- BetOnline now accepts Chainlink (LINK) deposits and withdrawals
- LINK is a top-20 crypto asset with a current market cap of $8.13B
- The current LINK price is $18.67 per coin
As the cryptocurrency market grows, the best legal online sportsbooks are starting to accept a wider variety of altcoins.
While there’s no apparent rhyme or reason for when a given book will support a new crypto deposit option, you can expect to find a coin or two added to each site’s banking stable every season.
Bovada just started taking Ethereum (ETH) this year, for example.
But of the top operators, BetOnline Sportsbook actually outshines Bovada in this regard, as the site accepts more than half a dozen cryptocurrencies.
Earlier in 2021, BetOnline – and sister site SportsBetting AG – started accepting USD Coin (USDC), and now the operator has added Chainlink (LINK) to its menu.
While the benefits of betting of with crypto are well-established (fast deposits, better bonuses, same-day payouts, no added fees, and serious investment potential), bettors might not think the coin they choose matters all that much.
However, there are actually several things to consider when selecting a particular cryptocurrency for online bet funding.
Bitcoin (BTC) – the gold standard – is accepted by every site, and bettors have been gambling with BTC for years. Thus, it’s probably good enough for most users.
But Bitcoin has some limitations.
For one, the Bitcoin blockchain is the slowest option out there, with transfers taking 30-60 minutes on average.
For another, BTC’s native transfer fees are substantially higher than most others, which can eat into your bottom line.
Ethereum has many of these same problems.
Meanwhile, assets such as Litecoin (LTC) and Stellar (XLM) solve both issues, processing far faster and more cheaply than legacy cryptos like BTC and ETH.
Of course, these have substantially slower growth and medium-term investment potentials.
In a similar vein, assets like USD Coin and other stablecoins – which are comparatively quick and inexpensive – are tied to the US dollar 1:1 and can never go up in value.
As such, most stablecoins are used exclusively for swing trading and day trading.
Chainlink – as the newest option – doesn’t reinvent the wheel, but since it’s not a stablecoin and has shown significant growth since its 2017 launch, many crypto enthusiasts have invested in the platform.
Chainlink rides atop the Ethereum network (ERC-677/ERC-20), but it’s faster and more cost-effective to use. It can also be stored in ERC-20 wallets, giving it a bit of flexibility for sports betting account management.
All that said, Chainlink is mostly beneficial – as you might expect – for those who already own and use the asset regularly.
For first-time crypto buyers looking to top off their betting accounts, LINK might not be any more compelling than LTC or XLM.
In other words, there are no great advantages to LINK when confined to sports bet funding.
Still, there are enough Chainlink gamblers out there that it finally made sense for some reputable sportsbook operators to support the coin.
Going forward, we’d like to see even more crypto support at these venues. Honestly, there’s no reason a legitimate online sportsbook shouldn’t take dozens of different cryptocurrencies.
Naturally, we expect that will eventually be the case, especially given the recent hype behind assets like Cardano (ADA) and the general movement towards Proof-of-Stake (PoS) decentralized cryptocurrencies.
For more information about all the different banking options and cryptocurrencies accepted by the best legal sportsbooks for US players, check out our comprehensive betting banking comparison page.
