Tether, abbreviated as USDT, is currently the biggest stablecoin on the market, and it was also the first digital currency to derive its market value from a real-world asset. By doing this, Tether gave birth to the stablecoin concept, which now sees over 200 stablecoin currencies in circulation or currently in development.
A stablecoin is a cryptocurrency that aims to peg its value to an already existing currency or commodity. USDT specifically belongs to the fiat-collateralized stablecoin category, meaning that the coin’s value is pegged to that of a fiat currency. In Tether’s case, it’s the US Dollar, meaning one Tether coin is equivalent to one US Dollar at any given time – or should be, at least.
The stablecoin concept was created with the idea of eliminating the volatility related to cryptocurrency, but maintaining the efficiency and security these coins provide. So you’re getting the best of both worlds, in a sense, and the benefits of using stablecoins like Tether for the purpose of gambling are certainly very attractive.
But for now, let’s focus a little more on the coin itself. Tether was first launched under the name RealCoin in July 2014 but was rebranded as Tether later in the year by a company called Tether Ltd, which is responsible for maintaining USDT’s reserves in fiat currency. You see, for every Tether coin minted, there should be one US Dollar in fiat currency in the company’s reserves, this is what gives value to the Tether coin.
There has been some scepticism around Tether’s fiat reserves, as claims have been made that Tether Ltd. does not hold the equivalent of fiat currency in its reserves to back the number of coins that are in circulation. This would mean that if all Tether coins were to be sold in a short space of time, the company would not have enough fiat currency in its reserves to pay the balance.
However, Tether does release an updated transparency report on its website, and the cloud of controversy around this coin does not seem to affect the market at all. Currently, Tether is the largest stablecoin by market capitalization and the third-largest cryptocurrency in circulation. The company is also planning to release a full transparency report within this year, with which they promise to lay the speculative accusations to rest, once and for all.
USDT is particularly popular with cryptocurrency traders, especially those who trade in Bitcoin. The reason for this is that Tether allows the user to avoid the volatility associated with cryptos, and therefore traders can take refuge in tether coins when the market is unusually volatile.
It is also cheaper to trade with USDT instead of actual fiat currency, and the US Dollar-pegged value creates stability. Not to mention the fact that crypto transactions are a lot speedier than fiat transactions, and this is not only advantageous for traders but for all users of this coin. Let’s see how these factors are beneficial for online gambling.
Tether Gambling in 2021
Okay, so we know that Tether cuts out the volatility related to cryptos, and we have all the benefits associated with digital currency when it comes to Tether. So how does this benefit an online casino player? Well, firstly, because the currency is pegged to the US Dollar, you can rest assured knowing that your fiat investment in USDT will lose minimal value while held in your player’s account.
Here’s an example: You buy $100 worth of cryptocurrency and deposit it to your player account. If the crypto is highly volatile and decreases in value overnight, the value of your investment could now be worth less than $100, without even playing. So if you’re not planning to hold your crypto as an investment, Tether is a great way to secure the value of your initial purchase in fiat currency and make use of the other benefits related to gambling with cryptos.
As I had mentioned before, crypto transactions are faster, and in most cases, a lot simpler than fiat transactions. If you want to bet with a currency that has a stable value, but you don’t want to endure the lengthy process and slow transaction times related to fiat currencies, then Tether gets the job done at the drop of a hat.
Because fiat transactions move through banks and payment providers, they tend to incur a few transactional costs in the process. We all know how straightforward a crypto transaction is, and the costs are normally fractional compared to that of fiat deposits and withdrawals. Many casinos don’t apply charges for deposits and cashouts with cryptocurrency, and the only costs you’ll be facing are standard blockchain network fees. Tether also does not charge any fees for transactions between Tether wallets.
Let’s not forget anonymity. Like other cryptocurrencies, Tether transactions are nameless and are performed through crypto wallets and exchanges using an address. There’s no need to register with payment providers and supply hoards of your personal information just to deposit your tokens to your player account. Some casinos may require some of your personal information, but this is in line with requirements from gambling regulators, and none of your banking information is at risk.
What’s the Best Tether-Accepting Casino in 2021?
Well, with this being such a popular coin, there are a few great casinos to play at if you want to place your bets in Tether. But the two that stand out to me are BitStarz and mBit Casino. Both are fully registered and licensed and are two of the most recognized and well-established crypto casinos in the industry.
BitStarz is an outstanding casino, to say the least. With over 32,200 casino games on the menu, you’ll be spoilt for choice if you decide to play here. BitStarz has made a massive name for itself on the crypto gambling scene since its establishment in 2014 and is known for being one of the top crypto casinos in the industry.
