Polygon Sports Betting Deposits And Payouts
- New online sports betting crypto option for 2022
- Top 20 cryptocurrency + One of 2021's BIGGEST GAINERS
- Fastest ERC-20 token - Third-gen PoS speeds on Ethereum!
Polygon MATIC is a newer cryptocurrency based on the Ethereum (ETH) blockchain. However, it actually solves a lot of the problems Ethereum betting has, making Polygon sports betting deposits and payouts a better option for almost every kind of gambler. While no crypto is perfect and MATIC coins aren’t for everyone, we think it's a viable option for the majority of bettors – especially those looking to expand their crypto holdings and parlay their big wins into bigger gains.
To learn more about the Polygon blockchain and how to use MATIC to bet sports legally and safely online, our brief overview should allow you to confidently add the crypto option to your legal online bet funding repertoire going forward. Right now, only a few of the top legal sportsbook sites actually accept MATIC coins, but we expect Polygon to gain wider support in the weeks and months ahead. Our Polygon betting guide covers every side of this exciting new payment option.
Is It Legal To Bet On Sports Using Polygon Crypto?
Yes! All cryptocurrencies are legal in the United States (and most other countries), and that means Polygon MATIC coins can be used as a lawful means of trade. Since offshore sports betting is legal and Polygon crypto is legal, you're breaking no laws by funding the former with the latter.
That said, it's important to remember that as with all cryptocurrency holdings, you're required to report any realized Polygon gains on your taxes (along with your gambling winnings). As long as you do this, you can rest assured that you've covered all sides of the legal Polygon betting equation.
What Is Polygon Crypto?
Polygon (stock symbol MATIC) is a Proof-of-Stake (PoS) cryptocurrency released in 2017 under the “MATIC Network” moniker. Initially dubbed “Ethereum’s Internet of blockchains” (whatever that means), the purpose of Polygon as a crypto platform is to increase the scalability and interoperability of various blockchain networks while applying Ethereum’s security model and reach to said networks.
While that sounds like a lot of technical mumbo jumbo (it is!), it’s also not all that relevant for online crypto sports betting or crypto investing. Like all other cryptocurrencies used at the top legal sportsbook sites, Polygon’s main utility is to provide bettors with a legitimate fiat money alternative that works for deposits and withdrawals 100% of the time and which can never be interfered with by the UIGEA gambling law.
Additionally, while Polygon is an ERC-20 Ethereum token, it has much faster blockchain verification times and much lower “gas fees” than native ETH transfers.
As of Q2 2022, the Polygon price is around $1.40 per MATIC coin, and Polygon is ranked inside the top 20 cryptos by market cap at roughly $11 billion (which is nevertheless still well behind PoS rivals like Cardano, Solana, and Avalanche).
How To Make Polygon MATIC Sports Betting Deposits
Making a Polygon gambling deposit at any legal sportsbook that supports the crypto coin is simple, as it works like any other cryptocurrency. If you’ve ever made a legal Bitcoin sports betting transaction or Ethereum sports betting transaction, you’ll know exactly what to expect.
However, if you’re new to crypto and are making your first online gambling deposit with MATIC, here’s how to make the process automatic:
- Follow any link on this page to a participating Polygon online sportsbook and click or tap the “Join Now” or “Sign Up” button.
- Enter all required data, taking care to use only your real, verifiable information.
- During the depositing process, select the Polygon option from the cryptocurrency banking menu.
- Copy down your betting site’s Polygon sending address and choose an optional crypto sports betting bonus (recommended).
- Open your Polygon wallet or Polygon exchange account and choose the “Send” option.
- Paste the above MATIC address into the recipient field and enter in the Polygon amount you’d like to send over.
- Submit your deposit.
Despite Polygon MATIC being an Ethereum ERC-20 token, MATIC transactions process much faster than ETH transfers. As such, you can expect your MATIC coins to be credited to your sportsbook account within 10-20 minutes on average.
Additionally, the Polygon fees are much lower than typical Ethereum fees, which is another big advantage to using the MATIC cryptocurrency for online sports betting.
How To Claim Polygon MATIC Sports Betting Payouts
You don’t have to deposit in Polygon coins to withdraw Polygon crypto payouts. However, whether you’ve used MATIC to deposit or not, claiming Polygon payouts isn’t a difficult, multi-faceted affair. It’s more like a straight line: Your crypto payouts go right into your crypto wallet.
The process below works for MATIC payouts and all other crypto withdrawals at the best online sports betting sites.
- At your site cashier, choose the Polygon option from the crypto betting payouts menu.
- Open your MATIC wallet or MATIC exchange account and select the “Receive” option.
- Copy down the provided Polygon receiving address.
- Back at your sportsbook cashier, paste the above MATIC address into the required field and enter in the amount of MATIC you’d like to claim.
- Submit your payout request.
In general, MATIC transfers are faster and cheaper than typical Ethereum transfers, making them more attractive for payouts than ETH and even cryptos like Bitcoin or Bitcoin Cash.
At the best sites, crypto payouts – including Polygon payouts – are rated for same-day delivery, as well. Typically, you’ll receive your gambling winnings in the form of MATIC coins within 2-3 hours unless your payout has to be manually approved by your site cashier (which is often the case for larger withdrawals of $5000 or more).
