Crypto Casinos

What Are Crypto Casinos?

Crypto casinos are online gambling platforms that use digital currencies as payment methods. Like traditional online casinos, the player needs to register, providing personal details. However, there’s some anonymity component because of the nature of cryptocurrencies.

After Bitcoin and altcoins came along, many existing online casinos started seeing the appeal of adding them to their platforms. These days, some new ones are emerging that are crypto-exclusive. This setting creates two types of outlets that use crypto.

Additionally, crypto-exclusive casinos are often based on blockchain technologies, which remove a few frustrations compared to traditional platforms.

Don’t have crypto? Still not a problem to play at Crypto casino

Did you know? At Bets.io you can buy crypto with your credit card and then enjoy playing your favourite casino games with it. Using all the benefits of crypto-gambling.

Why Play at a Crypto Casino?

Cryptocurrency is a peer-to-peer, blockchain-verifiable way of handling money transactions. It has a lot of advantages and a few negatives for players. This section aims to open up all the secrets of why you should or shouldn’t play at a crypto casino.

Most Popular Cryptocurrencies Across Online Casinos

Most people not acquainted with cryptocurrencies well enough think that there’s only Bitcoin in the digital money industry. However, hundreds of altcoins (alternative cryptocurrencies) are active and widely used by traders, gamblers, and the general public. Let’s explore the top coins available in crypto gambling.

Ethereum (ETH)

Another deposit and withdrawal option for crypto gamblers is Ethereum. Although it’s less secure than Bitcoin, it has two advantages. First of all, it has smaller fees, and second, the transactions go through faster.

Ethereum Casinos guide

Bitcoin Cash

Not to be confused with BTC, this currency was developed on its codebase to improve its shortcomings. It managed to speed up the transaction times and create more user-friendly processing. With lower fees and larger block sizes, it’s much more convenient for a large number of simultaneous transactions. This is the reason it’s found its space in the hearts of online casino players.

Welcome Bonuses

These are the primary banner ads on the casino’s front page, created to entice new players. These offers make it easier for the players to chip in and give the platform a try. They are usually “match bonuses” that add a percentage of the deposit to what you already have. Sometimes, these also contain free spins on select games. No-deposit welcome offers are less frequent.

Welcome bonuses might be simple or multi-step, depending on the casino and the offer amount. They also come attached to wagering requirements and bonus validity terms. Thus, you always need to check out the T&C.

No-Deposit Bonuses

Although rare, this bonus type can be a delight for players that don’t want to commit financially just yet. No-deposit bonuses are usually smaller and offer much higher wagering requirements than the ones mentioned above.

If the casino has this bonus type as the first offer for new players, it’s definitely worth giving a try. Some casinos add no-deposit promotions for existing players as well.

Reload Bonuses

These are a way to reward loyal players for depositing at a casino. The terms usually set a period and add a percentage of all the money you put on your account you made during that time to your bankroll. This allows players to play longer.

Depositing With Cryptocurrency

Depositing with crypto at an online casino is much like depositing with a fiat currency. If you already have a crypto wallet, it’s just a couple of steps to complete.

If you don’t yet have a crypto wallet, continue reading our article, as we have a few excellent options. Once you select the best one for your needs, you’ll need to verify your address and ID to gain full access to the wallet. Attach your credit or debit card, and you’ll be able to purchase the coin needed.

Crypto Exchange Rates in Online Casinos

We’ve talked about the volatility of cryptocurrencies above as a negative factor for gamblers. Casinos might not exchange your crypto into a dollar amount on your bankroll. Still, some games have been created for traditional online casinos and then adapted for crypto.

They take the latest exchange rates and convert the coin into the main currency of the game. This happens every 15 minutes, so you need to watch for the volatility, especially with more risky options like Bitcoin.

There are, however, crypto-specific games that don’t exchange the coin during the playthrough.

Mobile Wallets

These wallets are better suited for gamblers who like using their smartphones. These wallets allow camera capabilities for scanning QR codes. It’s easy to copy and paste crypto addresses and use an authenticator.