BitStarz accepts both fiat and cryptocurrencies, and fortunately for you, Tether is on the list, alongside Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Dogecoin. The casino also offers a few very attractive welcome offers, with a regular deposit bonus welcome offer, and a VIP welcome offer, as any player can obtain VIP status with this multi-award-winning casino.
You’ll also find a variety of casino promotions and tournaments to take part in, and all of these have huge prizes and rewards up for grabs. The casino is also known for its award-winning support, and one of the fastest cashout waiting times you will find online. Transactions are simple and fast, and a BitStarz player account can be registered in the blink of an eye.
mBit Casino is home to over 2,000 high-quality casino games from more than 35 top casino game providers. This casino was also established in 2014 and is one of the biggest names when it comes to online crypto gambling. mBit offers games in slots, table games, video poker, and live dealer game categories.
mBit accepts only cryptocurrency, making it a true crypto casino and one of the best at that. Accepted cryptos include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and of course, Tether. With an average cashout time of around 10 minutes, there’s no waiting around for lengthy periods of time to get your valuable winnings back in your Tether wallet.
The website is easy to navigate and packed with entertainment. mBit also has a casino blog where you can read the latest slot reviews, tips and tricks, and game guides, helping you make the best of your casino experience.
mBit also runs a wide variety of promotions and bonus offers. You could receive bonuses for things like referring friends to the casino and for making deposits on certain days of the week. They also have the Crypto Farm Adventure tournament and an interactive quiz where you can win some amazing prizes.
What Kind of a Tether Bonus Can I Get?
You can get a bonus of up to 300% if you know where to look, but here are two options.
Welcome bonuses are very important when choosing an online casino, and when you’re about to start playing with a new currency, even more so. You want to get the best value for money, right?
Something important to consider is the amount of money you’re willing to spend. Because you may find a casino that offers a bonus with a very large maximum, but the percentage of the bonus could be low at 50%, and you might not even deposit enough money to reach the maximum. Whereas another casino may have a lower maximum bonus which is in line with the amount you want to deposit but will give you 100% on your deposit. Fortunately, both BitStarz and mBit have great welcome bonuses. Let’s have a look at each.
At BitStarz, you can receive a deposit bonus on your first four deposits with Tether, or any currency for that matter, and here they are:
- 1st Deposit – 100% Bonus up to 100 USDT or 1 BTC + 180 free spins
- 2nd Deposit – 50% Bonus up to 100 USDT or 1 BTC
- 3rd Deposit – 50% Bonus up to 200 USDT or 2 BTC
- 4th Deposit – 100% Bonus up to 100 USDT or 1 BTC
As you can see, there’s up to 500 USDT or 5 BTC in bonus money up for grabs here. To qualify for the additional 180 free spins with the first deposit, you’ll need to make a minimum deposit of 20 USDT, meaning 20 US Dollars. And that’s another benefit to USDT – you’ll never have to pull out your calculator to convert the currency, you can always compare with the dollar amount.
At mBit Casino you can receive a bonus on your first three deposits. They have a much higher bonus maximum, but then again, there’s only three. These are the types of things you’ll have to consider when choosing the casino that suits your specific needs. Here are the bonuses:
- 1st Deposit – 110% Bonus up to 1,000 USDT or 1 BTC + 300 free spins
- 2nd Deposit – 50% Bonus up to 2,500 USDT or 2.5 BTC
- 3rd Deposit – 75% Bonus up to 1,500 USDT or 1.5 BTC
In total, you could be grabbing a whopping 5,000 USDT or 5 BTC with all these welcome bonuses. To receive the 300 free spins with your first deposit, you’ll need to make a minimum deposit of 200 USDT.
What’s the Best Tether Sports Book 2021?
You won’t find many Tether-accepting sportsbooks on the web, but one that I certainly would recommend is Sportsbet.io. This online sportsbook not only accepts Tether, but you can bet with a wide variety of cryptos including Bitcoin, Litecoin, Ethereum, Tron, Ripple, and Allsportscoin.
Sportsbet.io also accepts a wide range of fiat currencies which can be deposited using the popular payment methods found at most online casinos, but there’s no need for these as Tether is on the menu!
This online sportsbook is in partnership with some big names in sports, such as Arsenal FC, Watford FC, and Southampton FC, which are some of the most prominent football/soccer clubs in the UK.
Not only does Sportsbet.io offer sports betting, but this sportsbook also offers a mind-blowing variety of live dealer casino games and slots from over forty of the leading game providers in the industry, so you’ll find all your gambling preferences in one place!
You can bet with Tether on all the major sports categories, including a few that you may not have heard of before. The website has a modern design and is very easy to navigate and understand. All the information you’ll need is at your fingertips with extensive guides on how to use cryptocurrency for betting, and how to make use of this world-class platform.