Crypto bookmakers: the risks you should know before depositing

Which licences crypto bookmakers hold

Most bookmakers that take deposits in bitcoin, ether or stablecoins are licensed offshore, most often in Curaçao, sometimes in Anjouan, Kahnawake or elsewhere. Curaçao has been reforming its system, replacing the old model of master licences and sub-licences with licences issued directly by its regulator, but none of these licences permits a bookmaker to serve Austria or Slovakia.

In practice that means:

• In Slovakia only operators licensed by the regulator ÚRHH may offer online betting. A site not on the ÚRHH list of legal websites is not licensed there, and several crypto-oriented brands appear on the ÚRHH blacklist of prohibited offers, whose domains and payments can be blocked.
• In Austria sports betting needs a permit from one of the federal states, or bookmakers serve the country with an EU licence such as Malta's. An offshore licence is neither.
• In Spain online betting requires a licence from the DGOJ.

How to check any bookmaker yourself is explained in how to check a bookmaker licence.

Gaps in player protection

• No effective complaint route. EU-licensed bookmakers must have a complaints procedure and, in Malta's case, refer you to an approved dispute resolution body. Offshore licences rarely give you anything comparable, and suing a company in another continent is not realistic for most amounts. See bookmaker won't pay out for how much depends on the licence.
• "No KYC" until you win. Many sites let you deposit without documents, then ask for full verification at the first large withdrawal. If you can't or won't provide it, the winnings stay where they are. ID verification explains what licensed books ask for.
• No chargeback. A card payment can be disputed with your bank. A crypto transfer can't be reversed. Send coins on the wrong network or to a wrong address and they are usually lost.
• No self-exclusion register. Offshore sites don't check the Slovak register of excluded persons or similar lists. For someone trying to stop, that is a risk in itself.
• Unclear ownership. Company names, addresses and directors are often hard to find or change frequently.

Why coin prices break the maths of a sure bet

A sure bet works because the payout is about the same whatever the result, if every leg is placed at the shown odds and stands. That logic assumes every payout is in the same currency. Put one leg in bitcoin and the result depends on the coin price as well.

Price moves of several percent within a day are common for many coins. Stablecoins reduce the swings but add other risks: the issuer, the network and the exchange you use to get back to euros. The risks of arbitrage betting covers the general risks that apply on top.

Tax and record-keeping complications

Betting winnings and crypto gains are two different tax questions, and a crypto bookmaker mixes them.

• Austria: according to the Federal Ministry of Finance, gains on cryptocurrencies acquired after 28 February 2021 are taxed at a special rate of 27.5%. Exchanging crypto for other goods or services counts as a realisation, while swapping one cryptocurrency for another does not. Paying a deposit or receiving a payout in coins can therefore create tax events of their own, separate from the betting question. See betting tax in Austria.
• Slovakia: income from crypto is taxed under the income tax rules, and the treatment of betting winnings depends on whether the operator is licensed in Slovakia or abroad. See betting tax in Slovakia.

In both cases you need records: the euro value of each deposit and payout on the day, transaction IDs and wallet addresses. Offshore sites rarely give you a statement a tax office would accept. If you go this route, talk to a tax adviser first.

Why ArbVantage flags unlicensed bookmakers instead of hiding them

ArbVantage shows a neutral licence flag next to every bookmaker for your country, for example "Not licensed in Slovakia" or "Austria licence unconfirmed". We don't hide bookmakers because of their licence: hiding information doesn't protect anyone; it only means the decision is made without the facts. You decide where you hold accounts.

What we don't do is recommend unlicensed sites, give them a "popular" label or pre-select them when you add accounts in Austria or Slovakia. The onboarding suggestions for those countries are built from bookmakers that local advantage bettors actually use, and each carries its flag.

If you are new, the simplest rule is this: start with bookmakers licensed for your country, in euros. Our guide on starting bankroll shows how far a modest amount goes there.

Frequently asked questions

Are crypto bookmakers legal in Slovakia?

Only operators licensed by ÚRHH may offer online betting in Slovakia, and crypto bookmakers are generally not on that list. Several crypto-oriented sites appear on the ÚRHH blacklist, whose domains and payments can be blocked.

Can I use crypto bookmakers for sure bets?

It is possible but risky. A leg paid in coins depends on the coin price until you sell it, so the payout is no longer the same on both sides. Exchange fees can also eat a large part of a small margin.

What protection do I have if a crypto bookmaker doesn't pay?

Usually very little. Offshore licences rarely offer an independent dispute body, crypto transfers can't be charged back, and suing a company abroad is impractical for most amounts.

Do I pay tax on crypto from a betting site in Austria?

Crypto gains on coins acquired after 28 February 2021 are taxed at 27.5% in Austria, and exchanging crypto for goods or services counts as a realisation. Keep records of each transaction and ask a tax adviser.

Sources

• ÚRHH: list of legal websites (licensed online operators) (in Slovak)
• ÚRHH: list of prohibited offers (blacklist) (in Slovak)
• Austrian Federal Ministry of Finance: tax treatment of cryptocurrencies (in German)
• Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA)
• Malta Gaming Authority: player complaints and ADR
• DGOJ: licensed operators (in Spanish)

As of October 2026, checked against the linked sources. Not legal, tax or betting advice.

Betting involves risk, even with sure bets: prices move, bets get voided and accounts get limited. Only use money you can do without. Our responsible gambling page lists free help.

Not betting advice. 18+. Betting involves risk. See our disclaimer.