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Cryptocurrency and Gambling

Cryptocurrency and Gambling

02 Dec 2020

Reading Time: 3-4 minutes

The allure of gambling is the high-risk, high-reward - trying to outwit the odds in order to profit from a win. You bet your own money and hope that you can increase it through poker machines, table games and through backing the right sports team. But then again, gambling is a chosen pass time which some people may utlise to blow off steam after a hard week at work.

Previously, we outlined the best online casinos that you can use cryptocurrency with. However there are more options to gamble with your cryptocurrency.

One of the most prominent gambling pass times is horse racing which are 24 hours a day (thanks to the internet). Making it accessible for those who work during the day.

The most popular sporting bet app is SportsBet which has the variety of every sport you can think of.

So the big question here is are there any sites where you can use your cryptocurrency to bet on Horse Racing?

Yes, there are actually more than you'd think BetOnline Racing is a perfect example of this. 

BetOnline Racing has been around for over a decade and is fully licensed. It offers punters (gamblers) the option to bet on Horse Races with a variety of Cryptocurrency. These include Bitcoin, Bitcoin Cash, Ethereum, Dash and Litecoin.

Surprisingly, it does not just offer horse racing but there is a plethora of gambling options such as poker, blackjack, roulette and video poker.

Bitcoin is their preferred deposit and withdraw method as it is easy, fast, and safe.   While it is cryptocurrency friendly, they do also accept bank transfers and credit cards.

Online casinos and sporting apps are a safe haven as you don't need to leave your house and can bet in peace without being judged. For many who do enjoy to gamble, this is a great option, especially during the COVID era.

Many people view cryptocurrency as a gambling in itself. While those who have done enough research actually understand, it can be an investment. Any investment has the potential to be a gamble, (especially if emotions are involved) as there are no guarantees, and as we know, in life, there are only two certainties; Death and taxes.

One thing that makes gambling unique in Australia is that we are not taxed for our wins as the government views any gambling wins as luck - not an income. In the USA, it is a different story as gambling is not only classified as recreation but also as a Profession.

Although gambling can be enjoyable for some, it is addictive and has ruined many people's lives. If you or someone you know needs help, please call the Australian Gambling Hotline on 1800 858 858. Always gamble responsibly.

Above all of this, it is in fact a great time to invest in cryptocurrency. If you want to keep an eye on your chosen cryptocurrency you can use the crypto tracker on our main page.

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