Have you heard of Litecoin? It’s Bitcoin’s cheaper, faster, and harder-to-mine little brother. It’s identical to Bitcoin in many ways, including what you can use it for – shopping, investing, paying for services, etc.
You can also use Litecoin to gamble online. The issue you might run into, however, is that Litecoin isn’t as popular as Bitcoin. You might have a harder time finding a gambling site that accepts it.
We’re here to help, though. What you’ll find below are the best gambling sites that accept Litecoin in 2020. Choose any site from the list below, and we’ll all but guarantee that you’ll have a good time gambling online.
Don’t stress about it. You can feel good joining any one of these sites. We can say that because many of our team members are customers at these sites.
We also put in a ton of work researching and reviewing each one. Each gambling site has to meet our standards before we’ll consider recommending them.
These are the standards we hold each site to.
Every site we recommend must be licensed and regulated
Gambling sites must respond to support requests in a reasonable timeframe
On this page, we only recommend sites that accept Litecoin
Every site must have a positive reputation. We don’t recommend shady operators
Bonus terms must be reasonable
Banking limits, fees, and processing timeframes must also be reasonable
Now, just because a gambling site manages to meet these standards, that doesn’t guarantee them a spot in our recommendations list above. Our standards above are simply the minimum requirements.
For us to recommend a gambling site, they must also offer a top-notch gambling experience. We don’t expect them to excel in every product they offer, but they should excel in at least one while providing an above-average experience in the others.
For example, if a gambling site has a stellar sportsbook but a horrible casino and poker room, they won’t make the list. However, if they have a stellar sportsbook, a great casino, and an okay poker room – and they meet our standards above – we will consider adding them to our list above.
You can take our ratings at face value, or if you want to know more, you can read our review for each casino. That way, you can see where their strengths and weaknesses lie. Our reviews will help you figure out which casino is the best fit for you.
A Beginner’s Guide to Using Litecoin for Online Gambling
In this section, we’re going to cover some Litecoin basics. You’ll learn a little about what Litecoin is, how it’s different from Bitcoin, and how to get Litecoin so you can use it to gamble online.
What Is Litecoin?
Litecoin (LTC) is a cryptocurrency. You could say that it’s a spinoff of Bitcoin, though the technical term is that Litecoin is a fork of Bitcoin’s core client.
Litecoin was released in October of 2011 by Charlie Lee, a former Google employee.
Litecoin and Bitcoin share many similarities. For example, you can invest in it. You can use it to shop online. You can buy Litecoin on exchanges or mine the blockchain to receive Litecoin as rewards.
However, while the two cryptocurrencies share many similarities, there are a couple of key differences between them, too.
How Is Litecoin Different from Bitcoin?
Litecoin is different from Bitcoin in two key ways.
New blocks on the Litecoin network are created every 2.5 minutes. It takes 4x longer (10 minutes) to create a new block on the Bitcoin network. This means faster transaction confirmations for Litecoin users.
Litecoin uses a different algorithm than Bitcoin, one that uses far more memory. This makes it tougher and more expensive for miners to create new blocks on the network.
Those are the major technical differences. However, Litecoin is different from Bitcoin in a few other ways, too. Here are a few examples.
Bitcoin is worth more per coin. Bitcoin is currently worth roughly $7,500. A Litecoin’s worth $77.
Litecoin is capped at 84 million coins, whereas Bitcoin is capped at 21 million coins.
Bitcoin’s market capitalization is $170 billion (as of February 2018). Litecoin’s is $4.436 billion.
Those are the major differences, though more may surface as both networks mature.
How Do You Get Litecoin?
Getting your hands on some Litecoin isn’t difficult. It’s pretty much the same as any other cryptocurrency.
Here are a few ways you can go about it.
Buy Litecoin with Fiat Currency – Go to any crypto exchange – such as Coinbase – and use your credit or debit card to buy Litecoin. One thing to keep in mind is that some exchanges will have limits on how much crypto you can buy until you prove your identity.
Buy Litecoin with Other Crypto – If you have Bitcoin, for example, you can use that to purchase LTC. Just go to an exchange, deposit your Bitcoin, and then use that to buy Litecoin.
Accept Litecoin for Purchases – If you are selling a product or service, or if you’re selling something you own – such as a car – you can accept Litecoin for it.
Trade/Buy from Other People – You can find someone who has Litecoin and is willing to trade or sell it. Many people trade one cryptocurrency for another. Others will want to barter physical items for their crypto. Just search forums to see what opportunities you can find.
