What is crypto gambling & what are crypto gambling sites?
Online cryptocurrency gambling is, to put it simply, placing bets at a casino using virtual currencies. Similar to how you might expect to make bets on a bookies’ sportsbook, you can still do so, except this time it’s not with FIAT (or regular) currency. Cryptocurrencies are a (fairly) new currency type gaining popularity around the world and three of the best known are Bitcoin, Ethereum, or Dogecoin.
Over the past several years, these virtual currencies have become more and more popular for use in many different ways. They can be used for almost anything that regular currencies can. We have been familiar with using the dollar, the euro, or the pound while gaming and betting online. However, you can now deposit to and withdraw from your casino accounts using any of the well-known cryptocurrencies. The list of currencies is huge but take a list of the top 10 most used here:
| Cryptocurrency |
Name shorthand code |
| Bitcoin |
BTC |
| Etherium |
ETH |
| Dogecoin |
DOGE |
| Tether |
USDT |
| BNB |
BNB |
| USD Coin |
USDC |
| Cardano |
ADA |
| Solana |
SOL |
| Polygon |
MATIC |
| Polkadot |
DOT |
When it comes to choosing the best bitcoin gambling sites you know already they will of course have bitcoin as an accepted currency. But many other sites that started out with only bitcoin, move on to allow many other virtual currencies down the line. The best way to compare this to fiat currencies is when a gambling website starts out with just the United States Dollar, and then over time they start to allow betting with the Great British Pound, Australian Dollar and the Euro. Virtual and crypto gambling sites do the same, except with currencies you can’t physically see since they are all virtual.
What can you do on the best bitcoin gambling sites?
So you know that these websites allow gambling considering that’s exactly why you’re here, but did you know that gambling is not only betting on a sportsbook? Players can stake their money and win large in a variety of games. Some of the most well-liked Bitcoin gambling games are the ones listed below:
Sportsbook
On the top Bitcoin gambling sites, people can wager on the results of athletic events like football, baseball, horse racing, tennis, racing basketball and hockey for example. In-play predictions allow players to make bets while the game is still in progress, whereas pre-match predictions allow players to make predictions about the final score or other potential outcomes before the game even starts. This is typically done in conjunction with margins and in-game odds that let players place bets on potential outcomes either before or during the game.
Casino games
Casino games are your typical games you’d expect to find in an old school bookmaker or casino. There are different types such as table games such as roulette and baccarat, as well as slot machines. Slots typically all work in the same way where a wheel is spun and depending on which parts of the slot wheel line up, depends on how much you win.
Poker games
Another form of online cryptocurrency gambling that the majority of the finest Bitcoin gambling sites provide is poker gambling. Poker in itself consists of multiple styles and variations that can be played. Bets are placed on the hand with the best combination of cards relative to other hands. Only a few of the top Bitcoin poker sites provide video poker; the majority of them provide cash tables and tournaments. Video poker players use fixed odds to battle against the banker.
Other card games
Poker is not the only card game that is available to play on crypto gambling sites. There are so many different card games that it’s not unusual to see each variation on the gambling sites. There is anything from rummikub, blackjack and more for you to play using your choice of virtual currencies.
Lotteries
Lotteries work the same way in the crypto world as they do in the fiat world. The rules are very simple, there are a range of numbers that will be chosen one by one until the maximum numbers allowed have been pulled at random. In order to win, before the winning numbers are pulled, users must choose their own set of random numbers. If the numbers the user and the game have match then they will win prizes. On crypto gambling sites they bet using crypto and any potential prizes are paid in crypto also.
Is it legal to bet with cryptocurrencies?
Online gambling with cryptocurrency is allowed everywhere online gambling with your local currency is permitted. Cryptocurrency gambling is prohibited everywhere internet gambling is prohibited. The legality of gambling is unaffected by the use of cryptocurrencies.
This means, when you consider popular betting countries like the UK, Ireland, Australia and the USA, generally speaking, Bitcoin gaming is not specifically regulated by any legislation. Officially, it is neither permitted nor forbidden. The same goes for the other cryptocurrencies available on the market as well.
