The popularity of cryptocurrencies, Bitcoin in particular, is growing at a phenomenal pace as many consumer-facing industries embrace this relatively new payment method. And one of those industries is sports betting. Cryptocurrencies are fast, secure, and offer anonymity, which online sports bettors truly appreciate. 

So it should come as no surprise that a number of sports betting providers have been quick to realize the full potential of cryptocurrencies, with Barstool Sports leading the charge. Barstool, owned by Penn National Gaming, is the first - and for now only - regulated U.S. sportsbook to accept Bitcoin as a deposit method (withdrawals aren't offered).

However, crypto is a confusing concept for a lot of people. Anything new that disrupts a given market is going to cause confusion and fear. That fear is due to ignorance. Most people don't understand cryptocurrency. We are here to help educate the sports bettor about cryptocurrencies.

Barstool, for the time being, is the only option in the U.S. However, that's expected to change as the market matures and demand for regulated crypto betting sites increases. Our goal is to educate sports bettors on cryptocurrency, so that they're prepared for the wave of the sports betting future.

Best Crypto Betting Sites in 2022

Barstool Sportsbook is the first sports betting provider licensed in the United States to accept deposits made using cryptocurrencies (for now it only process deposits). The sportsbook will allow users in both Colorado and Virginia to make deposits into their accounts using Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and DASH cryptocurrencies.

While Barstool may be the first US-based sportsbook to adapt to the crypto betting industry, we certainly don’t expect it to be the last. In fact, within the coming months and years we expect that every major sportsbook in the United States will have implemented some form of cryptocurrency payment option. 

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Barstool Sportsbook

Barstool Sportsbook is the first sports betting provider licensed in the United States to accept deposits made using cryptocurrencies (for now it only process deposits). The sportsbook will allow users in both Colorado and Virginia to make deposits into their accounts using Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and DASH cryptocurrencies.

While Barstool may be the first US-based sportsbook to adapt to the crypto betting industry, we certainly don’t expect it to be the last. In fact, within the coming months and years we expect that every major sportsbook in the United States will have implemented some form of cryptocurrency payment option.

Advantages of Crypto Sports Betting Sites

Crypto gambling sites such as online sportsbooks and online casinos are increasingly popular due to the many benefits associated with cryptocurrencies as a whole. Below we’ve listed some of those benefits that sports fans enjoy. 

Speed of Bitcoin & Other Crypto Sportsbooks

Cryptocurrency transactions are fast. In fact, the speed of these transactions is one of the main attractions of digital currencies as they blow traditional methods out of the water.

For example, while a regular fiat currency deposit can be extremely fast, withdrawals are an entirely different matter. Typical credit card withdrawals at online betting sites can take days to process and sometimes even more than a week.

Cryptocurrency betting sites, on the other hand, will process both deposits and withdrawals in the same timeframe. This means that once a user opts to withdraw their winnings, they will have it in their crypto wallet within an hour or so, possibly even less.

This is practically unheard of in the online gambling industry and a genuine benefit that a sports fan who gambles regularly will find hard to ignore. However, crypto withdrawals may take some time to come into effect in the sports betting industry as most sportsbooks will only handle deposit transactions in crypto. 

Crypto Betting Sites Anonymity

Another benefit of using a crypto gambling site is anonymity. While it’s true that licensed operators such as Barstool Sportsbook will require a valid ID to verify your identity, the ability to hold your winnings in a crypto wallet, as opposed to a traditional bank, is appealing to many sports bettors.

This level of anonymity is also beneficial in regard to the security of your personal information. A licensed crypto betting site in the U.S. will only need to validate your identity when the account is opened, but will not need any of your personal financial information.

As you can imagine, the less information you have to share, the less danger there is of that information getting into the wrong hands. And no information is more important than those banking details. 

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Exclusive Crypto Betting Site Bonuses

There are the exclusive crypto betting site bonuses that many of the best crypto betting sites offer to new users and even existing ones. These bonuses can be larger than those offered at traditional sportsbooks, and in some cases may have wagering requirements that aren’t quite as demanding. 

Bonuses can come in the form of free bets or deposit match bonuses. At licensed sportsbooks, these are usually offered in dollar amounts, as opposed to cryptocurrency. Due to the fluctuating value of cryptocurrencies, making the deposit at just the right time could net you a little extra in that bonus. 

