Best Stablecoin Friendly Poker Rooms and Sports Betting Sites
Stablecoins are a type of cryptocurrency that have recently gained popularity in the gambling community. They are designed to maintain a stable value by being backed by another asset, such as a commodity or a fiat currency like the dollar or euro. They are popular because they offer the benefits of cryptocurrencies, such as fast transactions, low fees and global accessibility, without the volatility and risk of price fluctuations. Stablecoins currently have a market cap of around $180 billion, making them a relatively small part of the overall cryptocurrency market, which is currently worth around $1.3 trillion. Some of the most popular stablecoins are Tether, DAI, USD Coin and Binance USD
SOME OF THE BENEFITS OF STABLECOINS FOR GAMBLERS
- They enable global gambling opportunities, especially for people living in countries with unstable monetary systems. Even if it is difficult to acquire a credit or debit card in your home country, you can buy Tether and use it at many of the top gambling sites featured on this website.
- They offer decentralised financial services that are accessible to anyone with an internet connection, without intermediaries or censorship. This means that you can deposit at your favourite poker rooms or casinos without having your transaction getting rejected which frequently happens with credit cards like Visa and Mastercard.
- They are a great tool for gamblers who want to hedge against volatility and move funds quickly between different betting platforms because the price is always pegged to your preferred currency.
- They provide lower-cost, safe, real-time and more competitive payments compared to traditional methods, such as credit cards or wire transfers.
- They maintain the purchasing power of people who are affected by economic crises or currency devaluation. If you are a poker player or sports bettor from countries with weak currencies like Argentina or the Lebanon it makes more sense to use Tether or Binance Coin.
RECOMMENDED STABLECOIN SPORTSBOOKS & POKER ROOMS
Bovada is a legal online gambling site where citizens of the United States of America & Latin America can sports bet, play casino games and real-money poker.
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BetCoin is a popular sportsbook and casino but unfortunatley they currently DO NOT accept gamblers from the United States and the UK.
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BetOnline welcomes stablecoin sports punters, poker players and casino enthuasists from the USA, Europe, Asia, Latin America and Australia.
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THE MOST POPULAR STABLECOINS FOR ONLINE GAMBLING
Here is a summary of the most popular stablecoins currently available to anyone who wants to gamble online using this groundbreaking blockchain technology.
Here is a summary of the most popular stablecoins currently available to anyone who wants to gamble online using this groundbreaking blockchain technology.
- Tether (USDT): The first and most widely used stablecoin, pegged to the US dollar and backed by reserves of fiat currency and other assets. It has a market cap of around $80 billion and is available on most betting platforms.
- USD Coin (USDC): A regulated and transparent stablecoin created by Coinbase and Circle which is also pegged to the US dollar and backed by reserves of fiat currency held by licensed custodians. It has a market cap of around $50 billion and is poular amongst poker players and sports bettors alike.
- DAI: A decentralized and algorithmic stablecoin, pegged to the US dollar but not backed by any collateral. Instead, it relies on smart contracts and incentives to maintain its stability. It has a market cap of around $9 billion and is part of the MakerDAO ecosystem, which allows users to borrow, lend and earn interest on DAI.
- Binance USD (BUSD): A stablecoin issued by the world's largest crypto exchange Binance, in partnership with Paxos Trust Company. It is also pegged to the US dollar and backed by reserves of fiat currency held by Paxos. It has a market cap of around $12 billion and is integrated with Binance’s services such as trading, lending and staking.
Stablecoin Common Questions
Like with any new technology, people are a little unsure about how it works and need a little assistance in getting to grips with it. Below is a list of some Frequently Asked Questions that we are asked on a regular basis. If there is anything in particular that you would like to know, please ask the question in our Bitcoin Gambling Forum.
ARE STABLECOINS LIKE TETHER LEGAL IN THE UNITED STATES OF AMERICA?
Stablecoins like Tether and USD Coin are legal in the United States, but they are subject to regulation under existing laws and regulations governing financial transactions and securities. The legal status of stablecoins may vary depending on the specific type and how it is structured.
In general, stablecoins that are backed by fiat currencies, such as the US dollar, may be subject to regulation by the US Federal Reserve and other financial regulatory agencies. This is because these stablecoins are effectively digital representations of traditional currencies and may be considered a type of digital currency or digital asset.
Stablecoins that are not backed by fiat currencies, such as those backed by commodities or cryptocurrencies, may be subject to regulation by the US Commodity Futures Trading Commission (CFTC) or the US Securities and Exchange Commission (SEC), depending on how they are structured and marketed.
In addition to regulatory oversight, stablecoins may also be subject to tax laws, such as those governing capital gains and income taxes.
It's important to note that the regulatory landscape for stablecoins is still evolving, and there may be additional laws and regulations that apply depending on the specific circumstances.
WHAT ARE DECENTRALISED STABLECOINS?
The most common type of stablecoins are centralised stablecoins like Tether and USD Coin. These type of stablecoins are operated by a central authority that backs up each coin with a reserve of actual dollars or euros which ensures that there is always a 1:1 peg. However, there are also something called decentralised stablecoin like Dai (DAI) which maintain the peg through the use of smart contracts. The DAI stablecoin is managed and maintained by a decentralized autonomous organizations (DAO) rather than a central party like Coinbase, Circle or Tether. Some gambling sites like BetCoin accept Dai but in general most bookmakers and online casinos prefer to use centralised stablecoins like Binance Coin or USDT.
