Litecoin Prepaid Gambling Sites – How To Use Litecoin At Online Gambling Sites

Litecoin LogoLitecoin is another alternative cryptocurrency to Bitcoin, Ripple, Dash, and Ethereum, which can assist in funding online gambling accounts. More and more online casinos, sportsbooks, and poker sites are beginning to accept cryptocurrency and expanding beyond the two well-known cryptos mentioned above to include Litecoin. Litecoin positions itself as one of the most advantageous of the cryptos that provide speedy transactions at a low cost, making it one of the preferred prepaid gambling payment methods. 

Top Litecoin Gambling Sites

Below we have comprised of a list of top rated online Litecoin gambling sites which accept Litecoin as a cryptocurrency payment for depositing and withdrawing funds from a player’s online bankroll. A number of the brands listed below even provide additional match deposit bonuses specifically for funding accounts in crypto.

Casinos That Accept Litecoin

Site Name Bonus Rating USA Friendly Visit Site
BetOnline Logo $3,000 Bonus 5stars usafriendly Visit Site
Sports Betting Logo $3,000 Bonus 5stars usafriendly Visit Site

Sportsbooks That Accept Litecoin

Site Name Bonus Rating USA Friendly Visit Site
Betonline Logo $1,000 Bonus 5stars usafriendly Visit Site
Sportsbetingag Logo $1,000 Bonus 5stars usafriendly Visit Site

Poker Sites That Accept Litecoin

Site Name Bonus Rating USA Friendly Visit Site
Betonline Logo $1,000 Bonus 5stars usafriendly Visit Site
Sportsbetting Logo $1,000 Bonus 5stars usafriendly Visit Site

What Is Litecoin?

Litecoin is a peer-to-peer cryptocurrency that was introduced as a spinoff or altcoin to Bitcoin in 2011. Litecoin is based off open-source cryptographic protocols and is, like many cryptocurrencies, decentralized. However, unlike many traditional currencies and even cryptos, Litecoin has a fixed supply of LTC.

Even more so, Litecoin has yet to reach universal acceptance and thus some users are less confident in its storage of value.

Is it Legal to use Litecoin for your Online Gambling Account?

Absolutely, US players can freely use Litecoin to gamble as there are no US laws which prohibit this kind of interaction. Rather, the US federal government is not exactly sure how to deal with cryptocurrency. Nonetheless, current federal gaming laws like the UIGEA do not affect the use of cryptocurrencies at online gambling sites licensed offshore.

How to Deposit and Receive Payouts with Litecoin at Online Gambling Sites

  1. The first step is to create a digital wallet of some kind to hold and store Litecoin.
  2. Review your wallet options to pick the best that works for you.
  3. Once a wallet is selected, fill out your profile, personal details, and financial information – don’t worry it’s secure.
  4. Go to the site you wish to gamble at and submit your wallet information or signature to the site’s cashier once you sign in.
  5. Connect your crypto wallet holding the LTC and send your funds to your bankroll. It’s very simple some wallets even use a code that you can enter to facilitate easier crypto transactions.

Pros of using Litecoin for Online Gambling

  • Shorter transaction time at 2.5 minutes compared to Bitcoin’s 10-minute speed and any other deposit method.
  • More supply of Litecoin at 84 million to accommodate users.
  • The mining process for LTC is memory intensive rather than processor intensive which can reduce the number of computers needed thus reducing transaction cost on the user’s end
  • Lower consensus threshold in the community to support new add-ons and changes at 75%

Cons of using Litecoin for Online Gambling

  • Litecoin valuation, along with other cryptos, is volatile meaning the storage of value can change if held within a wallet without being deposited onto an account.
  • The availability of LTC is still limited despite its longer establishment over Ethereum
  • Some online casinos do not provide extra bonuses for those depositing with Litecoin as they would with Bitcoin or Ethereum.

FAQ’s

What types of gambling sites accept Litecoin deposits?

The following online gambling platforms have begun processing Litecoin deposits and payouts.

Is it legal for US residents to use Litecoin at online gambling sites?

Yes, US players can mitigate UIGEA laws by utilizing cryptocurrency to deposit their gambling funds and withdrawal with. Litecoin at this time is not a federal currency either and thus is not affected by UIGEA laws.

Can International players use Litecoin at online gambling sites?

Absolutely, so long as international players are using Litecoin to deposit onto licensed offshore online gambling sites and do not reside within any country which has specifically banned cryptocurrency. The list of countries that have done this is small, but their enforcement may be severe. Countries which ban cryptocurrency include Mexico, Vietnam, Morocco, and Bangladesh.

Is Litecoin safe to use at online gambling sites?

Yes. LTC is considered a secure cryptocurrency that utilizes decentralized methods to transact, keep track ledgers, and manage systems. Litecoins like any other cryptocurrencies utilize scrambling, complex chains, and security protocols to ensure using this currency is safe and reliable. Cryptography essentially secures the Litecoin network to verify transactions through their proof-of-work hashing algorithm and regulate the creation of new coins.

Where do I buy Litecoin?

Players can buy Litecoin at most cryptocurrency wallets, cryptocurrency exchanges, or learn more information on how to do so through the Litecoin.org website. This site contains loads of information including how Litecoin was developed, its advantages, and more information about encryption and the blockchain.