Benefits of Using Cryptocurrencies at Betting Sites

January 23, 2018 January 23, 2018 Claire Aleman

One of the major problems for some punters is that when they do fancy placing bets and wagers online they could experience all manner of different problems being able to deposit their funds into a betting site account.

They could be faced for example with just a small number of payment options due to the country they live in, or they may not want to use any form of payment option such as a debit card that is linked up to their bank account.

However, with the advent of web wallets such a Skrill and Neteller that is often a solution to such problems for anyone can sign up to use the services of those two companies web wallets and can then use their web wallets to not only make deposits into a betting site but also make withdrawals too.

There is though a brand new way that anyone in any country of the world can make deposits into their betting site accounts and make withdrawals too, and that is by using one of the many different cryptocurrencies that are now available.

You will no doubt have heard of Bitcoin and Ethereum and if so you will find it is very easy to open up a web wallet which can be used to store and send out either of those two cryptocurrencies and there are plenty of digital currency exchanges that you can use to buy any unit of either of those two digital currencies too.

How to Start Using Cryptocurrencies to Gamble With

One thing you will need to do if you are interested in using cryptocurrencies as the way you fund your online betting site accounts is to first choose just which digital currency you wish to use.

Be aware though that there are not far of 1500 different cryptocurrencies available and as such you are going to be faced with a lot of the to pick and choose from, but not all sportsbook accept them all, so it will probably be one of the better known ones you should consider making use of.

Those include Litecoin, Bitcoin and Ethereum, and you will then of course need to locate an online betting site that does accept cryptocurrencies.

Next you will simply need to download a digital wallet onto your computer as that is how you store your cryptocurrencies, keep in mind you are of course going to have to initially buy a digital currency and that will entail you using the services of a digital currency exchange.

When you use a digital currency exchange you need to decide just which digital currency you wish to buy and the fiat currency and payment method you wish to buy that digital currency with and once you have placed an order for any unit of any digital currency it will then be sent out to your digital wallet, and then you use that digital wallet in much the same way you would use Skrill or Neteller.

Additional Benefits of Using Cryptocurrencies at Betting Sites

Apart from the fact you are going to find cryptocurrencies are a great way to keep your gambling funds completely separate from your day to day bank account, there are a range of additional benefits of using any cryptocurrency as your chosen and preferred betting site payment option, and as such I will now quickly run through those benefits.

By carefully selecting the betting site you sign up to and use when you are using a cryptocurrency, you will find that many of them have chosen to configure their banking interfaces in such a way that as soon as you request a withdrawal from your betting site account those withdrawals will be processed and sent back to your digital currency wallet instantly.

You are of course also going to find that there are bonuses and free bets and a plethora of additional promotional offers that are going to become available to you when using cryptocurrencies as betting site banking option.

However, what I have noticed is that many of those offers, bonuses, free bets and promotional offers do tend to be much more generous in value and size, due to the fact that betting sites are not charged the usual high fee associated with other payment options.

So by choosing to use a cryptocurrency and as the processing costs are relative low for the betting site operator they do tend to give away to their customers using digital wallets some much more generous offers!

About The Author

Claire Aleman


Claire Aleman has been with us from the start and is passionate about fair gaming, and asking those in charge very challenging questions, and questions they tend not to want to be asked.

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