Bitcoin and other cryptocurrencies opened the doors to restriction-free and convenient crypto casino experiences for gamblers around the world.
Is there a difference between digital and fiat currency? Is cryptocurrency available in your area? We take an in-depth look at crypto gambling to answer the important questions you have about digital currency.
What Is Crypto Gambling
Crypto gambling involves digital currencies secured through cryptography such as Bitcoin, Ethereum, Ripple, Litecoin, and Dogecoin. Through this technology, cryptocurrencies exchange hands without any central office handling the transactions. Crypto coin transactions are faster, secure, and open to the public because of their tech.
As the number of Bitcoin and other altcoin transactions grew, so does the number of online casinos that accept cryptocurrency. This includes established UK online casinos that have integrated crypto payment onto their platform. A majority of online gambling sites accept digital currencies as fiat currencies. Additionally, one exclusive feature of crypto casinos is its provably fair (PF) games that use hash functions similar to blockchain technology.
Cryptocurrencies Used For Gambling
Cryptocurrencies in gambling sites still work like real money in terms of bets made.
It is important to note that you can only deposit and withdraw the same currency since crypto gambling sites cannot exchange digital coins for other altcoin or fiat money.
Here are the various crypto coins widely accepted by different online casinos.
Among nearly every crypto betting site, Bitcoin (BTC) is the most common digital currency since it paved the way for other altcoins to follow. Bitcoin's appeal is its wide acceptance across various exchanges and online casinos around the globe.
Payment centers in different countries also accept Bitcoin to their service. Certain casinos only allow BTC transactions because of their name recognition.
Bitcoin Cash (BCH) is accepted quite easily among the top crypto gambling websites just for having "Bitcoin" in its name. BCH came from Bitcoin's hard fork during August 2018 to improve BTC with faster transactions thanks to the new currency's larger block size. Along with the fast transaction, BCH has an approachable exchange price than BTC.
On the subject of altcoins that are better than Bitcoin, Litecoin (LTC) was the first coin made to improve upon the features of BTC.
LTC has a similar coding to BTC in terms of decentralized transactions, but it has a faster processing speed.
Touted for its smart contract network, Ethereum (ETH) is accepted by renowned crypto casinos. Smart contracts is a program or code used by buyers and sellers that automatically releases the payment to anyone who performed specific conditions.
Other cryptocurrencies came from the Ethereum network such as FunFair (FUN), an altcoin founded for the online gambling industry.
Bitcoin transactions occur anonymously, transactions are open to the public and are traceable to certain individual's wallet address. Monero (XMR) offers better privacy with its Blockchain technology by using an obfuscate ledger where the transaction's recipient, sender, and the amount is not open to the public. Punters value Monero's features when they are within a region that is strict with online gambling sites.
Types of Crypto Gambling Sites
Every gambling sites that accept cryptocurrencies fall under three common categories:
- crypto casinos (i.e., blackjack, slots, video poker, craps, baccarat, and table games)
- crypto betting (i.e., politics, financial, and sports betting)
- crypto poker (i.e., specialist poker rooms for crypto gamblers)
You may recognize immediately most of these categories, though some bitcoin casinos do fall under all of the above.
Out of all types of gambling sites on the list, crypto casinos are the most common you will find in any jurisdiction. You can find slots made by a wide variety of software providers such as Game Arts, Betsoft, and Microgaming on this website. Along with slots and bingo, casino operators also offer various table games such as three-card poker and blackjack.
Crypto slots are one of the major features among crypto casinos since these games utilize a provably fair system. Games running with a provably fair feature make their RNG method transparent to players, ensuring every result is random. Provably fair also extends to crypto table games among gambling sites that accept cryptocurrencies such as roulette and baccarat.
Outside of the usual casino sites that are using a software provider's platform are unique crypto gambling sites. BC.game is a good example of the former that offers unique in-house software. Apart from the traditional casino are, the site has Plinko, wheel, and other interesting betting opportunities for people with crypto wallets. Punters can also verify the randomness of each result through these games' provably fair features.
Apart from casinos, Bitcoins and other altcoins are a hit among sports betting aficionados and horse racing punters through crypto betting exchanges. What makes these types of bets entertaining are the numerous odds and corresponding payout rates available in different sports matches or races. You have the common straight bets that payout when a chosen participant wins. Others include total line bets that pay when the total score of both teams goes over or under a certain amount.
Crypto betting exchanges offer a virtual sportsbook (and esports, too) and racebook platforms, giving bettors a chance to bet on exciting odds at any time. Live events are where the real action starts with most betting platforms covering major sports organizations and tournaments such as the NBA, UEFA league, Super Bowl, and much more.
Prediction markets are also categorized as crypto betting exchanges where punters can set their odds for sporting and non-sporting events. Betmoose is one of the popular prediction betting sites where players can bet on the price of Bitcoin in 2022 or who gets the Best Actor Oscar awards.
Cardrooms that allow poker players to bet with cryptocurrencies are increasing in numbers. You can even see legacy sites opening their doors to digital currency. Crypto poker sites such as Americas Cardroom offer a rich selection of games including Hold'em, Omaha, and Stud. Tables also come with different stakes ranges, bet limits, and player caps, opening the doors to different players regardless of crypto wallet sizes.
