Influenced by the creation of Bitcoin, Litecoin entered the world of cryptocurrency in the 4th quarter of 2011 and was designed to provide the same types of conveniences that Bitcoin and all the cryptocurrencies do.
Everything is done online and is encrypted to ensure the safety of each transaction. With Litecoin gambling, you can transact internationally at no cost for either party involved because no middleman like a bank is required. You can purchase mostly anything, send money peer-to-peer, and hardly takes any time to complete.
Because cryptocurrency has revolutionized the way we do business in such a short period of time, it is now playing a pivotal in serving the online crypto casino industry worldwide. Even though it still ranks a distant second to Bitcoin in terms of advertising and use, Litecoin’s availability has gradually increased and is a viable option for sports bettors at some of the top sites.
Litecoin Sportsbook Reviews
Where Can I Bet Sports With Litecoin?
There are well over a dozen big name online gambling casinos all of which have sportsbooks. However, most of them, like Bovada for example, are not currently on board with Litecoin because they evidently do enough business with Bitcoin. Since Bitcoin was the first cryptocurrency to really break into the realm of online gambling, it has left the rest of the competition well behind. While there are some sites whose business depend only on multiple forms of cryptocurrency or Bitcoin exclusively, none of them lean entirely on Litecoin.
Unlike Bitcoin which pops up everywhere when you type it in, you have to find the Litecoin takers by going to each site. Most sites advertise all their payment methods’ logos at the bottom of their home page. If you don’t see them there, click on the cashier. If that is also unclear, (which for some sites it is) you can always call up and ask or click on the live customer support chat box if there is one.
The big 3 sources for Litecoin sports bettors are going to be Sportsbetting.ag, Betcoin.ag, and BetOnline. From there you will be satisfied with what you get. Since only the big name casinos feature sportsbooks, it is also standard now for all of them to be packed with options. All the typical first tier and second tier American sports are there along with a number of the other popular sports around the world. The recently created eSports is available if you like having action on video games, and you can also bet on the financials market, chess, or who you think the next pope will be. Live betting has also become a regular option if you wish to bet on games already in progress.
Since Bitcoin is the most preferred method of payment, there aren’t any deposit bonuses for using Litecoin just yet. However, the flexibility in terms of how much you can deposit or withdraw are comparable. For example, on Sportsbetting,ag and BetOnle.com, both Bitcoin and Litecoin have the same deposit limit of $20-$25,000 and withdrawal limit of $20-$10,000.
When you deposit with Litecoin, the site will immediately convert them into U.S. dollars. That way if Litecoin loses value you won’t lose also money in your betting account. When you cash out, you receive what Litecoin is currently worth and this transaction takes no more than 48 hours to complete.
What Hazards or Legal Concerns Should I Have?
Like anything done over the web, there is the inherent risk you can be hacked. Apart from that, there shouldn’t be any issues with using Litecoin. If you have questions about being walked through your first transaction, contact the customer support team and make sure they know what they are doing.
As far as legality goes, like always, U.S. citizens have nothing to worry about. You will not get into any trouble for gambling with an offshore site. If your business is going to be denied, you will receive a message letting you know that as soon as you try to go to the site. But if you’re a Litecoin user looking for sports betting action, none of the sites you can go to will do this. Only the smaller name sites seem to be keeping anybody out.
Since it is legal for you to do, then you are probably wondering what did the Unlawful Internet Gambling Enforcement Act (UIGEA) which was signed in 2006 accomplish? It’s a good question because this Act led a lot of people to believing things that weren’t true. All it did was officially enforce that anyone in America who processed payments to a gambling site (like a credit card company) will be penalized with heavy fines. Once this became a done deal, anything that could have possibly been suspected as a transaction for gambling were turned down because the risks are too hefty.
None of this has anything to do with the gambling operator’s jurisdiction. So assuming they are offshore, they only have to abide by their own laws. What made people believe the UIGEA could penalize citizens was the fact a lot of gambling operators cut off America as soon as the Act was signed to steer itself clear of the chaos.
Your greater risks extend to the sites themselves. As more sports betting sites potentially add Litecoin to their payment methods, you want to minimize the possibility of a catastrophe as much as you can.
There have been many instances of shady gambling sites denying either people their deposit bonuses or their withdrawals with utter nonsense. Unfortunately, these are the risks you incur when gambling offshore. Your recourse is minimal. The good news is most sites that have been around a while have many customer reviews so it’s not difficult to figure out who’s reputable. That said, a great site can still crash and burn and screw its members out of millions of dollars, but that’s just the inherent risk you take.
What Does the Future Hold For Litecoin?
If cryptocurrency really does take over how money is transacted over the Internet the way some people anticipate, then, along with all the other forms of cryptocurrency, you can expect that Litecoin will become available at all the major sports betting sites. Until that day comes, there is still reason to think it will continue to spread. The fact it is already used at multiple popular sites is encouraging.
Despite that, for anything dramatic to happen soon, it will take either a spike in Litecoin’s value and/or a plummet in Bitcoin’s. Every gambling site that has Bitcoin heavily incentivizes its members to deposit with it, offering a higher percentage deposit bonus than any other method. This is why for the time being Bitcoin is going to stay at the top of the online sports betting world and keeping its kid brother Litecoin in the rearview mirror.