There are hundreds of sportsbooks that offer their services to bettors daily. But only crypto betting sites offer flexibility with fast and direct deposits and withdrawals. Cryptocurrencies and blockchain betting sites present a situation where players gain more autonomy. They do not require any intermediaries to handle the finances and information.

Blockchain Betting Sites – Everything You Need to Know to Get Started

When gambling at a traditional betting site, you have to go through centralized vendors such as PayPal, Visa, Mastercard, Trustly, and more.

However, when using crypto, the money goes straight from your crypto wallet to your account. When you withdraw, it goes straight back to your wallet. Everything with crypto is also very transparent, as you can watch each of your transactions on the publicly available blockchain. 

This article will delve into the most popular cryptocurrency for gambling and some of our favourite sites where you can gamble with crypto. First and foremost, we will explain the most popular cryptocurrencies utilized for gambling and betting and a bit about them. Secondly, we will talk about how to safely and legitimately purchase these different cryptocurrencies and where. Thirdly, we will provide some insight and background about some of our favourite blockchain betting sites where you can deposit various crypto coins and start playing. Lastly, we will answer some of the most frequently asked questions regarding things surrounding crypto gambling.
Now that we have established the roadmap, let’s start.

FAQ

Most Popular Cryptocurrencies you will Come Across in Blockchain Betting Sites

There are thousands of various currencies in the blockchain and cryptocurrency world; the best crypto gambling and blockchain betting sites only utilize the most well-known and trusted currencies. This is because they have significantly more holders, which means better liquidity, and more established crypto projects are less prone to market manipulation, making prices swing violently. Do keep in mind, though, that cryptocurrencies, even the blue-chip ones, are very volatile, so the value of your money may vary. The most utilized currencies on Blockchain betting sites are Bitcoin, Ripple, Ethereum, and Litecoin. 

Bitcoin

You may have heard of the name Bitcoin before, but you may not be 100 percent sure what it is. Bitcoin is an alternate digital form of money that was created back in 2009. Judging by the currency’s whitepaper, the creator is a mysterious person or even a group with the pseudonym Satoshi Nakomoto. Until this day, no one still knows who is behind Bitcoin, or if people know, they are keeping quiet. 

Bitcoin started small and was only worth a couple of cents, but has since its inception seen some massive adoption and is today valued at more than €31,400 per coin. It has gained mainstream recognition as countries such as El Salvador have made the token a legal tender, companies accept it as payment, and you can use it to gamble online. 

What exactly is Bitcoin?

Bitcoin is unlike any form of physical currency that you have ever encountered. You cannot hold it like a penny or store it in your physical wallet like a 10-pound note. Instead, you hold your Bitcoin balance on something called a ledger.

The beautiful thing about Bitcoin is that it is completely transparent. That means that anyone has access to the general ledger and can see all the transactions taking place. For the transactions to occur and be secure, they are all verified by massive amounts of computing power. 

The coin is completely independent, and no one can control, reverse or hack any of the transactions. 

So why did people even entertain the idea of Bitcoin? What benefits does it provide? We have already touched upon one of them. The fact that every transaction is transparent is something that many people like. You can’t see who is transacting Bitcoin to who, but you can see from what addresses the transactions occur.

Secondly is the promise of a low transaction cost solution and one that is a lot faster than the traditional banking methods that we are used to. With Bitcoin, you can transact a large sum of money between two wallets within an hour or so (transaction speeds vary but on average 60 minutes), whereas traditional banking transfers can take up to three days. 

Concept of Bitcoin

The central concept of Bitcoin is that it is run and operated by an authority that is not central so that no one can interfere. China has even banned Bitcoin, but it did not affect the Bitcoin network whatsoever, and it was still fully functional.

So why doesn’t everyone just buy Bitcoin and hold it if it has seen such an incredible trend in terms of its valuation and price? Something you may also have heard before is that the price of Bitcoin can be incredibly volatile, especially in Bitcoin’s beginning. Seeing drops of 30-40% of its value would be a typical day, and many people are more conservative and uncomfortable with this type of financial risk. The coin has become more stable over the years but can, on occasion, still have some pretty violent price swings in either direction.  

Ripple (XRP)

Ripple is a technology that is used as a real-time gross settlement, but it is also utilized as a cryptocurrency. The cryptocurrency is known as Ripple on casino sites, but in the cryptocurrency world, people refer to it by its token name, XRP. The technology is American and was first released in 2012. 

The function of the coin is meant to act as an intermediary between different currencies. Unlike Bitcoin, Litecoin, and Ethereum, the token is pre-mined. It means a set number of tokens are already in circulation, and more can’t be mined or harvested. Ripple is one of the most valuable blockchain tokens on the crypto market and has been since its inception. 

The benefits of utilizing Ripple instead of Bitcoin, Ethereum, or Litecoin, for example, are speed and transaction costs. Since the Ripple network was designed to act as a payment settlement, it has been specifically designed to handle many transactions seamlessly and frictionlessly. 

