What is Tether betting?
While Bitcoin and Ethereum have previously dominated the market, other cryptocurrencies have now begun to gain traction.
Whilst Tether isn’t exactly the best-known cryptocurrency, it is the third largest in the world in terms of market capitalization. Tether is unlike other cryptos that rely on market forces to determine their value. Tether is tied to the US dollar, and so it is seen as a more stable currency as traders are unable to affect the value of the coin. This security means that Tether is classed as a “stablecoin,” and it is seen as less of a gamble than investing in a currency like Bitcoin.
But that doesn’t mean that you can’t gamble with Tether, also known as USDT. In fact, Tether betting platforms are becoming more popular as online bookies also see the value in accepting forms of crypto that are not so volatile.
So, if Tether is pegged to the US dollar, why use it at all? Well, like with all crypto, online Tether transactions can be completed a lot faster than with traditional currency – also called fiat money. Most Tether transactions can be completed almost instantaneously, which makes it especially popular with players on betting sites. The stability of the coin’s value, coupled with the convenience of it being a digital currency, makes Tether the ideal payment method for online gambling.
So now you know why it is so popular with online gamblers; how do you get your hands on some?
First, you’ll need a cryptocurrency wallet to hold your Tether. A crypto wallet is a program or device that allows you to transfer and store your currency (in this case, Tether.) You’ll need a wallet to deposit Tether in your betting account. Once there, it can be used in the same way as fiat money. You’ll also need your wallet when you want to make a withdrawal from your betting account, as online betting platforms usually stipulate that you can only make withdrawals in the same currency that you deposited.
In most cases, you choose your currency when you sign up. There are plenty of wallets that are suitable for Tether, the top three being Crypto Wallet, Tether Wallet, and MyEtherWallet. All of these wallets are free and support Tether.
Next, you need to buy some Tether. You can purchase Tether from pretty much any cryptocurrency exchange, such as Binance, Crypto.com, or Kraken. Once you’ve chosen your exchange, sign up (you will need to verify your identity with some form of ID and wait for your account to be approved before using the exchange. The verification process can take up to ten days.) Once your account has been approved, you can make a deposit, and you can start trading in crypto. To buy Tether, simply select USDT and the amount you want to purchase. Your Tether can then be stored in your wallet to transfer to your betting account.
If all this seems like a bit of a faff, or you’re put off by the waiting period, you can buy Tether through many Tether betting platforms. There is usually a minimum purchase amount, but the Tether will go straight into your betting account, so it can be a quicker option. However, if you want to withdraw your winnings, you still will need a crypto wallet. All online betting platforms require you to withdraw your money in the same currency as you deposited it, so if you deposit in Tether, you have to withdraw in Tether. If you then want to convert your Tether into fiat money, you will need to do that through a crypto exchange.
The great thing about Tether is that you can keep a handle on how much your crypto wallet is worth. As the exchange rate doesn’t fluctuate, you won’t lose any value (although you won’t gain any either), so you can keep track of exactly how much you are winning or losing when you bet.
In conclusion, Tether betting is a lot like betting with any other currency with two main differences. Unlike using fiat money, transactions only take a matter of minutes, regardless of the country you are in or the platform you are playing on. The second difference is that, unlike other cryptocurrencies, USDT is very stable, and so there is less chance of your coins losing value – you can be sure that you can get a dollar for every Tether coin you win. It’s easy to see why so many players are turning to stablecoins like Tether, as they offer the best of both worlds.
Pros and Cons of betting with Tether
| Pro |
Con |
| Tether will retain its value in dollars |
You won’t be able to increase your winnings with market fluctuations |
| Instant transactions |
Limited sports betting websites accept Tether |
| Relatively low transaction fees |
Low levels of privacy compared to other currencies |
What to look out for
With so many Tether betting platforms and apps out there, you may be struggling to decide where to make a deposit. While most Tether betting platforms are great, there probably are a few that you would want to avoid, but how to sort the good from the bad or the downright ugly? Here are a few things you will want to watch out for when choosing a Tether betting platform.
