What Is The Best Crypto For Sports Betting?

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There is so much untapped potential when it comes to sports betting. The practice almost feels closer to stock trading rather than just gambling. 

 

However, placing bets in online sportsbooks can sometimes be a challenge within itself. This is why so many people prefer to use crypto when betting on their favorite team. Here is a comparison of the best digital coins used for betting online.

Why Use Crypto For Sports Books

Crypto should be the go-to choice whenever using real money online in general. However, many people are unfamiliar with the concept and don’t know exactly why digital currencies are so useful.

 

When it comes to online sports betting, crypto presents so many benefits over fiat cash. Online betting sites usually require lengthy KYC procedures that could take up to 2 weeks. This is a big no-no in the sports betting community since matches happen on a predetermined date. You could miss out on the whole Euro 2021 in that period. 

 

Cryptocurrencies have no such ridiculous wait times and some casinos don’t even require you to make an account. Deposits and withdrawals are extremely efficient and convenient. Moreover, all transactions happen on the blockchain without a central, government-controlled entity unlike in banks. Meaning your actions are almost completely anonymous, which could help you get around country restrictions in combination with a crafty VPN.

5 Best Cryptocurrencies For Sports Betting

Cryptocurrency enthusiasts are already well-known for their research-intensive skills and resourcefulness. With the right combination of sports knowledge and crypto management skills, bettors can make money off their passion. Here are the most popular coins used for sports betting with their pros and cons.

Bitcoin

It wouldn’t be a proper crypto article without a mention of Bitcoin. Bitcoin is definitely the most popular option among bettors and for a good reason. The coin offers great versatility with fast transactions, low fees, and high acceptability. 

 

The major selling point of Bitcoin with online sportsbooks is their numerous deals and offers. Online sites love Bitcoin to the point where they’ll give you free money in form of deposit matches, or welcome bonuses on sign-up.

Pros

  • Fast transactions
  • Low fees
  • Secure
  • Widely available
  • Best deals
  • Anonymous
  • Higher withdrawal and deposit limits

Cons

  • Volatility of value

Bitcoin Cash

While Bitcoin Cash is extremely hated by its community counterpart — Bitcoin, the fact remains that the currency has great utility when it comes to transactions. BCH is a fork of Bitcoin that was created in 2017. This fork has all the fundamentals of BTC but with even faster confirmations and lower fees than BTC.

 

Controversy aside, Bitcoin Cash is simply another great form of currency to use in the online sports betting scene. 

Pros

  • Faster transactions than Bitcoin
  • Lower fees than Bitcoin
  • Secure
  • Widely available

Cons

  • Worse bonus opportunity compared to Bitcoin

Ethereum

Ethereum is vastly overlooked by online bettors for its slightly higher fees but it is a great option nonetheless. Ethereum doesn’t reinvent the wheel by any means but it does make for a secure and consistent form of transactions. The wide popularity makes Ethereum an excellent option if you’ve got some spare Ether coins on hand. 

 

Besides the aforementioned high fees, the only other real downside of Ethereum is its lack of acceptance across different sites compared to BTC and BCH. This shouldn’t be too much of a problem if you’re someone who likes to stick to one site but has to be acknowledged as a possible con.

 

Pros

  • Fast transactions
  • Secure
  • Anonymous

Cons

  • High fees

Monero

Monero is an altcoin and definitely a novel way of doing things. While it’s mostly used in a handful of betting sites it is pretty much the only option if you’re looking to gamble completely anonymously and privately. 

 

While cryptocurrencies are generally already anonymous they’re not completely private. Cryptocurrency transactions are recorded on the blockchain, which makes it transparent but also public and viewable by anyone. 

 

However, transactions of Monero are completely untraceable and unlinkable even on the blockchain, which makes it an easy choice for anyone who’s looking for this extra layer of protection. 

 

Pros

  • Best private form of payment
  • Fast transactions
  • Anonymous
  • Secure
  • Low fees

Cons

  • Worse bonus opportunity
  • Not widely accepted

Litecoin

LTC is generally regarded as the silver to Bitcoin’s gold and is another great alternative coin. Litecoin is widely accepted in the majority of online casinos and sports betting sites, making it the perfect option if you can’t get your hands on some Bitcoin. The currency is fast, reliable, and secure just like all the before-mentioned coins.

 

Pros

  • The best alternative to bitcoin
  • Fast transactions
  • Low fees
  • Secure
  • Anonymous
  • Good deals
  • High withdrawal and deposit limits

 

Cons

  • Lower acceptability compared to Bitcoin

 

Final Verdict

If you gambling online using sportsbooks Bitcoin is simply the best option hands-down. The general rule of thumb as of right now is to use Bitcoin whenever betting on sports and use the other four in case you’re looking for something specific, like Monero for its privacy.

 

The other cryptocurrencies listed above have unique themes but are all extremely beneficial to sports betting. The differences between them mostly come down to preference and your personal goals.

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