A Ripple transaction between two wallets could be just a few seconds up to one minute, and it will only cost a fraction of a few cents. Moreover, Ripple is more energy-efficient and a greener alternative. Compared to something like Bitcoin, which utilizes proof of work, transactions take longer to confirm, it uses more energy, and the transaction fees are higher. If you are interested in purchasing Ripple (XRP), then you can find it at all the different exchanges we recommend below. Ripple is not supported on every major crypto betting site, but you will definitely find it on most sites.

Ethereum

Ethereum is a currency that operates on the Ethereum blockchain. Many today are commonly referring to the token as ETH. Ethereum is a vast and very sophisticated network that supports decentralized applications, smart contracts, and decentralized finance applications. Due to its versatility, safety, and sophistication, the token has accrued a lot of value over the years. 

The white paper for the token was launched in 2013, and in 2015 the Ethereum platform was launched. The token went from being worth just a couple of dollars to reaching an all-time high in 2021 of €4387. The ETH token is stil the second-largest only behind Bitcoin.

There are many comparisons between Bitcoin and Ethereum. There are some similarities without getting too deep into it, as the currencies were set out with different intentions. Ethereum is a programmable blockchain with the openness to serve many applications, whereas Bitcoin was just created to act as a currency or a store of value. 

Litecoin

Before we even start discussing what blockchain betting sites we can turn to when utilizing Litecoin, we believe it is crucial to understand what Litecoin is, its origins, and a bit about the crypto token. 

Many people have probably heard about the vastly popular cryptocurrency known as Bitcoin. This was the first mainstream crypto token that started the hype around an electronic peer-to-peer cash system and store of value. Bitcoin was created in 2009, and Litecoin, often referred to as Bitcoin’s little brother, was created in 2011. 

Litecoin was born from bitcoins source code by the very talented and former Google engineer, Charlie Lee. Like Bitcoin, the coin has no central authority, making it completely decentralized. Unlike its “big brother,” Litecoin sought out to solve some of the perceived shortcomings of Bitcoin. 

Some of these aspects included increasing the speed of its network and also making it easier to acquire. This is, of course, something that greatly benefits all of us gamblers who want to utilize Litecoin to make fast and reliable deposits and withdraws and make bets on crypto sportsbooks, for example. Since its inception, the coin has gained a lot of value. At its highest value, Litecoin even held the number three spot as the most valuable cryptocurrency on the market. 

Where do I Purchase Cryptocurrencies?

Bear in mind that this section in the article is not financial advice by any means but rather meant to act as a helpful guide explaining how and where you can purchase crypto. To safely purchase crypto, the best route is to do so through a trusted and centralized cryptocurrency exchange. There are plenty of exchanges on the market, some better than others. 

Depending on where you are in the world, some of the sites we personally use may be more suited for you than others. It is up to you to find which one fits you the best. Below we will line up some of our favourite exchanges where you can purchase Litecoins, Bitcoin, Ethereum, Solana or Ripple. You can, after that, deposit them to your favourite blockchain betting sites. 

Binance

Binance is a cryptocurrency exchange founded in Hong Kong, but as of 2018, it operates from Malta in the European Union. It has one of the most popular cryptocurrency exchanges with the highest liquidity on the market. To purchase your cryptocurrency on Binance, you need to register on the site, do a basic verification, and add a payment method. Once you have done this, you can purchase your preferred crypto and transfer it to your favourite crypto bookmaker.

Kraken 

Kraken is an American cryptocurrency exchange and bank. The company was founded back in 2011 and had lots of rich experience in the cryptocurrency market. The company operates from San Francisco, California. To purchase cryptocurrency from Kraken’s cryptocurrency exchange, all you need to do is register an account, provide a basic ID verification, and set up a payment method. Now you can purchase crypto and speedily send it to your address at your favourite blockchain betting sites.

Bitstamp 

Bitstamp is a European cryptocurrency exchange based in Luxembourg. The company, much like many of the before mentioned alternatives, has been in the industry since 2011. The site offers bettors an easy way to purchase crypto tokens. All we have to do is register an account, provide sufficient identification and add a payment method. 

Coinbase 

Coinbase is an American mainstream cryptocurrency exchange founded in 2012. The company is fully regulated and licensed, which attests to the site’s credibility and stellar performance since its creation. All you have to do is register an account, verify your identity and add a payment method and you are good to go. Just purchase your Bitcoin or other cryptos of your choosing and send it to blockchain betting sites of your choice. 

Gemini

Lastly is the famous American cryptocurrency exchange Gemini. The exchange was founded in 2014 and was one of the early, fully compliant crypto exchanges in the United States. Gemini is the brainchild of famous twins and former Olympic rowers Cameron and Tyler Winklevoss. The brothers are also known for being classmates with Mark Zuckerberg at Harvard. 