- Playability – You’ll want a site with a slick and modern user interface. An up-to-date interface will ensure that the games are engaging and current, but it goes further than that. You don’t want a site that is going to crash while betting and leave you out of pocket. You can usually tell what the UI will be like from the sign-up process. Was it easy? Did it all go smoothly, or were there some kinks? If the sign-up was trouble-free, the chances are the games will be too. You can also assess the site’s interface before even signing up. Have a look around the site and see how quickly you can navigate or find what you are looking for. As most players now use mobile phones, it’s a good idea to see if the site is optimised for multiple devices. Check out how the site looks and feels on your phone compared to on your PC to ensure it looks good and responds quickly on all your devices.
- Withdrawal and deposit limits – All sites will have a minimum amount that you can deposit or withdraw. These amounts might not be the same, and you may find while you can deposit a relatively small amount, the minimum withdrawal is higher. These minimums mean that if you deposit a minimum of 20 USDT and the withdrawal amount is 50 USDT, you will not be able to get any money back until you have more than doubled your deposit in winnings. It is worth mentioning at this point that you should always bet responsibility and never deposit more than you are willing to lose. It is definitely worth clarifying the minimum deposit and withdrawal amount before you commit to the site. Sometimes this information is not readily available, so I advise checking out how to contact the site and ask them directly. On the plus side, the maximum withdrawal limits are usually a bit higher when using Tether, as crypto is not regulated in the same way as fiat money.
- Contact info – How easy it is to contact the site can be a great indicator of how trustworthy a site is. If there are lots of ways to contact them, and they offer a live chat or telephone support, you have the peace of mind that they will be on-hand in case you have a query or if something goes wrong.
- New games – Be on the lookout for a good mix of classic sports betting and more modern offerings. Having a wide range of games is a sign that the betting platform is keeping up with the needs of its players. While many players may be drawn to the more traditional bets, a really good Tether betting platform will also have other ways of betting on offer, such as in-game betting, where you can place bets while the game is being played.
- Fast deposits and withdrawals – The main reason for using crypto for online betting is the speed at which it can be transferred. Most sites will let you know how long deposits and withdrawals will take. Usually, Tether transactions take a matter of minutes, so if you find that you are waiting hours to see your deposit or to make a withdrawal, you should shop around a bit more.
- Read the comments – If you think you’ve found the Tether betting platform for you, it’s still worth reading the reviews. Look up what other users say about the site to see if their experience has been positive. While it’s true that you can’t please all the people all the time, a truly great Tether betting platform would take measures to keep a good online reputation. The best Tether sports betting platforms build up a very loyal customer base, and the fans will defend the site’s rep if anyone tries to besmirch it. It is easy to get lost down the rabbit hole of reviews and be none the wiser at the end of it, but if you look for reviews by real people, the top Tether betting platforms will stand out.
It might be tempting to sign up to a multitude of Tether betting apps and sites to see which ones suit you the best, but with the minimum deposit and withdrawal limits, you’re better off sticking to one or two. That being said, many platforms allow you to play selected games in demo mode, so if you can see how you like the site before you start betting. Only deposit your Tether with a site you trust, and make sure you are using the right settings when you deposit, as mistakes can be costly. And if you find a good site, be sure to review it!
Dos and don’t of finding a Tether betting platform
| Do |
Don’t |
| Research the site before you deposit and ensure they have games and odds that suit you |
Deposit a small amount of Tether on multiple sites |
| Check the site is optimised for your chosen device |
Use a Tether betting site before you have a crypto wallet set up |
| Check the site’s reviews |
Deposit money with a site you don’t trust |
How to bet with Tether
In order to bet using Tether, you’ll have to sign up for a site that accepts Tether deposits. Many online sports betting platforms are now catering to stablecoins as they are far less volatile than other cryptocurrencies. As Tether was one of the first stablecoins and probably the most well know, so there are plenty of sites on which you can use it. Even mainstream betting platforms are opening up to crypto, as online betting transactions are generally smoother and faster than with fiat money.
