Cryptocurrencies which in the past have been almost exclusively owned by technology-savvy enthusiasts and big businesses, are branching out and becoming used for everyday transactions in iGaming. One of the biggest influxes of crypto usage is in the gambling world, this is because blockchain technology offers some key components that fit well with the iGaming industry’s needs.
They offer anonymous transactions, for users that have any concerns about local restrictions of the right to gamble, the fees are much lower than some traditional banking methods, and everything in crypto land is transparent. Gambling with cryptocurrency is legal in most countries, and usage is massively on the rise in the global gambling industry – accounting for around 50% of the $500 billion industry.
In this article, we take a deeper look at the real-life applications of cryptocurrencies and blockchain technology in the gambling industry today.
Advantages Of Using Cryptocurrencies For Gambling
- There are many countries where gambling of any kind is prohibited by local laws, however, people from these countries still want to gamble. The anonymity of cryptocurrencies allows for deposits without raising suspicions from banks and regulatory bodies that keep a watchful eye in places like this.
- Many people don’t want any kind of gambling transaction to appear on personal or business bank statements. That’s where cryptocurrencies provide a security blanket that allows gamblers to freely move funds from one sportsbook or casino to another without constantly having to consider how it will look on bank statements.
- Due to how Bitcoin and other popular cryptocurrencies work, all transactions are available to view on the blockchain, therefore there is an extra level of trust that can be accessed and less room for any kind of foul play.
- There are often much large deposit and withdrawal limits available for players that utilize cryptocurrencies. This is because the iGaming provider doesn’t have to abide by regulatory body stipulations on how much players can add or withdraw at any one time.
- Transactions are often near-instant, with little or no processing time needed for cryptocurrency cashouts in most cases. So you can claim your winnings much faster and usually with minimal fees compared to large banking fees for payments like SEPAs for instance.
- A growing advantage for depositing with cryptocurrencies at casinos or sportsbooks is the ability to claim crypto-exclusive bonuses that give you free bets or added bonus funds for these deposits.
The Most Popular Cryptocurrencies Found On Sportsbooks and Casinos
Some sportsbooks and casinos are limited to offering crypto deposits using Bitcoin (BTC) or Ethereum (ETH) only, however, others offer a wider range of options including tokens like:
- Bitcoin Cash (BCH)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Tether (USDT)
- USD Coin (USDC)
- Cardano (ADA)
Sometimes the gambling website will host their own wallet details and allow you to transfer, or in some cases, they may use a secure third party to allow the payments such as CoinsPaid.
How To Start Gambling Using Cryptocurrencies
These days there are plenty of fully verified exchanges and online wallets that make owning and using cryptocurrencies to gamble easier than ever. Here is a step by step guide on how to get started blending crypto with gambling:
1) Sign up for an exchange and pick a coin to purchase
There are loads of popular websites that you can sign up for in a matter of minutes in order to get your hands on various popular cryptocurrencies. You can use services such as Coinbase, Kraken, and Binance for instance, once you have successfully verified your account, which includes verifying banking details, identification, and sometimes your home address.
Then you are all set to purchase your token of choice, you can do this with bank transfers and most major credit and debit cards. You’ll then have your tokens in your exchange wallet, which has a unique address, which you can use to transfer funds to and from.
2) Sign up for an online wallet service
Now you are the owner of your crypto token of choice, you’ll probably want to take the next step and transfer these funds to a wallet. There are a few reasons for this, but in the main, exchanges have expensive fees for moving funds around and they are also sometimes limited on which gambling websites they will allow you to transfer funds to and from.
There are plenty of wallets that you can get, some are better for beginners like Exodus, whereas others are considered the best mobile wallets such as Mycelium. A simple google search can help you find a huge range of these products that are available.
You can transfer your funds to this wallet once you have set it up using a QR code or simply by entering the address of your new wallet. Just be sure you are transferring tokens to the correct asset, so for instance if you have BTC, ensure you transfer to your BTC wallet address.
3) Claim your sportsbook bonus
Now that you have your tokens in a secure wallet that will allow transfers to iGaming websites, you are free to deposit with a new sportsbook and claim a welcome bonus in doing so.
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