$/€ Crypto Bookmaker: What it is & How it Works
Lina Almans
05 June 2023
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The arrival of cryptocurrencies has led to the emergence of crypto bookmakers in the gaming world.
What Is a Crypto Bookmaker?
✅ A crypto bookmaker is an online platform that allows bettors to wager bets using cryptocurrencies as their primary mode of transaction.
These bookmakers leverage blockchain technology to provide secure and transparent betting experiences, offering diverse betting options such as sports games, casino games, and even esports.
Crypto bookmakers have become popular among those seeking a modern approach to online gambling.
Top Crypto Bookies to Check Out
Crypto Bookie | Owner | Founded | License | Bonus | Rating |
 | Medium Rare N.V. | 2017 | 8048/JAZ | Rakeback 10% for casino | |
 | Nexus Group Enterprises N.V. | 2014 | 8048/JAZ | Up to 6 BTC welcome bonus | |
 | Halcyon Super Holdings B.V. | 2013 | 1668/JAZ | Up to 5 BTC welcome bonus | |
 | OnyxioN N.V. | 2019 | 1668/JAZ | 170% bonus up to $600 on first deposit of $20+ | |
 | mBet Solutions N.V. | 2016 | 1668/JAZ | No bonus offered |
Types of Crypto Bookmakers
Crypto bookies come in two flavors:
- Blockchain bookmakers: They use crypto for everything and run on smart contracts, which eliminate the need for a middleman, let you keep your crypto in your own wallet and get paid instantly when you win.
- Bookmakers that accept crypto payments: They work like regular bookies, but let you deposit with crypto. You can’t bet with crypto on their site.
The first option is better as it eliminates trust issues and guarantees fast and secure winnings.
Pros and Cons of Crypto Betting
Let’s look at the pros and cons of using crypto bookies for betting.
| Pros | Cons |
| Secure transactions | Need to buy crypto |
| Privacy and anonymity | Hard to prove identity |
| Fast and cheap transfers | Fewer betting options |
| Fair and transparent payouts | Not all bookies use smart contracts |
Implementing cryptocurrency as a form of payment on a gambling platform has several advantages that cannot be overstated. Let’s take a look at some of them:
💼 Promotes Privacy
Privacy is a fundamental pillar of cryptocurrency. It allows bettors to place bets without divulging personal information, ensuring a higher level of confidentiality
🚀 Speed and Efficiency
Unlike traditional banking systems that can be slow in depositing and withdrawing funds, cryptocurrency offers quick transactions, allowing users to enjoy faster deposits and withdrawals
🔒 Robust Security Measures
Crypto bookmakers leverage the power of blockchain technology to fortify their security protocols. Through encryption and decentralized storage, these platforms minimize the risks associated with fraud or unauthorized access.
🌍 Easy Accessibility
By implementing cryptocurrency as a payment system on betting platforms, crypto bookmakers can break down geographical barriers, enabling individuals to participate in online betting regardless of their location.
How to Deposit Crypto on a Betting Site?
Basically, every crypto coin has an exchange rate in fiat money. It’s just the value that people are willing to trade crypto for. Most exchanges have similar exchange rates, but not all bookies do. It’s like using a foreign ATM where you might pay extra fees.
You need to create an account, log in, and go to the deposit section. Choose your crypto coin and enter the amount. The bookie will give you a payment address or QR code.
Step-by-Step Guide to Betting with Crypto Bookmakers
When it comes to wagering on a crypto-betting site, the process is quite similar to that of a traditional sportsbook. If you want to place a bet on a crypto bookmaker, follow these instructions.
- Visit your preferred crypto bookmaker website.
- Sign up for an account if you don’t have one.
- Deposit your desired cryptocurrencies.
- Identify and select the betting market you would like to wager on.
- Make a withdrawal as soon as you have a winning bet.
Conclusion
Crypto bookmakers have emerged as a disruptive force in the online gambling industry, offering bettors an exciting and secure avenue for betting with cryptocurrencies. With an emphasis on the aforementioned features, these platforms present a modern and enticing alternative to traditional bookmakers.