Regardless of the path you take, you’ll want to make sure you have a wallet so that you can send and receive transactions. We talk about crypto wallets, as well as mining, buying, and selling crypto, elsewhere on our site.
Using Litecoin to Gamble Online
Once you have Litecoin, it’s not hard to start gambling online with it. Here are the steps you need to take to get going.
Log into your gambling account
Head to the banking section
Click deposits. Then choose Litecoin
Copy/paste the site’s address
Open your wallet. Paste the address into the correct field. Then enter how much you want to deposit
This is a general idea of how this process goes. The exact process will vary from site to site.
If you’re on a mobile device, some sites will have a QR code that you can scan to get their Litecoin address instead of trying to copy/paste it, or worse, enter it manually.
Withdrawals will work in reverse. You’ll request a cash-out and give the site your Litecoin address. The gambling site will process and send your payment in as little as a few seconds/minutes to as long as a couple of days. It varies from site to site.
Limits and fees will also vary. In fact, whether the site will convert your Litecoin to a fiat currency or allow you to play in crypto will also vary. Because each site is so unique, we recommend you read our reviews before you sign up anywhere.
7 Similarities Online Gambling and Litecoin Share
Did you realize that online gambling and Litecoin share a few similarities?
It’s true. They’re almost two peas in a pod. While one might be a currency or financial investment and the other a form of entertainment, they have more in common than you might think.
The following are some of the similarities we found between the two.
1. Online Gambling and Litecoin Are Volatile
Here’s how Google defines volatile.
“Liable to change rapidly and unpredictably, especially for the worse.”
This definition clearly fits both online gambling and Litecoin. It doesn’t take a genius to see that.
Take Litecoin, for example. It was worth roughly $46 per coin a year ago. A year later, it’s worth nearly $80. During that year, though, it was worth $90, $300, $273.52, $169.17, and so on.
That’s a heck of a roller coaster ride. That’s a lot of highs and lows to deal with, and a great example of volatility.
Gambling is no different.
You can easily go on a heater at any machine or table, amassing tens, hundreds, or even thousands of dollars. But things can go downhill just as fast where you give everything you won back to the casino and then some.
It happens EVERY. SINGLE. DAY. Make sure you’re prepared for it before jumping into either industry.
2. Online Gambling and Litecoin Are Both in Their Infancy
The first online casino launched in 1994. However, it wasn’t until the turn of the century that online gambling started to gain traction. The industry has seen consistent growth over the past decade, and experts project that it will only continue getting bigger.
Think about that. We’re barely 25 years into this online gambling thing, which is nothing when compared to how long the gambling industry itself has been around.
Then you have Litecoin. It was released in October 2011, making it much younger than online gambling. However, it’s seen massive growth, too. It reached a market cap value of $1 billion in November 2013.
It’s impressive that both industries are so young, and yet, they’ve accomplished so much. They’ve changed the gambling and financial industries indefinitely.
3. Neither Are Regulated (Everywhere)
One of the draws to investing in cryptocurrency is that it’s a decentralized currency. It’s not managed by an authority, such as a government or bank. Crypto puts more power into the hands of whoever owns it.
However, it also means that there are little, if any, consequences if someone rips you off or if an exchange shuts down with all your coins. Even if you did have recourse, it’d be hard (if not impossible) to follow through on it since crypto owners are anonymous.
This may change in the future as governments look to adopt and regulate cryptocurrency. But as of 2020, this is how things work.
Online gambling is a little different. It’s regulated in many areas such as Europe and the UK. It’s also regulated in a few US states.
However, it’s not regulated everywhere. For example, Americans can join an offshore site that is not regulated by the US government. You can also join crypto-based sites that don’t even have a license.
This, too, comes with potential consequences. If you choose to gamble at an offshore site, it’s possible that one day they will rip you off. It’s not always on purpose. Some sites simply fail at running their business.
The point is, though, you won’t have many options for getting your money back. For example, if a gambling site sinks and takes your $1,000 with them, it could be hard to take them to court. That doesn’t take into account that it might be impractical to take them to court, after you take into account the costs to travel to whatever country they’re based in and hiring a lawyer.
That’s why it’s important to be careful with both online gambling and Litecoin. Only do business with people you can trust.
4. You Can Make Money with Online Gambling and Litecoin
We’re stating the obvious here.
Take Litecoin, for example. If you bought 1 coin roughly a year ago at $45-$46 each and held onto it until now, you would’ve nearly doubled your money. It’s worth roughly $85 now.
