Author: Sebastian Scheplitz
Legend has it that the first cryptocurrency – namely Bitcoin – was born deep within the bowels of a blue-light heavy basement somewhere in Japan.
Going by the name of Satoshi Nakamoto, the brainchild of the world’s greatest financial revolution since the invention of chocolate coins is as mysterious as he is fascinating.
Whether Satoshi Nakamoto actually exists, either as a pseudonymous individual or a group of fintech mutineers, remains to be seen.
Although, what we do know is that Bitcoin and its cryptocurrency cousins are changing the financial world, making traditional tender – known as fiat currency – look as old-fashioned as lace doilies.
Gambling with Bitcoin was a natural development of the cryptocurrency revolution. It paved the way for a flood of crypto casinos and gambling with cryptocurrencies, including the following:
What is Crypto Gambling?
Before we answer this question, why not set aside a couple of minutes for this short explainer video?
Now that you’ve watched this video, let’s get started!
Gambling with cryptocurrencies, as one might have guessed, is the activity of using a cryptocurrency to wager on outcomes of traditional casino table games such as baccarat, roulette, blackjack, poker, or sports.
While some casinos such as BitStarz solely accept bitcoin, other crypto casinos allow deposits from a wider range of cryptocurrencies.
Meat-and-potatoes casino games aside, crypto casinos also offer up original game variants such as dice games and exclusive slot releases, usually absent from most fiat currency-accepting casinos.
Not only have cryptos changed the face of online casino payment, but the best crypto gambling sites have succeeded in transforming the games we play, paving the way for a modernized online gambling environment.
How to Gamble with Cryptocurrencies
Less complicated than many believe, initiating a crypto casino adventure is easier than you may think.
Follow these simple steps and you’ll be ready to embark, fully prepared, on your crypto casino quest.
1. Establish Your Crypto Wallet
Your crypto wallet is much the same as a conventional wallet but with less chance of it slipping out of your back pocket in a cinema.
A cryptocurrency wallet is a secure location that allows users to store and retrieve their digital assets. There are dozens of crypto wallets on the market – simply register with your wallet of choice and you’ll be allocated a digital address applicable to your account.
2. Purchase Cryptos
Once you’re the proud owner of your very own crypto wallet, simply log in and purchase your crypto of choice using a traditional payment method.
Bitcoin remains the most popular crypto on the market but is by no means the only viable crypto for gambling. Do a bit of window shopping and find which crypto works best for you, and is, of course, accepted by your chosen casino.
Crypto casinos are regarded as one of the best online casino payment methods worldwide.
3. Choose a Crypto-facing Casino
The casino you choose will depend on which crypto you decided to purchase, or vice-versa. Choosing a crypto casino has many advantages which we’ll cover later in the article.
It is imperative that the crypto casino you choose accepts your crypto, hosts the games you wish to play, and offers suitable promotions with an acceptable wagering requirement.
4. Deposit Funds
A simple process, depositing with cryptos is as easy (sometimes easier) than depositing with traditional payment methods.
Your first point of call should be your account page. Check out the crypto options. Once you’ve settled on a cryptocurrency, you’ll be provided with the wallet address of your casino. Enter the address into your crypto wallet and select the amount of funds you wish to transfer.
And in just a few seconds, your account will be funded, displaying your appropriate balance. Bear in mind that your balance may be converted to EUR/GBP/USD etc., depending on which crypto operator you have chosen.
5. Select a Game
Here comes the boom! From the virtual casino lobby, take a careful look at what games are up for grabs, their RTPs, and what wager level is suitable for you.
Always take a look at the game rules and payouts as these may differ from regular casino games, sometimes with a more favorable RTP than fiat-based casino operators.
6. Withdraw Your Cryptos
Now, as an old hand on how to gamble with cryptocurrencies, you’re probably wondering how exactly to withdraw any potential winnings.
Similar to deposits, head to your account section and hit ‘Withdraw’. You’ll be required to enter the amount you wish to withdraw and the crypto you wish to withdraw in. An on-site prompt will request that you enter your wallet address, and once that’s been inputted, your withdrawal request will begin to be processed.
As with fiat-facing casinos, due diligence checks are in place to ensure that your withdrawal funds are fair, comply with anti-money laundering policy, and counterterrorism checks. Not only relevant to crypto withdrawals, these checks take place across the board from each and every casino.
