Is Crypto Betting Safe? All You Need to Know In 2023

So, you’ve read about all of the ways people are using Bitcoin and other cryptocurrencies and you’re wondering if it’s safe to use them for a little bit of a flutter online?

Maybe you’ve even got some crypto tucked away in your own wallet and you’re thinking this is just the right time to find out whether it is actually safer than traditional gambling.

Well, guess what! The online betting industry is already doing its best to make use of this revolutionary technology to provide you with even greater benefits!

While traditional currencies do remain the standard, crypto allows betting sites to offer you greater security, confidentiality, and lightning-fast transactions!

Curious to know exactly how crypto casinos guarantee this and what these great advantages can bring?

This is exactly what this article aims to show you, including what makes crypto betting safe, how exactly betting with crypto assures safety, and much more.

So read on!

Is Crypto Betting Safe?

Cryptocurrency is based on Blockchain technology which relies on cryptography, network effect, and decentralization for safety.

Encryption is at the core of cryptocurrency, and it’s so advanced that experts consider Quantum computing the only real risk of this sort of encryption failing. However, Quantum tech is a decade away, and the top cryptos are constantly being improved and upgraded with a view to defeating even this threat.

The other way cryptocurrencies can be compromised is through a 51% attack, where an attacker would need to control a majority of the blockchain’s ‘voting power’.

In the case of Proof-of-Work blockchains like Bitcoin, this voting power is actually computing power dedicated to mining said crypto. Controlling over half of a cryptocurrency’s global mining power would be such a great undertaking, however, that even nation-states may find it impossible to pull off – at least where Bitcoin is concerned.

Meanwhile, Proof-of-Stake blockchains (like what Ethereum is transitioning to) could theoretically suffer something similar, but in this case, it would mean actually taking control of (or purchasing) over 50% of the cryptocurrency staked. As you might imagine, this would also involve massive levels of investment.

Furthermore, the network effect of crypto grows every day. This means that as more people and organizations start to hold, use, and mine or stake cryptocurrency, the network becomes bigger and therefore increasingly secure.

Given this multifaceted security structure that blockchains enjoy, you can rest assured that once your transaction is validated on the blockchain, there is absolutely no way to change it, tamper with it, or deny its existence.

As such, the safety of betting with crypto is in your own hands alone, meaning that you only have to make sure to store your own crypto safely and choose a trusted, reputable gambling site to bet on.

Why Go For Crypto Betting? 3 Crypto Betting Benefits

Now that you know exactly what is crypto gambling and what makes it so safe, have a look at these 3 crypto betting benefits that you can never get with traditional gambling:

Be Your Own Bank

One of the biggest benefits of betting with crypto is that you can stay well clear of the banking system. While some sites may require KYC (Know Your Customer) protocols, using cryptocurrencies means remaining independent of third parties and in full control of your own funds.

Fast, Extremely Secure Transactions

While the traditional banking system requires a significant amount of time for funds to settle and clear, cryptocurrencies are extremely fast, with several blockchains settling transactions almost instantly.

Immutable Public Ledger

Once payment via a bank is made, you have no idea where funds are and what’s happening to them, and you simply have to trust the system and hope your funds will eventually clear.

On the blockchain, all transactions can be tracked and are secured via a consensus, disabling third parties’ ability to roll back transactions, electronically interfere, or otherwise attempt to defraud you.

12 Best Crypto Betting Websites

How to Bet With Crypto

11 Things to Consider When Picking a Crypto Betting Website

When offered so many great options, choosing a winner can be really hard. Still, there are a lot of different factors that come into play when assessing which betting site best addresses your own particular needs and wants.

You wouldn’t want to get started with a site only to discover later on down the line that it wasn’t right for you, would you?

So, we’ve come up with a list of 10 things that you should definitely consider when you pick a crypto betting site.

#1. Restricted Countries

Before you look at anything else, the very first step is to check whether a crypto site is restricted in your country. Some crypto betting sites won’t operate in some countries, but usually, others will. That’ll help you narrow your selection right away!

Most crypto betting sites list the countries where they are licensed in a section called ‘Rules’ or something similar, so figuring out whether a site works where you’re based is as simple as a couple of clicks.

These sites can be restricted for different reasons, including the legal status of cryptocurrency in a country or that of online betting. Additionally, you should also check what the legal minimum age of gambling is in your jurisdiction if there’s a chance of that being an issue!