Higher Deposit Limits 

This may not always be the case, but there are many sportsbooks that will have different deposit limits for fiat currency deposits and cryptocurrency deposits. This is only applicable to the deposit, however. Wagering limits will remain the same, since your crypto is converted into dollars before wagers are placed.

Types of Cryptocurrency Accepted at Crypto Bookies

Even the casual cryptocurrency observer will know that there is a huge range of digital currencies and tokens on the market. Nevertheless, crypto sports betting sites in the U.S. will likely only accept a limited number of currencies.

And while this may change at some point in the future, those listed below will likely be the first cryptocurrencies accepted by sportsbooks that are licensed to operate in the U.S. in the next few years. 

Bitcoin

Bitcoin is by far the most popular digital currency in the world, so it stands to reason that crypto betting sites are the most common. Every sportsbook that has plans to start accepting cryptocurrencies will start out with Bitcoin or Bitcoin cash and possibly move onto another of those listed below. Interestingly, despite its popularity, or perhaps because of it, Bitcoin is the most volatile of all cryptocurrencies. Its value varies by significant margins over short periods of time.

This is one of the main reasons that Bitcoin betting sites such as Barstool Sports will set a holding time of just 15 minutes for deposit conversions from bitcoin into dollars. What this means is that the sportsbook will lock in a currency conversion rate for only 15 minutes before updating it if you have yet to complete the transaction. 

Ethereum

Ethereum sports betting sites aren’t quite as common as their Bitcoin counterparts, but the currency is slowly growing in popularity. It is a much more stable cryptocurrency than Bitcoin, which could possibly see licensed U.S. sportsbooks view it as the preferred long-term option for both deposits and withdrawals. 

Litecoin

Litecoin is another cryptocurrency that has a lot of potential and could, in theory, become as widely accepted at crypto betting sites as Ethereum. For now though, Litecoin betting sites are few and far between. Barstool Sportsbook, for example, also accepts Litecoin which is a good indicator that the majority of legal US sportsbooks will accept it in the future. 

DASH

Dash is an open source cryptocurrency, also known as an altcoin. The premise of DASH is to offer fast and cheap transactions anywhere in the world, which would make it an attractive option for sports bettors.

While DASH is growing in popularity much as Litecoin, DASH sports betting sites are quite rare because companies tend to focus on the three major currencies listed above. Unsurprisingly though, Barstool has opted to include it as an option for its crypto deposit methods. 

Dogecoin

No list of cryptocurrencies would be complete without at least mentioning Dogeccoin, which was originally created as a joke. A glowing endorsement from billionaire Elon Musk saw Dogecoin soar in value and it's hard to imagine it disappearing, despite its relatively low current value.

It’s basically a fun token that will always be popular no matter how low its value drops. Could it become a widely accepted cryptocurrency at U.S. legal sportsbooks? Probably not, but who knows? 

How we Review Top Crypto Sportsbooks

There are various aspects of crypto sports betting sites and crypto sports betting sites in general that we take a look at during our reviews.

While this is an important step in our process for all gambling sites that we review, including online casinos, it’s particularly important in the crypto gambling industry due to the saturation of the market. 

As mentioned previously, there has been a surge in cryptocurrency sportsbooks and casinos, and not all are licensed or legitimate.

Even some of those that are licensed may not be as reputable as others. This is why the following aspects are incredibly important in our bid to identify the best crypto betting sites in the industry. 

Safety and Security

Safety and security at a crypto betting site is extremely important, as it is with all sports betting sites. We examine the security protocols in place for the transfer of user data including personal and financial information (if required).

Generally speaking, all crypto betting sites must make use of Secure Sockets Layer (SSL) to encrypt all user data. What this does is scramble all data so that it's only visible to those who need to see it.

We also check to make sure that the crypto betting site has taken the necessary steps to provide information on responsible gambling to all users.

Preferably, this will be easily accessed and provide extensive information including contact details for local responsible gambling helplines and services in the region the sportsbook operates in. 

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Competitive Odds

It’s worth remembering that a crypto sports betting site must offer competitive odds if it hopes to compete with traditional online sportsbooks that only accept deposits in dollars. We will take a look at a broad range of odds across multiple sports, leagues, and competitions and compare these odds with sports betting market leaders.

Of course, no sportsbook will come out on top with the best odds for every sport, but we’re not necessarily looking for the best sports betting crypto site in terms of odds. We’re simply checking to ensure that it is competitive. 

