Crypto sportsbooks do exist. However, we have to admit, when cryptocurrencies first came on the scene, we were skeptical.
Weren’t YOU?
Digital money that isn’t issued by a central bank? It seemed like a fad that would fade away. But crypto is here to stay, and its impact is being felt in industries all across the board, including in the world of online betting.
If you’re an online bookmaker, it’s time to adapt to cryptocurrencies or get left behind.
Cryptocurrencies have gone mainstream, and platforms that don’t accept them risk losing customers to competitors that do so.
Betters, especially younger ones, want options to deposit and withdraw funds that suit their needs. For many, crypto fits the bill.
If you think crypto is too risky or complicated, think again. Solutions exist now to make accepting and processing crypto transactions easy while mitigating risks of fraud and theft.
Take the rise of cryptocurrencies as an opportunity, not a threat, for online bookmakers. So, how to use bitcoin for sports betting, in a safe and efficient manner?
Tapping into the crypto customer base opens up your platform to an entirely new segment of betters. And by offering the payment methods customers want, you build goodwill and loyalty. The crypto train is leaving the station.
Looking for affiliate software for your betting company that accepts cryptocurrencies? Try Scaleo free for 14 days and start paying your affiliates in bitcoins. Enjoy also automated billing and transparent commission reports.
With that being said, let’s get started!
Why Cryptocurrencies Matter for Online Betting?
We’ve been making affiliate software for online betting websites in the online betting industry for over a decade now, and one thing is clear: adapt or get left behind.
As online bettors ourselves, we’ve seen a lot of changes, but nothing quite like the rise of cryptocurrencies. Here are a few reasons why crypto matters for the future of online betting:
- Anonymity and Security. Cryptocurrencies are digital and decentralized, meaning no central authority controls or monitors transactions. For betters, this means anonymous and secure payments. No more worrying about stolen card numbers or accounts.
- Faster Transactions. Crypto transactions are also fast, often taking just minutes to process. No more waiting days for withdrawals or deposits to clear. We can get our winnings and place new bets almost instantly.
- Lower Fees. Cryptocurrency transactions also tend to have lower fees compared to traditional payment methods. Some are even free. More money in our accounts and less going to fees means more to bet with.
- Global Access. Cryptocurrencies transcend borders, giving bettors access to online betting from anywhere. As long as someone has an internet connection and a crypto wallet, they’re good to go.
As far as we can see, the so-called “bet crypto” is the future of digital finance and online betting. The time to embrace crypto is now, before the opportunity passes you by.
The betting world is changing fast, but the future looks very bright with crypto on our side.
The Top Cryptocurrencies for Online Betting
As online betting affiliate software operators, we have to keep up with the latest trends to stay ahead of the competition. And right now, cryptocurrencies are one of the hottest trends in the industry. Some of the top cryptocurrencies we offer integrating into our system, are:
Bitcoin
This is the most popular cryptocurrency, so allowing customers to deposit and withdraw funds using Bitcoin only makes sense. Many casinos started accepting Bitcoins a couple of years ago, and it’s really taken off. Generally speaking, betting sites that accept Bitcoin cryptocurrency have a competitive curve over those that don’t.
Ethereum
Ethereum is the second largest cryptocurrency, for smart contracts and decentralized apps. Customers who own Ethereum can now use it on our site to bet on their favorite sports, play casino games or poker.
Litecoin
Called the “silver to Bitcoin’s gold,” Litecoin is a popular alternative for those looking to avoid Bitcoin’s high fees and slow transaction times. Many crypto sports betting sites that accept Litecoin give their customers more options for fast, affordable crypto transactions.
Bitcoin Cash
Bitcoin Cash is another popular Bitcoin spin-off, focused on low fees and fast payments. By accepting Bitcoin Cash, we’re able to cater to more customers in the crypto community. Many bettors actually search the web for “Bitcoin cash sportsbooks”, which is how the term got popular.
The crypto trend will only get bigger, and customers want options. As leading online betting affiliate operators, we must adapt to cryptocurrencies or get left behind. Integrating the top cryptocurrencies into our sites and marketing to crypto users is key to staying ahead of the competition.
Check if Your Current Sportsbook Software Accepts Crypto
Now, I can hear you ask – “How to use Bitcoin for sportbetting? Is it easy?” If your current sportsbook software already accepts cryptocurrency, it can significantly streamline your operations with no additional work from your side. This is because incorporating crypto payments directly within your existing platform eliminates the complexities and potential security vulnerabilities associated with trying to integrate third-party tools.
It provides a smoother, more seamless experience for your users, who can make transactions directly within the platform they’re already using. Furthermore, it can save you time, resources, and potential troubleshooting efforts that might be needed when dealing with external integration.
Therefore, having a crypto sportsbook software natively accepts crypto is convenient but also efficient, secure, and cost-effective.
The major players like Bovada, BetOnline, and MyBookie now accept various cryptocurrencies in addition to USD, so it’s always a good idea to look up to the competition and see “how they did it”.
Once you integrate cryptocurrencies (in either way), players who already have an account with you, can simply deposit and withdraw using bitcoin or another supported crypto coin. This is convenient since they won’t have to create another account elsewhere.
Look for Key Features
When evaluating a potential crypto sportsbook solution, here are a few must-haves:
- Accepts major cryptocurrencies: At a minimum, the site should take Bitcoin, Ethereum, and Litecoin. The more options are supported, the better.
