Crypto Casino - Dos & Don’ts

Crypto casinos bring an exciting modern twist to gambling online. With the surge in popularity of cryptocurrencies in finance, eComm, online gaming, and gambling, the number of people adopting crypto is always on the rise. Even the US SEC is now approving crypto-based exchange traded-funds!

If we rewind to the emergence of crypto, when Bitcoin was still only worth around $1,000, online gaming and gambling sites were among the first to adopt cryptocurrency as a deposit and withdrawal option. Over the years, in sync with a rise in the number of cryptocurrencies, the overall crypto market cap, and the ever-increasing value of major digital currencies, more casino players are switching from fiat to crypto gambling. The online casino industry is also attracting a higher number of crypto enthusiasts who are new to gambling online.

However, gambling online using cryptocurrency doesn’t come without risks, especially if you don't understand how they work. Hence, this guide will walk you through the basics of crypto casinos, highlighting what to do and avoid with the ultimate goal of helping you have a safe, fun experience.

What Is Crypto?

While fiat currency is physical money, we use daily to transact, cryptocurrency is a non-tangible form of money in cyberspace. Cryptos are digital currencies secured through encryption (encoded data) and tracked on blockchain ecosystems using immutable records for every transaction.

The technology behind it makes cryptocurrency challenging to fake, and allows people to exchange it online without banks or governments involved. It also makes borderless transfers more accessible, as people using the same crypto are not bound by location.

Some famous examples you might have heard of are:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Tether (USDT) – price pinned to USD

The price of cryptocurrencies is driven by fundamental economic factors - supply, demand, scarcity, and market sentiment:

• Demand: When more people want to buy a cryptocurrency, its price rises as it fuels demand
• Market Sentiment: The mood of a crypto market sways with news, tech innovations, regulations, and economic forces. Also, speculation by investors or general crypto market trends play a role in the rise or fall in demand. This market sentiment can significantly impact prices
• Supply: Coins like Bitcoin have a fixed supply limit, making them scarce as the supply cap approaches. Unlimited supply coins or those with sudden large releases may see prices drop as supply increases
• Scarcity: Scarcity can drive up the price. Cryptocurrencies with programmed scarcity through fixed or slowing supplies tend to grow in value over time as availability shrinks. Some cryptos even burn tokens to decrease supply and increase scarcity

Many people use cryptocurrency because transaction fees are generally lower than credit cards, or eWallet services, like PayPal or Skrill. Crypto payments are also more private compared to using fiat currency. Overall, the anonymity and independence from traditional finance make cryptocurrency appealing to casino players, which has led to a rise in crypto casinos.

What Is A Crypto Casino?

A crypto casino operates like any other online casino, except players deposit, play, and withdraw funds in cryptocurrency instead of regular money.

Crypto gambling is popular in countries like the USA, Canada, the UK, Australia, and New Zealand; it is also popular in many Asian countries. However, you should note that crypto gambling sites in some of these countries are considered black market casinos. Yet, players from these countries still seek out crypto casinos. This is because online casinos cannot operate in these countries, or they offer a more diverse selection of games and better bonuses.

As for the most popular crypto casinos, most operate under the Curacao eGaming (CeG) licensing authority. Stake Casino is one of the leading platforms under this framework. In 2022, the casino won the EGR Operators ‘Crypto Operator’ of the Year award.

Other well-known crypto casinos include BitStarz, mBitcasino, and 888Starz. All three use the SOFTSWISS aggregator platform, which won ‘Crypto Company’ of the Year at the 2023 and 2024 International Gaming Awards.

Pros of Crypto Casinos

• Anonymity: Some crypto casinos do not require personal information. However, if you play at a licensed crypto casino, you must pass a KYC check. However, one of the pros is that crypto casino transactions do not show on your bank statements
• Fast Cashout: Once the casino approves your cashout request, crypto will usually arrive in your wallet faster than traditional methods like card or bank transfer withdrawals
• Provably Fair Algorithm: The Provably Fair Algorithm allows you to verify the results of your gaming sessions via the blockchain ecosystem of the crypto you gamble with. Fiat currencies use RNGs, which offer no way to verify fair results

Cons of Crypto Casinos

• Volatile Currency Value: If the value of crypto decreases versus your domestic currency, your bankroll is worth less. However, if it increases, the opposite is true
• Complexity: If you are not tech-savvy, the learning curve for crypto beginners can be complex
• Higher Risk of Scams: Unregulated crypto platforms and casinos increase the risk of losing your crypto bankroll

Crypto Casino Dos

Specific best practices will help protect your funds and privacy if you gamble online using cryptocurrency. Below is a helpful list of the dos and don’ts when playing at crypto casinos. As you will find out by reading each of these points, it is essential you follow them rigorously. We’ll cover licensing; if you decide not to, then, like many others have in the past, you could lose your crypto.