Variety of Sports Offered

There’s a tendency for some top crypto sportsbooks to offer odds and moneylines on major leagues and the most popular sporting events.

This is particularly true of US-based sportsbooks that focus heavily on the NBA, NFL, MLB, and the NHL. However, what we look for is a broad range of sports betting markets covering everything from college sports betting (if allowed) to amateur sports such as Olympic events. 

The cryptocurrency sports betting sites that we recommend will usually cover all of these while, also offering live streams of multiple events (not just the NBA playoffs or the Super Bowl). This is an essential component of a sportsbook, especially if it offers live betting options. 

Customer Service

Customer service is a hugely important aspect of any website or service that manages your money. With the volatile nature of Bitcoin, and to a lesser extent other cryptocurrencies, it’s important that a customer has access to representatives that can offer a quick resolution. 

We look for an absolute minimum of two contact options for customer support. This can be any two of a telephone number, an email address, and a live chat feature.

Ideally, the live chat feature will be an actual person and not an automated chatbot. It’s also important that wait times are not unnecessarily long. Anything less than those bare minimum requirements and we simply cannot recommend the sportsbook. 

User Interface & Experience

In our experience, a convoluted deposit method or a betslip that is too busy and full of unnecessary information takes away from the overall experience at crypto betting sites.

With this in mind, we look for simple and easy to access features. Navigation should be incredibly easy to follow with all the most popular features of the sportsbook available in the main menu. 

Finding sports and building bets should be straightforward while the betting slip should be intuitive, clearly displaying odds and potential winnings or combinations on parlay bets. 

Most importantly, in a time when mobile apps are prevalent, any mobile crypto betting sites should offer the same features and functions as the sportsbook’s website. The navigation should be similar, as should the bet-building process.

There should also be no restrictions on deposits or withdrawals made through the app, as opposed to the website. The same is also usually true for promotions, although some sportsbooks sometimes offer mobile app exclusive promotions. 

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Crypto Betting Sites Promo Codes

Top Crypto sportsbook bonuses are not readily available at legal US sportsbooks just yet as Barstool Sportsbook, the only legal US sportsbook that currently accepts cryptocurrency deposits, has yet to launch a crypto-specific promotion.

However, new users and existing customers making deposits using Bitcoin or other cryptocurrencies can take advantage of the many promotions because all deposits are converted into dollars. Once crypto promotions come online, they are likely to be similar to the offers listed below. 

Deposit Match Bonuses at Crypto Sportsbooks

These types of bonuses are when a sportsbook promises to match your deposit up to a certain amount. This is usually listed as a percentage of your deposit.

For example, a crypto sportsbook might offer a 100% deposit match bonus up to a maximum value of $1,000. This means that if you deposit anything from $10 all the way up to $1,000, the sportsbook will match that amount. 

In the case of Bitcoin betting sites, it’s important to note that the bonus will not match your Bitcoin deposit, but rather the value of your deposit when it is converted into dollars. The same would apply to Ethereum or Litecoin deposits. 

It’s also important to know that these bonuses will always come with some wagering requirements. What's more, the bonus received will come in increments in the form of site credit. This credit can be used to place wagers but cannot be withdrawn. Increments of the bonus are usually released into your account once you meet certain wagering thresholds. 

Crypto Betting Sites Free Bets

Free bet offers are quite common at the majority of sportsbooks. We can expect to see them at the best crypto gambling sites and betting sites, as well. 

A free bet offer is usually set at a fixed amount and is only available to users that make a deposit over a minimum amount. For example, a typical offer might be a free $50 bet for any user that deposits $10 or more within a certain timeframe. 

Again, the free bet will be site credit and it will be in dollars and not in crypto regardless of your deposit method. This type of bonus is sometimes tied to a particular sport or sporting event and will also have specific wagering requirements. 

Crypto Welcome Bonuses 

This is the one bonus that sportsbooks tend to focus heavily on to attract new customers. The welcome bonus can come in several forms or a combination of several types of bonuses. 

The most common is the deposit match bonus, but free cash offers are also becoming increasingly popular. These bonuses will see a sportsbook give you a sum such as $10 for free simply for opening an account.

The money can be used to place wagers but cannot be withdrawn. It's worth noting that it’s highly unlikely any welcome bonuses or free cash bonuses will come in the form of cryptocurrency. 