How can you get cryptocurrencies to bet with?
Finding out how to purchase Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies can be challenging at first if you’re new to the world of cryptocurrencies.
Thankfully, learning the basics of bitcoin investing is not too difficult. By following these five simple steps, you may begin investing in cryptocurrencies.
- Pick a broker or cryptocurrency exchange. This is the platform in which you will make your initial transactions. You will need to understand the difference between the two, however both will allow you to purchase crypto.
- Create a new account and verify it. This is where you will need to input some personal information because you buy crypto initially with fiat currency. To stop fraud and comply with anti-money-laundering regulatory standards, this is a crucial step.
- Deposit funds into your account. You might add funds to your cryptocurrency account by linking it to your bank account or by using a debit or credit card to make a purchase. Be aware it can sometimes take a few days for the funds to clear before you can actually start using them.
- Find and purchase your cryptocurrency order. Hundreds of cryptocurrencies are available, from well-known ones like Bitcoin and Ethereum to less well-known ones like Theta or Holo.
- Choose a secure and highly reputable crypto wallet and remember the details of it. Keep your ewallet code and security information safe as you will need it to transfer to and from while keeping your funds safe. If you chose to use an exchange instead of a broker you often have an ewallet you can leave your crypto in. If not, continue to use a separate ewallet off of the exchange.
Once you have got your crypto safely stored and secure in your ewallet, all you need is the ewallet code to make deposits and transactions. This means that when you are ready to start spending your funds on bitcoin gambling sites you will just need to either scan the ewallet QR code or type in the ewallet code. The process is straightforward once you have the crypto. The trickiest part is getting the crypto to begin with, but even then. with these 5 steps you’ll easily be able to start your crypto journey too.
Main pros and cons of using crypto gambling sites
Before you just jump straight in and start spending your money on cryptocurrency to start betting you should make sure you understand both sides of the process. As with anything there are multiple positive points as well as negative reasons for using cryptocurrencies.
Some of the main features of using cryptocurrencies is how easy it is for you to remain anonymous. This is a key feature that many punters like due to being able to stop other people from knowing who you are as well as hide how much you are spending on bets. With fiat currencies on the other hand, there is always some kind of paper or electronic trail and all money is traced back to you eventually. This is completely eradicated for crypto users.
Let’s take a look at the negatives of using crypto paired with why fiat is better for those reasons before we look at the way in which crypto is actually more beneficial compared to regular betting.
| Cons of cryptocurrency for gambling |
Why fiat is better in some instances |
| If you send crypto to the wrong ewallet you cannot get it back due to being untraceable |
Due to legal requirements and verification checks, you can get your money back if transferred to the wrong place |
| Most cryptocurrencies are very volatile which means value to decrease just as fast as it increases |
Although affected by inflation, there is rarely a sudden decrease in value like you’d see with bitcoin |
| It’s a work in progress and always changing which means it is hard to stay on top of the curve |
Banks have worked pretty much the same way forever so there are no big surprises in how they and money are used |
| Due to anonymity it can lead to criminal activity which means your ewallet could be put at risk |
Even in criminal instances, the banks regulations can trace where your money goes if it has been stolen |
| It can be harder for new users to understand how to buy and use crypto and even then, not everyone learns how as an adult |
People are surrounded by banks and due to how “normal” it is to use them we are introduced to banking from a young age |
Fiat currencies are also owned and managed by the government and the bank so are affected by inflation over time. Cryptocurrencies, although extremely volatile, are not affected by inflation. Yes, the value of crypto can decrease and increase at various times but they are less likely to stay at a lower value like fiat currencies do on a regular basis. This is a loved feature of users because you’re not losing as much value from your bitcoin over a long period of time as you’d expect.
