Best cryptocurrencies to bet with

By James Walters

Introduction to crypto gambling

The inception of cryptocurrencies has led to the gambling landscape around the world beginning to change. The days of walking into a bookmakers on the local high street and placing a bet with cash seem numbered!

The popularity of cryptocurrencies first spiked in 2009 when Bitcoin burst onto the scene and while many people still don't understand cryptocurrencies, there can be many positives to using them in gambling.

Crypto gambling is different to regular online gambling as cryptocurrencies, such as Bitcoin and Ethereum, are used for deposits and withdrawals in your betting account. Instead of using fiat currencies, such as the pound, US dollar or the Euro, which are all backed by the governments that issue them, sites will use cryptocurrencies, meaning the money is purely in electronic form.

The premise of crypto gambling is actually relatively simple. You get your cryptocurrency from a crypto exchange, then you choose your crypto bookmaker or casino, create an account and then deposit the cryptocurrency into it.

Once you've done that, your betting experience is the same as normal online gambling, whether it's betting on football or horse racing, to playing slots, blackjack or poker. The only difference is the currency you're using to bet or play with and perhaps the bonuses you're offered. You can find out more on how to bet with crypto on our dedicated guide page.

Here at FIRST, we're on hand to help explain crypto gambling, which cryptocurrencies are available and the best gambling cryptocurrency for both sports betting and online casinos.

Key criteria for choosing cryptocurrency

Using cryptocurrency instead of fiat money can seem daunting but once you've done a little bit of research, it's clear that there is a whole new world of gambling available if you do.

There are numerous criteria for choosing the right currency for you as you want the best crypto for gambling:

1. The first one we'll look into is transaction speeds. Betting on regular bookmakers is easy, however, when you've had a winner it can take a few days for the funds to reach your bank account after withdrawing.

If you're crypto gambling, that simply isn't an issue. Normal cryptocurrency transactions are fast and that has translated into the betting world. Bettors can access their funds and winnings a lot quicker than with normal bookmaker and casino sites.

2. Next up is transaction fees. Regular online casinos occasionally have transaction fees attached to them as they process normal currencies. With cryptocurrencies, the transaction fees are much lower, meaning players get better value for money. Simply put, you'll have more of your own funds to play with.

3. One of the main pros of crypto gambling is the security. The more privacy and anonymity is paramount when using certain cryptocurrencies for betting. Crypto transactions don't require personal information of the bettor, meaning identities remain confidential.

4. Crypto gambling sites use blockchain technology and decentralised applications (dApps), which means power and control is with a network rather than an individual or a specific organisation. In layman's terms, multiple computers maintain databases and check transactions so it's far less likely fraudulent activities will take place.

5. There is also an added fairness of crypto gambling. Remember when you used to go to the fair and throw the wooden ball at the coconut which was never going to move as it was glued down? Those tricks aren't washing in the crypto gambling world. Numerous crypto gambling websites use fairer algorithms so players can see the fairness of each casino game. This isn't always offered with regular casinos and it's one of the reasons why many are switching to cryptocurrencies.

Different types of cryptocurrencies

Bitcoin

Bitcoin was first released in 2009 and it's the most well-known cryptocurrency around the world. It's probably the first word that comes to mind for most people if you mention the word crypto.

Pretty much all crypto sports betting sites and casinos will accept Bitcoin as a currency. Deposits and withdrawals are usually straightforward and transactions are monitored, meaning it's safe for bettors to use.

Bitcoin transactions can be slightly slower compared to other cryptocurrencies, sometimes taking around 10 minutes. However, you're getting a well-established name, rather than a new cryptocurrency that no one knows much about.

Ethereum

Ethereum is second on the list of best-known cryptocurrencies behind Bitcoin.

One of the main differences between Ethereum and Bitcoin is the transaction speeds. The former offers quicker deposits and withdrawals, which is ideal in the fast-paced world of online gambling, whether it's betting on sports or playing casino games.

Ethereum uses DApps, which as we explained earlier, means casino games are fairer and more transparent, which is something that isn't associated with using regular online casinos.

However, it's worth noting that both Ethereum and Bitcoin prices can often be volatile. Highs and lows in just one day can see stock prices vary by £2000, which is unheard of in regular stock markets. Prices can be affected by big investors, regulatory actions coming into place or simply supply and demand.

There is always a risk of volatility when using cryptocurrencies and if you're looking to play it safe with your money, crypto gambling may not be for you. Either way, make sure you do your research.

Litecoin

When you think of Litecoin, think Bitcoin but with faster transactions and lower fees for bettors. It actually boasts transaction times that are four times quicker than Bitcoin, which is perfect for players who want to quickly withdraw their funds and winnings.

Litecoin, which is a modified version of Bitcoin, isn't as popular in the crypto gambling world, but it's still accepted by numerous crypto bookmakers and casinos. Litecoin, which was launched in 2011, can be transferred with PayPal, alongside Bitcoin and Ethereum.

Dogecoin

Like Litecoin, Dogecoin offers fast transaction times and low transaction fees, however, it actually originated as a joke, meaning it's seen as slightly less legitimate compared to Bitcoin and Ethereum.

