Sports Betting With Cryptocurrency: Is It Safe?

Sports Betting With Cryptocurrency: Is It Safe?
Patrick Lynch
By Patrick Lynch
Sports & Casino Expert
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Updated Sep 14, 2022
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Read time 11 min
Sports Betting With Cryptocurrency: Is It Safe?

For individuals seeking greater anonymity while betting online, crypto sports betting is a godsend. Recent data analyzing the usage of dozens of cryptocurrency gambling sites found that players place hundreds of bets per second. Fairlay, a bitcoin prediction market and exchange, states that approximately 90% of its volume comes from crypto sports betting.

For obvious reasons, it isn’t easy to ascertain the size of the crypto sports betting market. According to Grand View Research, the global sports betting market, including fiat gambling, is worth over $76 billion and will more than double in size by 2030. Crypto sports betting comprises only a small percentage of the market at present but seems certain to grow rapidly.

Prospective cryptocurrency gamblers want to know: “Is it safe to bet online with crypto?” The answer is ‘yes,’ when you know what you’re doing, but there are measures one must implement to avoid being scammed. This article investigates the things to analyze when choosing a crypto sports betting website while also investigating the red flags to look for.

Crypto Sports Betting: Things to Consider

As long as you use a reputable provider, crypto sports betting can provide a safe environment in which to gamble. However, you shouldn’t choose a website until you perform a significant degree of analysis to ensure it isn’t a scam. 

Here are a few things to take into account when betting with crypto.

Reputation

One of the most crucial aspects of your search involves researching the reputation of any crypto sports betting website you’re interested in. Look for customer reviews on third-party websites such as Trustpilot. If there are scores of disgruntled users calling the site a scam, it is probably a good idea to steer clear!

Of course, you can save lots of time and frustration by checking out detailed reviews of prominent sites on cryptobetting.org. The reviewers deposit crypto, play the site for hours and outline any issues faced upon withdrawal.

For the record, sites such as Stake and Sportsbet are known to be reputable.

Licensing

Another critical aspect of checking a site’s credibility is looking at its licensing. The best online gambling jurisdictions include Malta, Curacao, Alderney, and Gibraltar. If a crypto betting site has licensing from at least one of these authorities, there’s a decent chance that it is legitimate.

However, please note that licensing jurisdictions primarily ensure that the games on a website are fair. They hardly ever intervene in customer disputes.

Restrictions

If crypto sports betting isn’t permitted in your country, you’ll find it hard to get a reputable provider. For example, customers in the United States may find that sites such as BetOnline are among their best (and only) options. Meanwhile, gamblers in the European Union are best served sticking with Stake.

Beware of any crypto betting site that allows you to register and deposit even though it is an illegal practice in your country. Such sites can easily terminate your account and keep your money.

Plenty of gamblers use a VPN to circumnavigate the issue of country restrictions. This is a bad idea! The site will ask for verification if you win money and try to withdraw. Once they find you’re in a country where they aren’t legally allowed to operate, they will confiscate your funds. In this situation, you have no redress.

Sports Markets & Odds Availability

Profitability in sports betting boils down to finding value odds as often as possible. The more sports and betting markets available, the more likely you’ll achieve this goal. Therefore, you should only register with a crypto sports betting site that offers dozens of sports and hundreds of markets. Otherwise, you’re probably giving the bookmaker a big edge.

Bonuses & Promotions

Crypto sports betting sites are keen to bring new customers on board. In a highly competitive marketplace, the top-rated sites go the extra mile to provide value to new customers. This means highly generous welcome bonuses to lure you in. 

Of course, you must check the terms and conditions to determine the restrictions on these bonuses. For instance, you will probably have to play through 30+ times your initial deposit before being allowed to withdraw.

High-quality sites also have regular promotions and a VIP program that makes you feel important! Stake is known for having among the best welcome bonuses in the industry, along with an excellent VIP program.

Customer Support Standard

There’s no question that the quality of customer service offered by a crypto betting site should be one of the most important considerations. If you have an issue with the website, such as a dispute over the improper settling of a wager, the last thing you want is an unresponsive customer service team.

This is why cryptobetting.org reviews focus on each site’s customer support standard. If it isn’t up to par, customers need to know before they endure a highly frustrating experience. Also, sites with minimal or no customer service are often scams.  

How to Spot Dubious Crypto Betting Sites

Unfortunately, the nature of crypto sports betting means plenty of scam sites are out there. Apart from out-and-out fraudulent websites, some entities are notorious for long payout delays, not to mention having big question marks over their solvency. 

In any case, here are some red flags to look out for. Any site displaying at least one of these troubling characteristics is worth staying away from.

Fake Address

When researching crypto betting sites, go to their Contact Us page to find out where they are situated. Google the address it gives to ensure it is legitimate. Scammers put in addresses that don’t exist or enter the addresses of other businesses. We’ve heard of one scam site that added a children’s creche as its HQ!

Lengthy Verification

The verification process can be slightly annoying, but it’s highly necessary. However, you shouldn’t be able to read War and Peace in the time it takes to get verified! Genuine crypto betting sites tend to make it easy to verify your identity and may ask you to complete the process before you start betting.

However, a high proportion of sites wait until you try to withdraw before asking for verification. This is a pain, but it is actually standard practice. Legitimate sites do this but usually complete the process in a day or two. If you haven’t heard back in a few days, it’s a bad sign.

Unprofessional Website Design

High-quality crypto betting sites offer a professional and pleasant user experience. They are easy to access and use whether you’re on a laptop, PC, or mobile device. 

If a site’s pages don’t work when you click on them, it is a massive red flag, as is a cheap-looking website. In a competitive industry, reputable sites know they can’t skimp on web design.

Dodgy Promotions

Reputable sites such as Stake offer generous bonuses, but they remain in the realm of the believable. 

If a crypto betting site claims to give away bonuses that are almost too good to be true, take your money elsewhere. Such promotions are nothing more than a ruse to get you to deposit money.

Non-Existent Customer Service

In simple terms, a legitimate crypto sports betting site will rarely take more than a day to respond to emails, and it will be possible to contact them via phone. 

Something is amiss if your emails aren’t even opened after a couple of days, or you find it impossible to connect with an agent on the phone or via live chat.

Crypto Sports Betting: The Takeaway

Ultimately, the answer to the question, “is it safe to gamble online,” is yes. Crypto sports betting is quite safe as long as you know how to spot fraudulent websites. There are plenty of reputable companies, and you can discover the best ones on the market by checking out cryptobetting.org.

Overall, crypto sports betting is potentially profitable and great for pros who are fed up with being restricted.

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Patrick Lynch
Patrick Lynch
Sports & Casino Expert

Patrick has been a professional writer since 2009. He knows the issues players face when trying to find reputable casinos and performs forensic analysis on every site he reviews. Since joining in 2021, Patrick has had his eyes opened by the potential of the cryptocurrency market. With a background in sports betting, he realizes the possibilities afforded to successful bettors when using digital currency.