#2. Reputation and Trust

There’s nothing the media loves more than comparing the world of crypto to the old ‘Wild West’, pouncing on stories of various scams with relish.

And while they’re partially right in that there are risks, finding a crypto gambling site with a good reputation and plenty of trust from the community is a sound solution to this problem.

If you already have transacted or own crypto, you’re probably not a stranger to doing a quick Google or Reddit search about a platform to check out what users say about them.

The same holds true with crypto gambling sites, where a little research can save you a whole lot of worry!

Additionally, rest assured that we’ve weighted reputation and trust when compiling our list of the top crypto sites.

#3. Provably Fair

One of the big reasons a crypto betting site may actually suffer from a negative reputation is if users think that the games are unfair or the odds are somehow stacked against them.

This is something else you should be looking into when assessing a crypto gambling site. Luckily, blockchain technology goes a long way towards ensuring that the games are not only just fair but provably so!

Provably Fair isn’t just a boast or some sort of marketing slogan, it’s an actual software algorithm that protects both you and the betting site from any sort of interference in the game’s rolls and spins.

Even before betting and spinning, the server will send you a seed (or code) that you can compare to the seed displayed after you play the game. If both the seeds match, everything’s definitely above board!

#4. Payout and Withdraw Speeds & Terms

If you’ve gambled online before or simply tried to transfer funds using the traditional financial system, you might have noticed that those same funds take a long, long time to settle. Payouts have been a pain point for a long time, but crypto changes all that!

Crypto transactions are lightning quick and, what’s even better, require no middleman! You are your own bank, and you sign your transactions yourself using your wallet.

Of course, it’s also worth seeing if users have made complaints about a site in regard to payouts and, if so, how they have been handled by the site’s customer service.

#5. Games available

It goes without saying that the best crypto betting sites will offer you a fun variety of games you can use your crypto with!

The very best sites are synonymous with a superb selection of games, making sure to provide you with the ultimate value for your crypto.

A lot of crypto gambling sites will offer plenty of other gaming products aside from just the usual casino games, ranging from crypto poker and crypto blackjack to crypto dice, slots, roulette, and even sportsbooks!

6. VIP programs and Bonuses

Crypto betting sites know that you’ve got a lot of great options to choose from, so they are always competing to offer players the best possible bonuses and VIP programs to take advantage of.

Bonuses can come in many forms, including no-deposit bonuses and free spins for newbies and some amazing VIP programs and perks for those who love the high-roller crypto casinos.

What’s neat is that different sites will offer you different sorts of bonuses and even different VIP program structures, so you can definitely find something out there that works for you!

#7. Security

The best crypto betting sites make sure that they have the most up-to-date security features and licenses.

The right security certificates make sure you’re protected as you use the site, while features like two-factor authentication can really help keep your crypto betting safe.

Basically, licenses are dispensed by various gaming authorities, and sites with these licenses are held to extremely high standards in order to ensure they take the best care of you that they can.

You can usually see what licenses a crypto betting site has on the site’s footer if you navigate to the home page and scroll all the way down. If you want to verify this, you can check the public register of the gaming authorities mentioned. This could be a local authority like the UK Gambling Commission or an international one like Curacao eGaming, for example.

#8. Privacy

If you use or hold cryptocurrencies, you’re probably someone who takes privacy seriously! Betting with crypto definitely helps in that regard, and you can gamble anonymously on many websites.

Not every single crypto dice site offers this, though, so you should definitely check if this is something the site offers before getting set up with them.

#9. Cryptos available

Even if you’re a crypto enthusiast and use it daily, there’s a good chance you have your favorite coins or certain preferences regarding what to use and what to hold. For this reason, it’s good to check which crypto betting sites offer transactions in your preferred cryptocurrency.

After all, actually using cryptocurrencies can be quite different from coin to coin and blockchain to the blockchain. If a site doesn’t offer the crypto you’re used to, you might have to learn and get used to an entirely new ecosystem of exchanges, explorers, wallets, keys, and memos.

A gambling site giving you lots of options is therefore trying its best to make things easy for you, and that’s awesome.

#10. User Interface and Experience

If you’re going to be spending time and crypto on a crypto gambling site, you want to make sure you’re comfortable in all respects.