If you would’ve dumped Litecoin when it reached $300, you would have made nearly $250 per coin.
Online gambling is the same. Play the max on your favorite slot machine, and you can take down a $100, $500, or $5,000 jackpot. Several people have even been fortunate enough to hit a life-changing 6- or 7-figure jackpot.
It happens more often than you might think.
5. You Can Also LOSE Money with Online Gambling and Litecoin
The opposite is also true.
For example, say you saw Litecoin skyrocket and decided to buy in for $350 per coin (which it hit in December 2017). You figure it’s climbing, and there’s no way you could lose your money.
Well, you’d soon find out that you were wrong.
Litecoin took a dive, bottoming out somewhere in the $120 range no more than 6-8 weeks later. It increased in value again, reaching $230-ish, but then it dove again, finally settling at around $75-$90 per coin.
That’s a massive loss. If you only bought one coin, you probably weren’t affected too bad. You only lost about $250.
Can you imagine if you bought several dozen coins, though? Or a hundred coins? We shudder even thinking about it.
At least Litecoin retained some of its value – for now. It can also go up in value in the future. This is a little different from gambling in that, when you gamble online, you’re destined to lose.
That doesn’t stop people from gambling, though, or from chasing their losses and sacrificing their rent to play. There have been dozens, if not hundreds, of sob stories of people losing everything they have to a gambling addiction.
The point – both can be dangerous if you have an addictive personality and/or no plan as to the max you’re willing to spend/lose going into either venture.
6. Both Have Naysayers
Gambling is a taboo hobby. We’re not kidding. Many people consider it to be on the same level as adult entertainment and drugs, if you can believe that. They believe it’s wrong or that you shouldn’t do it because it’s a waste of money.
You can lose a lot of money; we’re not disputing that.
However, you spend money going to the movies, out to eat, or to take vacations. You’re spending money to be entertained, and it’s not as if you get your money back when you’re done with any of those activities, either.
We view gambling in the same way. It’s entertainment, and you should enjoy it in moderation only if you have the money to do so.
Litecoin has its fair share of naysayers, too. Many people believe that it’s a fad, something that will eventually fade away. For example, billionaire Howard Marks, the founder of Oaktree Capital Management, has said the following on the subject.
“In my view, digital currencies are nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it.”
However, cryptocurrencies – and Bitcoin specifically – have increased in value since then. While it does fluctuate from day to day – as all markets do – it has been relatively steady. It may drop in value in the future, but it can increase in value in the future, too.
The bottom line – let the naysayers say what they want. Do your own research, do what makes sense to you, and ultimately, do what makes you happy.
7. Online Gambling and Litecoin Are Disrupting Their Industries
This is obvious to anyone paying attention.
Look at online gambling, for example. You used to be limited to playing card games and slots similar to what you’d find in your local brick-and-mortar casino.
You can play live dealer games dealt by human beings. These are games streamed in real time to your computer or phone. Virtual reality casinos are also a thing. And you can gamble from your mobile phone or tablet for real money, something we didn’t even think of or think was possible 10-15+ years ago.
Before you know it, we’ll be wearing VR headsets and sitting at a virtual table with other VR-wearing people, talking about gambling and playing a hand of blackjack together.
And as for Litecoin?
Cryptocurrencies as a whole are changing how people invest. They’re changing the currencies we use to pay for services and buy goods. They’re taking the power, rules, and authority out of the hands of our governments and giving them back to us.
Many people believe cryptocurrencies are the future.
We have no idea if that’s true or what will happen in the future. What we do know is that online gambling and Litecoin are disrupting their respective industries. It’s one of the many similarities they share.
As well as the fact that the future looks bright for both of them.
Litecoin’s another excellent option for online gamblers. There are several upsides to investing in it and even using it over other cryptocurrencies like Bitcoin to gamble online. Here are a few examples.
Litecoin processes faster than Bitcoin
You can send and receive payments anonymously
Depending on the gambling site you join, you don’t have to give them much, if any, of your personal information
You can deposit and play in lower limits compared to fiat gambling sites
There are some downsides, too. The biggest downside for Litecoin users is that not every gambling site has adopted Bitcoin, much less Litecoin. This means that you might have a hard time finding a place to play.
That said, you can avoid the frustration of finding a gambling site on your own by choosing a site from our recommendations table above. All you have to do is scroll up and choose a site, and you’ll be playing your favorite games in no time.