Crypto sportsbooks do exist. However, we have to admit, when cryptocurrencies first came on the scene, we were skeptical.
Weren’t YOU?
Digital money that isn’t issued by a central bank? It seemed like a fad that would fade away. But crypto is here to stay, and its impact is being felt in industries all across the board, including in the world of online betting.
If you’re an online bookmaker, it’s time to adapt to cryptocurrencies or get left behind.
Cryptocurrencies have gone mainstream, and platforms that don’t accept them risk losing customers to competitors that do so.
Betters, especially younger ones, want options to deposit and withdraw funds that suit their needs. For many, crypto fits the bill.
If you think crypto is too risky or complicated, think again. Solutions exist now to make accepting and processing crypto transactions easy while mitigating risks of fraud and theft.
Take the rise of cryptocurrencies as an opportunity, not a threat, for online bookmakers. So, how to use bitcoin for sports betting, in a safe and efficient manner?
Tapping into the crypto customer base opens up your platform to an entirely new segment of betters. And by offering the payment methods customers want, you build goodwill and loyalty. The crypto train is leaving the station.
Looking for affiliate software for your betting company that accepts cryptocurrencies? Try Scaleo free for 14 days and start paying your affiliates in bitcoins. Enjoy also automated billing and transparent commission reports.
With that being said, let’s get started!
Why Cryptocurrencies Matter for Online Betting?
We’ve been making affiliate software for online betting websites in the online betting industry for over a decade now, and one thing is clear: adapt or get left behind.
We’ve seen a lot of changes, but nothing quite like the rise of cryptocurrencies. Here are a few reasons why crypto matters for the future of online betting:
| Feature | Benefit |
|---|---|
| 🚀 Speed | Instantaneous deposits and withdrawals compared to days with traditional methods |
| 💸 Lower Fees | Drastically lower transaction fees, especially for international players |
| 🕵️ Anonymity | Protects user identity, which is especially useful in regions with strict gambling regulations |
| 🌍 Accessibility | No regional banking limitations; accessible to anyone with internet and a digital wallet |
| 🔒 Security | Transactions are encrypted and decentralized, reducing the risk of hacking or fraud |
As far as we can see, the so-called “bet crypto” is the future of digital finance and online betting. The time to embrace crypto is now, before the opportunity passes you by.
The betting world is changing fast, but the future looks very bright with crypto on our side.
How Cryptocurrency Transforms Sports Betting?
Imagine a world where every wager you place is swift, secure, and utterly seamless. A realm where your privacy is sacrosanct, transaction fees are slashed to a whisper, and the barriers of geography crumble beneath your fingertips.
Crypto is the future of sports betting. If you’re serious about maximizing your betting experience, it’s time to understand why cryptocurrency isn’t just an option; it’s the game-changer you’ve been waiting for.
Blockchain Technology
Let’s get straight to the point. Traditional betting platforms are hampered by outdated systems, hidden fees, and a lack of transparency that breeds distrust.
This is where blockchain technology enters the stage—the revolutionary backbone that ensures every single transaction is transparent, secure, and absolutely immutable. Think of it as an unbreakable ledger where every bet you place and every payout you receive is recorded in stone. No more shady practices, no more second-guessing. Just pure, unadulterated trust between you and the platform.
Decentralized Crypto Platforms: Your Betting, Your Rules
Fed up with middlemen siphoning off your hard-earned money?
Decentralized crypto platforms eliminate the need for banks and financial intermediaries, putting you in the driver’s seat.
This peer-to-peer network isn’t just more secure—it’s censorship-resistant, ensuring your betting activities remain private and under your control. Imagine having direct access to your funds, free from the constraints and delays imposed by traditional financial institutions.
Freedom feels good, doesn’t it?
Bitcoin Payment Processor: Speed and Simplicity
Time is money, especially in the fast-paced world of sports betting.
A reliable bitcoin payment processor ensures your transactions are as quick and straightforward as possible. Deposits and withdrawals happen in the blink of an eye, 24/7, without the red tape and waiting periods of conventional payment systems. Whether you’re placing a last-minute bet or cashing out your winnings after a big game, a bitcoin payment processor keeps you in the action without missing a beat.
Digital Wallets: Your Security
Your money should work for you, not sit idle in an insecure vault.
Digital wallets offer a fortress-like security for your cryptocurrency, equipped with multi-signature protection and advanced encryption. These wallets make managing your funds effortless, allowing you to send, receive, and store your digital assets with unparalleled ease.
