How To Use Cryptocurrency At Legal Online Sportsbooks
The best online sportsbooks for US players accept an assortment of cryptocurrencies within their bet funding options. And since crypto is 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 crypto bettors hold off on jumping in. 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 crypto, how to use it to fund your bankroll, and how to claim same-day crypto 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 Online Sportsbooks That Support Crypto Deposits And Withdrawals
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|4||125% Max $3,125||Visit Site
|5||100% Max $500||Visit Site
|6||50% Max $1,000||Visit Site
What Is Cryptocurrency?
Before you start buying and betting with cryptocurrency, you need to understand – in simple terms – what crypto actually is. In general, cryptocurrencies are digital assets that work to power open-ledger blockchain platforms. Launched in 2009, Bitcoin was the first cryptocurrency (which is why Bitcoin betting is supported by just about every major site’s online sports betting banking menu).
Crypto is decentralized in 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 crypto coin is also fluid – it’s worth whatever buyers are willing to pay and sellers are willing to take. It’s a free market.
But Bitcoin isn’t the only crypto. In fact, there are over 2000 different cryptocurrencies 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 crypto coins currently accepted by online books:
How To Buy Cryptocurrency For Online 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:
- Sign up at any reputable online cryptocurrency exchange. There are several big-name crypto exchanges out there, but the best services for US residents are Coinbase, Bittrex, Kraken, and Binance US.
- 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 crypto using credit cards, but debit cards and bank transfers are supported.
- Deposit money into your crypto exchange account. You can send it over in USD or other fiat currencies, or you can immediately buy the cryptocurrency of your choice. New users will have to wait 5-10 days before they can send their crypto off-platform (i.e. to online sportsbook sites). This wait time does not apply to established exchange members.
- Once your crypto is eligible to be sent off-platform, send it directly to your sportsbook of choice. Alternatively, you can move it to a compatible crypto wallet and then send it to your betting site. (You can store your crypto on exchanges themselves, but this is less secure and not recommended.)
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.
- 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.
- 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.
- When asked to make a deposit, select the crypto option for your particular coin and copy down the sportsbook’s crypto sending address.
- 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 crypto wallet, and you already understand how sending and receiving addresses work. The hard part is effectively over.
- Head over to your sportsbook’s cashier page and choose the withdrawal option.
- Select the cryptocurrency in which you’d like to claim your winnings. Most sites allow users to withdraw in any supported crypto regardless of deposit method used.
- In your crypto wallet (or crypto exchange account), click/tap the “Receive” option. Copy down your unique crypto receiving address.
- Back at your sports betting cashier, paste the above crypto address into the appropriate field, and enter in the amount of crypto you wish to pull out of your eligible account balance.
- 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). Crypto is the only same-day payout method at all the leading offshore US sports betting sites, and there are no added costs outside of each coin’s native blockchain fees.
Crypto Sports Betting Tips And Tricks
The sections above show you how to buy crypto, how to make online sports betting crypto deposits, and how to claim online sports betting crypto withdrawals. However, if you want to maximize your potential earnings, there are a few other crypto strategies to keep in mind.
After all, once you’ve finally taken the plunge, you’re going to approach crypto management with the same attention to detail you give to your betting. Crypto investing, like crypto betting, is all about the maximizing your bottom line without ever getting down to your bottom dollar.
Buy In 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.
Crypto is volatile, and its peaks and valleys are difficult to pinpoint with any accuracy. 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.
Deposit When Your Coin Is Trading Low
When sending crypto to your online sportsbook, you should take the same approach as that outlined above. Never deposit when your coin is trading at values higher than their recent averages. You want the most bang for your buck.
This matters primarily because you no longer need to deposit your cryptocurrency as USD/CAD/etc. at your site of choice. (If that were the case, of course, the better play would be to buy said crypto during a dip and then deposit when its value rises.)
But since sportsbooks now let you keep your deposits in the form of the crypto with which you’ve actually deposited, it makes more sense to move that coin in at a low market value to take advantage of potential gains that occur while it’s sitting in your sports betting account.
Keep Your Sports Betting Deposits In Crypto
In the past, crypto deposits were always credited to your account as USD or other fiat currencies. Now, however, most trusted online sportsbooks let you keep your crypto deposits in crypto. You can still opt for the former option, but we recommend the latter (see above).
This way, as the price of your crypto asset goes up, so too does your betting balance. If you deposit $100 worth of Litecoin and it goes up by 20% while it’s stored in your betting account, you’ll have $120 with which to gamble.
Sure, the value can dip, too, which is something to consider. If you foresee that in the near term, it’s a better idea to keep your money in fiat currency at your site of choice.
The strategy you choose is a gamble, but that’s what sports betting’s all about in the first place!
Bet When Your Coin Is Trading High
This online betting tip is optional, and it only works for casual gamblers who can bide their time. Remember, most avid sports bettors wager daily, and sports betting waits for no man. But if you can afford to wait, you should let your crypto coin appreciate in value while it’s on the book’s side.
Let’s say you made a $100 ETH deposit. If you’d intended to bet 1/10th of the amount of your deposit on a given wager, that would be a $10 bet. But if ETH spikes by 50%, you can now make a $15 bet – and earn a much larger payout – for the same initial investment.
This crypto betting strategy comes with its own risks, as it can cause you to miss out on good bets while you wait on the crypto market to align with odds you like. For most gamblers, it’s better to wager on attractive lines as they crop up.
Still, it’s something to consider, and it can also help pace your betting. Slow and steady usually wins the race.
Withdraw When Your Coin Is Trading Low
As with crypto deposits, it’s important to time your crypto payouts. While most online sports bettors keep a large portion of their account balances on-site for continued wagering, when it’s time to cash out, you should do so when your coin value is trending low.
This allows you to pull out more coin for the same dollar equivalent. And because crypto has a historical upward trend, the more coins you have, the better off you’ll be financially in the long run.
You can also pull your winnings out in different coins than those with which you’ve deposited. By doing so, you can optimize your value proposition by choosing whatever specific coin you think is primed for the biggest short-term growth out of those available in your online bookie’s stable.
Deposit low, withdraw low!