Edge Wallet

This is a fantastic wallet for those who intend to keep, trade, exchange and gamble with various altcoins. It supports multiple devices and allows seamless login with PIN and Face ID. It stores the assets on-device, which means that even if the app goes out of business, you’ll still have access to your coins via the private key.

With versions for Android and iPhones, this app covers a large part of the market. Although you can find many currencies in the app, it targets beginners in terms of usability and fast support.

Ledger Live

This is one of the best desktop wallets with a hardware component attached. Ledger has been a long-standing producer of physical crypto storage with super-high security. The desktop application aims to ensure the safety of your assets too. It gets frequent updates to stay ahead of hackers, additional features and UI improvements.

Web Wallets

Web-based crypto wallets are easy to use, as you can access them both from mobile and desktop browsers. The best ones also have mobile applications.

Binance

With an average of $2 billion daily volume and 1,4 million transactions per second, Binance is one of the biggest crypto wallets. Global money freedom and building infrastructure for the blockchain ecosystem is the company’s mission.

In addition to excellent resources on blockchain and cryptocurrency, Binance has created a secure space where you can buy, exchange and store your assets. You can access the wallet from the web as well as via a smartphone app.

• Slots: Like usual slots, these offer various themes, settings, gameplay attributes and bonus rounds. The good thing with blockchain-based games is them being provably fair. This means that you don’t need third-party laboratories to check if the game is random or not. Due to an algorithm and the public ledger, you can monitor each spin for an arbitrary outcome.
• Video poker: This is similar to ordinary video poker, except you bet using the cryptocurrency of your choice. Sure, you can switch to USD if preferred. The gist doesn’t change.
• Blackjack: The game of 21 is a favourite no matter if it’s played with fiat money or crypto. With the added security and speedy transactions, digital money takes this fantastic game to a new level.
• Roulette: If you’re hungry for testing Lady Luck, playing a few roulette spins should be your thing. Add the cryptocurrencies to the table, and you’ll have more fun with confidence and protection.
• Craps: In traditional casinos, craps tables bustle with emotion and activity. This is also a wonderful pastime in online casinos, especially if you call friends over and make the session a live one. Betting with digital money will only add to the excitement.
• Dice games: This is a variety of games that use random number generators (RNG) to create dice combinations. Introducing the blockchain into the underlying algorithm of the game makes them safer and more transparent. In the beginning, crypto-specific dice games were elementary, but they’re getting more sophisticated nowadays.
• Live casino: In the wake of live dealer games, cryptocurrency is one of the hottest ways to bet because of the speed of digital money transactions. While the game is on, you can easily top up your balance and continue playing without interruption. Similarly, withdrawals are as easy as pie.
• VR casino: When two cutting-edge technologies meet, there’s going to be an explosion. The futuristic experience of VR casinos, paired with the speed of cryptocurrency deposits and withdrawals, makes the process almost as “real” as you’d get in a land-based casino.

Regulations Around Crypto Gambling

Naturally, financial policy makers see cryptocurrencies as risky and volatile. There’s little to no way to determine if the coin will increase or decrease in value. Although it’s possible to predict a pattern, there’s no direct correlation of the increase or decrease in the real world most of the time.

The UK’s leading authority on all gambling-related issues is the UK Gambling Commission (UKGC). In recent years, this organisation seems to have opened to the thought of using cryptocurrencies in gambling. However, the casino has to meet specific criteria to be allowed to operate with those.

First of all, the casino needs to satisfy strict anti-money laundering policies. Another requirement is to ensure that they act in a socially responsible manner.

While all this still applies to fiat money payments, regulating digital money is more difficult due to its decentralised, peer-to-peer nature.

Most cryptocurrency casinos operate outside of the UK and don’t hold a proper licence from UKGC. Most platforms grab the Curaçao licence, as it’s the easiest to obtain if you’re using digital currencies.

