Cryptocurrency is transforming the online betting landscape, offering a fast, secure, and private way to fund gambling activities. More bookmakers, brokers, and bettors are embracing crypto as the go-to method for deposits and withdrawals.

In this guide, we’ll walk you through how to get started, from where to purchase crypto to the best ways to deposit and withdraw with bookmakers that support it.

Why Use Crypto for Betting?

While some areas of the crypto world have a mixed reputation, its role in betting is straightforward: it functions as a convenient and efficient currency for funding accounts and cashing out winnings.

This is why an increasing number of bookmakers, brokers and offshore firms are adopting cryptocurrency as a payment method—in some cases, the only option available. 

With the growing influence of crypto-friendly policies in the US, its presence in betting and by extension – modern day life, we expect its usage to expand even further. 

Key Benefits of Betting with Crypto

1. Faster & Cheaper Transactions – Crypto transfers, especially to offshore bookmakers or brokerage firms, are typically quicker and more cost-effective than traditional fiat transactions.
2. No Banking Restrictions – Many banks flag or block betting transactions, potentially leading to account closures or rejected withdrawals. Crypto eliminates this risk. 
3. No Deposit Limits or Document Requests – Unlike some bookmakers that cap deposits or demand ridiculous documents simply to bet, crypto allows greater flexibility.
4. Keep Betting Off Your Statements –  There is also merit in making sure your bank statements do not have regular betting transactions appear on them, especially if you need to share them to obtain loans, credit or even mortgages. Betting is such a ‘dirty’ word these days that the fact you are a frequent gambler can be used against you.

Getting Started with Crypto Betting

If you’re new to crypto, the process may seem overwhelming at first. However, with the right approach, anyone can start using crypto for betting in just a few simple steps.

This guide walks you through purchasing popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) via a trusted exchange, transferring them to a secure wallet, and using them for online betting. 

By following these steps, you can seamlessly integrate cryptocurrency into your betting experience.

Step 1: Select a Trusted Exchange and Create an Account

Start by selecting a trusted cryptocurrency exchange where you can securely buy and trade digital assets. Popular options include Crypto.com, Binance, Kraken, and Coinbase. Download the mobile app or access the exchange via a web browser and create an account.

During sign-up, use a referral code if available to receive a bonus. These platforms serve as your exchange, where you will purchase your chosen cryptocurrency for betting purposes.

Step 2: Complete Verification

Most exchanges require users to complete Know Your Customer (KYC) verification before trading. Follow the necessary steps to submit your documents and secure your account with Two-Factor Authentication (2FA).

Step 3: Set Up a Secure Cryptocurrency Wallet

Next, download a secure cryptocurrency wallet to act as an intermediary between your exchange and the bookmaker. 

Exodus Wallet is a great option, available for desktop, mobile, or as a Chrome extension. However, other reputable wallets such as Trust Wallet, Atomic Wallet, and MetaMask (for Ethereum-based transactions) also provide secure alternatives.

Using an intermediary wallet like Exodus, Trust Wallet, or Atomic Wallet for betting is preferable over keeping funds directly in an exchange account.

Exchanges like Crypto.com, Binance, and Coinbase are primarily designed for trading and can impose withdrawal limits, additional KYC requirements, or even restrict accounts if they detect gambling-related transactions. 

This last point is very important as if you send or receive crypto directly from exchanges such as Crypto.com, Binance and Coinbase to or from a bookmaker, then you run the risk of falling foul of their rules and regulations towards betting (Yes they too take the same ‘all betting is bad’ approach as many others). The solution therefore is to simply use these exchanges to purchase crypto and to then send it to a dedicated intermediary wallet to avoid this issue.

A dedicated wallet also provides greater privacy, security, and control over your funds, allowing you to transfer money seamlessly without exchange-related restrictions.

Regardless of the wallet you choose, ensure you follow best practices:

• Never take a screenshot of your seed phrase. Instead, store it securely using a password-protected app like 1Password or write it down and keep it in a safe place.
• Avoid storing large amounts of cryptocurrency in a hot wallet for extended periods. If you’re dealing with larger sums, consider using a hardware wallet like Ledger or Trezor for added security.

Step 4: Copy Your Cryptocurrency Wallet Address

Once your wallet is set up, navigate to the cryptocurrency you wish to use (Bitcoin, Ethereum, or Litecoin), click “Receive,” and copy your wallet address. This address will be used to transfer funds from the exchange to your wallet before sending them to an online bookmaker.

Note- many wallets and websites often allow you to scan a QR code to generate the address required. This can be a quicker way to navigate the deposit/withdrawal process.

Step 5: Purchase Cryptocurrency on Your Chosen Exchange

Head back to your exchange, tap the “Buy” button, and search for the crypto you wish to buy. For this example we are looking at 3 of the most popular: Bitcoin (BTC), Ethereum (ETH), or Litecoin (LTC). 

Add a payment method—debit, credit, or other options like Apple Pay—to purchase your desired amount. Avoid payment methods that may delay withdrawals.

Step 6: Transfer Cryptocurrency to Your Wallet

After purchasing your chosen cryptocurrency, withdraw it to your selected wallet by selecting “Transfer > Withdraw > External Wallet.”

(Note – the actual options may be written differently depending on the exchange you are using, but the idea is the same – you want to send your crypto to an external wallet – those you setup in Step 4)

Paste your copied wallet address and confirm the withdrawal. Within minutes, your funds should arrive in your wallet, ready for use.

Step 7: Deposit Cryptocurrency into Your Betting Account

Now that your funds are in your cryptocurrency wallet, you can send them to an online bookmaker that accepts Bitcoin, Ethereum, or Litecoin. Simply copy the bookmaker’s deposit address, paste it into your wallet, and confirm the transaction. Your funds should be available for betting shortly.

You can reverse the process when it comes time to withdraw funds from the bookmaker back to your wallet. When you request a withdrawal, simply enter your wallet’s address (or use the QR code system) and choose the currency and amount you wish to receive.

Final Thoughts

Using cryptocurrency for online betting is an efficient alternative to traditional payment methods. By following these simple steps, you can enjoy a fast and private betting experience without unnecessary hassles. 

Our final advice would be to start with a small amount as you first navigate these steps and become comfortable with the process, before you commit to larger sums. Make a first transfer, deposit or withdrawal to very small sums and learn how it works to build up your experience and confidence. 

It is important you enter the correct address and details when sending and receiving crypto so by learning with small amounts, you reduce the risk of making a costly mistake.