Betting with Tether is now an easy process and is becoming easier and more accessible as crypto gains traction. As online betting platforms become international, using Tether is now like using any other currency.
Below I’ve detailed the process of signing up to a betting platform, making a deposit, and betting on a game. For this example, I signed up to Betflip. The sign-in process was super simple, just click the sign-up button in the top right-hand corner.
Betflip homepage
Then you will see a pop-up where you enter your email and choose a password. Alternatively, you can use Facebook or Google.
Betflip’s signup page
Once you’ve signed up, you’ll be asked to sign in and verify your account through a link sent to you in an email. And that’s it! You can now play some games in demo mode or choose your deposit method to start betting.
You’ll need to deposit some Tether into your account. You can’t buy Tether through Betflip, so if you haven’t got any Tether in your crypto wallet, you’ll have to head to Coinbase or sign up with Tether to buy some. If you haven’t already got a crypto account, it can take some time. To sign up to Tether or Coinbase, you will need to send some identification, and you will have to wait for it to be verified before you can start purchasing Tether.
Purchasing tether
Coinbase’s Tether page
If you’re stuck choosing whether to sign up to Tether or Coinbase, remember that you can buy other forms of crypto through Coinbase, making it a more versatile platform to go with. Most sites which deal in crypto also use Google Authenticator for two-factor authentication, which means you would benefit from signing up for that before you try and make a purchase.
Choosing your security with Coinbase
Once you have got your Tether, you can head back to Betflip to make your deposit. First, press the green plus sign button next to your account balance in the top right hand of the screen.
How to deposit Tether at Betflip
You will then come to a screen that shows all your available currencies. Select “add currency” and choose USDT from the drop-down box.
Choosing the Tether currency
Betflip will then give you a QR code and a deposit address, so you can choose how to add your Tether into your Betflip account.
Your Tether wallet address
To use the QR code, open your crypto wallet app and enter the amount you wish to deposit. Then select the QR option and scan the code. Once you have double-checked the amount and that the recipient address is correct, confirm the transaction to send your deposit. Alternatively, you can copy and paste the deposit address into your crypto wallet and complete the process in the same way. Your deposit should arrive in your account within a matter of minutes.
It’s important that you select the correct currency to deposit, as your money could be lost if you use the Tether QR code or deposit address for any other currency. Although the site stated the minimum deposit was 1, at the time of writing this article, the minimum deposit was 20 USDT.
Once you’ve made your deposit, you can bet with your Tether the same as you would with any fiat money. Your balance is shown in the top right corner, and it will display in your chosen currency. Tether is tied to the US dollar, and both Tether and the USD currently have an equal exchange rate with the Euro. This means you can keep a good track of what you’re winning – and spending – as you play the games.
Betflip has a great selection of sports to bet on. You can search by type of sport and then look for live games and current or future matches.
Choosing your sport to bet on with Tether
All the current games are set out for you to browse through, so finding a match is really easy.
Choosing a football league
Once you have selected the game you want to bet on, you can choose how you want to bet and how much you want to put on. All the stats will be displayed, and you can input your wager on the right-hand side of the screen.
Picking a match to bet on
Some games will have minimum bets, and these will be displayed when you click on the bet amount. You can then choose how much you want to wager and type it into the box provided.
Choosing how much Tether to bet with
Once you’ve typed in your wager, the box on the right of the screen will show you your win and allow you to change or accept the odds if you wish. At the bottom of the box, you can change the language or odds settings as you wish.
Confirm your bet
As you have made your deposit in USDT, any winnings will also be in USDT. You can make a withdrawal to your crypto wallet at any time, although the minimum withdrawal amount is 50 USDT.
There are so many games on Betflip, that you’ll definitely find something you want to wager on.
As with most online betting platforms, Betflip has a live chat feature if you have any queries. Any queries are answered quickly and courteously, giving you peace of mind that someone is available at all times to address any issues.