Dogecoin is a 'meme coin', which means it originated from an internet meme. Since its inception in 2013, there have been numerous meme coins created.

Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, as they poked fun at the cryptocurrency world and the confusion that came with it. Since then, it's gathered a large following and X owner Elon Musk has previously endorsed the use of Dogecoin.

Bitcoin cash

The main issue with Bitcoin is that transaction speeds can be slower compared to other cryptocurrencies - and Bitcoin cash solves that problem.

Bitcoin cash, which was first released in 2009, is an alternative to Bitcoin as it offers quicker transactions and lower fees for bettors. 

Although the problem of transaction speed is solved, Bitcoin cash isn't as commonly accepted as Bitcoin. It's worth checking your crypto bookmaker and/or casino to see if they accept Bitcoin cash.

Ripple

With Ripple, the first thing that comes to mind should be speed. Transactions using Ripple will be completed in seconds, meaning it's the fastest cryptocurrency in terms of depositing and withdrawing funds.

If you're a bettor who wants to move money around quickly or hop from one casino game to another, Ripple could be the ideal cryptocurrency for you.

Ripple also boasts low transaction fees to partner their speed, making it a popular option for many gamblers, especially those who bet often. It is being used more in crypto gambling and there are numerous casino sites that accept it.

Tether

Tether is different to all of the other cryptocurrencies explained so far as it's a stablecoin. It's linked to the US dollar, meaning it has a ratio of 1:1. One Tether token will always be worth $1, so it's one of the best gambling crypto coins.

Tether is a transparent company and unlike most cryptocurrencies which operate in a volatile market, their price is stable at all times. The stability offers bettors peace of mind as the value will always be there, however, if you're a gambler looking to make big profits, Tether probably isn't the ideal cryptocurrency.

You can use Tether at numerous crypto bookmakers or casinos and the conversion from Tether's cryptocurrency to fiat currencies like the GBP are relatively straightforward.

Tron

Tron, which was originally linked to Ethereum before changing to its own entity in 2018, boasts fast transactions as well as having low transaction fees.

It's becoming more popular in the crypto gambling world and it uses dApps, which offers players fairer casino games. There are also numerous Tron sports betting sites which are licensed and have solid reputations.

Monero

Monero's main selling point is their privacy and security. Betting transactions are confidential, meaning the identity of the bettor is anonymous. You don't need to give over personal details like you would for a regular betting account, which often requires identification such as a driver's licence or passport.

Dash

Dash, which was launched in 2014, was based on Bitcoin. After rebranding a couple of times, it's now one of the most popular cryptocurrencies in the world and worth millions of pounds. Dash is similar to Ripple in that their main interest is speed of transactions. Deposits and withdrawals will be completed in seconds, while transaction fees are also minimal.

Legal and regulatory aspects of cryptocurrencies

Using cryptocurrencies when gambling doesn't come without risk. Cryptocurrency markets are often unstable and prices can change by thousands of pounds in just one day.

Cryptocurrency is legal in the UK but crypto casinos and bookmakers aren't currently licensed by the UK Gambling Commission, so always look out for local licenses so you have some back-up if you face any complications whilst betting.

The unpredictability of cryptocurrency means it's only suitable for bettors who are willing to take risks. If you're looking for stability, it's worth using regular fiat currency..

FAQs

What is the best crypto for fast profit?

Bitcoin and Ethereum are the two best cryptocurrencies to use if you're looking for quick returns as their price can often rocket. If you time it right, there's a way to make profit.

Both Bitcoin and Ethereum are well-known in the crypto gambling world, meaning it's slightly safer than using an up-and-coming cryptocurrency.

However, do your research and always be aware of the risk involved when using cryptocurrencies as the market is highly unpredictable and it can result in loss of capital.

What is the most used cryptocurrency in gambling?

Bitcoin is the most used cryptocurrency in gambling due to its familiarity as well as pretty much all crypto sports betting sites and casinos accepting it as a cryptocurrency. Ethereum, Litecoin and Dogecoin are next on the list for popularity.

What crypto casino pays the most?

Different crypto casinos and bookmakers hand out different offers, welcome bonuses and withdrawal limits. BC.Game, Cloudbet, Bet Panda, Cryptorino and Coinpoker are among the most popular crypto casinos, with BC.Game and Cloudbet also offering sports betting. They offer thousands of games as well as live casinos, while withdrawals are fast and numerous cryptocurrencies are accepted.

What is the best Bitcoin wallet to use for gambling?

You have to have a digital wallet if you are to use crypto casinos or bookmakers. A Coinbase wallet is perfect for bettors who are new to crypto gambling. It is available on iOS and Android - and it's a perfect option for bettors who bet on their mobile phones.

Exodus is a smart option for gamblers who want a software wallet. It's available on your desktop and mobile devices. Ledger Nano S or Ledger Nano X pride themselves on their security. It's one of the safest wallets available and if you're playing with big funds, it could be the perfect option.

Other options include Trust Wallet, AliceBob Wallet and MetaMask but research which best suits your crypto gambling needs.

Do casinos use Bitcoin?

Yes, numerous casinos use Bitcoin as a way of depositing and withdrawing funds from your betting account. Simply deposit your Bitcoin into your betting account and pick your preferred casino game or choose your sports bet.