Being able to navigate the games and systems and find everything you need to on the site can really enhance the user experience, and a site that’s spent plenty of resources on giving you that awesome experience will also have made sure they’re bug-free and stable.

#11. Customer Service

When you choose a provider for any sort of service, or even a regular shop to buy from, customer service is probably pretty high on the list of considerations. Knowing that you will be taken care of should something happen provides invaluable peace of mind!

Nevertheless, this does come with the caveat that blockchains are immutable. This means that if you make a mistake entering an address, choosing a wallet, or something else related to a transaction, it cannot be changed or edited once confirmed. Even the best customer service team may not be able to help you if that sort of thing were to happen.

Overall, though, legit crypto betting sites do take customer service seriously and will try to help you if any issue comes up and the site is at fault, so be on the lookout for 24/7 customer service that you can reach via different channels (text, phone, e-mail, etc).

How We Rated The Crypto Betting Sites

All of the considerations we just listed out might sound like a lot of work to look into, but luckily we’ve done that for you!

These are the different things we took into account when we evaluated the best crypto betting sites you read about above:

• Reputation: How well regarded the site is by the community and how good their reviews are.
• Trust: Whether users trust the crypto betting site and what the online sentiment is regarding how they operate.
• Customer Service: Whether or not the site handles whatever issues users may have quickly and to the satisfaction of customers.
• Security: We looked at whether the sites have had any breaches in the past and how good their encryption is.
• Licenses: Is the gambling site is licensed by any local or international gaming regulators?
• Promotions and Bonuses: These are great for you, so naturally we’ve given this a significant weighting!
• Provably fair games: Since Provably Fair technology can safeguard both you and the site, we checked to make sure it’s in use.
• Games available: A large selection of games means that you’re going to have as many choices as you want!
• Cryptos available: If the site accepts deposits in a wide variety of crypto, the chances are higher that you’ll be able to deposit one that you’re comfortable using.
• Payouts and Withdrawal: Fast payouts and withdrawals are key factors that we took into consideration in our rankings!
• Anonymity: What degree of anonymity the crypto betting site is willing to offer you and how much information they need for registration.
• High Returns: It wouldn’t be fun to gamble without the chance to win big, so we’ve naturally given this a lot of weight in our ratings!

Crypto Betting: Pros & Cons

Crypto is starting to change the way a lot of online businesses operate and gambling sites have quickly realized that it isn’t just something that’s seeing increasing demand but a whole new way of doing things. In turn, this also offers you, the punter, lots of additional benefits.

Of course, crypto betting does have its drawbacks as well so here are some of the pros and cons of crypto gambling sites:

Pros

• Provably Fair: This technology makes use of blockchain to show you that each spin or roll that you make is fair and not tampered with!
• Faster Payouts: Crypto removes the middleman (the bank) and features extremely fast transactions. While a traditional bank transfer may take days, even the slowest blockchains can validate your payouts in minutes.
• Higher Payouts: Since there’s no middleman to impose any restrictions, crypto betting sites are able to raise the ceiling on payouts and let you withdraw some of those big wins faster!
• Privacy: Blockchain technology doesn’t allow payments to be changed or reversed once confirmed, so crypto betting sites can allow you a little more privacy and in some cases even anonymous gambling!
• High tech: Betting sites that have adopted crypto know the importance of moving with the time, and are quick, slick, and very easy to use!
• Games available: For your entertainment, crypto betting sites are offering more and more games for you to play!

Cons

• Fees: If you use crypto and want to withdraw it to your wallet, you may need to check on that specific blockchain’s fees at the time. During periods of congestion, fees can rise, but they often do fall again when the network usage eases off. Additionally, there are already Layer 2 cryptos that can help reduce fees on popular blockchains, so this shouldn’t be a problem for very long.
• Regulation: Banks and regulators tend to slow things down and make everything difficult, but they also do come with a layer of safety with things like reversing your transactions. That’s just not possible using crypto, so the responsibility for making sure your funds are going to the right address is all yours.
• Legality: The legality of crypto can change frequently as countries try to wrest control of their economies, so you do need to keep up to date on whether your country of residence has changed its legal stance on crypto.

Crypto Betting Sites Bonuses

Most crypto betting sites offer incredible bonuses and promotions, but your style of gambling may define which sort of these bonuses you can best take advantage of.

