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Crypto Rises in Popularity Among Gamblers Due to Restraints of Regular Banking Methods

14 February 2024 14:35, UTC

Bitcoin, Ethereum, Dogecoin. These are just some of the cryptocurrencies that gamblers have started using in sportsbooks and online casinos over the past few years. It’s an exciting trend for sure, as people now have the opportunity to ditch traditional money and start placing crypto bets instead. There are lots of benefits that come with this — so let’s unpack the rise of crypto gambling and what it means for the future.

What is Crypto Gambling?

Crypto gambling is just like normal gambling. The only big difference is that you’re placing bets with crypto rather than dollars, pounds, or other real money currencies. For instance, when watching the Super Bowl, you might bet 0.001 BTC (around $47) on which NFL team you think is going to win. If your crypto bet was successful, you’d then make a Bitcoin profit based on what the odds were when you originally made the bet.

How Do You Deposit Crypto in a Sportsbook or Online Casino?

If you want to add some crypto to your gambling account, the sportsbook or online casino that you’re using will provide you with a crypto address. You can then transfer your chosen amount of crypto to that address from your personal crypto wallet or exchange. It’s really that easy.

Thankfully, a lot of online casinos and sportsbooks now accept cryptocurrencies. However, some of them don’t. In this case, you’ll still need to play with traditional money that’s deposited from one of the gambling-friendly banks. Once the money arrives in your gambling account, you can then start to play games and place bets.

The Advantage of Crypto Gambling Over Traditional Gambling — No Banking Restrictions

Crypto gambling is officially more popular than ever. There’s been a significant spike in popularity ever since 2020, which is when global crypto investment started to go up again and more online gambling establishments began to accept crypto deposits. It took a while, but crypto gambling is finally getting close to the top.

— The crypto gambling market is currently worth $250 million (Crypto Reporter)

— Around 50% of all Bitcoin transactions are gambling-related (Casinos Blockchain)

— Crypto gamblers bet $3 million worth of crypto on a daily basis (Casinos Blockchain)

Not to mention, crypto gamblers place 337 bets every second. As crazy as it sounds, over 20,000 crypto bets have been placed since you started reading this guide — and that number will have more than doubled by the end. But how exactly did the crypto gambling market reach such high levels of success? It’s all to do with the lack of banking restrictions.

When you take part in traditional gambling with dollars or pounds, you have to do it through your bank. This is something that some banks don’t allow at all or (if they do) there are usually some restrictions involved, such as spending limits. It’s also worth mentioning that many lenders and loan companies will decline applications (e.g. mortgage applications) when the borrower has a history of gambling on their statements. Again, this is a major disadvantage and essentially makes life more difficult when you want to gamble using money from your bank.

With crypto gambling, it’s a completely different story. Cryptocurrencies are not regulated or controlled by any third-party, including banks. As a result, none of your crypto gambling transactions can be traced back to you or your personal name, which ultimately frees you from restrictions. In a nutshell, you have total control over which cryptos you invest in, how you use your crypto, and which crypto casinos and sportsbooks you use it on — simple.

Naturally, this is an exciting prospect for online gamblers who want less restrictions and greater anonymity, which is why there are now millions (and counting) of crypto gamblers all around the world. And on top of the above-mentioned benefits, crypto gamblers also get to experience:

No matter where you live or what your occupation is, you can invest in cryptocurrencies and then use them for online gambling purposes (providing that you’re above the legal gambling age).

The Best Crypto & Bitcoin Casinos

If you’re an online gambler who wants to leave behind the traditional banking method, then now is the perfect time to switch over to a crypto & bitcoin casino. By doing this, you can quickly start to experience what all the buzz and excitement is about — but what are the best options? Here’s what the market currently has to offer.

— Wall Street Memes (2023) • 5000+ games • 35+ sports betting markets

— BitStarz Casino (2014) • 2800+ games • $500 or 5 BTC + 180 free spins

— MyStake Casino (2020) • 7000+ games • 170% welcome bonus

— Stake.us Casino (2022) • 1000+ games • 25 SC + 25,0000 GC

— Thunderpick (2017) • 2000+ games • $500 welcome bonus

— Sweeptastic Casino (2023) • 1000+ games • 2 SC welcome bonus

— Jackbit (2022) • 6000+ games • 15 no-deposit free spins

You can join as many crypto and bitcoin casinos as you like. If you’re only planning on joining one, then it’s recommended you make your choice based on the games and bonuses on offer. For example, if you want the greatest variety of casino games possible, then MyStake Casino is probably the right choice for you. Alternatively, if you want some free spins, then a crypto casino like BitStarz would be a suitable option.

Pro Tip: Before joining a crypto casino, make sure that it accepts the specific crypto you want to play with

Is Crypto Gambling Legal?

Yes — crypto gambling is 100% legal and an acceptable alternative to traditional gambling that’s done with funds from your bank account.

Moving into the future, it’s expected that crypto gambling will continue to grow its market size and become many people’s go-to gambling option, especially now that crypto investment is drastically increasing again. If you’ve never tried a crypto casino or sportsbook before, it won’t take you long to get the hang of it, as the concept is exactly the same. The only difference now is that you’re playing with cryptos like Bitcoin and Ethereum, which is very exciting.