Sports Betting in New York Not an Option for Crypto Users!

Article By Daniel Smyth

Last Updated: Mar 14^th, 2024

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Four New York sports betting operators: DraftKings, Caesars, BetRivers, and FanDuel will go live at 9 a.m. on Saturday.

Five other operators 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 NY sports betting promo codes 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 NY online betting apps don’t accept cryptos. Therefore, if you find a sportsbook that does and it claims to be a legal NY betting site — chances are, it isn’t.

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 US sports betting site 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 betting sites in New York accept crypto because it allows them to get around local laws.

However, 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.

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, such as FanDuel Sportsbook New York, accept Bitcoin at all right now, so make sure you avoid any sportsbook that tells you otherwise.

The situations is the same in other states. Louisiana bettors can't use crypto for betting. While big brands such as Caesars Sportsbook Louisiana 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.

Updated by

Daniel Smyth

Last Updated:   Mar 14^th, 2024

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