A Guide to Betting with Cryptocurrency

Sportsbooks now accept cryptos such as Bitcoin as a payment method, but what does the future hold for cryptocurrency betting & gambling?

By Claudio Pires
Updated on September 21, 2022
A Guide to Betting with Cryptocurrency

The online gambling world changed forever with the introduction of cryptocurrency as payment, so, let’s check a complete guide to betting using it.

The Future of Crypto Sports Betting

Even if you only happened to switch on the TV to catch the Super Bowl halftime ads this year you will have noticed that something big is going on with sports and cryptocurrencies. Digital currencies have been becoming more mainstream over the last few years and now there are major deals with sports teams and leagues in the US.

Online sports betting sites and casinos are rarely slow to pick up a trend and now there are many sportsbooks that accept cryptocurrencies as a payment method. These Bitcoin betting sites sometimes deal with crypto exclusively – but, more often than not, just include digital as a viable payment option.

It does seem as though crypto betting is here to stay, But what exactly does the future hold?

The State of Play

As we mentioned, the gambling industry has always been keen to investigate new revenue streams and was one of the first areas of mainstream business to offer cryptocurrencies as an option to its customers. It is a win-win situation for the online sportsbooks and the relationship has only grown in the last few years.

Whereas digital currencies were once an underground sensation, there are many more opportunities for sports betting fans to use them as part of their everyday business. This has, in turn, meant more games and offers dealing exclusively with cryptocurrencies.

Why Cryptocurrency For Gambling?

It is not a surprise that betting firms were keen to get in on the cryptocurrency boom. A decentralized way of working is very attractive to customers and sportsbooks alike and opens up huge new areas of potential business. But it is being able to bypass financial institutions that really seals the deal for the betting and gambling sites using cryptocurrency.

Not having to pay substantial third-party fees for transactions works for everyone involved and also means that those transactions can be performed more quickly. With lower overheads, online betting and casino gaming sites can also offer better margins for their customers. It is not rocket science to work out why crypto is so prevalent in the gambling industry.

What Does the Future Hold?

The continued and increased decentralization of gambling would seem to be a good place to start when it comes to predicting the future of the industry. There are already plans to build sites using blockchain technology and that will become more popular with many once the benefits are realized.

Gambling firms have also been keen to introduce metaverse casinos. The attraction for betting companies is obvious. Being able to entice potential customers with the chance to walk around virtual reality casinos and interact with other users is huge. This would be just like visiting a regular casino but from the comfort of the customers’ own homes.

Potential Problems

Although it goes against much of the basis of cryptocurrency and blockchain technology, the issue of regulation cannot be ignored by customer account holders and betting firms. There have been a number of businesses that have attempted to get crypto betting going but have come up against regulatory issues that are commonplace in the gambling world.

There is no real way that legal crypto betting will be allowed without further regulation. If this can be done in a way that suits all parties then there would seem to be nothing to stop better products and services offered.

Customer Services (Support)

There are many benefits to using cryptocurrency, but you may also have a lot of questions about the process. This is where an excellent support department comes into play. We like sites that have FAQs loaded on their site, as this usually answers the most frequently asked questions. Since casinos on the web are open 24/7, we also expect support agents to be available in real time, day and night, via live chat or phone. Also, any site with a strong social media presence is a winner in our eyes.

Mobiles Ready

Just as important as offering cryptocurrency games is the ability to play them anytime, anywhere, from your phone or tablet. The sites on this list give you the chance to experience their games in a mobile format. Moreover, while most of them don’t offer native app downloads. Our experts have tested the quality of the mobile browser games. They all live up to what we’ve seen here The standard to expect when recommending a casino to readers.

Open Cryptocurrency Wallet Before Betting

If you want to play cryptocurrency casino games, this is the first step you need to take. Many of you probably already have a wallet, in which case you can skip the first few steps. If you’re new to this, you can choose from dozens of digital wallets available today. Just sign up for an account and you’ll receive a numeric address associated with your account – don’t lose this number.

Buy Cryptocurrency Guide To Start Betting

Of course, in order to deposit and play cryptocurrency, you need to have some coins first! Once you have a crypto wallet. So, you can log in and buy coins with traditional currencies just like you would buy anything else online. Just choose the type of coin you want to buy. Bitcoin is still the most popular. The amount you want to buy, and within seconds you will have a deposited account.

Betting Cryptocurrency Conclusion

As exciting as the developments in this field have been in recent years. So, crypto enthusiasts should not be getting ahead of themselves about sports betting and casino gaming. It is true that more sites accept digital currencies than ever before. That there are even specialist sportsbooks purely run on crypto now. But things will not change overnight.

There will still be the need for fiat currencies for a while yet. Possibly forever, however, more mainstream cryptocurrencies become. The question of regulation will also be very important. But the future does look bright for those willing to wait and see what it has in store for gambling with cryptocurrency.

Claudio Pires

Claudio Pires is the co-founder of Visualmodo, a renowned company in web development and design. With over 15 years of experience, Claudio has honed his skills in content creation, web development support, and senior web designer. A trilingual expert fluent in English, Portuguese, and Spanish, he brings a global perspective to his work. Beyond his professional endeavors, Claudio is an active YouTuber, sharing his insights and expertise with a broader audience. Based in Brazil, Claudio continues to push the boundaries of web design and digital content, making him a pivotal figure in the industry.