Cryptocurrency, whether it be Bitcoin, Ethereum, Litecoin or others, is perhaps the biggest innovation surrounding online payments in history, and naturally crypto betting sites are sought after. Acting as an online currency, cryptocurrency offers a secure and quick method of transferring funds, with an increasing number of crypto gambling sites accepting it.
Punters in India can deposit and withdraw money with many bookies in this way. However, it is still a method of payment that confuses many. As such, this page will outline exactly what cryptocurrency is, as well as how you can play at cryptocurrency betting sites.
Crypto Betting Sites in India 2024
Cryptocurrency has grown rapidly in India over recent years, helped in part by the Supreme Court’s decision to overturn a trading ban. An increasing number of betting customers are now using cryptocurrency, with there being no law against using this payment method in India at present. The Public Gambling Academy Act of 1867 prohibits land-based gambling in most Indian states, however this does not include online gambling at top betting sites in world.
There is nothing stopping Indian betting customers using cryptocurrencies through crypto bookmakers, with this method of payment bringing with it a host of benefits.
Crypto Sportsbook
The growth of cryptocurrencies has led to an ever-growing list of crypto gambling sites, accommodating for customers who wish to make payments in this way. Both traditional bookmakers and specialist betting sites now accept cryptocurrency payments. However, it is still more commonly associated with online casinos.
The number of sports betting crypto sites are still relatively small, with punters being attracted as a result of fast deposits and withdrawals and the security of transactions. However, bettors must keep in mind that opening deposits made using a cryptocurrency are unlikely to qualify for any potential online betting offers.
What Is Cryptocurrency?
A cryptocurrency is a digital currency that is intangible in its format. The best-known cryptocurrency is Bitcoin, which was first invented in 2008, however there are a host of additional types, including Litecoin, Ethereum and Ripple. Unlike other betting payment methods, cryptocurrencies are not looked after by a central authority, such as a bank, with customers instead having to control their own funds.
Many governments across the globe have ensured that cryptocurrency is a legal currency. However, regulation in India is still something of a grey area, which we will discuss in greater detail further down this page. Payments via cryptocurrency are processed through a blockchain, which records all transactions in chronological order. Blockchains also help to combat against fraudulent activity. Cryptocurrencies can be purchased legally through a number of outlets, with funds sitting in a wallet which you can use on multiple crypto betting sites in India today.
How Does Cryptocurrency Work?
An estimated 25 million people around the world now use cryptocurrency to buy products and services online or trade them for a profit. Bitcoin, Ethereum and Ripple are among the most popular types, with each being decentralized, unlike a credit card or e-wallet. Digital coins can be brought online through a host of trusted outlets, before being exchanged for products or traded.
Meanwhile, cryptocurrency ATM’s have also been introduced, allowing users to purchase coins via credit or debit. Transactions are processed using software known as wallets, with the buyer moving funds from one public address to another. Each and every cryptocurrency payment is associated to a set of keystrokes.
Cryptocurrency Betting Sites Pros & Cons
Cryptocurrency is likely to be new for many bettors. As such, you must weigh up all of its benefits and limitations, before making a decision regarding whether or not crypto sports betting sites are suitable for you. Based on our experiences, the following are the main advantages and disadvantages of using cryptocurrency:
Pros
- Security – Deposits and withdrawals made using cryptocurrency at betting sites are processed safely, with blockchains being impenetrable.
- Fees – Unlike other payment methods, such as bank cards and e-wallets, cryptocurrency transactions are processed free of charge. The majority of bookies will not charge any fee either, meaning that this is a cost effective option for punters.
- Speed – Such payments are also very quick. The fact that they are not required to be authorized by a third party means that punters will often get their hands on funds instantly. However, this will depend on the bookie itself.
- Privacy – Most cryptocurrencies are private, with just your wallet address being needed to process payments. While they are not completely anonymous, payments are as close to private as possible.
Cons
- Prices – The price of different cryptocurrencies can fluctuate rapidly. As such, the funds found in your wallet can be worth one amount on one day and something completely different the next.
- Irreversible – Cryptocurrency payments are irreversible, something which cannot be said of credit cards or e-wallets. So, entering the wrong address may result in funds being lost for good.
- Fraud – Punters must ensure that they purchase coins on reliable outlets, with a number of scams being out there.
- Regulation – For users in India, regulation surrounding cryptocurrency could well change in the near future. As such, it is perhaps not a viable payment method in the long term.
Crypto Bookmakers – How to play?
As we have already mentioned, both deposits and withdrawals can be made via most cryptocurrencies. However, before you start processing such payments, it is important to understand exactly how they work.
Below are step by step guides surrounding depositing and withdrawing funds using cryptocurrencies:
Deposits
- Open a cryptocurrency wallet on a reliable site. Complete the registration form and verify your account, before activating your wallet.
- Register your bank account and add a small amount to your wallet.
- Buy cryptocurrency joins, whether it be Bitcoin, Ethereum or Litecoin, based on which your bookie accepts.
- Sign up with a cryptocurrency betting site or log in to your account.
- Enter the cashier page before selecting the “Deposit” option.
- Enter the amount you wish to deposit and select your preferred cryptocurrency.
- Copy the bookmaker’s cryptocurrency address and paste it on your wallet page.
- Confirm the payment and wait a few seconds for funds to appear on your betting account.
