Litecoin (LTC) has been a fixture on the cryptocurrency scene since 2011 when Charles Lee launched it on GitHub. Considering privacy on the internet is almost a luxury these days, people appreciate the security and anonymity in using cryptocurrencies. Thankfully, the online betting market was among the first sectors to accept and use cryptocurrencies as a payment method.
That dedication to cryptocurrencies still stands today, and its proof is in the availability and growth of Litecoin betting sites. These sites provide a fun betting atmosphere in addition to the ease of transacting with Litecoin. If you’re looking to spend your Litecoin, read on to learn about Litecoin betting sites and how to gamble on them.
Types of Litecoin Betting
The online betting industry is vast, encompassing various betting markets. Many bookmakers have adopted LTC betting as a mainstay, and these are the common types of LTC betting:
- Casinos: Casinos were among the pioneers to accept cryptocurrency, and online casinos have been receiving Litecoin since its debut. The best casinos offer a mix of game content, loyalty programs, and bonuses you can enjoy once you make deposits with LTC.
- Sports: It’s probably the most popular Litecoin betting market. There’s always a sportsbook ready for you to bet on your favorite horse or team, so put your LTC to work.
- E-sports: As the world’s next big betting sport, the virtual world of E-sports rakes in mega business on modern betting websites. The fans who follow e-sport’s gaming battles are much younger, and they’re often more willing to bet with cryptocurrency like LTC.
- Roulette: This is a traditional casino game you can play using LTC. Place your bets in your chosen color, a number, or groups of numbers, even numbers, even odds, and spin the ball.
- Lottery: It’s a favorite option on Litecoin betting sites. The jackpots may not be easy to win, but they’re often rewarding when you do.
- Slots: You can’t leave slots out of the Litecoin betting train. Playing with Litecoin doesn’t differ from playing slots with fiat currency. Free spins are a regular part of welcome bonuses and ongoing promos on many online casino sites, so take advantage.
- Poker: Litecoin poker is the only casino game of the group that has seen a decline in the last few years. Players walked away to seek action elsewhere since there was a lack of tables. Shortly after, casino websites that used Litecoin for their poker tables closed their doors.
How to Wager on Litecoin Betting Sites
This guide will show you it’s a straightforward process to wager on Litecoin betting sites. Before we begin, remember that you can’t recall a Litecoin transaction, and errors are costly. Let’s get into the steps:
Choose a Litecoin Betting Platform
Select a credible betting site that offers a few Litecoin betting markets or all kinds of markets using LTC. The registration process should take a few minutes, and you may find it faster since you’re using a Litecoin betting site.
Buy Litecoin for Your E-wallet
If you already have Litecoin in your e-wallet, you can skip this move to depositing it in your casino account. If your wallet is empty, purchase LTC using trustworthy exchanges like Binance and Kraken. It’s best to use these two over Coinbase, as they don’t mind you using Litecoin for betting.
Deposit the Litecoin
At this point, you want to be extra vigilant because errors with the transaction may cost you a lot of money. Select the digital asset you want to use in the site’s deposit or cashier section and choose LTC as your deposit currency.
Once you input your deposit amount (often in USD), you’ll find a public address unique to your account. The address is a group of random letters and numbers. Copy the address and paste it into your crypto wallet. Check the pasted information several times to confirm its accuracy before proceeding because there’ll be no refund for a wrong deposit.
If you’re sure there are no errors, hit the send button to transfer the Litecoin to your betting account. The transaction may take seconds or hours, so exercise patience.
Place Your Bets
Litecoin has a faster transaction speed than most cryptocurrencies, so expect to wait for a few minutes. Once the LTC is in your account, you can use it just like you’d use fiat currency. Of note, not all the sites permit end-to-end Litecoin betting, and you may lose some money from the conversions to fiat.
Pick your bet, choose the amount in Litecoin or fiat (as the bookmaker sets it), and proceed. Remember to snap up the first deposit bonuses and gifts when you load your casino account with Litecoin.
Withdraw Your Litecoin
Now that you’ve gotten your earnings, you have to send the money to your crypto wallet. Open your casino account and click on the Payments option > Select cryptocurrencies and scroll to find Litecoin > Input your Litecoin withdrawal amount and wallet address > tap Confirm.
Blockchain’s peer-to-peer feature lets you receive your withdrawal within minutes of the bookmaker processing your transaction. You can now store, sell, or spend your LTC earnings.
Pros of Litecoin Betting
- Security and privacy are the top attractions for LTC betting. People remain anonymous with the decentralized payment, and their banking details don’t have to get involved.
- Litecoin betting sites save money by using cryptocurrencies for payments, and they give it back to punters as enticing bonuses.
- The network speed determines Litecoin transactions, and players can get their money within minutes. Say goodbye to waiting for ten days for banks to process your payments.
- The casino sites that charge for withdrawals will probably charge less if you use Litecoin for pay-outs.
Cons of Litecoin Betting
- Litecoin’s value depends on the cryptocurrency market, and it’s always a trading risk that brings stress with its regular fluctuations.
- Some Litecoin betting sites require you to transfer to fiat currencies before placing bets, and each transfer can cost you something. Ensure the Litecoin betting site you use allows end-to-end Litecoin betting.
- Some sites only accept LTC because they couldn’t get approval to use fiat, so watch out for legitimate betting certificates.
Thanks to LTC betting sites, players can enjoy the anonymity, transaction speed, and security of betting with LTC. Litecoin betting is also flourishing, and there’ll be more exclusive LTC betting sites in the future. Remember to gamble on reputable sites and understand the risks of betting with LTC.