Crypto gambling has emerged as a major part of the online gambling industry in recent years, merging the rising popularity of cryptocurrencies with the concurrent growth of internet real-money gambling. Much like cryptocurrencies themselves, crypto gambling promises increased security and anonymity to online bettors, but it’s not without dangers or downsides.
This article offers an overview of 5 important things about crypto gambling you should consider. If you’re interested in using cryptocurrency to wager online, you should keep these factors before risking your hard-earned money.
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Licensing and Legality
In most of the world, crypto gambling exists in a sort of legal grey area. Even countries with legalized online gambling and well-structured remote gambling frameworks rarely consider crypto. In many cases, cryptocurrencies are not considered real money from a legal perspective, which raises further questions about crypto gambling and how it should be regulated.
This legal vagueness has given rise to questions of whether crypto gambling operators require licenses at all and whether they are covered by gambling regulations. As anyone with experience on the matter will tell you, though, proper licensing is still important.
Licensed gambling operators are vetted and regulated by respected authorities, typically government agencies such as the United Kingdom Gambling Commission (UKGC) or the Malta Gaming Authority. This means that they have to adhere to strict laws, particularly concerning customer protections, fairness, and responsible gaming.
That’s why licenses are incredibly important even for gambling sites based offshore, such as the ones listed on Casinos Online. Even when these regulations do not strictly address cryptocurrencies, they still offer valuable legal protections to you as a customer.
- Make sure to check any crypto gambling site’s credentials and licenses. These licenses typically contain links to the regulator’s website that confirm their validity.
- Even though the anonymity of crypto ensures worldwide availability, operators licensed by government authorities are much safer and more reliable.
- You should still familiarise yourself with your country or state’s laws and regulations and make sure you’re not breaking any laws yourself by engaging in crypto gambling.
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Game Fairness
No matter how you look at it, the world of crypto has gotten an unfortunate reputation for attracting all sorts of malicious actors and scammers. While it’s arguable whether this reputation is fair or not, it has caused people to ask a fairly reasonable question: how do I know crypto gambling games are fair?
In short, the companies that make online gambling games also have to be licensed and regulated. This means that respected casino software providers are also closely watched by independent authorities, and their products are regularly tested for fairness before being allowed on the market.
Additionally, the industry also includes companies such as eCOGRA and iTech Labs that exist specifically to verify and certify gambling products by testing them for fairness. They ensure that every gambling product’s results closely match the odds and statistics claimed by the provider.
- Look up the game provider of any casino game you’re planning to bet on. Respected providers such as Evolution, Play’n GO, and NetEnt are all licensed and certified by multiple independent sources.
- Check the RTP or bookmaker margin of any bet you’re making. The higher the payout rate, the better the bet is for you. Broadly speaking, you shouldn’t make bets with less than 95% RTP (or a 5% bookmaker margin).
- Make sure that the game’s payouts and RTP and clearly and transparently presented, because this is a legal requirement in many jurisdictions.
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Bonus Terms & Conditions
Just like their fiat-based counterparts, crypto gambling sites often offer attractive bonuses to attract new customers. These bonuses typically offer to increase your deposits by a certain amount or simply award players with free bets, casino chips, slot spins, or other goodies.
Crypto gambling bonuses are often especially large because many operators prefer players who use crypto instead of classic fiat currencies. They sometimes offer the equivalent of thousands of dollars in deposit bonuses.
Though seemingly generous, however, these promotions are often saddled with demanding terms and conditions that make it difficult to actually withdraw any of that bonus money. For example, most gambling site bonuses feature wagering requirements that require the player to wager the bonus amount several times over before they can withdraw it.
Moreover, these requirements often come with a time limit, which makes it even harder to complete. Many bonus terms also restrict how the player can complete these requirements, which is something you should carefully check before collecting a bonus.
- Crypto gambling bonuses can be especially generous, which is one of the main advantages of using crypto over fiat currencies for online gambling.
- However, almost all casino bonus offers are subject to strict wagering requirements that ensure you can’t just walk away with the bonus. You have to use it at the crypto gambling platform.
- Make sure to carefully read the terms and conditions of any bonus offer before collecting it. Pay attention to details such as wagering requirements and contributions, time limits, deposit minimums and maximums, and game/payment/currency restrictions.
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Payment Terms
Different crypto gambling platforms offer different terms and services for payments. Picking the right site for your needs I not just about finding a reputable bookmaker – it’s about finding the one that matches your needs best.
For starters, different crypto betting sites accept different currencies. While Bitcoin, BCH, and Ethereum are pretty much ubiquitous, other cryptos aren’t.
Note that some sites only nominally accept certain currencies, but actually end up converting all your deposits into BTC or fiat. As such, you should make sure that your deposits or withdrawals aren’t subject to undue conversion or processing fees.
Also, pay attention to withdrawal processing times on different platforms. Although crypto payments tend to be quick, the gambling operator itself may require some time to verify the withdrawal request.
Many online gambling sites also have minimum and maximum amounts for both deposits and withdrawals, which aren’t always the same for all payment methods and currencies. Make sure to find a platform that can accommodate your planned gambling budget.
- Make sure that your platform of choice fully processes deposits, bets, and withdrawals in your chosen currency to avoid unnecessary fees.
- Note that some bonuses and promotions are restricted from certain currencies or payment options. If you’re planning to collect a bonus, ensure that the crypto you’re using is eligible.
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Responsible Gaming
The importance of responsible gambling should not be understated. Remember that crypto gambling is still gambling, which means it carries certain risks.
Never bet more than you’re willing to lose. Set up a gambling budget before every session, and never risk any money that’s not part of that budget. Carefully monitor how much time and money you’re spending on gambling to ensure you’re spending responsibly.
These are just a few common tips, but our point is that you should treat gambling as entertainment, and crypto gambling as merely a convenient way to access that entertainment.
Conclusion
A common piece of advice to anyone entering the crypto world is to carefully weigh every decision. There is no ‘undo’ button with crypto payments – once you send the money, it’s gone.
That’s why newbies should be extra careful with crypto gambling. While it’s not inherently more risky than any other form of gambling, you should still consider its special characteristics.
The main takeaway from our article is that you should take the time to study a gambling platform before signing up. Carefully read the terms and conditions. Familiarize yourself with the platform’s rules and requirements. Ensure that the company behind it is legitimate, transparent, and fair with its customers.
If you do your due diligence, though, crypto gambling can be incredibly rewarding and one of the best ways to access real-money bets over the internet.
