What to do with your winnings?

Updated on 28th October 2021

Stay and play; or go forth and explore

Once you’ve set up your Cloudbet account and made your first deposit, you can immediately start to place bets in the sportsbook. Here we present a few options to you, whether you choose to stay and play, or make a withdrawal and explore the crypto-verse further.

The Cloudbet casino offers hundreds of fun, entertaining ways to grow your account - find your favourite slot to play, enjoy all the casino classics - poker, blackjack, roulette, baccarat - or check out the live-table experience too. Beyond the casino, Cloudbet also offers a wide range of esports markets, including but not only FIFA, Counter Strike and Dota 2.

Whatever you decide, the Cloudbet blog is a great resource for you to explore - whether that’s to learn more about the art of betting and growing your bankroll, or more about the crypto space in general (check out the Bitcoin 101 series) - there is a host of articles and a wealth of knowledge on offer.

If you want to spread your wings and extend this foray out into the wider crypto-verse, there are a number of options available to you.

So you have a Cloudbet account...

So you have your cryptocurrency holdings in your Cloudbet account and have decided to do more. What are your next steps?

When you click to withdraw funds, your window will look like this, but to execute a transaction (ie., withdraw your funds from Cloudbet) you will need somewhere for Cloudbet to send them. This ‘somewhere’ is your wallet.

At this point, the conversation does get a little technical, as there are different types of wallets available to you. Before taking the plunge, we recommend you do some reading up, but as a starting point What is a bitcoin wallet? wouldn’t hurt, while this beginner’s guide essentially takes you through all the basics for the uninitiated. Here we have a piece on Ethereum wallets. Although these articles focus on bitcoin and ethereum, the process for any cryptocurrency (including USDT) is the same.

The exchange route

There are a wide variety of crypto exchanges out there too, and again, we recommend some independent research. That said, in the beginner’s guide mentioned above, Cloudbet recommends Bitstamp as one of the older more trusted names. Factors you might want to consider when choosing an exchange are security features, history, fees (deposit, withdrawal and trading commission), trading pairs, accepted funding methods and requirements to open an account. Generally, buying through a regulated exchange is not really anonymous, as you must submit documents and go through a verification process (KYC) in order to fund your account.

It is also worth noting that some exchanges don’t allow withdrawals - so if your ultimate goal at the end of the day is to cash out, please be careful when you make your early decisions.

P2P platforms / OTC marketplaces

P2P platforms, or over-the-counter (OTC) marketplaces are another avenue through which you can move your cryptocurrency around. Cloudbet’s recommendations is Localbitcoins, but others include OTCBTC, WallofCoins, Paxful and BitQuick.

Food for thought

Lastly, if you are thinking about cashing out of your cryptocurrencies, here are a couple items that may provide you with some food for thought.

There are some pretty straight forward ways that you can earn extra crypto for varying degrees of effort. This has been explored and is explained in these blog posts: Free Crypto: The Best Sites To Earn Crypto | May 2020 and How to earn crypto from microtasking.

Here’s an opinion piece on Why Bitcoin Is Better Than The Cash In Your Bank. What’s more, bitcoin in particular has proved itself to be a valid store of value over the last 10 years, meaning that it’s better to bet in bitcoin. In that sense, you may also take some comfort in the idea of letting Cloudbet safely and securely house your stash for a rainy day.