Crypto gambling is on the rise (and that’s an understatement). Over the past decade, crypto investors have started taking their assets and depositing them into crypto casinos and sports betting sites so that they can have fun, play games, and potentially make a profit on their wagers. This has become such a popular trend that the latest research shows that crypto gamblers bet $3 million of crypto on a daily basis and that 60% of all Bitcoin transactions are gambling-related. Crazy, right? This is really at the beginning, too, as the crypto gambling industry is currently valued at $250 million and predicted to keep on growing for years to come. So, with crypto gambling booming, you’ll be interested in learning which cryptocurrencies are currently most popular on betting sites — and this guide has the answers.
Popular Cryptocurrencies for Online Gambling
It’s no surprise that Bitcoin is currently the most popular cryptocurrency used for online gambling. This has even led to the birth of ‘Bitcoin casinos,’ with the likes of Wall Street Memes, BetPanda, and BC.Game attracting thousands of sign-ups over recent years. Outside of Bitcoin, other popular choices also include Ethereum, Dogecoin, and Litecoin, which are all accepted by a wide range of different gambling sites.
In some cases, these gambling sites also accept lots of less popular cryptos as well. A good example of this is MetaWin, a crypto gambling site that supports TC, SOL, USDT, USDC, DAI, MATIC, BNB, BCH, XRP, TRX, EOS, and more. Essentially, no matter which type of crypto you’ve invested in, there’s a pretty strong chance that there’s a casino or other type of site out there that supports it, which is great to know.
If you’ve yet to invest in crypto but are interested in the prospect of crypto gambling, it’s generally recommended that you start with either Bitcoin, Ethereum, Dogecoin, or Litecoin. This is because they’re by far the most popular options and are widely accepted by most licensed platforms. Plus, you don’t have to worry that much about any of these cryptos crashing, either, as they’ve all had upward growth over the past few years.
Where Can You Gamble with Crypto?
The internet is now booming with crypto gambling sites. Generally, the best options are:
- Crypto casinos
- Sweepstakes casinos
- Sportsbooks
Naturally, you’re going to want to use crypto casinos if you’re a fan of slots, roulette, and all of the other casino games in-between. There’s also the option to join sweepstakes casinos, which are a type of online casino where you deposit crypto in exchange for virtual coins called ‘Sweeps Coins’. These coins can then be used to play for different prizes, such as gift cards and merchandise.
It’s no secret that sports betting sites are also extremely popular right now, including sportsbooks with a $5 deposit. Many of these sportsbooks have also started to accept cryptocurrencies as a payment method in response to demand, meaning you can now bet on your favorite sports teams using Bitcoin, Ethereum, and other options. For example, Stake.us is a good starting point, as this is a sportsbook and casino rolled into one that accepts all of the popular cryptocurrencies, with popular rapper Drake being an official partner for the site.
How Does Crypto Gambling Actually Work?
The concept of crypto gambling is exactly the same as real money gambling. You bet crypto, wait to see if your bet wins, and then get (if it does) more crypto in return. Simple.
The big difference comes in regards to deposits and withdrawals, which you obviously don’t do with a credit or debit card. Instead, what usually happens is the crypto casino or sportsbook you use will provide you with a unique address to transfer your chosen amount of crypto to. After you transfer the crypto, it will then appear in your gambling account, and you can use it however you like. Similarly, if you ever win Bitcoin or another type of crypto while gambling, you can then request that it be withdrawn to your personal crypto wallet or exchange — and these withdrawals typically take no less than 24 hours.
Is Crypto Gambling Legal? Yes!
Crypto gambling is legal almost everywhere, which is great news. For example, you can legally accept crypto gambling sites across the UK, Canada, and most of the United States. However, the slight catch is that you must use sites that are officially licensed and regulated by relevant authorities, such as the Gambling Commission. At the same time, you also have to be above the legal gambling age, even though cryptocurrencies aren’t regulated by any governments. Aside from that, there’s nothing else you really need to know. As long as you’re above the legal gambling age and use a legit crypto gambling site (e.g. Bitstarzor Jackbit), then you’re good to go.
Summary
The crypto gambling world is going to keep getting bigger, that’s for sure. The vast majority of daily crypto transactions are now gambling-related, as people have quickly realized that cryptocurrencies are a great outlet for playing casino games, betting on sports, and even betting on politics. Over the coming years, you can expect more people than ever to start doing this as the industry goes from strength to strength. Knowing this, there’s no better time than right now to give crypto gambling a try and see what all the excitement is about — so don’t miss out.