Online Sports Betting Same-Day Payouts With Polygon MATIC Crypto
As with all sports betting cryptocurrencies, the main reason to use such alternative payment options is because they allow you to claim same-day payouts from the best offshore sportsbooks. No other withdrawal methods allow for this, and crypto payouts also come with no added fees. They’re the best deal going, and MATIC is one of the best of the bunch.
The actual speed of any Polygon payout will depend on a number of factors, including the withdrawal amount, whether or not you’ve met your sports betting bonus rollover requirements, and general Ethereum/Polygon network congestion.
However, for most smaller withdrawals, approval is appropriately automatic, and MATIC payouts take just 2-3 hours at most. Should a payout need manual cashier approval due to its size, another hour or so may be added to the equation.
For reference, non-Polygon/non-crypto payout options – such as bank wires, courier checks, and money orders – can take 1-2 weeks to show up in your hands, and they generally come with much more substantial fees than the minimal native MATIC fees assessed by the Polygon blockchain itself.
These days, the process for buying cryptocurrencies is fairly streamlined, and there are major popular crypto exchanges that allow you to transfer USD to MATIC quickly and easily. As long as the cryptocurrency exchange you choose is licensed and regulated, you can view these as you would any normal bank in terms of security and legitimacy.
Regardless of the exchange you choose (Polygon MATIC coins are available at all major US And international crypto exchanges), the process works the same way: Simply create an account, enter in your personal information, link your credit/debit card or bank account data, verify your ID, and buy MATIC through your exchange’s USD-Polygon interface.
Note, however, that the KYC (Know Your Customer) account verification process used by most exchanges can be lengthy, sometimes taking a day or two. Additionally, new exchange members buying MATIC or other cryptos for the first time will find that their accounts have off-platform sending restrictions.
These restrictions prevent users from sending their MATIC coins to external crypto addresses, including those used by the best crypto sports betting sites. Usually, such restrictions are lifted in 5-10 days or so. (If you’d like to wager ASAP and don’t have time to wait, there are other avenues through which you can buy Polygon more quickly.)
You can buy MATIC at any major exchange. The best exchanges to buy Polygon are the following, and we generally recommend these same services for most other popular betting cryptos (with the exception of Ripple XRP crypto coins):
- Coinbase Pro
Other crypto exchanges may not support USD-MATIC transfers directly. However, all major services will typically support – at the minimum – BTC-MATIC trades, ETH-MATIC trades, ADA-MATIC trades, and so on.
As such, if you hold any other popular crypto coins, you can always trade some of those holdings for Polygon coins with which to bet online.
Since new exchange users usually have to wait several days before they can actually use their new crypto to fund their online sportsbook accounts – and since sports betting is often extremely time sensitive – you may want the benefits of betting with Polygon without having to wait for your off-platform sending restrictions to be lifted.
In these cases, it’s best to go through a dedicated crypto storefront rather than a standard crypto exchange. These crypto stores allow users to buy certain cryptocurrency tokens with credit cards and then receive their crypto in private wallets within just a few minutes.
There are no sending restrictions associated with private wallets, making the whole process faster and simpler when time is of the essence. This convenience, however, typically comes with a fee of 2% to 5% (on top of any native MATIC blockchain fees).
Our number one choice for buying Polygon coins rapidly is to use the MyCoinify service if you live in a state where Coinify operates. Otherwise, since Atomic Wallet doesn’t yet allow USD-Polygon purchases, you’ll have to delve into the realm of decentralized exchanges (which is something we don’t recommend for crypto beginners).
As a Proof-of-Stake – or PoS – crypto coin, Polygon rewards can be earned through staking your MATIC. By pledging your Polygon to a MATIC stake pool, you can earn free MATIC over time. This is the allure of the PoS model, and it’s why newer cryptocoins are built to be Proof-of-Stake rather than Proof-of-Work (PoW).
Even Ethereum is transitioning from PoW to PoS (via Ethereum 2.0) to take advantage of this model.
Staking Polygon allows you to get free Polygon by delegating your MATIC holdings to a stake pool, thus giving the pool increased status or “power” to process Polygon blocks. Pools are rewarded for every MATIC block they process, and delegators are paid out of the rewards in the ratio of their pledged Polygon coins.
If you aren’t actively trading or spending Polygon, you should stake it ASAP. Many exchanges and private wallets support Polygon staking.
Best Polygon Wallets
While you’re likely to buy Polygon through a standard crypto exchange, we actually don’t recommend storing Polygon on these exchanges for longer than you have to. Unless you’re an active crypto day trader, the best practice is to move your MATIC off the exchanges to private non-custodial wallets.
There are plenty of MATIC wallets to choose from, and the right choice will depend on how you intend to use your MATIC coins. We personally recommend that you use MATIC software wallets rather than MATIC exchange wallets, as these give the best balance of security, accessibility, convenience, and speed for activities like online sports betting.
If you prefer a bit more security at the sacrifice of a bit more accessibility, then MATIC hardware wallets are the top choice.
As usual, we don’t recommend MATIC paper wallets under any circumstances except long-term cold storage, which – for PoS cryptos – makes very little sense (as you’d miss out on MATIC staking rewards).
Polygon Online Wallets – Circle
- Coinbase Pro
Polygon Software Wallets – Triangle
- Atomic Wallet
- Exodus Wallet
- Polygon Wallet
- Trust Wallet
Polygon Hardware Wallets – Square
- Ledger Nano S
- Ledge Nano X
- Trezor One
- Trezor Model T
- Ellipal Titan
Polygon Paper Wallets – Stop Sign
- Not recommended