It’s not just about security—it’s about having instant access to your money whenever and wherever you need it.
Enhanced User Privacy
Privacy isn’t a luxury; it’s a necessity. Traditional betting platforms often require a treasure trove of personal information, leaving you vulnerable to data breaches and identity theft. With cryptocurrency, you enjoy enhanced user privacy, conducting transactions pseudonymously. Keep your betting activities discreet and protect your personal information without compromising on functionality. It’s betting on your terms, with your privacy intact.
No More Middlemen
Say goodbye to the hassles of intermediaries.
Cryptocurrencies offer freedom from middlemen, streamlining the entire betting process. No more delays, no more additional fees—just direct transactions between you and the platform.
This not only speeds up your betting experience but also reduces the potential for errors and complications. It’s straightforward, efficient, and tailored to meet your needs as a bettor.
Global Accessibility
Why limit your betting to local events when the world is your oyster?
Global accessibility with cryptocurrency breaks down geographical barriers, allowing you to engage with international sports events and a diverse array of betting opportunities. Whether you’re in New York, Tokyo, or anywhere in between, cryptocurrency ensures that you’re never restricted by borders.
Expand your horizons and tap into a global betting community with ease.
Immutable Transactions
In the high-stakes world of sports betting, trust is everything.
Immutable transactions powered by blockchain technology guarantee that every bet and payout is tamper-proof. This permanence ensures that the integrity of your transactions is never in question, fostering a reliable and accountable betting environment. When every transaction is rock-solid, you can focus on what truly matters—winning.
Instant Withdrawals and Lightning-Fast Payouts
Waiting for your winnings is a thing of the past.
With instant withdrawals and lightning-fast payouts, cryptocurrency ensures that your money is always at your fingertips.
No more waiting days for your funds to clear—whether you’ve hit the jackpot or just want to cash out, your winnings are available immediately. This speed not only enhances your betting experience but also keeps you in control of your finances without delay.
Reduced Transaction Fees: More Wins, Less Fees
Every penny counts when you’re betting. Traditional payment methods often come with hefty fees that eat into your winnings. Cryptocurrencies offer reduced transaction fees, making your betting process more cost-effective. Lower fees mean more of your money stays in play, increasing your potential returns and allowing you to bet smarter, not harder. It’s a financial advantage that savvy bettors can’t afford to ignore.
Transaction Stability
Worried about the volatility of cryptocurrencies?
Fear not. The use of stablecoins—cryptocurrencies pegged to stable assets like the US dollar—provides transaction stability. This means the value of your bets and payouts remains consistent, eliminating the risks associated with price fluctuations. With stablecoins, you can enjoy the benefits of cryptocurrency without the uncertainty, ensuring a reliable and steady betting experience.
The Top Cryptocurrencies for Online Betting
Not all cryptocurrencies are created equal when it comes to online betting. Some work better than others due to faster transaction times, lower fees, or better integration with betting platforms.
Let’s take a look at the most popular ones in the game:
| Cryptocurrency | Why It’s Popular for Betting |
|---|---|
| 🪙 Bitcoin | The OG of cryptocurrencies, widely accepted and trusted, but slower transaction times |
| ⛓️ Ethereum | Faster than Bitcoin and supports smart contracts, making it ideal for automated betting platforms |
| 💸 Litecoin | Known for its low fees and quicker transaction confirmation time |
| 🏅 Ripple | Super-fast transactions, but centralized nature might be off-putting for crypto purists |
| 🛡️ Tether | A stablecoin pegged to the US dollar, minimizing volatility and ensuring more predictable payouts |
Each cryptocurrency has pros and cons, but together, they make up the bulk of the market for crypto betting. Different sites may support different currencies, but most have at least Bitcoin and Ethereum as standard options.
As online betting affiliate software operators, we have to keep up with the latest trends to stay ahead of the competition. And right now, cryptocurrencies are one of the hottest trends in the industry. Some of the top cryptocurrencies we offer integrated into our system, are:
Bitcoin
This is the most popular cryptocurrency, so allowing customers to deposit and withdraw funds using Bitcoin only makes sense. Many casinos started accepting Bitcoins a couple of years ago, and it’s really taken off. Generally speaking, betting sites accepting Bitcoin cryptocurrency have a competitive curve over those not.