Their exchange is known for its impeccable security and unique custodial services. Here you can purchase your cryptocurrencies with ease. All you need is to verify who you are and attach a payment method to purchase your coins. After that, you can easily withdraw Litecoin, for example, and deposit them on suitable blockchain betting sites.

These are some of our favourite cryptocurrency vendors. They all offer safe and reliable purchases and transfer without problems or headaches. However, finding out which one is best is something we leave to you. All these exchanges are great, so in the end, it comes down to your personal preference.

Cryptocurrency Gambling & Blockchain Betting Sites

Roobet

Roobet is one of relatively newfound blockchain betting sites that uses cryptocurrency. It exclusively uses cryptocurrencies such as Bitcoin, Solana, Ethereum, and Litecoin as the currencies available on the website. Roobet holds a gambling license in Curacao. The company has exploded in popularity as of recently, with some of the internet’s most prominent influencers promoting and gambling on Roobet. 

The company fairly recently introduced its own sportsbook where you can bet on traditional sports, including basketball, football, and tennis. However, you can also bet on other less conventional games such as eSport-games, including CS:GO, League of Legends, and Dota 2.

If you do not want to utilize the bookmaker, you can use your tokens to play casino games with your crypto. 

Stake 

Stake is a relatively new player on the block established in 2017 but has gained massive transactions during its years in the gambling scene. The company has obtained its license from Curacao, and they are verified as members of CCF (crypto gambling foundation), which proves that the games are fair.

The company can be seen in many places today through its impressive sponsorships: UFC, Watford Football Club, and individual top fighters such as Israel Adesanya and Francis Ngannou. This is significant, especially when considering how many athletes as of late have decided to take entire or parts of their paycheck in cryptocurrency.  

The site offers us an excellent sportsbook where we can use your Bitcoin, Ripple, Ethereum, Solana, Litecoin, and even other cryptocurrencies. Besides the sportsbook, the casino also offers all the casino games that we know and love. If you have an itch to play blackjack, baccarat, roulette, or any of the other famous games, Stake has you covered. 

The website offers a total of 1021 casino games, so there is plenty for you to choose from. One of the downsides with this blockchain betting site is that they have some location restrictions, depending on where you are playing from.

Betonline.ag

This gambling website is primarily focused and known for its sportsbook, which is excellent for those seeking a trusted place for betting with cryptocurrency. Finding a trusted crypto sportsbook may be challenging, but Betonline.ag is a great candidate. The company has been around since 2004 but has roots going back to 1991. 

The casino has currently obtained a gambling licence from Panama. Even though the site is famous for its extensive sportsbook, we want to point out that the company also offers all the traditional casino games.

Cloudbet

Cloudbet is a website that has been around the block and particularly the crypto casino scene for quite some time. The company opened its doors in November of 2013 and is today one of the most prominent players on the block in terms of blockchain betting sites. It is based out of the Netherlands Antilles and has obtained a gambling license from Curacao. 

The company is famous for its sportsbook and live blockchain betting, so this might be your place if you are looking for a perfect crypto bookmaker. Something you instantly notice upon entering the website is how sleek and professional it looks. 

Besides their extensive sportsbook and live betting platform, it also offers a full range of casino functions with slot and table games. If you have any questions or bump into any problems, then you can always turn to their trusted support through live chat or email. 

Blockchain Betting Sites Pros & Cons

Pros

• Fast deposits and withdrawals
• Decentralized 
• Secure payments 
• Transparent payments 
• Option of gambling on offshore betting sites despite country restrictions
• Cheap options 

Cons

• Some barriers at the start
• Some currencies are costly when the crypto network is processing lots of transactions (mainly Ethereum)
• Mainly available on offshore betting sites 

Future Predictions

Cryptocurrencies, namely Bitcoin, Litecoin, Ethereum, Solana and Ripple, are gaining popularity outside of gambling. We already see how sports and casino sites embrace them. This is essential because cryptocurrencies stray away from middlemen like banks, payment providers, and financial organizations. 

As a result, money becomes more democratic. What is the significance of this? For a variety of reasons. First of all, it places power in the hands of the people. It allows them to do anything they want with their money. Moreover, a future with a cryptocurrency payment standard would yield secure and transparent payments, faster payments, and cheaper payments. The future of blockchain certainly is something to be excited about.

Concluding remarks 

These were some of our personal favourites and trusted Bitcoin and other crypto betting sites. There are certainly more websites than this that offer crypto bookmaking and things like Bitcoin games. However, we feel that  at the moment these in our table are the best ones on the market. 

With that said, everyone is different, so it is up to each and every one of you to find your preference. The same goes for finding the ideal exchange to purchase your preferred crypto.

Try the different exchanges and see which one fits you the best. Lastly, remember that both the sports betting and cryptocurrency industry is moving at a tremendous pace, keep up and find what suits you best.