Are Crypto Sportsbooks Legal in the USA?
Crypto betting sites have been around for some time, and while most countries in the EU and Asia have specific regulations for them, the US legislation is still rather unclear. The question many punters have is, are there legal sportsbooks in the USA that accept crypto?
US Sports Betting Regulations
While there are a number of US sites that support crypto payments, there are very few that are actually regulated and licensed to operate in all states. If you are a US bettor, you will first need to do your research on trustworthy sites that thoroughly investigate all aspects of the betting site, such as licensing, payment options, payout times, reputation, customer support, and other factors that are expected from a reputable betting site.
For instance, in the US, online gambling was not technically illegal, but it was illegal for banks and other financial services to process transactions between US gamblers and sites. As crypto is decentralized, many sites were able to use this loophole in order to cater to their US clientele.
In most recent years, things have started to change again, with a majority of states outright banning any type of gambling in their state.
But several states have made it clear in their legislation that online gambling is legal within their region, with some of them now issuing gaming and betting licenses to operators. More states have revealed that they are either considering or planning to make online gambling and betting legal as well.
Certain US states, for instance, do not accept the operation of casinos but allow sportsbooks to operate.
The Use of Crypto in the Betting World
Crypto betting has risen in popularity in the past decade, with more and more online casinos and sportsbooks integrating digital assets as payment options for their services. Using Bitcoin or other altcoins comes with several advantages for both bettors and site owners.
Cryptocurrencies are encouraged as a payment method by most sports betting sites, even by those that are not crypto-only bookies. This is because transactions with digital coins have a faster processing time compared to other traditional payment options, such as credit card or bank wiring. Deposits made via crypto take around several minutes, depending on the load of the coin’s respective blockchain, which means the funds will be available for betting not long after the deposit has been made.
Withdrawals also function similarly. Payouts are deposited directly into the user’s respective crypto wallet, with the funds being available as soon as the transaction details have been verified by the blockchain’s miners.
It is worth to mention that the user benefits from the advantage of not having his personal banking information tied to his online betting activity. Also, crypto transactions are secured by design, as the only details needed to make the transactions are the public addresses associated with the user and the betting site’s wallets.
How to Find the Best US Sportsbook?
There are several factors that OLBG takes into account when compiling its lists of US betting sites you can legally bet at. The first and most important factor is that all sites must have licenses from the proper regulating authorities from the state they are based in. This will ensure that the sportsbook can legally be accessed by US-based punters and also benefit from fair betting and payouts. Moreover, online sportsbooks implement their proprietary security measures, including, but not limited to, data and SSL encryption. OLBG only features on its recommendation list the most trusted sportsbook sites which have in place the required security protocols.
While there is currently a limited selection of sportsbooks that accept Bitcoin and other cryptocurrencies in the US, you can trust that OLBG will only recommend the best and safest platform options in the industry.
Featured image: cryptomaniaks.com