Ethereum
Ethereum is the second largest cryptocurrency, for smart contracts and decentralized apps. Customers who own Ethereum can now use it on our site to bet on their favorite sports, play casino games or poker.
Litecoin
Called the “silver to Bitcoin’s gold,” Litecoin is a popular alternative for those looking to avoid Bitcoin’s high fees and slow transaction times. Many crypto sports betting sites accepting Litecoin give customers more options for fast, affordable crypto transactions.
Bitcoin Cash
Bitcoin Cash is another popular Bitcoin spin-off, focused on low fees and fast payments. By accepting Bitcoin Cash, we’re able to cater to more customers in the crypto community. Many bettors actually search the web for “Bitcoin cash sportsbooks”, which is how the term got popular.
The crypto trend will only get bigger, and customers want options. As leading online betting affiliate operators, we must adapt to cryptocurrencies or get left behind. Integrating the top cryptocurrencies into our sites and marketing to crypto users is key to staying ahead of the competition.
Check if Your Current Sportsbook Software Accepts Crypto
Now, I can hear you ask – “How to use Bitcoin for sportbetting? Is it easy?” If your current sportsbook software already accepts cryptocurrency, it can significantly streamline your operations with no additional work from your side. This is because incorporating crypto payments directly within your existing platform eliminates the complexities and potential security vulnerabilities associated with trying to integrate third-party tools.
It provides a smoother, more seamless experience for your users, who can make transactions directly within the platform they’re already using. Furthermore, it can save you time, resources, and potential troubleshooting efforts that might be needed when dealing with external integration.
Therefore, having a crypto sportsbook software natively accepts crypto is convenient but also efficient, secure, and cost-effective.
Betting platforms That Accept Crypto Payments
The major players like Bovada, BetOnline, Sportsbetting.ag and MyBookie now accept various cryptocurrencies in addition to USD, so it’s always a good idea to look up to the competition and see “how they did it”.
Once you integrate cryptocurrencies (in either way), players who already have an account with you, can simply deposit and withdraw using bitcoin or another supported crypto coin. This is convenient since they won’t have to create another account elsewhere.
Look for Key Features
When evaluating a potential crypto sportsbook solution, here are a few must-haves:
- Accepts major cryptocurrencies: At a minimum, the site should take Bitcoin, Ethereum, and Litecoin. The more options are supported, the better.
- Fast payouts: One big benefit of crypto is fast payouts, often within 24 hours. Make sure the sportsbook software promotes fast crypto withdrawals and has a solid reputation for quick payouts.
- Bonuses for crypto: Some sites offer special bonuses or rewards for those who deposit and bet with cryptocurrency. See if they have any crypto-specific promo offers, that you can take advantage of.
- Responsible gambling: Legitimate sites promote responsible gambling and have tools in place to prevent “problematic” gambling regardless of the payment method. Don’t use any site that lacks these safeguards.
- Good rating: While the end users may see all Bitcoin betting solutions as nearly identical, they are not even remotely the same. When looking for a betting solution that accepts cryptocurrency, read reviews and study negative feedback. If people complained before you, what bothered them?
By doing your homework, you can find reputable crypto sportsbook software that offers the features you want while still enabling you to place anonymous crypto sports betting bets and keep more money in your pocket due to lower fees.
There are a lot of crypto betting apps, such as Bitcoin Casino and BetPay, where you can use bitcoins to place bets.
The future of online betting is a digital currency – so get in the game!
Depositing and Withdrawing Cryptocurrency Funds
Vendors and players must adapt to take advantage of crypto’s benefits. Here are some tips for depositing and withdrawing cryptocurrency funds:
Get a Crypto Wallet
If you plan to do business with crypto, you’ll need to set up a digital wallet to store your coins. We recommend using a wallet that allows you to retain control of your private keys, in case you ever want to transfer funds out of the betting site.
Once you choose a cryptocurrency, you’ll need to set up a digital wallet to store your coins. Make sure you enable two-factor authentication on your wallet for an extra layer of security. Write down your wallet passphrase on paper in case anything happens to your device.
Some good wallet options include: Exodus, Jaxx, and Coinomi.
Buy Coins and Transfer to Your Wallet
Now, you can purchase cryptocurrency on an exchange like Coinbase, Binance, or Kraken and transfer the coins to your wallet. From there, you’re ready to deposit into your betting account.