Player protection is a massive issue if you choose to play at a casino in another jurisdiction or without a licence. You’re left to your own terms if something happens. The volatile nature of digital currencies makes using these platforms even riskier.

Regulation Vs Decentralisation

The most obvious difference between regular and crypto online casinos is the decentralisation factor. Traditional online casinos rely on centralised licencing authority that checks the platform against strict laws like anti-money laundering, privacy and fair play. These authorities are usually located in jurisdictions with solid legislative backgrounds or are those grey enough not to prosecute gambling.

If you choose to play a traditional online casino, look out for a proper licence. Otherwise, you won’t be able to protect yourself if scammed or if something goes wrong.

In the case of blockchain-based casinos, the player has the freedom to play with no intermediary party while ensuring the fair play aspect in a second (just using a hash to check the game’s randomness).

Affordability and Speedy Transactions

If you’ve been an online casino enthusiast for a few years, you’d know that traditional payment methods are too slow most of the time. Ewallets alleviated the situation with instant deposits and shorter withdrawal processing times than credit cards and bank transfers. They also offered more privacy, as you don’t have to share financial details.

Cryptocurrency made transactions even more accessible and faster. Your winnings get to you in a few minutes, and you share no private information.

Another point is that traditional payment options tend to have hefty fees. Not only do the banks and financial companies apply those, but the casinos administer processing fees on their side, too.

Cryptocurrency casinos have relatively affordable fees, as the transactions are decentralised and automatic. A few casinos even have their own wallets made especially for their players.

Bonus Variety

As we can see in the list above, crypto casinos offer much of the same bonus types as traditional sites. Although the coverage and playthrough requirements might differ, both incentivise players using similar tactics.

Future of Crypto Gambling

Online gambling is a regulated area in the UK. With the UKGC monitoring the wagering establishments, players are safe if they choose a licenced casino.

Unfortunately, cryptocurrencies add a layer of uncertainty over the gambling-related one. With no central regulation, crypto falls under the problematic category of policymaking.

Before 2020, the UK has been following EU crypto-regulatory logic. Experts mention that it’ll continue doing so for the short term. Currently, there’s no specific legislation underway that will change the approach for the better or worse anytime soon.

Still, the UK Crypto Asset Task Force is identifying coins that may be considered under the “financial promotions regulation” category. These are the relatively stable ones. This movement shows that sometime in the future, crypto will reach mainstream in gambling and retail.

How to Choose the Best Crypto Casino?

Like with traditional casinos, you need to be a bit picky about where the entertainment time ends up going. There are a few factors to follow during the big search.

• Accepted cryptocurrency: If you own a particular coin, make sure that the casino of your choice has that currency. Blockchain-based casinos operate on different platforms, so not all casinos support altcoins.
• Game library: If you’re a fan of a specific game, first search for it on the site before diving in. Choosing from thousands of games might become overwhelming, so you have some decisions to make. Especially as some cryptocurrency casinos offer not only traditional casino games but also betting and lottery.
• Bonus hunt: Don’t leave the opportunity behind if you can get a bonus and play it through. Choose the best fit for your taste and budget, and start enjoying the game.
• Restrictions: While cryptocurrency casinos aim to bring the game to people worldwide, there might still be location restrictions. Bonuses might be country-specific too. Ensure to check that the casino is legal in your area.
• Customer service: This is one of the most critical aspects of an excellent casino. Most players that get into crypto don’t know much about it, let alone following online gambling best practices. That said, they’ll most probably need a friendly voice to help them through any questions.
• Fair T&C: As we always say, reading the terms and conditions should be a top priority for all online gamblers. Once you know all there is about the casino, you can decide to sign up.

Summary

Whether we’re talking about blockchain casinos or simply those platforms that accept cryptocurrencies, the technology is here to stay. It has numerous advantages, including the most important one – peace of mind.

Read also:

• Bitcoin casinos guide
• Fastest payout casinos
• UK Casinos not on gamstop
• Casino payment methods