Here are some of the most frequently offered ones:

• Deposit Bonuses. This is often a welcome bonus when you make a deposit, normally a ‘match’ bonus where the site will match a percentage of your deposit, thus giving you more to play with!
• Reload Bonuses. Some crypto betting sites may offer you a bonus to deposit multiple times. This is a ‘reload’, and if you play regularly with a site you might be able to take advantage of this. They’re a lot like welcome bonuses and usually come with similar prerequisites.
• Free Spins/Free Rolls. Who doesn’t like a Free Spin? These will give you a chance to win without even needing to wager anything, although they’re normally offered as incentives.
• No-deposit Bonuses. These are extremely popular and can be rare. That’s because when a site is offering a no-deposit bonus, you can simply claim a bonus without needing to deposit funds! Keep an eye out for sites that might offer these just for opening an account.
• No-wagering Bonuses. This one’s another super popular bonus, especially because you can claim and use it and then, most importantly, withdraw it to your wallet without any other restrictions!
• Loyalty. These bonuses offer you points for playing and can result in other bonuses, making them a great incentive to stick with a crypto betting site that you like.
• VIP Programs. If you’re a high roller, enrolling in these means you’ll enjoy increased bonuses, exclusive promotions, event invites, and a whole host of other perks!

Crypto Betting FAQ

If you still have some questions left about crypto betting, take a look at these frequently asked questions on the subject:

#1. Is Crypto Betting Legal?

Whether crypto gambling is legal or not will really depend on where you live. If, for example, your country doesn’t allow online gambling, then crypto betting itself is out of the question.

If your country does allow online gambling, you then need to figure out what their stance is on crypto. It is legal in most countries and used widely in places like Europe and the United States of America. Unfortunately, there are plenty of states that have banned crypto and it’s worthwhile making sure yours isn’t on that list.

The next factor is the licensing situation of the crypto betting site itself. As we already mentioned, certain sites might not be licensed where you live even if crypto and online gambling are legal. In that case, all you need to do is find a site that does operate in your country.

Last but not least, if you’re a younger punter, you do need to make sure you’re above the minimum age requirement for online gambling where you live.

#2. What Online Casinos Accept Crypto?

More and more online casinos are accepting crypto now as their benefits become apparent to all. Despite the definite volatility in prices cryptocurrency holders experience, they are fast and offer plenty of advantages!

We’ve curated a list of online gambling sites that accept crypto earlier in this article, so just scroll up to the top and check them out!

#3. How Can I Deposit Money on a Crypto Betting Website?

If you haven’t transacted crypto before, it’s very understandable that you might be a little nervous! We’re all very used to paying for stuff online with our credit cards and even making bank transfers, but cryptocurrency is a whole new system.

So, let’s try and break it down into some simple steps here:

• Set up and get comfortable with your crypto wallet. This may come in several forms, from an account at a Cryptocurrency exchange, a browser plug-in like Metamask, an electronic wallet like Ledger or Trezor, or even a paper wallet
• Fund your wallet by acquiring crypto from some source, typically an exchange, and transferring it over
• If you’re new to crypto, make sure to choose the correct blockchain when you transfer crypto! You can’t move Ether on Bitcoin’s blockchain!
• Log in to your crypto dice site of choice and navigate to the cashier
• Choose Deposit
• Select the crypto you want to use and the relevant wallet option
• Enter the amount you want to deposit
• Make sure to accept any offered welcome bonuses!
• Double-check the amount you choose to deposit, and triple check the keys provided to you by the cashier that you’ll use to deposit to
• Wait for verification that the transaction has been completed. You will be able to check on its status using a blockchain explorer at any time!
• Start playing dice with your crypto and winning big!

#4. Can I Bet With Crypto Using My Mobile?

Most crypto betting sites are very aware that getting your phone out and having a flutter is a lot easier than spending ages booting up a PC.

That’s why you’ll find that most of the top sites are optimized for mobile browsers and even save your bandwidth since you don’t need to download any apps!

The only thing you might have to do is figure out how to use your crypto wallet with your mobile device. If that’s an issue, you can of course use your main device to take care of the fund transfers, then get back onto your mobile to log in and play!

Related Articles:

• 7+ Best Crypto Blackjack Sites in 2023 [W/ $5,000+ Welcome Bonuses)
• 9+ Best Crypto Dice Sites in 2023 [Bitcoin, Ether, Doge]
• Best Crypto Slots Sites [w/ $5,000+ Welcome Bonuses]