As with any decision you will make, there are always going to be pros and cons when it comes to using a new platform. There are many features that make bitcoin gambling a no brainer compared to the regular forms of betting. However, as we have seen already, there are also some features that make bitcoin and other crypto more risky to work with. You’ve seen the risks, so now take a look at why it can actually benefit you more to use crypto while betting.
| Pros of using crypto for gambling |
Why it can be better than fiat currency |
| It’s totally private which makes it secure when gambling with it |
Nobody can see what you are doing with your money or how much you have |
| Cryptocurrency is not affected by inflation like most fiat currencies are |
Although crypto can lose value suddenly, it’s almost always guaranteed to increase to higher than what it previously was |
| Most transactions are instant so there is no time to wait for funds to clear. The average transaction time is 1-5 minutes |
This means you don’t have to wait around for 24 hours just to make bets and play the games you want |
| It is decentralised which means you are in complete control of it instead of a bank |
This means there is nobody to tell you what you can and can’t spend your money on and you keep it in your own managed wallet |
| They don’t have any caps or limits on their promotions to offer players’ |
This means you can be offered much more in a promotion than you would if it were fiat currency |
Step by step guide: How to bet on bitcoin gambling sites
Step #1: Choose and sign up to a crypto betting site
For our example today we will use the gambling site Crypto Wild.
Signing up at Crypto Wild
The layout of a crypto betting site is very similar to that of a fiat gambling site too. In order to register as a new user you will need to click on the “Sign up” button in the top right hand corner of the homepage. This will open a new window with a very quick registration form. As with all crypto betting sites, there is a level of anonymity so it will not ask for your name, or any personally identifiable information except for an email address to log in with. All you need is the email, password and a username (nickname).
Details required by Crypto Wild
Step #2: Deposit your crypto funds to your e-wallet account
After the one page registration form has finished being filled out you will need to verify your account via email. Once done, you will be taken back to the homepage where you can click the “deposit” button in the top right corner of the screen. This will open a new window, but this time it’s where you can make a deposit transaction to fund your account. On the left side you will see “BTC” under currency which is short for Bitcoin. This is the most popular deposit option but is not your only one. If you click the “+” next to it you will see the next window pop up.
Depositing at Crypto Wild
As you can see above, this is the popup window where you can choose a different or additional currency to deposit into your account. Select any and all that you need. On the first deposit screen again you will have two options to make the deposit transaction. You can either scan the QR code directly from your personal crypto wallet or you can manually type in the wallet code. You need to make sure you type it in correctly because unlike fiat currency, if you send it to the wrong account you cannot get it back due to everything being anonymous. Once you have deposited your fund you will see them instantly in your e-wallet ready to use.
Choosing a gambling option
Step #3: Choosing a game to play and gamble on
After making your deposit you will be back on the homepage where you can start looking through their large selection of games. You can choose from the variety of slots, roulette, live table, poker or other games. Once you find one you like you will need to click the picture connected to the game in order to open it. Take the game “bamboo bear” above for example and how it looks once opened below.
Crypto Wild’s Bamboo Bear game
Every game you could choose to play has completely different rules so make sure you read the rules or instructions where available. This is a typical slot game so you will need to make a bet each time you spin the wheel. As the game spins it will rearrange the various squares into different positions on the screen. Depending on where these squares land depends on whether or not you get any winnings.
Step #4: Withdrawing your remaining balance or funds
Withdrawing your gambling proceeds
When you are finished with playing your selected games on the website, you can then withdraw your funds back to your personal e-wallet. To do this you need to go back to the site’s homepage and click the “BTC” button next to your deposit button. This will open up a new page with a list of deposit options, then you need to scroll down until you see the list of withdrawal options. Since you have the option to withdraw multiple currencies you just need to select which currency you wish to take out. Click the button to the right of the chosen one and you will see a withdrawal box very similar to the deposit box we used earlier. Similarly to how to transfer money into the ewallet for the site, you will need to get your local ewallet code and enter it into the box on the withdrawal form. Make sure this information is input correctly as you will not be able to get the money back if you send it to the wrong place. As expected, the transaction is almost instant so you won’t need to wait long.
That is the general process for using the Crypto Wild website for your gambling needs. If you decide you would like to play different games or deposit and play with different currencies, using the information you’ve been given today you can do all of those things without any trouble.
What features should you look for in bitcoin and crypto gambling sites?