- Fast payouts: One big benefit of crypto is fast payouts, often within 24 hours. Make sure the sportsbook software promotes fast crypto withdrawals and has a solid reputation for quick payouts.
- Bonuses for crypto: Some sites offer special bonuses or rewards for those who deposit and bet with cryptocurrency. See if they have any crypto-specific promo offers, that you can take advantage of.
- Responsible gambling: Legitimate sites promote responsible gambling and have tools in place to prevent “problematic” gambling regardless of the payment method. Don’t use any site that lacks these safeguards.
- Good rating: While the end users may see all Bitcoin betting solutions as nearly identical, they are not even remotely the same. When looking for a betting solution that accepts cryptocurrency, read reviews and study negative feedback. If people complained before you, what bothered them?
By doing your homework, you can find reputable crypto sportsbook software that offers the features you want while still enabling you to place anonymous crypto sports betting bets and keep more money in your pocket due to lower fees.
There are a lot of crypto betting apps, such as Bitcoin Casino and BetPay, where you can use bitcoins to place bets.
The future of online betting is a digital currency – so get in the game!
Depositing and Withdrawing Cryptocurrency Funds
Vendors and players must adapt to take advantage of crypto’s benefits. Here are some tips for depositing and withdrawing cryptocurrency funds:
Get a Crypto Wallet
If you plan to do business with crypto, you’ll need to set up a digital wallet to store your coins. We recommend using a wallet that allows you to retain control of your private keys, in case you ever want to transfer funds out of the betting site.
Once you choose a cryptocurrency, you’ll need to set up a digital wallet to store your coins. Make sure you enable two-factor authentication on your wallet for an extra layer of security. Write down your wallet passphrase on paper in case anything happens to your device.
Some good wallet options include: Exodus, Jaxx, and Coinomi.
Buy Coins and Transfer to Your Wallet
Now, you can purchase cryptocurrency on an exchange like Coinbase, Binance, or Kraken and transfer the coins to your wallet. From there, you’re ready to deposit into your betting account.
Deposit and Withdraw
When you want to deposit, simply select the cryptocurrency option on the cashier page of your betting site. They will provide a wallet address to send your funds to. Be sure to double-check that the address is correct before sending. Withdrawals are similar – you provide an address from your personal wallet and the funds will be sent directly there.
Cryptocurrency offers fast, secure transactions for online betting.
Finding sites that use crypto, setting up your own wallet, and buying some coins to begin with, you’ll be getting familiar with how to deposit and withdraw, you’ll be betting with digital money in no time and reaping the benefits.
Staying Safe When Betting With Cryptocurrency
Online betting has become much more complex now that cryptocurrency is involved. Bettors have to make sure they adapt to use crypto for betting safely and it’s your responsibility, as a vendor, to guarantee this safety.
Do your research
There are thousands of cryptocurrencies out there, so do some research to understand the popular options, how they work, and which betting sites accept them. Bitcoin is the most well-known, but others like Ethereum, Litecoin, and Bitcoin Cash are also commonly used for betting. Read reviews of different crypto betting sites to determine which are most trustworthy before signing up.
Be cautious of volatility
Cryptocurrency values are highly volatile, meaning the value of your coins could drastically decrease (or increase) at any time. Only deposit crypto into your betting account that you can afford to lose since there’s a chance it may be worth less if you go to withdraw it.
It’s a good idea to check the current exchange rates of your cryptocurrency before making any deposits or withdrawals.
Withdraw regularly
Don’t leave large amounts of cryptocurrency in your betting account. Withdraw at least some of your winnings regularly to avoid losing money if the betting site is hacked. While regulation of crypto betting sites is increasing, they are still less regulated than traditional betting sites.
It’s safer to keep most of your crypto in your own secure digital wallets.
By educating ourselves on cryptocurrency, setting up secure wallets, understanding volatility risks, and withdrawing regularly, we can safely enjoy the benefits of crypto betting. The future of online betting is here, we just have to make sure we adapt to it responsibly.
Conclusion
So there you have it, some of the online betting tips you can embrace with cryptocurrency and stay ahead of the curve. Crypto is here to stay, and those unwilling to accept cryptocurrency may find themselves struggling to keep up.
At Scaleo, as betting-optimized affiliate software that accepts cryptocurrencies, we offer our clients a wide variety of features, integrations, transparency, security, and the latest technology trends integrated into our system.
Companies that provide those things will win business and loyalty. Those that don’t will be left wondering what happened as bettors flock to their competition. The takeaway is simple: adapt or become irrelevant.
Cryptocurrency is the new normal, and it’s time for the betting industry to get on board. The future is unwritten, but companies that look to the future will have a hand in writing it.
What are the advantages of anonymous crypto sports betting?
Many people want to participate in sport betting programs and either don’t want to use their family credit card for it, or simply wish to stay anonymous and keep their transitions are secure as they can be. This is where crypto betting options come in handy, which is why you, as a sports betting company owner, might want to consider providing this option for your customers.
What is crypto sportsbook?
Simpy but, it’s a sportsbook company that offers cryptocurrency as one (or main) payment option for placing online bets with them.
Are anonymous betting sites legal?
Contrary to common belief, anonymous betting sites can be as legal as any other type of business that promises online anonymity. However, many rush to assume that if something is anonymous, it would be sketchy. Doesn’t have to be. Always keep in mind that your own online security is in your own hands.
Last Updated on January 9, 2024
