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How To Use Cryptocurrency At Legal Online Sportsbooks

Odds LogoThe best online sportsbooks for US players accept an assortment of cryptocurrencies within their bet funding options. And since altcoins are the preferred method of deposit and withdrawal at legal sports betting sites, operators make it worth their members’ while to use them.

Of course, there’s still a learning curve, which is the reason most potential bettors hold off on jumping into the market That’s why we’ve put together this guide on how to use cryptocurrency at legal online sportsbooks.

As part of our series on sports betting how-to guides, we show you how to buy, how to use it to fund your bankroll, and how to claim same-day payouts from the best international online sportsbooks.

Whatever your questions, our primer will help you get started and hit the ground running. For first-timers, we cover everything of import, but once you’re familiar with the basics, further research is available via countless online resources. So, let’s get started!

Best Cryptocurrency Sportsbooks For 2024

 Site NameCurrent BonusAgeU.S.Visit Site
Top Rated #1 IconBovada Sportsbook50% Max $1,00018+USA Players Legally AcceptedVisit Site Review
2BetUS125% Max $3,12518+USA Players Legally AcceptedVisit Site Review
3Betonline Sportsbook50% Max $1,00018+USA Players Legally AcceptedVisit Site Review
4sports betting logo50% Max $1,00018+USA Players Legally AcceptedVisit Site Review
5MyBookie Sportsbook50% Max $1,00021+USA Players Legally AcceptedVisit Site Review
6xbet logo50% Max $50021+USA Players Legally AcceptedVisit Site Review

What Is Cryptocurrency?

Before you start buying and betting with cryptocurrency, you need to understand – in simple terms – what it actually is. In general, cryptocurrencies are digital assets that work to power open-ledger blockchain platforms. Launched in 2009, Bitcoin was the first on the block (which is why Bitcoin betting is supported by just about every major site’s online sports betting banking menu).

Altcoins are decentralized in their nature. That is, it’s controlled by no governments or banks, and it can be used as digital cash anywhere in the world. It does not violate the UIGEA, for example, which is why online sportsbooks started supporting Bitcoin to begin with. The value of a coin is also fluid – it’s worth whatever buyers are willing to pay, and sellers are willing to take. It’s a free market.

Over 2000 different cryptocurrencies are being actively traded worldwide, all with different values and purposes. Each has a specific use case, but for online gambling, the primary utility is to serve as a 100% reliable, cheap, and efficient way to send money lawfully to betting service providers. These are the most popular altcoins currently accepted by online books:

How To Buy Cryptocurrency For Sports Betting Deposits

The first step for using crypto for online sports betting is to actually buy some. This – more than anything else – is the main hurdle for most users on the fence. Luckily, whether you want to buy Bitcoin, buy Litecoin, buy Ethereum, etc., the process works the same way:

  1. Sign up at any reputable online cryptocurrency exchange. There are several big-name exchanges out there, but the best services for US residents are Coinbase, Bittrex, Kraken, and Binance US.
  2. Enter in all required info. This includes a government ID and your social security number. You’ll also need to link an active bank account to your profile. Most exchanges do not let you buy altcoins using credit cards, but debit cards and bank transfers are supported.
  3. Deposit money into your exchange account. You can send it over in USD or other fiat currencies or immediately buy the altcoin of your choice. New users will have to wait 5-10 days before they can send their coins off-platform (i.e. to online sportsbook sites). This wait time does not apply to established exchange members.
  4. Once your funds are eligible to be sent off-platform, send it directly to your sportsbook of choice. Alternatively, you can move it to a compatible wallet and then send it to your betting site. (You can store your altcoins on exchanges themselves, but this is less secure and not recommended.)

Note: If you're new to this and would like to bypass the above waiting period so you can bet immediately, you can! Simply download the free Atomic Wallet app for iPhone or Android, create your account, and purchase your altcoins right through the Atomic Wallet store. This way, there's no waiting, and you can send your funds to your favorite sportsbook ASAP.

How To Deposit Cryptocurrency Into Your Online Sportsbook Account

Now that you know how to buy crypto, the next step is to send it to your sportsbook site for the purpose of loading up your account balance. Remember, you must deposit before you bet with any reputable sports gambling operator, as no site extends credit to its members.

  1. Visit your sports betting site of choice by following any link on this page, and click or tap the “Join,” “Join Now,” or “Sign Up” option.
  2. Submit any required data, such as your real name, email, street address, etc. All legitimate sportsbooks use SSL and TLS encryption, and no site sells or shares your private personal or financial information.
  3. When asked to make a deposit, select the crypto option for your particular coin and copy down the sportsbook’s crypto sending address.
  4. In your crypto exchange account or private wallet, select the “Send” option, enter in whatever crypto amount you’d like to deposit, paste in the above address, and submit the form.

Deposit times depend on the cryptocurrency you choose. As a rule, Bitcoin and Ethereum transfers take 30-60 minutes and have the highest native blockchain fees, while more modern altcoins take 3-15 minutes on average and have lower blockchain fees. Our online betting banking comparison discusses transfer times and fees in greater detail.

How To Cash Out Cryptocurrency For Online Sports Betting Payouts

For beginners, claiming crypto payouts is much simpler than making deposits. That’s because you’ve already set up your exchange account and wallet, and you already understand how sending and receiving addresses work. The hard part is effectively over.

  1. Head over to your sportsbook’s cashier page and choose the withdrawal option.
  2. Select the currency in which you’d like to claim your winnings. Most sites allow users to withdraw in any supported crypto regardless of the deposit method used.
  3. In your wallet (or exchange account), click/tap the “Receive” option. Copy down your unique receiving address.
  4. Back at your sports betting cashier, paste the above address into the appropriate field, and enter in the amount you wish to pull out of your eligible account balance.
  5. Submit the request.

Most online sportsbooks take 2-4 hours to process your payout, but once that’s done, it only takes 5-60 minutes to receive your winnings (depending on the coin in question).

Invest When The Crypto Market Is Down

The absolute best time to buy crypto is during a bear market. However, those are cyclical and don’t happen with predictable regularity. Thus, you should simply jump in when the coin you want is trending below its weekly average.

You can consult Bitcoin price charts, ETH price charts, and so on to track historical trends, but take care not to put too much stock in these.

The market can be volatile, and its peaks and valleys are difficult to pinpoint accurately. Crypto prediction sites and services exist, but the easier method—and one that’s just as reliable—is to simply buy when the price is lower than its recent average.

You won’t get in at the absolute basement, but you’ll be well short of the potential ceiling, which means your money will go far.