer of cryptocurrency transactions in the industry. It offers a speedy service with a fun and fair experience. The comprehensive and evolving sportsbook also offers an unparalleled betting experience to the bettors.
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Parimatch is a reliable and user-friendly sports betting brand in India. The bookmaker is licensed and regulated by the Curacao eGaming Authority under the Government of Curacao. Having begun operations in 1994, Parimatch only recently entered the Indian market.
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Fun88 entered the Indian market with a comprehensive sportsbook. Cricket, football, basketball, tennis and table tennis are some of the sports on its roster.
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Owned by Medium Rare N.V. and established in 2017, stake.com is one of the most popular crypto sportsbooks in the world and enables you to place various types of bets on multiple sports.
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A relatively new bookmaker, Megapari was established in 2019 and it comes with a Eastern European background and a Curacao license. The players can register easily via email, phone verification or social media. Megapari is known to provide competitive odds alongwith 300+ extra bets on top events, live streaming and near-instant withdrawals. Megapari has a mobile app for Android and iOS.
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Parimatch is a reliable and user-friendly sports betting brand in India. The bookmaker is licensed and regulated by the Curacao eGaming Authority under the Government of Curacao. Having begun operations in 1994, Parimatch only recently entered the Indian market.
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22Bet is one of the fastest growing players in the Indian betting market. Ever since the establishment in 2017, 22Bet have spread their reach not only in India but to corners of the world, making betting accessible to punters who are passionate about sports betting. 22Bet accepts a variety of currencies and has almost a hundred payment methods available all around the world.
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4Rabet is one of the most popular sports betting sites in India. It offers betting services on a number of sports like cricket, football, ice hockey, basketball and tennis to name a few. Established in 2018, 4Rabet is a relatively new bookmaker in the betting industry, offering sportsbooks and casino games. It is also amongst a few bookmakers offering betting on esports.
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Established in 2009 with its headquarters in Cyprus, Mostbet is a highly reputed betting company that allows you to make all kinds of bets in various different types of sports, including esports.
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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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