Deposit and Withdraw
When you want to deposit, simply select the cryptocurrency option on the cashier page of your betting site. They will provide a wallet address to send your funds to. Be sure to double-check that the address is correct before sending. Withdrawals are similar – you provide an address from your personal wallet and the funds will be sent directly there.
Cryptocurrency offers fast, secure transactions for online betting.
Finding sites that use crypto, setting up your own wallet, and buying some coins to begin with, you’ll be getting familiar with how to deposit and withdraw, you’ll be betting with digital money in no time and reaping the benefits.
Staying Safe When Betting With Cryptocurrency
Online betting has become much more complex now that cryptocurrency is involved. Bettors have to make sure they adapt to use crypto for betting safely and it’s your responsibility, as a vendor, to guarantee this safety.
Do your research
There are thousands of cryptocurrencies out there, so do some research to understand the popular options, how they work, and which betting sites accept them. Bitcoin is the most well-known, but others like Ethereum, Litecoin, and Bitcoin Cash are also commonly used for betting. Read reviews of different crypto betting sites to determine which are most trustworthy before signing up.
Be cautious of volatility
Cryptocurrency values are highly volatile, meaning the value of your coins could drastically decrease (or increase) at any time. Only deposit crypto into your betting account that you can afford to lose since there’s a chance it may be worth less if you go to withdraw it.
It’s a good idea to check the current exchange rates of your cryptocurrency before making any deposits or withdrawals.
Withdraw regularly
Don’t leave large amounts of cryptocurrency in your betting account. Withdraw at least some of your winnings regularly to avoid losing money if the betting site is hacked. While regulation of crypto betting sites is increasing, they are still less regulated than traditional betting sites.
It’s safer to keep most of your crypto in your own secure digital wallets.
By educating ourselves on cryptocurrency, setting up secure wallets, understanding volatility risks, and withdrawing regularly, we can safely enjoy the benefits of crypto betting. The future of online betting is here, we just have to make sure we adapt to it responsibly.
The Future of Cryptocurrency in Online Betting
So, what’s next?
Are we looking at a future where fiat currencies are a thing of the past, and everything is crypto-based?
Maybe.
But we’re not there yet. However, the industry is clearly heading in that direction, with more online casinos and sportsbooks jumping on the crypto bandwagon every year. According to Forbes, cryptocurrencies will continue to play a larger role in finance, which undoubtedly extends to online betting.
It’s only a matter of time before the early adopters gain a serious advantage, while those clinging to old-school payment methods might get left behind.
Conclusion
So there you have it, some of the online betting tips you can embrace with cryptocurrency and stay ahead of the curve. Crypto is here to stay, and those unwilling to accept cryptocurrency may find themselves struggling to keep up.
In this article we have discussed all you need to know about crypto betting and gambling:
- Cryptocurrencies used for betting: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Tether
- Betting platforms: Bovada, BetOnline, MyBookie, Sportsbetting.ag
- Cryptocurrency wallets: Exodus, Jaxx, Coinomi
- Cryptocurrency exchanges: Coinbase, Binance, Kraken
- Betting features: anonymous betting, fast payouts, bonuses for crypto
- Security: safe practices for betting with cryptocurrency
At Scaleo, as betting-optimized affiliate software that accepts cryptocurrencies, we offer our clients a wide variety of features, integrations, transparency, security, and the latest technology trends integrated into our system.
Companies that provide those things will win business and loyalty. Those that don’t will be left wondering what happened as bettors flock to their competition. The takeaway is simple: adapt or become irrelevant.
Cryptocurrency is the new normal, and it’s time for the betting industry to get on board. The future is unwritten, but companies that look to the future will have a hand in writing it.
What are the advantages of anonymous crypto sports betting?
Many people want to participate in sports betting programs but either don’t want to use their family credit card for it or simply wish to stay anonymous and keep their transitions as secure as possible. This is where crypto betting options come in handy, which is why you, as a sports betting company owner, might want to consider providing this option for your customers.
What is crypto sportsbook?
Simpy but, it’s a sportsbook company that offers cryptocurrency as one (or main) payment option for placing online bets with them.
Are anonymous betting sites legal?
Contrary to common belief, anonymous betting sites can be as legal as any other type of business that promises online anonymity. However, many rush to assume that if something is anonymous, it would be sketchy. Doesn’t have to be. Always keep in mind that your own online security is in your own hands.
Last Updated on October 17, 2024