Withdrawals
- Log in to your betting site account.
- Enter the cashier page and select the “Withdraw” option.
- Enter the amount you wish to withdraw, based on your available balance.
- Select your chosen cryptocurrency.
- Log in to your wallet using the relevant details.
- Confirm your withdrawal, which will likely take somewhere between 1-5 business days to process.
How to Open a Cryptocurrency Account
The process involved with opening a cryptocurrency account will differ between Bitcoin, Ethereum, Litecoin and other options. However, with Bitcoin betting sites being the most common today, this is the one we will focus upon here.
With that being said, the following is a step by step guide surrounding how to open a Bitcoin account:
- Head to a platform such as eToro, Plus500 or Coinbase and click on the “Open an Account” or “Join” option.
- Complete the relevant registration form, including your full name, email address and currency.
- Verify your identity by uploading a form of identification, whether it be a passport, drivers license or ID card.
- Add funds to your wallet for the first time via a bank transfer or credit card.
- Start paying for goods and services or try your luck at crypto betting sites using Bitcoin.
Alternatives to Cryptocurrency
The unique nature of cryptocurrencies mean that they will not suit all betting customers, with some preferring a more traditional method of payment. So, if you are not completely sold on cryptocurrency payments, be sure to check out these alternatives in greater detail:
- Credit/Debit Cards – Credit and debit cards remain the most popular payment method for betting customers, with their convenience and security still being attractive. While small fees are sometimes involved, credit and debit cards are available for both deposits and withdrawals, with the speed of transactions also being pleasing. You can learn more about credit card betting sites here.
- Paysafecard – This prepaid card is also accepted at an increasing number of Paysafecard betting sites available to bettors in India. A Paysafecard card can be purchased in the following amounts: ₹5000, ₹2000, ₹1000, ₹500, ₹200 and ₹100. Paysafecard is a leading name in terms of online prepaid payments, with payments in other currencies being available too.
- E-Wallets – Whether it be PayPal or Skrill, the security, speed and convenience of e-wallets make them another good option for customers at betting sites. Meanwhile, the fact that customers are not required to upload their bank card details to their bookie account adds another layer of security.
Tips for Using Cryptocurrency
Whether you have experience of using cryptocurrency or not, it is always worth taking on board useful information on this method of payment. This is why we have written the following expert tips, designed to help betting customers make the most of transferring funds to and from their account in this way:
- Always be cautious when making payments using a cryptocurrency, double checking that all details are correct and that purchases are being made on trusted platforms. Punters can rest assured that all betting sites listed on this page are licensed and regulated.
- Withdraw funds on a regular basis, with this process minimizing the risk of winnings being stolen by fraudsters.
- Be sure to keep an eye on the value of your cryptocurrency, as this will be a good indicator as to when to spend or trade.
- Keep a close eye on regulations surrounding the use of cryptocurrencies in India, with news in this area seemingly hitting the headlines on a regular basis. We will of course update this page should changes in the laws be made.
History of Cryptocurrency
The history of cryptocurrency dates back to 2008, with Satoshi Nakamoto having published the white paper, known as Bitcoin. The first Bitcoin payment was made in 2009, with such software having been made available to the public shortly after.
Meanwhile, programmer Laszlo Hanyecz purchased two pizzas in May 2010, becoming the first good brought through Bitcoin, worth 10,000 BTC. At the time, this was worth just $41, however it is today valued at $90 million.
Namecoin and Litecoin joined the party in 2011, with some 1,000 additional cryptocurrencies having been founded since. The price of Bitcoin crashed in 2013, before reaching $1,000 for the first time. Mt. Gox became the first major Bitcoin exchange in 2014, dealing with around 70% of Bitcoin payments. Ethereum was launched in July 2015, bringing with it smart contracts, which control digital assets. More recently, Facebook has announced plans to launch its own cryptocurrency, which will be known as Libra.
Crypto Sports Betting Sites FAQ’s
Must I pay fees at crypto bookmakers?
While deposits are almost always free, withdrawing funds can often incur a fee, which can be up to 10% of the total amount. However, this is certainly not the case with cryptocurrency. Here, payments are processed with no fees 99% of the time, which is perhaps its key selling point.
Is it safe to use cryptocurrency at a betting site?
Generally speaking, yes. However, the fact that payments are decentralized means that the majority of the emphasis is placed upon the customer. Users must ensure that they check all necessary details before processing payments, paying particular attention to the address used.
Cryptocurrency payments cannot be refunded, so entering the wrong address can be costly. Meanwhile, many online bookies will convert the value of cryptocurrency into fiat funds. All cryptocurrency payments can be found on the relevant blockchain, a ledger enforced by a series of networks.
Can I use cryptocurrency at all Indian bookmakers?
Unfortunately, no. Not all bookmakers allow using cryptocurrency yet, but it has become more common over the last few years. It also depends on where the bookie is licensed, as this is mainly possible in Curacao-licensed betting sites.
Conclusion
No matter what your betting strategy or goals, cryptocurrency is a method of payment well worth considering. We have listed some of the best cryptocurrency betting sites on this page, perfect for punters in India looking to deposit and withdraw funds in the most modern way possible. So, be sure to check out the ever-growing list of cryptocurrencies available, along with the bookies accommodating such platforms.
Arjun Jindal | Last Modified: August 10, 2022
