There’s no industry that seems to be growing quite as quickly or successfully as the cryptocurrency niche with perhaps one exception; the online casino industry. And believe it or not, the two have become increasingly intertwined in recent years as gambling companies rush to take advantage of consumers’ collective interest in crypto.
In fact, such is the proliferation of online gambling websites now accepting cryptocurrencies that many run promotions in their bid to attract new customers. A look at the gambling websites promoting bitcoin casinos offering free spins shows us that there are quite a number of options available for the crypto-savvy gambler.
But while seasoned online gamblers may already understand the benefits of gambling with cryptocurrency, casual gamblers may find themselves asking the question—is it a good idea? Or to be more precise, is it safe?
Crypto casinos vs. those that accept crypto
Before we talk about safety and security, it’s important to note that when it comes to gambling with cryptocurrency, there are two types of casino.
First, there’s the online casino that allows users to gamble with the likes of Bitcoin or Ethereum. These casinos are true crypto casinos in that there are no regular (fiat) currency options and all wagers are made using the cryptocurrency that is in your casino account.
The second is the regular online casino where all wagers are made in pounds, euros, dollars, or whatever the fiat currency is for your location. However, these casinos will also accept deposits made in cryptocurrency or through third party payment processors that accept and process those deposits on its behalf. These deposits are then converted to fiat before any wagers can be made.
There are far fewer true crypto casinos than there are online casinos that accept crypto deposits. This is because while gamblers are starting to embrace cryptocurrency gambling, there are many that still prefer the stability of a fiat currency.
What about regulation?
Crypto-gambling laws and regulations vary from country-to-country.
The majority of online crypto casinos are regulated in the same manner as regular online casinos. This means that they are licensed by a recognised gaming authority such as the UK Gambling Commission or the Malta Gaming Authority.
That said, there are a number of crypto casinos available online that fly under the radar and are unregulated. While these anonymous casinos may have great gaming options and may even be trustworthy, the very fact that they are unlicensed should set alarm bells ringing.
These anonymous casinos are popular with some gamblers as they require no formal ID to play. Some don’t even require that you have an account registered on the platform. It’s truly anonymous, but this means that there’s no comeback for gamblers if they run into any issues. It’s also impossible for these kinds of casinos to verify the age of a gambler or check if they are on a gambling exclusion list.
This is why it’s always a good idea to check that an online casino is licensed by a recognised gaming authority. If you’ve never heard of the gaming authority in question, do a little research to make sure that it exists and that it only issues licenses to reputable gambling companies.
What are the benefits to gambling with crypto?
With so many crypto casino options out there, you may be wondering why so many gamblers would choose to gamble with cryptocurrency. Well, there are many reasons, but here are the most notable.
As you may have guessed, the very nature of cryptocurrency transactions allows for a certain level of privacy that you simply can’t find with traditional online casinos. This is especially true of those anonymous casinos we mentioned earlier where no personal information is required to gamble. But even regulated crypto casinos also offer some privacy as funds do not need to go directly to your bank account when withdrawing.
Security is perhaps the most significant of these benefits and one of the main reasons that attracts gamblers to crypto casinos. Most of these casinos will only require a valid ID to open an account. This means that no banking information is stored on the casino’s database ensuring that even if the casino is hacked, your financial information is not at risk.
All transactions made using cryptocurrency are extremely fast. With traditional online payment options, it’s usually only the deposits that are instant. However, with crypto casinos your withdrawals are just as fast. No more waiting 4-7 days to spend your own money!
So is it a good idea?
Or as we said earlier—is it safe?
Once you choose an online casino that is licensed by a recognised gambling authority, you should have no trouble with gambling with cryptocurrency. Of course, there are always risks involved with any online money transfer, but, generally speaking, cryptocurrency transactions are about the safest payment methods out there.
It still may be worth checking out a few reviews to see if the online casino is up to scratch. After all, even regulated casinos can have issues with customer service. As with any online casino, do your homework first and make sure that you’re dealing with a reputable company.