Sports Betting in New York Not an Option for Crypto Users
Four New York sportsbooks, DraftKings, Caesars, BetRivers, and FanDuel, will go live at 9 a.m. on Saturday.
Five other betting sites are putting the finishing touches on their apps ready to go live in the first quarter of 2022.
That’s great news for local sports fans. Indeed, if you’re 21 or older and within state lines, you can use our New York sports betting promos and sign-up links to get started.
However, before you do, we need to talk about cryptocurrencies. There’s no doubt that Bitcoin, Ethereum, and the other major cryptos have changed the way we think about transactions.
Decentralization certainly has the power to change the way we pay for goods and services. There’s a good chance cryptos will be useful for online sports bettors in the future. However, they’re not useful right now.
To put it plainly: Licensed New York betting apps don’t accept crypto. Therefore, if you find sportsbooks that do and they claim to be a legal NY betting site — chances are, they aren't.
Legal NY Online Betting Sites Don’t Accept Cryptos
We’re not saying the likes of DraftKings and BetMGM won’t accept Bitcoin in the future, but the fact is they don’t right now. So, again, if a site only accepts crypto deposits and claims to be licensed in New York, it’s not.
Every operator approved by the New York State Gaming Commission will only accept U.S. dollars. That means you can make deposits and withdrawals using these methods:
- Visa
- MasterCard
- Discover
- PayPal
- Play+
- Bank Transfer
All of these payment processors are safe and extremely reputable. Therefore, you shouldn’t have any reservations about using them, even if you’re a hardcore crypto fan that believes decentralization is the future. The reality is that only offshore and unlicensed sites in New York accept crypto because it allows them to get around local laws.
Not only are they running the risk of being shut down, you’re putting yourself in danger if you use them. They’re not accountable to any regulatory authority, which means the software could be unsafe, the odds might not be fair, and your payouts may not be guaranteed.
In contrast, licensed NY sports betting operators have to comply with strict rules that protect you as a bettor.
These rules ensure you get a safe, fair, and high-quality service. So, while you might think crypto payments are the way forward, they’re not in this instance. None of the licensed operators in New York accept Bitcoin at all right now, so make sure you avoid any site that tells you otherwise.
While big brands might push for crypto in the future, it remains unavailable for the time being. At least until more laws are in place to regulate cryptocurrencies.
Be first to get our exclusive sports offers!
Join today to stay up to date on your states gambling news and offers.