Decentralized stablecoins offer several potential benefits over traditional stablecoins for online gamblers, such as increased decentralization, transparency, and resistance to censorship. However, they also carry additional risks, such as the potential for smart contract bugs or failures, and the risk of collateral asset volatility.
IS GAMBLING WITH STABLECOINS LEGAL?
The legality of gambling with stablecoins may vary depending on the specific laws and regulations in your jurisdiction. In general, gambling is subject to regulation and legal restrictions in many countries, and the use of stablecoins for gambling purposes may be subject to the same laws and regulations. If you live in a country where gambling is illegal with your local fiat currency, then it is likely that gambling with Tether or Binance Coin will also be illegal.
In the United States, for example, online gambling is generally illegal under federal law, although some states have legalized certain types of online gambling, such as sports betting and online casinos. The use of stablecoins for online gambling in the United States is likely to be subject to the same laws and regulations as traditional payment methods like bank wires and credit cars.
It's also important to note that the use of stablecoins for gambling purposes may carry additional risks, such as a bug in the smart contract code of a decentralised stablecoin like DAI. That is why you should always properly research a stablecoin before you use in for online poker, casino games or sports betting.
WHERE CAN I BUY STABLECOINS?
You might think that if you want to buy Tether (USDT) that you should buy it from the Tether website tether.to but that would be incorrect. Tether and Circle are merely the entities that manage the stablecoins but they don't sell directly to retails customers like you and me. Instead the best place to buy stablecoins is via a variety of cryptocurrency exchanges and platforms, as well as through some traditional financial institutions.
The quickest and easiest way to buy stablecoins for online gambling is from established online exchanges. For example, Binance, Coinbase, and Kraken sell a variety of stablecoins, including USDT, USDC, and DAI. These exchanges typically allow sports bettors to purchase stablecoins using fiat currency, such as US dollars or Euros, or other cryptocurrencies.
ARE STABLECOINS LIKE TETHER LEGAL IN THE UNITED STATES OF AMERICA?
Stablecoins like Tether and USD Coin are legal in the United States, but they are subject to regulation under existing laws and regulations governing financial transactions and securities. The legal status of stablecoins may vary depending on the specific type and how it is structured.
In general, stablecoins that are backed by fiat currencies, such as the US dollar, may be subject to regulation by the US Federal Reserve and other financial regulatory agencies. This is because these stablecoins are effectively digital representations of traditional currencies and may be considered a type of digital currency or digital asset.
Stablecoins that are not backed by fiat currencies, such as those backed by commodities or cryptocurrencies, may be subject to regulation by the US Commodity Futures Trading Commission (CFTC) or the US Securities and Exchange Commission (SEC), depending on how they are structured and marketed.
In addition to regulatory oversight, stablecoins may also be subject to tax laws, such as those governing capital gains and income taxes.
It's important to note that the regulatory landscape for stablecoins is still evolving, and there may be additional laws and regulations that apply depending on the specific circumstances.
WHAT ARE DECENTRALISED STABLECOINS?
The most common type of stablecoins are centralised stablecoins like Tether and USD Coin. These type of stablecoins are operated by a central authority that backs up each coin with a reserve of actual dollars or euros which ensures that there is always a 1:1 peg. However, there are also something called decentralised stablecoin like Dai (DAI) which maintain the peg through the use of smart contracts. The DAI stablecoin is managed and maintained by a decentralized autonomous organizations (DAO) rather than a central party like Coinbase, Circle or Tether. Some gambling sites like BetCoin accept Dai but in general most bookmakers and online casinos prefer to use centralised stablecoins like Binance Coin or USDT.
Decentralized stablecoins offer several potential benefits over traditional stablecoins for online gamblers, such as increased decentralization, transparency, and resistance to censorship. However, they also carry additional risks, such as the potential for smart contract bugs or failures, and the risk of collateral asset volatility.
IS GAMBLING WITH STABLECOINS LEGAL?
The legality of gambling with stablecoins may vary depending on the specific laws and regulations in your jurisdiction. In general, gambling is subject to regulation and legal restrictions in many countries, and the use of stablecoins for gambling purposes may be subject to the same laws and regulations. If you live in a country where gambling is illegal with your local fiat currency, then it is likely that gambling with Tether or Binance Coin will also be illegal.
In the United States, for example, online gambling is generally illegal under federal law, although some states have legalized certain types of online gambling, such as sports betting and online casinos. The use of stablecoins for online gambling in the United States is likely to be subject to the same laws and regulations as traditional payment methods like bank wires and credit cars.
It's also important to note that the use of stablecoins for gambling purposes may carry additional risks, such as a bug in the smart contract code of a decentralised stablecoin like DAI. That is why you should always properly research a stablecoin before you use in for online poker, casino games or sports betting.
WHERE CAN I BUY STABLECOINS?
You might think that if you want to buy Tether (USDT) that you should buy it from the Tether website tether.to but that would be incorrect. Tether and Circle are merely the entities that manage the stablecoins but they don't sell directly to retails customers like you and me. Instead the best place to buy stablecoins is via a variety of cryptocurrency exchanges and platforms, as well as through some traditional financial institutions.
The quickest and easiest way to buy stablecoins for online gambling is from established online exchanges. For example, Binance, Coinbase, and Kraken sell a variety of stablecoins, including USDT, USDC, and DAI. These exchanges typically allow sports bettors to purchase stablecoins using fiat currency, such as US dollars or Euros, or other cryptocurrencies.
