In the last decade, crypto coins such as Bitcoin and Ethereum have gained tremendous traction all over the world and people have started to realize the real potential of making payments with cryptocurrencies. Due to this increased popularity, crypto is being incorporated by various platforms as one of their payment options.
Among all kinds of platforms based on the internet, casinos and gambling sites have been the fastest adopters of digital currency. On the other hand, thousands of gamblers are also showing interest in the use of cryptocurrency but many of them are still not 100% clear on how crypto gambling works.
What Is Crypto Gambling?
Crypto gambling works in the same way as regular gambling. The only point of difference between crypto casinos and online casinos is the payment methods they offer to their players. Crypto casinos offer an additional payment method that requires the use of cryptocurrencies to fund and cash out payouts from the crypto platforms. With cryptocurrency, players enjoy various added benefits that are not available in regular online casinos.
For example, if players use fiat currency, it typically takes around 5 to 7 days to process withdrawal requests. With cryptocurrency, the cashouts are near-instant, taking less than 20 minutes or less. In addition to this, using payment methods such as bank transfers and credit card payments will require mandatory identity verification before the gamblers can play at the casino. Crypto gambling, on the other hand, is completely anonymous, which means that the identity of the gamblers is never linked to their transactions.
Is It Legal to Gamble Online Using Cryptocurrency?
Till today, there are no clear-cut answers to the question, “Is crypto gambling legal?’’. Nevertheless, there are certain fundamental aspects regarding the use of crypto that can clear the confusion to some extent.
There is no such law that regulates crypto gambling as cryptocurrencies are decentralised. This means it is neither officially prohibited nor explicitly allowed.
A few jurisdictions offer licences to online casinos that offer cryptocurrencies. Examples of these jurisdictions include the renowned Curacao government and the UK Gambling Commission. These authorities accept their responsibility of monitoring and controlling gambling and casino operations that use cryptocurrency.
How Can You Start Gambling with Cryptocurrency?
Anyone who wishes to gamble with cryptocurrency can do so by following the easy steps mentioned below –
Choose a cryptocurrency – In order to gamble at any crypto casino, the players will require some funds in cryptocurrency accepted by the casino platform. The most commonly available cryptocurrencies at every casino are Bitcoin and Ethereum.
Create a crypto wallet – Similar to other fiat currencies, crypto cannot be moved from one place to another without having a wallet. Choose a reputable crypto wallet and create an account to buy and store crypto of any choice.
Deposit funds at casinos – After funding the crypto wallet, the players need to transfer it to a crypto casino in order to be able to gamble with it.
How to find a good crypto casino
With the rising popularity and demand for cryptocurrencies, more and more gambling and casino platforms are introducing crypto as one of their payment methods. Because of this, finding the best one can sometimes be quite a challenging task, especially for new gamblers. Here are a few tips on how to find the best crypto casino in the industry –
Check for Valid Licences – All casinos require valid licences to be able to operate in their jurisdiction legally. However, crypto casinos generally have an extra set of rules and regulations to follow. Legal casino operators operate under leading gambling authorities such as UK Gambling Commission or Malta Gambling Authority and they provide the highest level of security to the gamblers and the funds they hold.
Verify Policies of Deposits and Withdrawals – Most crypto casinos have their set of minimum deposit and wagering requirements. Hence, it is important to verify the policies of the casinos before opening an account with them.
Welcome Bonuses and Other Promotions – Gamblers who are creating a casino account are typically eligible for a variety of welcome bonuses, free spins, no deposit bonuses and many more. Look for these bonuses and promotional offers before investing in any casino.
Wide Range of Games – With a growing number of casinos that offer cryptocurrencies, various leading software developers are bringing more varieties of casino games every week. A reputable crypto casino will most likely have a plethora of casino games on its list. If they do not, verify their credentials before investing in them.
Benefits of Crypto Gambling
Crypto gambling sites offer many benefits to both the players as well as casino operators. Some of the benefits have been mentioned below –
Safety and Security First – Most of the online casinos have mandatory KYC requirements which means the players have to reveal their personal and financial information at the time of registration. Revealing credit card details can be quite risky and crypto gambling eliminates this risk as players are not required to provide their personal details when they register at a crypto casino.
Transparency is Vital – Experienced gamblers who have been playing in online casinos for years, know that these platforms use certain tricks to attract more players. These tricks include high winnings, obscure bonuses and flashy images. However, most of them do not come true and the players experience losses. Crypto casinos, on the other hand, do not conceal anything and make their platforms as transparent as possible. The platforms are straightforward and gamblers easily notice unusual changes, if any.
Affordability and Convenience – One of the best things about crypto casinos is that the platforms are the epitome of affordability and convenience, especially, for gamblers belonging to countries where betting and gambling are restricted. With crypto gambling, players can access the platforms and enjoy all the available perks. Moreover, handling one’s winnings has never been more convenient where crypto users get complete access to their crypto funds instantly and from any part of the world.
Future Scope of Crypto Gambling
Online casinos use and exchange local Fiat currency with cryptocurrency– the crypto funds are deposited while the crypto payouts or winnings are withdrawn. The ever-growing demand for crypto gambling platforms suggests that the industry has a great future by providing the ability to enable quick and easy transactions and providing additional incentives such as generous bonuses, promotional offers and high-security levels which are not available in any regular online casino.
All in all, the crypto gambling industry is proving to be the present as well as the future, as it comes with a simple and fast option for making transactions and payments. Nevertheless, gamblers must note that depositing or cashing out crypto coins can be slightly different from the usual credit card payments and bank transfers. Most casinos often mention the steps of making deposits and withdrawals on their official webpage to make it easier for the players to register and enjoy a seamless gambling experience. Online casinos, with the introduction of cryptocurrency, have greatly embraced the newest trend and have called it Crypto Gambling.