Litecoin is one of the most popular alt coins in the world and has been for a number of years. It is not quite as popular as Bitcoin, but then again, nothing is. In the online gambling sector, it’s one of the four cryptocurrencies that are often available on online casinos and sportsbooks, and in this guide, we’ll look at the best online casinos where you can use Litecoin.
Whether you’re hoping to learn more about what Litecoin is and how it works, or you’re just looking for some Litecoin friendly slots and sportsbooks, this is the guide for you!
What is Litecoin?
Litecoin works on a similar open-source network as Bitcoin. It was created by Charlie Lee, a Google engineer who was “playing around with the Bitcoin code” and trying to create a fork. It was just a side project at first, but it became much something much bigger.
But that doesn’t mean that Litecoin is just a cheap copy of Bitcoin. It uses a Scrypt Proof-of-Work algorithm, which protects against brute force attacks and makes the network more secure.
Litecoin produces 4x more blocks than Bitcoin, taking just 2.5 minutes per block, and it consumes much less power than Bitcoin.
It’s still not the most energy-conscious coin on the market, not by a long way, but at a time when everyone is worrying about BTC’s power consumption, Litecoin could be a good alternative.
History of Litecoin
Litecoin is an alt coin that launched back in 2011, making it one of the oldest cryptocurrencies in the world. In fact, it was invented just two years after Bitcoin and was actually a fork of Bitcoin. In fact, Litecoin is very closely associated with Bitcoin. Not only are its rises and falls reliant on the success or failure of Bitcoin (as is the case with most cryptocurrencies, including Dogecoin) but the technology is very similar, as well.
At its height, Litecoin was the third biggest cryptocurrency in the world based on market capitalisation. That has changed somewhat over the years and the rise of Cardano, Ripple, and Dogecoin have pushed it down. At the time of writing, Litecoin is actually 12th on the list, although many will argue that it deserves to be a lot higher and has a brighter future than many coins ahead of it.
Are Litecoin Casinos Legal?
Litecoin is a perfectly safe and legitimate payment method and it’s used by many licensed casinos. However, some regulators don’t look too fondly on cryptocurrencies, and so you won’t find them in all countries.
One of the issues with cryptocurrencies like Litecoin is that they are not connected to an individual’s bank account in any way. It means that it can be harder to track payments and it also exposes the casinos to issues such as fraud, money-laundering, and underage gambling.
For instance, gambling sites are often used to launder money. A player can use funds acquired through illegal means to make a large deposit at an online casino, before playing a few games and then withdrawing to another payment method.
If they are using visa debit cards or credit cards, all of their deposits and withdrawals will be tracked. It will be very clear where their money came from and they can’t claim that they simply won that $100,000 following a lucky $1 bet.
If they use Litecoin, however, there is no long paper trail that connects to their name and address. They keep the money in their wallet and then transfer to other alt coins and fiat currencies.
It’s not just an issue with the gambling industry, either, as it’s a problem that exists throughout the cryptocurrency sector.
We’ve also seen reports of many US customers using VPNs and cryptocurrencies like Litecoin to gamble at casinos licensed in Malta and Curacao. It seems like an easy way to get around the strict rules and regulations that govern US-based players. However, it’s definitely not something we recommend, and not just because it’s illegal.
Let’s imagine, for example, that you’re able to pretend that you live in Canada or another country where gambling is legal, and you join and deposit without issue.
What happens when you make your first withdrawal, and the casino requests a verification check?
These things happen. In fact, verification checks are used by most legitimate online casinos at some point or another, and if they realize that you are not from the US (which they will almost certainly do) then your account will be suspended, and you will lose all of the funds within.
You might feel a little hard done by at that point, but there’s nothing that you can do about it. You can’t complain to the regulator because their rules don’t apply to you. You also can’t complain to the US authorities. It would be like complaining that your drug dealer ripped you off and only gave you $10 worth when you paid for $20.
These issues are why it’s very hard to find online casinos that accept cryptocurrencies in Sweden and the United Kingdom and why the vast majority are based in Curacao.
The Best Litecoin Casinos
What are the best Litecoin casinos? Well, it all depends on what you’re looking for.
We have reviewed a huge number of them over the years, covering sites that offer massive Welcome Bonuses and ones that focus more on Loyalty Bonuses; sites that have thousands of games and ones that stick with the basics.
To find the best one for you, scroll to the top of this page and take a look at the casinos listed there. All these sites allow you to deposit and withdraw using Litecoin, and as Litecoin is never the one and only, you can also use Bitcoin and other cryptocurrencies on these sites.
How to Deposit at Litecoin Casinos
The first step to using a Litecoin online casino or sportsbook is to make sure that you actually have some LTCs in your wallet. You can purchase these coins from a number of different currency exchanges using debit cards, bank transfers, and other cryptocurrencies.