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Other Crypto Bookies Promotions and Offers

Cryptocurrency sportsbooks run a variety of other promotions, similar to those of traditional online sports betting sites. Below are just some of the other cryptocurrency sportsbook promotions and offers that we have found at legal crypto betting sites. 

Sports or event-related promotions 

Sports betting providers will often run special promotions related to specific sports or sporting events. This could be a free bet on the winner of the Super Bowl or a free parlay bet on the NBA Finals.

Some sportsbooks even run player prize pools where users must make as many accurate predictions as possible for a share of the prize pool. These are usually free to enter, but as with other bonuses, the prizes will always be in dollars and not in crypto. 

Crypto casino bonuses and promo codes

It’s also worth noting that the majority of sportsbooks will also run an online casinos in states that have legalized online casino games. As a result, you may find some great promotions or bonuses that combine free bets at the sportsbook with free spins at select slot casino games.

Pros & Cons of Crypto Betting Sites

Pros

Fast transactions

Crypto transactions are fast and that’s a fact. This is particularly useful when funding your betting account, since you may have a time sensitive wager that you need to place.

The speed crypto affords will be extremely beneficial in the withdrawal process - once it becomes available. Currently users have to wait days, or even a week to receive their winnings. With crypto that wait time will be an hour or less. 

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Safe and secure

The security of the blockchain technology that all cryptocurrencies run on is one of the cornerstones of the crypto industry. This means that all transactions carried out on Bitcoin betting websites are highly secure and that your money is safe at all times. 

Privacy 

Anonymity is a key factor that attracts many people to crypto. However, total anonymity isn't provided, since you will still need to verify your account. However, this is the only personal data required. There is no need to share financial information, or any other sensitive data that was previously required at traditional currency sportsbooks. 

Cons

Lack of regulation

Cryptocurrency betting sites are often internationally-licensed sportsbooks that are not regulated by gaming authorities in the United States.

This lack of regulation can lead to issues with consumer rights, so it’s important that you only place wagers at those sportsbooks that are fully licensed to operate in your state.

As more U.S. states push through sports betting legislation, we fully expect there to be more licensed crypto sports betting options. The lack of regulation should not be an issue for much longer. 

Bitcoin Price Can Be Volatile

Bitcoin is a highly volatile currency that varies a great deal in value over short periods of time. While some bettors may find that this is an attractive trait of the currency, others may not. Even so, it’s worth noting that you will not place wagers in Bitcoin or any other cryptocurrency. Instead, your crypto deposit will be converted into dollars before any wagers are placed. 

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Crypto Wallet Needed

Some crypto betting sites will allow you to make deposits from a cryptocurrency exchange, but these can take longer to process. This is why it’s preferable to use a crypto wallet. Yes, it’s another requirement on top of your valid ID, but once you have your crypto wallet, you’ll never need to set it up again. 

Sports Bets Allowed on Crypto Betting Sites

All crypto betting sites and bitcoin gambling sites offer the complete range of betting options available at a traditional online sportsbook.

As previously mentioned, the only major difference is that your deposits are made in crypto that is then converted into dollars. The crypto betting sites then function like any other sportsbook offering betting options such as those listed below. 

Moneylines 

These are the simplest form of sports wager where you will need to pick a team or athlete as the outright winner. This is a perfect first bet for first-time gamblers who are new to sports wagering. 

Totals

A totals wager is also known as the over/under wager. This is when you must decide if the total points/goals scored in a match is over or under a line set by the sportsbook. For example, if the sportsbook sets the totals line at 1.5 goals, you must wager whether the combined score of both teams will be over or under that number. 

Points Spread

The points spread is a wager on the winning margin in a game. Cryptocurrency betting sites will set a spread and you then wager that your chosen team will win or lose by a margin that exceeds the spread. This is a popular bet as even losing teams can still result in a winning outcome for the bettor, once they lose by a certain amount. 

Futures

Futures are long-term sports bets placed on the performance of a team or individual throughout the course of a season or in a contest or tournament. A typical futures wager would be a wager placed at the start of the NFL season on a particular team to win the Super Bowl. 

Prop Bets

Also known as proposition wagers, these types of bets are wagers that are placed on specific events or activities during a game or event. This can be related to an individual’s performance such as how many points a player will score. 

Parlays

Parlay bets are wagers that combine two or more individual wagers into one single bet. For these wagers all components (legs) of the bet must be winning wagers for the parlay to pay out. 

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