Litecoin sports betting is more evidence of the online sports gambling market’s expansion into digital currencies. A lot of US bettors have begun using alternative currencies due to the advantages they bring to the table.
Litecoin (LTC) is both legal to use in the eyes of the US government and backed by multiple licensed offshore sportsbooks. If you want to learn more about Litecoin betting, consider this page a resource. You will find information on how Litecoin works, deposit methods, and why many bettors have made the switch over to it and the best online Litecoin sportsbooks to use.
All USA Online Sportsbooks Accepting Litecoin Deposits
Below is a table made up of the best available Litecoin sportsbooks accepting US residents. Each one of these sites has been vetted legal licensing and regulation (making them legal for United States bettors to use). Our team of online sports betting analysts also searches for items like wagering type variance, betting line selection, customer support, bonus promotions and a strong security profile. The links in the table will redirect you to these sites so you can examine them for yourself. There is no obligation to register an account or place a wager.
Is It Legal To Bet On Sports Using Litecoin?
Yes. US bettors are not violating any laws by betting on sports with Litecoin. There are two major federal laws applicable to this situation. The first law is the Federal Wire Act, which bans all interstate betting between domestic US sportsbooks. Thankfully for American bettors, there are plenty of offshore USA online sportsbooks that are both licensed and regulated. The Federal Wire Act does not name these types of sites as illegal.
The other federal law to take into consideration is the Unlawful Internet Gambling Enforcement Act, or UIGEA. This law was passed in 2006 and watches over banks and financial institutions. Its main purpose is to monitor transactions between banks and online gambling sites. At the time of its passing, there were multiple issues with online gambling operating in the US.
For example, many sites were withholding payments from bettors. Many US bettors have problems with sportsbook deposits including withdrawals on their credit/debit cards because of UIGEA. Litecoin was not even around when the UIGEA was passed, and even if it were, Litecoin is not regulated by the government. This means it is not included in the UIGEA’s reach. As of now, there are no federal laws that outlaw cryptocurrencies.
What Is Litecoin?
Litecoin is just like Bitcoin in that it is a decentralized, deregulated peer-to-peer currency used for online trading. It has a much bigger block size than Bitcoin, meaning that more transactions can be processed faster. The currency has grown in popularity over recent years and is the third leading digital currency behind Bitcoin and Ethereum.
How To Purchase Litecoin
There are a few common ways to purchase LTC. Exchanges are the most popular option, as many accept USD-Litecoin trades. You can also buy Litecoin tokens from private sellers over the Internet, and there's even finally a PayPal Litecoin option that makes getting started with the cryptocurrency easier and faster than ever (though sports bettors should hold off on this option for now, as explained below).
Using Litecoin Exchanges
The most popular way to buy Litecoin is to simply convert your USD to LTC using an exchange like Coinbase, Kraken, Bittrex, etc. However, this process can take several days from the time you buy your Litecoin to the time you actually gain access to it. For sports betting, this is fine if you plan ahead.
However, if you want to bet on tonight's game and need to make a deposit to do so, and if you don't already have a Litecoin wallet loaded up with funds to transfer, you might be out of luck. There are private exchanges where you can buy Litecoin from individuals more or less instantly, but we don't recommend this route.
Buying Litecoin With PayPal
As of Q3 2020, you can now buy LTC with PayPal. This is a groundbreaking option, as it means that hundreds of millions of PayPal users can purchase Litecoin quickly, safely, and easily using a service they already know and trust. However, at launch, external transfers of LTC purchased via PayPal are disabled, so sports bettors will need to wait a bit before PP becomes their go-to Litecoin buy-in portal.
Once the P2P service lifts these restrictions, to buy Litecoin with PayPal, just log into your PayPal account, head over to the crypto section, and choose the Litecoin option. Then, purchase as much LTC as you wish, and you'll have it credited to your PayPal wallet. From there, you should be able to send it anywhere else, including to legal USA sportsbook sites.
If PayPal adopts specific transfer restrictions to prevent sports bet funding in the future, that's OK, too. Should that happen, just move your Litecoin to any crypto exchange or a Litecoin wallet, and then make your online betting deposit as normal using the cryptocurrency.
Are There Any Advantages With Litecoin Sports Betting?
Yes. Sports bettors using Litecoin enjoy multiple advantages. From financial incentives to potential rewards, Litecoin brings several perks to the table that have led more and more bettors to begin using it. We’ve included some of these benefits below:
- Litecoin transactions go through instantaneously. Because these transactions are not tied to any sort of bank or financial institution, there is no waiting on your money to go through. Once the transaction has been verified by miners on the blockchain, your transaction will finalize. This process takes seconds thanks to Litecoin’s accommodating block sizes.
- The UIGEA has no effect on Litecoin. Again, since Litecoin is not a part of any financial institution, there is no "processing of transactions" in the formal sense that we are accustomed to. There are also no laws against using cryptocurrencies, so Litecoin is completely legal.
- Most of the best offshore US-friendly sportsbooks offer exclusive cryptocurrency bonuses. For example, you can claim a match bonus on your first Litecoin deposit. Match bonuses are when the sportsbook matches your deposit by a percentage up to a certain amount. For example, you may see something like, “100% of deposit matched up to $1,000.”
- There are no transaction fees associated with Litecoin. Bettors typically have to pay a small percentage fee when making a deposit or withdrawal, especially when using a bank card. There are no transaction fees with Litecoin—ever. This means you get 100% of your winnings.
- Cryptocurrency investors can attest to the ups and downs of the market. It is possible that your Litecoin increases in value before you even request a withdrawal. Now, there is the off chance that Litecoin’s value drops, but the most recent trends have shown an upward trajectory.
- Litecoin transactions carry more anonymity than other transaction methods. Bettors do not have to disclose any personal information with transactions. You do not have to enter a billing address or anything of that nature. The only information required is a digital wallet address and the amount of Litecoin you wish to send/receive. That said, you will have to confirm your identity to your sportsbook before receiving payouts, but this information is encrypted and never shared or sold.
- Litecoin transactions are amongst the most secure. Online sportsbooks host a strong security profile to protect your personal information. Furthermore, you do not have to store any financial information with the sportsbook when using Litecoin. You will have a new unique wallet address for each transaction.
What Are The Differences Between Litecoin Sportsbooks And Ordinary Sportsbooks?
There really aren't any. The only major difference is the fact that Litecoin is accepted. You will find the same betting lines, wagering types, security features, bonus incentives, customer support, and mobile/live betting capabilities. There are no special features unique to Litecoin sportsbooks, but it is possible that some could develop in the future.