Many betting websites support a number of currencies when it comes to making deposits or withdrawals. Aside from the well-known FIAT currencies, punters will now be able to pay and receive payments in crypto. Unquestionably, crypto trading has become immensely popular in the last couple of years. Thus, it is far from surprising that cryptocurrencies have entered the US online gambling world. Below, we will do our best to explain the reasons why they are highly preferred by players and the major pros and cons associated with gambling with crypto.
Are Cryptocurrencies Supported on Every Gambling Website
Cryptocurrency is a digital currency that is now approved by numerous brands. Not only this, but in the last couple of months, cryptocurrencies-only casinos have joined the market. In the simplest terms, on these platforms, gamblers are permitted to make crypto-based deposits only. Even though this is considered something quite new in the US online gambling industry, many active players seem to be fascinated by this idea.
The number of registered accounts on platforms, such as Crypto.com and Binance has grown tremendously. Gambling operators seem to be aware of this fact, considering how many of them now accept crypto payments. The most popular coins supported on wagering websites are:
- Bitcoin (BTC)
- Dogecoin (DOGE)
- Cardano (ADA)
- Ethereum (ETH)
- Shiba (SHIB)
How to Gamble with Cryptocurrencies
Using cryptocurrencies in the US online gambling industry is quite simple. The very first thing you need to do is, of course, find a platform that accepts such payments. Then, you will need to create a digital cryptocurrency wallet. There are many different options, so you will most likely have no trouble finding one that fits your preferences.
Many skilled bettors state that sending money from your exchange to a betting platform is highly unadvisable. The reason being is that this is considered unsafe and may lead to severe losses in case the bookmaker is dubious. Thus, to avoid such unpleasant situations, experts suggest you create a separate crypto wallet.
The most popular brands offering such services are Ledger, CasinoCoin, Trezor, and many more. We are quick to let you know that some of these may require customers to pay monthly taxes in order to use the wallet. Most of the time, these taxes are quite low.
Once you create your cryptocurrency-based digital wallet, you may connect it to your online casino account. Please, keep in mind that different US online gambling websites support different forms of payment. In other words, certain wallets may not be accepted on particular platforms. We recommend you get familiar with the available modes of payment before joining any wagering site.
Making crypto deposits is as easy as depositing EU or USD. If you have further questions regarding the payment process, you may always reach a customer support agent to provide you with the necessary assistance.
Pros and Cons of Gambling with Cryptocurrencies
Multitudinous individuals believe that crypto is the future, and they don’t hesitate to exchange their money for cryptocurrency. Logically, they find it better to bet on US online gambling websites that accept deposits via crypto. If the platform is crypto-friendly, you will be able to wager on slots, table games, and sports by making BTC or ETH deposits.
This highly innovative form of gambling is associated with major benefits. Nonetheless, like any other thing, it, too, has several disadvantages we will list in the following paragraphs. The data provided below will help you decide whether or not you want to join a site that works with cryptocurrencies.
Pros of Betting with Crypto on US Online Gambling Sites
One of the pros regarding crypto gambling is that the payments are conducted swiftly and unproblematically. Additionally, when an operator supports such payments, gamblers are permitted to use crypto in every available sector on the site. Also, players won’t have to provide any payment information details. Instead, they will only have to type in the email address they’ve used to create a crypto digital wallet.
The transactions get completed immediately, and you won’t have to wait for a couple of days to receive your funds, as it is with debit cards, for example. Speed, safety, and ease of use are all bound up with the process of crypto gambling.
Cons of Betting with Crypto on US Online Gambling Sites
The most significant handicap of gambling with crypto on eligible US online gambling platforms is that most of the time, users will be asked to pay additional taxes when depositing and withdrawing funds. This practice is common for the majority of operators that accept crypto payments. Another negative is that some sites support a very limited number of cryptocurrencies. The most commonly encountered ones are BTC and ETH.
And last but not least, when betting with cryptocurrencies, you should always consider the price of the respective currency you will use. As you know, the market bounces up and down every minute of the day. In other words, if you deposit funds when the token’s price is low, you will basically be at a loss.
Final Words
Betting with cryptocurrencies in the US online gambling niche is becoming more and more popular. Players like to have options that are user-friendly, secure, and quick. Digital cryptocurrency wallets combine all these assets. Considering how rapidly crypto gambling’s popularity grows, it will be far from surprising if the most prominent operators in the US announced that they, too, support crypto transactions.