Legal Cryptocurrency Betting
Having first hit the scene in early 2009, cryptocurrency is still a relatively recent development in the world of exchange and is increasing in popularity, with more vendors adding it as an accepted form of payment each day. With so many focusing on the market value of their investments, it’s only natural that legal cryptocurrency betting has emerged as a viable wagering option.
All that is required of a bettor is to select the closing cryptocurrency prices on a given day. If the correct direction is chosen, a payday can be earned that doesn’t require any investments or cryptocurrency exchanges at all. In this way, you can bet on Bitcoin without buying into Bitcoin! Read on to discover the legalities of crypto betting, the best destinations to wager, and what types of odds are offered at the most reputable offshore betting sites.
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Is It Legal To Bet On Bitcoin And Cryptocurrency Performance?
Betting lines for cryptocurrency index markets are not offered by Las Vegas, and all domestic sportsbooks in the USA have followed Sin City’s example – which is a pretty big sin, in our opinion. That means the best option for USA-based bettors to wager on cryptocurrency is through an offshore sportsbook operating online.
Offshore sportsbooks offer a wide array of entertainment betting odds, including lines on financial markets and cryptocurrency values. There are no US gambling laws that prevent USA-based bettors from wagering with an offshore sportsbook (excepting local CT and WA laws, which are historically unenforced), which means no laws are being violated when placing the best bet cryptocurrency odds can offer with an overseas betting operator.
What Kind Of Cryptocurrency Can I Bet On?
Cryptocurrencies are growing in popularity around the world, and because crypto is decentralized – i.e. completely unregulated by any government or nation – new currencies can appear at any time. Below is a list of currencies that we have seen betting lines placed on, but this is by no means a complete list.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- and Bitcoin SV (BSV)
- EOS (EOS)
- Ethereum (ETH)
- Litecoin (LTC)
- Tether (USDT)
- XRP (XRP)
Easily, the hottest cryptocurrency on the market is Bitcoin (BTC). It is the original cryptocurrency and has inspired the creation of thousands of other forms of unregulated currencies. Bitcoin betting sites are now all the rage as informed bettors can exploit their knowledge and use it to make some quick cash that doesn’t require an investment to mature. It’s simple: Just pick whether the Bitcoin market will go up or down, and earn a payout! You can also sometimes find long-term Bitcoin futures, where sportsbooks will take action on whether or not the price of BTC will be above or below a given threshold at a much later date, like January 1 of the new year.
Financial Spread Betting
The original term used for betting on financial markets is financial spread betting. It refers to the practice of betting on the performance of a stock over a given time frame and doesn’t require the purchase of anything (other than the risk of your wager, of course). Betting lines are typically arranged like an athletic contest’s over/under, with options to bet if the final crypto or Bitcoin price will fall above or below expectations.