Legacy poker sites that recently integrated cryptocurrency payments are often available through a downloadable program only. On the other hand, various crypto poker sites feature a browser platform where anyone can play poker with other people without installing any software. One popular example of this is Real Poker which identifies itself as a Bitcoin-oriented cardroom.
How To Gamble With Crypto
Getting started with any cryptocurrency gambling is as easy as playing in any online casino with real money. Follow the steps below to help you avoid any hitch with your online gaming experience.
- Decide on which gambling games you want such as casino games, poker tables, and sports betting. You can also pick two or all three kinds of gambling activities.
- Go through the top or popular crypto gambling sites that have the games you want. Pay close attention to the software provider and platform they are using. Certain sites only have a range of casino games from one software provider while others have more than 100 games from different companies.
- Check on the site's supported currencies - Pick ones that support different altcoins, giving you more options on which one is available in your area.
- Buy Bitcoin or other cryptocurrencies from your local exchange and send it to your online or hardware crypto wallet.
- Transfer your digital money to the crypto casino of your choosing and enjoy the experience.
- Set up two-factor authentication (2FA) to protect your crypto casino account and prevent criminals from accessing your digital currency (optional).
It pays to also read the terms and services of a gambling site to know how to withdraw your winnings. With the volatility of cryptocurrency markets, check on the prices before turning your digital currency into fiat money.
Legality of Crypto Gambling
Using cryptocurrency in a majority of countries is well within the gray area of their respective law. Countries such as the US and Japan do not allow crypto gambling within their jurisdiction. However, they rarely enforce it or set an IP blocker to a gaming site that supports cryptocurrencies.
Countries such as the UK and Curacao are opening up to digital currency, allowing residences to gamble with cryptocurrency in a licensed casinos. Every licensed crypto casinos still follow the same rules as regular online casinos such as avoiding the use of children in their advertisements.
The legalization of gambling sites usually comes down to a central office providing various regulations to their licensed operators. Regulations are intended to protect the players and minorities. If something were to happen to a withdrawal process or if an operator closes an account without prior notice, punters can rely on the authorities to return their money from a licensed gambling site.
Licensed crypto casinos, crypto exchanges, and crypto poker sites are required to follow the standards and rules set by their respective jurisdiction. Operators of crypto gambling sites are expected to provide the same level of protection to their players as regular licensed casinos, including having safeguards against cyberattacks and having enough funds to cover large payouts.
Are Crypto Casinos Trustworthy
Even before the advent of Bitcoin, rogue online casinos are a common problem among any online player. A legitimate operator might be running a credible casino for weeks before they shut the website down and pocket everyone's money.
With cryptocurrency in the mix, criminals have a viable reason to create fake crypto casinos since they can easily disappear without a trace. One common trait among almost every digital money used by online casinos is its anonymous transactions.
While Bitcoin uses a public digital ledger that makes all transactions transparent and traceable to a specific wallet address, it cannot track the identity of the wallet's owner. Every transaction is irreversible unless the recipient manually returns the money. No authority or office has the means to reverse any cryptocurrency transactions.
In the gambling industry, how can anyone tell if a casino is legitimate and not a fake website set to trap unsuspecting cryptocurrency owners? One method is to check on the license they are showing on their site. If they have an MGA, UKGC, or Curacao license, visit the regulation office and look up the casino on their database. Another method is to go through trusted online casino review sites with a comment section where players call out any rogue casinos.
Crypto Gambling FAQ
Our answers to very common questions about gambling with cryptocurrency
Are bitcoin gambling sites legit?
Only crypto gambling sites that are licensed by regulators are considered legitimate. Be wary of unlicensed gambling sites as they can be rogue or scam websites.
How big is the crypto gambling industry?
According to cryptogamblingnews.com, the cryptocurrency gambling market exceeded more than $150 million in September 2020. It is important to note that the figure came from the 22 top gambling sites that accept cryptocurrencies. More than $3 million worth of cryptocurrencies flows between these online gambling websites.
What is the best online crypto casino?
While different punters will have different answers, the best crypto gambling site should provide everything you want. If you are a casino enthusiast, for example, you want a site that offers a diverse range of slots and table games while offering other unique opportunities like live games.
Can you use cryptocurrencies in land-based casinos?
As cryptocurrency transactions increase over the years, so do several land-based casinos such as the Golden Gate Hotel & Casino and American Coney Island. Payments through Bitcoin and other altcoins are the same as other cashless transactions such as credit card or mobile payment methods.
Do crypto casino licenses exist?
Every legitimate online casino requires a license from their respective jurisdictions, including ones that support cryptocurrencies. It is important to point out that there are no specific licenses for crypto casinos, crypto exchanges, or crypto poker sites in any jurisdiction.
Are crypto casinos fairer than regular ones?
A majority of licensed crypto casinos offer the same games as other licensed online casinos, most of which are tested for authentic results as a requirement among regulation offices. Operators can be held accountable in courts if their games do not provide fair and random outcomes.
Where to find no-deposit crypto casino bonuses?
Prominent cryptocurrency casinos that are generous with their promotions often provide a no-deposit bonus. One operator gives away 20 free spins for every new player. Certain Bitcoin casinos have a faucet function that also gives free BTC.
With many crypto gambling sites offering casino, sportsbook, and poker while supporting multiple digital currencies, you have a wide range of gambling options. You can also enjoy the benefits of cryptocurrencies such as fast and anonymous transactions.