If you know anyone who has Litecoin, you can also ask them to send you some coins. Offer them cash if you have it. You can even transfer them some money using a traditional payment option like PayPal. It might not be the most convenient method for them, but if they are willing to help you out and you’re not very clued-up on cryptos, it’s an easy way to get your hands on this alt coin.
If you’re a freelancer or do any other kind of work online, enquire if your clients have any Litecoin and would be interested in paying using these coins.
It seems like a bit of a stretch, but they are incentivised to pay you using LTCs as it’s fast, easy, and there are no fees involved.
As any freelancer can attest, it can be costly to send and receive large payments through web wallets like PayPal, as well as wire transfers and bank transfers. You could lose anywhere up to 5% on average, and while that might not sound like a lot of money, it equates to an annual fee of $2,500 a year if you earn $50,000. Clients will also pay wire transfer fees, currency exchange fees, and more. With Litecoin, however, there are no such issues, so they have the incentive that they need.
Once you have gotten your hands on some Litecoin, you just need to join one of the online casinos on this list and then visit the Cashier. Look for the “Litecoin” or “LTC” option, select it, and then follow the instructions on the screen to make a deposit.
Your money may be converted to the site’s currency, or it may remain as LTC. Once it’s in your account, you can start using it to play slot games, table games, and Live Casino games. You can also use it place sports bets.
When you are ready to withdraw, just visit the Cashier again, select the Litecoin option, and process your payment.
Pros of Litecoin
One of the best things about using Litecoin on online casinos is that it’s incredibly quick, with deposits and withdrawals processed almost immediately.
Of course, there is always a pending time and that can last anywhere from a few minutes to a few days, but it applies to all methods and once it’s over, cryptos are one of the quickest ways to get your cash.
There is much less fuss involved with using cryptocurrencies, as well, and once you get the hang of then, it’s very easy.
If you’re looking for an excuse to invest in Litecoin, online gambling is a great excuse. It also means that you have an excuse to use the coins you have been accumulating.
Cons of Litecoin
It’s often said that cryptocurrencies are completely anonymous. That’s not entirely true as it is possible to track transactions in the blockchain and to see how much is being sent by certain wallets. It’s certainly not an easy process, though, and that data doesn’t include any personal identifying information, but it’s definitely not completely anonymous.
Another issue with Litecoin is that it can be a hassle to buy and use. As noted above, it’s fairly easy once you have Litecoin in your possession and know how to use it, but before that happens, you will actually need to buy some LTC, and that’s not straightforward.
It often entails joining a cryptocurrency exchange (which requires completing some verification requests), transferring the coins to your wallet, and then using them to deposit into an online casino.
If you know what you’re doing, it’s not too difficult, but if you’re completely inexperienced when it comes to cryptocurrencies and currency exchanges, it can seem like an impossibility.
Then again, if we’re comparing like for like, you could argue that it’s just as difficult to use a credit card. After all, the first step in that process is to open a bank account, after which you will need to actually apply for a credit card.
The same is true for web wallets. They can be very easy to use, but the first step is to actually sign up for a PayPal account, which entails joining, verifying your ID and verifying your bank account.
It would be unfair to criticise Litecoin for that, but if you already have a bank account, credit card, and PayPal account, but you don’t have any experience with cryptocurrencies, it’s definitely a more problematic option.
When Was Litecoin Launched?
Litecoin was first launched back in 2011, about two years after the invention of Bitcoin.
How Can I Get Litecoin?
You can purchase Litecoin from currency exchanges using either alternative cryptocurrencies or traditional payment options. You can also be sent LTC from people who have the coin in their wallets.
Should I Buy Litecoin?
It's up to you! We're not here to give investment advice because, contrary to what you might have been told by exuberant YouTubers and bloggers, there are no guarantees for the future of this coin or others like it. It is highly volatile and there is just as much chance of it being worth nothing as there is of it being worth a fortune.
Can I Play Litecoin Casinos on Mobile
Yes. All Litecoin casinos and sportsbooks allow you to play using your smartphone or tablet.
Can I Play Litecoin Casinos in the UK?
The United Kingdom Gambling Commission doesn't look too kindly on cryptocurrencies. It's too easy to get around verification systems and can be difficult for casinos to check and monitor their players. That may change in the future, but for the time being, there are very few sites that accept cryptocurrency deposits and none (that we know of) that allow both deposits and withdrawals.
Play Litecoin Casinos Now
Are you ready to spin a few slots and play some table games with Litecoin? Just take a look at the sites listed at the top of this page and start playing. All of these sites have been vetted by our team of reviewers and you can find sizeable Welcome Bonuses on all of them.
There are also lots of Loyalty Bonuses to collect and VIP Schemes to join. More importantly, you can play with all of your favourite alt coins, including Ethereum, which is one of our personal favourites here at Coinbuzz.