Best Sports Betting Sites that Accept Monero (XMR)
Monero is one of the only truly anonymous cryptocurrencies available today. As a privacy coin, Monero allows users to send or receive cryptocurrency completely anonymously. The private nature of Monero makes it highly popular within the sports betting market.
Here’s what you need to know about how to bet with Monero on crypto sports betting sites.
What is Monero?
Monero (XMR) is a fully private cryptocurrency designed to facilitate completely anonymous transactions. While cryptocurrencies such as Bitcoin and Ethereum aren’t controlled by a centralized third party, they operate on transparent public blockchains that allow anybody to trace cryptocurrency as it is sent or received
Monero, however, obfuscates the transactions made on the Monero network, allowing users to send or receive XMR tokens without being tracked. This private nature of XMR coins makes them highly popular with bettors that prefer to wager anonymously on sports betting websites.
Monero offers several advantages over other cryptocurrencies for sports betting. The average transaction time on the XMR network is just 2 minutes, compared to the average Bitcoin transaction time of 35 minutes. XMR transactions are very low, with most transactions averaging $0.10 USD during peak network times.
Choosing the Right Monero Sports Betting Site
Monero is not as widely used as Bitcoin or Ethereum, but there are many crypto sports betting platforms that accept XMR as a banking method.
Monero’s anonymous transaction features paired with the extremely fast speed of the Monero blockchain, and low transaction costs, makes it a highly popular cryptocurrency for online betting. Sports betting sites that accept Monero typically offer far higher deposit and withdrawal limits when compared to sites that accept only fiat currency options.
These features allow Monero users to make large withdrawals from sports betting platforms completely anonymously, with most withdrawals executed instantly. Betting with Monero is relatively straightforward — XMR transactions are no more complicated than Bitcoin or Ethereum transactions. Still, there are a number of important factors to consider when choosing the best Monero sports betting sites.
Monero’s traceless transactions can’t be reversed once they are completed. It’s essential to carefully assess a cryptocurrency sports betting platform before making a deposit and bet only on reliable, trustworthy sites. Coin Clarity publishes a curated list of the most trustworthy XMR sports betting platforms in the table at the beginning of this article.
It’s best to check for the following factors when choosing a Monero sports betting site:
- Trustworthiness, reliability, and security
- Bonuses, sign up promotions, and VIP programs
- Customer support — live chat, phone support, and email
- Payout speed and withdrawal fees
Monero Sports Betting Site Basics
Cryptocurrency sportsbooks that accept XMR as a deposit and withdrawal method operate similarly to traditional sportsbooks — bettors will find virtually identical markets that cover both US and international sports in almost every league imaginable.
Crypto sports betting sites make it possible to bet with Monero on almost any sport — most crypto sportsbooks cover soccer, NFL, MLB, NBA, MMA, horse racing, and eSports. It’s important to note that while many sports betting sites accept XMR as a banking method, wagers are typically calculated in USD.
While XMR sports betting sites are functionally similar to traditional sportsbooks, the way a sports betting site handles cryptocurrency storage differs significantly from fiat currency. The best crypto sports betting sites provide full transparency regarding the way the platform securely stores and handles user cryptocurrency.
How to Buy Monero
Monero is a privacy-focused cryptocurrency that can, in some cases, be more difficult to purchase than other cryptocurrencies such as Bitcoin or Ethereum. Some major exchanges don’t list XMR, so in order to bet with Monero online, you’ll need to buy Monero from an exchange that supports it. One of the biggest differences between Monero and other cryptos is that XMR is not as widely listed on crypto exchanges as other coins.
Binance is one of the few cryptocurrency exchanges that allow users to buy Monero with a credit or debit card. Other exchanges allow users to trade XMR only, which means buying Bitcoin or other cryptocurrencies with fiat currency and then exchanging it for XMR.
Buying Monero from a crypto exchange that supports credit or debit card purchases is a relatively straightforward process:
- Create an account with a cryptocurrency exchange that supports XMR credit or debit card purchases
- Provide ID information and complete the verification process
- Purchase XMR with a credit or debit card
While buying Monero with a credit or debit card is convenient, it’s not entirely anonymous as the exchange it is purchased from requires KYC information. To purchase completely anonymous Monero, it’s necessary first to purchase Ethereum or another cryptocurrency and exchange it for Monero on a decentralized or KYC-free exchange.