Provably fair, as defined, is an algorithm that examines and confirms an online casino’s fairness to its customers. Most gamers’ worry that they may be taken advantage of by online gambling sites is dispelled by this. The most recent technology to bless internet gaming is provably fair. Since it is relatively new, not many gamblers are aware of it yet. The software is mainly used in bitcoin or cryptocurrency casinos and games. In order to maintain fairness, fairness provides a mechanism for bettors to view the outcomes of their earlier games.
- Fast deposits and withdrawals
The majority of the time, bitcoin transactions are quicker than conventional financial transactions. Users can deposit money and withdraw prizes from our top picks at any time, from any location, and quickly. This enables participants to begin playing right away, without having to wait for long. The need for speedy transactions has increased in the digital age. When you compare the speed of cryptocurrency transactions to those of regular fiat transactions, there is a significant time difference.
Let’s face it, people don’t want to pay to transfer their money. Paying to transfer your own money is not a new concept since regular banking institutions have made people pay to transfer their money in lots of ways before. Sometimes the fee is waived and other times it is just a low fee, so with cryptocurrencies it is also somewhat expected. When you have high fees, you’re effectively spending some of your winnings just to collect your winnings. So when you are regularly cashing out it can sometimes be more worthwhile to transfer more at once as to prevent paying more fees over time. Always make sure to check the fees before you start.
Whenever your hard earned money is concerned you should always want your transactions to be safe and secure. Even though crypto and bitcoin are virtual currencies, they shouldn’t be treated any differently in this regard. You still need to make sure your transactions and time on the site is kept secure. A wallet-to-wallet transfer is typically required to make a deposit, however because only the players’ wallet address is displayed, no sensitive personal data is disclosed which is also how players manage to stay anonymous.
- Accepts the currency you want to use
There is little point signing up to a great website with lots of games you wish to play if their only accepted currency is Ethereum and you only carry bitcoin. That’s like trying to play with Euros when the site only accepts American USD. That’s why it is always recommended to have a look at the currencies accepted at each of the crypto gambling sites you are considering to use. Luckily for players’ it is normally very easy to find a list of accepted virtual currencies on each site before you have an account so you don’t need to waste your time registering for a site you might not need.
- Different variations of games
Not everybody enjoys the same type of game all of the time. Plus if you plan on using a website quite often, you probably want the chance to try or test out other games. A site with multiple games will give you much more opportunity to find the perfect game for your taste. Plus if you get to try different things, you’re less likely to get bored of only having a handful of options. Like any business, bitcoin gambling sites want their players’ to keep coming back for more so the more games they have, the more likely people will return time and time again.
- Large deposit and withdrawal limits
Nobody wants to be told they have deposited too little to claim potential winnings. If you’ve already won on the other hand, you probably don’t want to be told you’ve withdrawn too much this day/week/month and will need to wait until the limit resets. When you consider the eligibility for some bonuses and promotionsA narrow withdrawal window would probably have an impact on how liquid their revenues are, whilst low deposits would have a major impact on their anticipated winnings from deposits.
- Regular or generous promotions and offers for players
One of the key features bettors look for when using fiat gambling sites is whether or not a site has good promotions for their users. When looking for a bitcoin gambling website you should compare promotions here too. Since cryptocurrencies are not regulated like fiat currency, there are much less legal regulations for sites to follow. This means they can be much more generous and offer higher bonuses to each of their customers. You may as well take advantage of the opportunity when partaking in bitcoin gammbling.
Final thoughts on crypto gambling sites
Overall, both novice and experienced gamblers can benefit greatly from using some of the Bitcoin gambling sites mentioned above. Players now have more opportunities to gamble with crypto thanks to the changes made to games by bitcoin gambling companies. The platforms are less focused on charging users and strive to give users the greatest possible experience.
When you start betting and gambling with cryptocurrencies going forward, you should be better equipped with the knowledge of things to look out for. Betting with cryptocurrencies is no less fun than doing the same with fiat currencies. There may be a few added steps involved but as you’ve seen above these steps can actually benefit you more than regular gambling sites. Take what you’ve learned and good luck with your bitcoin gambling.
