Binance Coin Betting Sites: Sportsbooks that Accept BNB

If you’ve seen the news or checked social media in the past few months, you’re probably aware of what cryptocurrency is to some extent. For those who are unaware, crypto is a digital asset that operates on a decentralized system that stores all transactions on a virtual ledger. They are not controlled by banks or other entities, separate from governments, and are a democratic form of currency that is quickly rising in popularity. If you’re unfamiliar with crypto and the terminology around it, check out our page Crypto Currency Betting for a deeper dive.

With this rise in popularity has come a change in usage, and some lovers of these currencies have begun crypto gambling. This is online sports betting, but rather than using debit or credit cards and conventional currency to bet, cryptocurrency betting uses some of the currencies that have become most popular. One such currency that has become a popular crypto sports betting option is Binance Coin. Betting with Binance Coin has some advantages and drawbacks, and below you’ll find all you need to know about betting with this digital asset.

Logo: 

Symbol: BNB

Initial release: July 21^st, 2017

Author: Changpeng Zhao

Market Cap: 4.48 Billion USD (at writing)

Circulating Supply: 153.43 million (at writing)

Binance Coin is currently the cryptocurrency with the 3^rd highest market cap and was created by Binance. Binance was founded and is ran by Changpeng Zhao, a Chinese-Canadian who attended McGill University, making it the biggest cryptocurrency with a Canadian founder.

Binance is a crypto exchange, and as of 2021, had the highest volume of crypto trading of any exchange, ahead of even Coinbase. They developed their own currency, Binance Coin, as an alternative way for customers of Binance to pay fees.

Binance Coin used Ethereum’s blockchain technology to operate when they first began, before switching to a custom blockchain called Binance Chain.

Binance’s total supply is capped at 200 million tokens. At their Initial Coin Offering, they released 100 million tokens, so half their supply was bought up right away. One method Binance uses to give their coins more value is destroying tokens when they buy them back, which gives the tokens already in existence more value.

One aspect of Binance people should be aware of is that they’ve been in some spotty legal situations. They are currently under investigation by the Department of Justice, and the Internal Revenue Services in the United States. Many in the U.S have also been locked out of their Binance accounts in response to increased governmental pressure and oversight.

Despite this, Binance Coin is still considered to be one of the more well-known forms of cryptocurrency. If you’re looking to buy Binance Coin and have a wallet set up, then it is available for purchase at Binance, and several other crypto exchanges. 

What makes Binance Coin different from other cryptocurrencies.

• Binance Coin was created to pay fees on the Binance exchange, as a way to fix issues in the crypto trading infrastructure
• Binance Coin is considered to be a safer investment than most altcoins, as it has historically been less volatile
• Binance Coin provides very fast transactions, can be used to buy other cryptocurrencies on Binance, and is accepted as a currency by some service providers
• Unlike some other cryptocurrencies, Binance Coin doesn’t originate in the U.S, and Binance’s headquarters have been all over. They are currently headquartered in the Cayman Islands.

Cryptocurrency has become discussed most commonly in the mainstream just as an investment opportunity, but this is not the primary application. There is a real upside to using cryptocurrency, as it is decentralized, democratic, secure, and fast. It is a form of currency that isn’t dependent on banks or governments, which makes it a valuable and useful form of payment. This is why it has become so popular for online sports betting, as it can help streamline the process.

Here’s a step-by-step breakdown of how you can use Binance Coin for online sports betting.

• Step One: Find a crypto sports betting website that accepts Binance Coin and make an account. Warning: there aren’t many out there. Always check reviews to ensure legitimacy
• Step Two: Set up a crypto wallet if you don’t have one already
• Step Three: Visit a crypto exchange, like Binance, and swap out your fiat currency for Binance Coin
• Step Four: Store your Binance Coin in your wallet
• Step Five: Deposit your Binance Coin into your betting account
• Step Six: Start placing bets with Binance Coin, and hit the jackpot with your crypto gambling

Binance Coin betting vs regular betting

Since we’ve instructed you on how to get started with Binance Coin betting, let’s take a look at the difference between this method of cryptocurrency betting and the more typical banking methods like debit or credit.

Very Limited Options

Unfortunately, when it comes to Binance Coin, the sports betting options simply aren’t there. Binance Coin is a relatively new form of cryptocurrency, and it was not designed to be used in this specific type of format. Because of that, Binance Coin is not commonly used. There are only a few betting websites that will accept this cryptocurrency, so you may find yourself using a very obscure website that may or may not be safe and secure if you’re insistent on using Binance Coin as your payment method.

Quicker Transactions

Like most cryptocurrencies, one of the biggest benefits of Binance Coin is in how quick transactions are done. They operate at a much faster speed because there is no intermediary extending the process. Especially at websites that specialize in crypto gambling, transactions are going to happen very quickly. 

No Middle-Man Charging Extra Fees

On that same note, the lack of banks helps with transaction fees. Most cryptocurrencies don’t charge transaction fees, as there’s no third party involved. The decentralized nature of cryptocurrency is one of the leading perks of using it for gambling.

Since we’ve explained to you what Binance Coin is and how to bet with it, you’re probably raring to get going. To do that, you’re going to need to find a cryptocurrency betting site that operates with Binance Coin as a payment option. This might not be as simple as one would think, but there are options out there.

There are two different kinds of crypto betting sites that would potentially have Binance Coin as an accepted method. The two are ones that only accept cryptocurrencies as a payment method and ones that offer hybrid banking, which includes typical banking options and cryptocurrency. Unfortunately, as mentioned, for some reason most of the sports betting sites that accept other cryptocurrencies do not accept Binance Coin, so options are very limited.

Here are some of the betting sites that have Binance Coin as a payment option:

• 1xBit
• Thunderpick

Binance Coin is just one of the many options enthusiasts have when it comes to crypto sports betting. There are more cryptocurrencies out there than anyone could name, but some stand above the others as well-known and at least moderately stable. Here is a brief explanation of some of the other cryptocurrencies that are out there. For more of a deep dive on each of them, we have separate pages providing more information.

Bitcoin: Bitcoin is the original decentralized cryptocurrency, coming into existence in 2009, and inventing Blockchain in the process. It is the cryptocurrency with the highest market cap, and each Bitcoin is worth thousands of dollars. The identity of Bitcoin’s creator remains a mystery.

Ethereum:  Ethereum is the cryptocurrency with the second highest market cap behind Bitcoin. Ethereum was crowdfunded into development and went live in 2015. Since then, it has seen its value skyrocket as it becomes one of crypto’s leading currencies.

Ripple: Released in 2012, Ripple is a currency exchange that is operated by Ripple Labs. Their actual currency is called XRP and has the 6^th highest market cap of any cryptocurrency.

Dogecoin: Starting as a meme, Dogecoin became a favourite of investors to quickly rise into a legitimate form of currency, with the 7^th highest market cap of any coin. Championed by investors like Elon Musk and Mark Cuban, this crypto coin is one to keep an eye on.