Once you’ve purchased Monero, your XMR coins will be available in a hosted wallet on the exchange you purchased them from.
How to deposit Monero at Online Sports Betting Sites
Monero transactions are relatively straightforward, but there are a few key differences between XMR transactions and other cryptocurrency transactions that it’s important to take note of. If you already understand how to send a Bitcoin transaction, then you’re already familiar with the process involved in making an XMR deposit — with one key difference: privacy levels.
Monero allows users to select the privacy level for each transaction they make. Some crypto exchanges don’t provide users with the option to select the privacy level of a transaction, but others will prompt users to select a privacy level or “ringsize” when sending XMR.
As a general rule, the higher the privacy level, the higher the transaction fee. In order to deposit XMR to a crypto sports betting site, you’ll need to find your XMR address on the sportsbook you’re using.
Once you’ve copied your Monero wallet address, enter it into the destination field when making a new transaction from your crypto exchange. XMR transactions are often completed within 2 to 8 minutes of sending.
How do Monero Sports Betting Site Withdrawals Work?
Understanding how to withdraw Monero from a crypto sports betting site isn’t complicated. Monero transactions are faster and simpler than traditional bank transactions — all you’ll need to withdraw XMR from a sports betting platform is a destination address.
Most XMR users choose to withdraw their Monero to a cryptocurrency exchange and trade it for other cryptocurrencies or fiat currency such as GBP, EUR, or USD. Note that if you choose to send Monero to a wallet address on an exchange you’ve verified your ID and KYC information on, your XMR will no longer be anonymous.
What Sports Can I Bet on with Monero?
Crypto sports betting platforms that accept XMR offer the same markets as traditional sports betting platforms — most XMR sports betting sites will offer XMR NFL bets, Monero football betting, Monero basketball betting, horse racing, and many other sports.
How do XMR Sports Betting Site Bonuses and Promotions Work?
Monero sports betting websites offer new accounts a similar variety of welcome bonus promos, new player bonus promotions, and special promos aimed at attracting new bettors. The bonuses offered by crypto sports betting sites are, in most cases, equal to or better than the bonuses offered by traditional sports betting sites.
The bonuses, promotions, and VIP programs different crypto sports betting sites offer greatly. See the table at the beginning of this article for a list of the best crypto sports betting sites and the best crypto sports betting promos.
Bonuses and promos offered by XMR betting sites include:
- Free bets on specific sports or events for XMR deposits
- Matched deposit bonuses that provide new accounts with a matched percentage bonus of their first deposit in bonus cash — typically 100%
- Reload bonuses for making consecutive or recurring deposits in cryptocurrency
Most crypto sports betting websites also offer VIP programs and rewards programs.
Using Monero to Bet on Sports: What You Need to Know
Monero is one of the most private and secure blockchains, but there are many key features of Monero that should be considered before betting with XMR online:
- Anonymity: Monero transactions are completely anonymous — but that doesn’t mean your exchange accounts or sports betting accounts are anonymous. As a general rule, if you’re receiving XMR to an exchange or platform that you’ve provided KYC information, the XMR is no longer anonymous
- Deposit or withdrawal fees: Monero transaction fees are low, but it’s important to check for additional fees charged by cryptocurrency exchanges for withdrawing XMR to a sports betting site
Frequently Asked Questions:
Q: Are Monero sports betting sites safe?
A: Reputable crypto sports betting sites provide bettors with a safe and reliable way to bet on sports with cryptocurrency such as Monero. See the table at the beginning of this article for a list of safe crypto sports betting sites.
Q: What is the minimum deposit for Monero sports betting sites?
A: Most Monero sports betting sites don’t have a minimum deposit requirement.
Q: Can Monero transactions be traced?
A: Monero transactions are anonymous
Key Takeaways
Monero allows bettors to safely and securely send or receive XMR coins anonymously and instantly. As a result, Monero is one of the most popular cryptos used by individuals seeking to maintain their privacy and protect their data.
