Cryptocurrency is, without question, the future of mobile sports betting.
But curiously, the best US-facing online sportsbooks have historically been slow on the uptake with support for expanded crypto banking options.
And yes, crypto has now been around long enough that “historically” actually means something.
For some context, just about every notable gambling site on the planet allows you to handle your deposits and withdrawals in Bitcoin, Bitcoin Cash, Litecoin, and Ethereum – aka “Big Four” around these parts – but it’s a frustratingly rare thing for any major site to add a new crypto option to its menu.
Indeed, even Bovada – arguably the most technologically savvy and forward-thinking betting site on the Internet – only added Ethereum to its banking suite nine months ago. Seriously, it took them years to roll out support for the number-two crypto currency in the world.
In the last year alone, these sites have added about half a dozen new crypto options to their cashier pages, notably including Cardano, Solana, Dogecoin, and USD Coin. With 12 different cryptocurrency options available for deposits and payouts, the two sites were fast becoming the gold standard for crypto gambling in the US.
And they just expanded their options even more.
This week, both BetOnline and SportsBetting AG have added support for three new cryptocurrencies:
Naturally, we’re working on writeups for each coin and what they bring to the table re online sports betting, investment opportunity, and so on.
But in the meantime, here’s a quick snapshot of what these coins are all about and how they rank in the current pantheon of cryptocurrency:
Binance Coin (BNB) – #4, $415 per coin, $70B market cap
Binance is the biggest cryptocurrency exchange in the world, and Binance Coin is its native currency of exchange. BNB was originally launched in July 2017 as an Ethereum ERC-20 token, but it’s now an independent platform. This means that BNB processing speeds are no longer limited by the ETH network and can be used for rapid, cost-effective transactions.
The main audience for Binance Coin is users of the Binance exchange itself (aka Binance US in the United States). BNB gives Binance members discounts on various services and investment packages, and it also allows access to Binance’s more advanced features. For example, BNB holders get priority access to Binance’s forthcoming decentralized exchange features.
- BNB Betting Deposit Limit: $100,000
- BNB Betting Transfer Time: 15-20 min.
Avalanche (AVAX) – #9, $90 per coin, $22B market cap
Avalanche – launched in September 2020 – is a third-generation cryptocurrency developed by a team of Cornell University researchers. The platform alleges to solve a number of issues related to verification and bottlenecking, and it’s one of the fastest extant cryptocurrencies in terms of processing speeds and transaction times.
As an example, AVAX can handle 6500 transactions per second, while Bitcoin can handle six and Ethereum can handle 15. While still slower than major credit card processors like Visa (24,000 transactions per second), AVAX is fast enough to allow for real-world point-of-sale implementation.
- AVAX Betting Deposit Limit: $100,000
- AVAX Betting Transfer Time: 3-5 min.
Shiba Inu (SHIB) – #14, $0.00003 per coin, $16B market cap
The jury’s still out on the Ethereum ERC-20-based Shiba Inu coin. Many analysts say that the memecoin – which launched in August 2020 and was inspired by Dogecoin (aka the “dogfather” of all meme coins) – is little more than a pump and dump scam, while others consider it a legitimate cryptocurrency.
Adoption, of course, is the main metric by which any crypto is deemed legit or not, and in that regard, SHIB seems like it has a future. Still, as with Dogecoin – albeit to an even greater degree – you should view Shiba Inu with a bit more healthy skepticism than usual.
- SHIB Betting Deposit Limit: $100,000
- SHIB Betting Transfer Time: 45-90 min.
Of the above, if you just want to use one of these newly supported cryptos for sports betting and nothing more, we recommend Avalanche.
The AVAX crypto has seen solid growth over the last year, and it’s the fastest of these three new options in terms of block confirmation and general processing times.
However, if you’re in it for the long haul and want to actually invest in the same crypto you use for online sports betting, Binance Coin seems to be the safer option.
Shiba Inu, on the other hand, is attractive only because you can buy a ton of the stuff for next to nothing. But SHIB doesn’t have the same kind of short- or medium-term investment potential that either of the other two coins has, and we can see it slipping out of top-level relevancy in a hurry. Maybe.
Regardless, more options are always better.
In that regard, it’s definitely true that there are a few “crypto” betting sites floating around on the Internet that exclusively utilize cryptocurrencies. As such, these often support dozens of different coins (and effectively operate their own crypto exchanges). However, these – to date – have been something less than reliable.
Such sites are usually located in non-established offshore betting jurisdictions, employ no KYC protocols for customer safety, and almost always have to be accessed by VPNs. While this approach is probably the ultimate conclusion in terms of anonymity for the end user, the implementation isn’t quite there yet, and we’ve found these “all-crypto” gambling venues to be extremely hit or miss.
It’s the Wild West out there, so stick to the big guns.
Note: As new coins roll out on BetOnline and SportsBetting AG, the options may occasionally be removed from these sportsbooks’ cashier pages. This is common practice. If you find that any of the three coins above aren’t available when you log in to your account, hang tight. Support will resume soon. Additionally, the BetOnline family of betting sites is in the habit of first rolling out deposit-only support for new coins. Right now, you can only deposit in AVAX, BNB, and SHIB. Payout support will be launched at a future date.