Crypto Casinos: Facts and Figures
Let’s get down with some cold, hard iGaming crypto facts:
- $150,000,000 – the value of cryptocurrencies created specifically for crypto casinos
- $3,000,000 – the figure traded daily across crypto casino-specific coins
- $WIN – the most valuable crypto by market capitalization, as accepted by WINk casino
- 30,000 – the number of players engaging in crypto gambling, weekly
The Best Crypto Gambling Sites
Crypto casinos don’t begin and end with Bitcoin and gambling. Dozens of sites, all with their own unique design, promotions, and, most importantly, varying acceptance of cryptos are dominating the market, and with good reason.
Crypto casinos offer not only advanced security and privacy benefits but also promotions that you won’t find at casinos accepting traditional payment methods.
Here’s a definitive list of the biggest casino providers accepting cryptocurrencies:
- Red Dog (Bitcoin-optimized)
- BitStarz (great selection of promotions)
- CafeCasino (superb live casino vertical)
- Ignition (top dog for poker players)
- Fortune Jack (host of unique crypto games)
- CloudBet (the ideal choice for players within the EU)
- Bovada (top Bitcoin-accepting site ideal for sports betting)
- 7Bit Casino (main choice for Ethereum and Litecoin users)
Crypto casino competitors are blossoming and these are just the tip of the crypto casino iceberg. With new crypto casinos opening monthly, the future of players shunning traditional payment methods is growing exponentially.
Why Choose a Crypto Casino?
As the saying goes: “If it ain’t broke, don’t fix it”. So, why opt for a crypto casino at all?
Aside from taking control away from the banks that have been operating much to the everyman’s detriment for decades, there are a whole bunch of reasons to choose crypto casinos.
A fantastic choice for both players and operators vying for a juicy slice of the crypto gambling pie, crypto casinos come with the following benefits set deep within their DNA:
- Extra Security
- Higher-Value Bonuses
- Increased Privacy
- Better Bonus Terms
- Faster Payment Processing
- Unique Game Selection
While inevitably, there will be the odd shady operator lurking in the shadows, so do your homework and research your chosen crypto casino. If you spot any red flags, run a mile.
FAQs About Crypto Gambling
💭 Is Crypto Gambling Legal?
As crypto casinos are relatively still in their infancy, the legality of crypto gambling is still a bit of a gray area. With no centralized regulator, crypto gambling is neither officially prohibited nor legit.
While the legal limbo of crypto gambling may deter some players, there are a host of legitimate, trustworthy operators in the market.
💭 Who Licenses Crypto Casinos?
The majority of crypto operators obtain their licenses from the Curaçao Gambling Authority.
💭 Can Cryptocurrencies Last Forever?
Unless someone pulls the plug on the internet, yes. Cryptocurrencies, being a digital currency, require the internet to function.
While in today’s world, cryptos continue to flourish, 100 years from now the landscape of cryptocurrencies, and the internet, maybe a completely different beast from the digital world we know today.
💭 Can I Offer Crypto as a Payment Method for My Online Casino?
If your casino holds a Curaçao Gambling Authority license, you’re good to go.
Should you be regulated by the Malta Gaming Authority or UK Gambling Commission, it could be a bit of a bumpy ride integrating cryptocurrencies into your existing payment methods.
Mainly due to the fact that proof of funds is harder to trace, on paper, yes, you could indeed offer cryptos as a payment method for your online casino, but it’s not going to be a legislative walk in the park.
While still mainly unregulated, most cryptocurrency casinos are trustworthy operators and offer superb platforms for players with excellent promotions to match.
Many players have enjoyed crypto gambling for years without even a slight hiccup or hindrance in regards to their gaming experience.
More than ever, we’re living in an increasingly global society and wising up to alternative commercial options, including those offered up by decentralized cryptocurrencies.
Success stories of crypto casinos abound, not only providing players with the options of how they deposit but also offering some of the absolute best in customer service.
Progressive by definition, crypto casinos are the future of iGaming.
How did you like Sebastian Scheplitz’s blog post “Coining it: Crypto Gambling”? Let us know in the comments if you have anything to add, have another content idea for iGaming blog posts, or just want to say “hello.” 🙂