Do: Ensure You Play At A Reputable Crypto Casino

There is no shortage of crypto casinos with no licensing. They operate without oversight, making it easy for them to steal your money or data. With no licensing authority regulating their activity, they can withhold cashout requests, close your account after a big win, or transfer your crypto without consequences.

Unregulated casinos have also been known to create exact replicas of popular games. Some tech-savvy gurus who use the 'Provably Fair Algorithm' to check blockchain records, have made shocking discoveries. For example, some of these casinos have replicated well-known games, and set RTPs as low as 50%.

Before signing up, check the following points:

• Does the casino say it has an online gambling license?
• Check the license is not fake (some claim they have a license but don’t)
• Google the ‘casino name’, ‘reviews’ and/or ‘complaints’ to assess other players’ experiences

Do: Search For The Best Bonuses

Like regular online casinos, most crypto gambling sites offer promotional bonuses to attract new players and encourage loyalty for existing ones.

• New Player Bonuses: No-deposit or welcome bonuses are one-time deals that give you a bonus crypto balance and a chance to convert the bonus into real money
• Regular Bonuses: These bonuses are generally available daily, weekly or monthly. Reload bonuses, free spins, cashback on losses, and VIP loyalty programs
• Network Promotions: Network promotions are prize drops or leaderboard competitions provided to crypto casinos by software providers. They usually come with 0x wagering (cash prizes)

Tips before you sign up for a crypto casino because of its bonus deals:

• Check the bonus deals include cryptocurrency (many crypto casinos don’t)
• Always read the bonus T&Cs to avoid making bonus mistakes
• Choose casinos that offer the lowest wagering requirements
• Check which games are valid for crypto bonus bets

To find the best bonus deals, comb casino blogs, reviews, and forums to see the latest offers with the most reasonable wagering requirements. The idea is to find bonus deals with the best value for your money.

Do: Check The Casino's Games Offering

The casino’s game portfolio is where all the action happens, so checking the casino’s game portfolio firsthand is recommended. Most online casinos will allow you to browse the lobbies and play games for free to test the platform before you sign up.

Also, check that the casino hosts software providers with games that accept crypto bets, as not all game developers have built-in crypto betting into their games. If unsure, a crypto casino with at least 60+ software providers is the safest option. This should give you at least 3,000+ online slot games, many of which should accept crypto bets.

The same applies to live casino games. Evolution, Pragmatic Play Live, BetGames, Absolute Live Gaming, and Ezugi are the leading crypto-friendly live dealer brands. These providers offer diverse table game portfolios, while Evolution, BetGames, and Pragmatic Play also offer live game shows, bingo, and lotto games.

The more effort a crypto casino puts into offering an extensive casino game library, the better the overall gaming experience, as diversity is the key to keeping you entertained!

Crypto Casino Don'ts

On the other side of the coin, it is equally important to avoid some common crypto-gambling pitfalls. This section aims to give newbies to the crypto casino scene the most important don’ts. Please take note of each of these points, and you will avoid falling into traps laid out by ruthless con artists who operate within the crypto casino sphere. They are simple steps, and they will keep you safe!

Don't Use Illegal Crypto Casinos

The definition of an illegal crypto casino is slightly skewed, depending on how you look at it. There are two key examples.

• Casinos that operate under an iGaming license and accept players from countries they do not have licensing to operate in

Some casinos operating under a CeG license accept players from the UK, Australia, the USA, and some Asian countries. Technically, these casinos are considered safe to play at. However, these countries consider them illegal crypto casinos.

• The other definition of illegal crypto casinos is those without licensing

If a casino, whether fiat or crypto, does not operate with a license, then bypass it. You have no legal standing if you have a dispute with the casino despite its terms and conditions. Plus, you will usually find that these casinos have no address and, more often than not, no business name. With this lack of information, where would you begin to look to get your money back if the casino cheats you?

Don't Risk Playing At Unsafe Casinos

At first glance, a casino can seem ‘safe.’ However, once again, this comes down to licensing. If a casino does operate under a valid licensing authority, this should already set alarm bells ringing. Yet there are also other points to check.

• HTTPS: If a casino, licensed or not, does not have the HTTPS prefix at the beginning of the URL, your connection to the casino is not encrypted. This opens you up for a cyber-attack, and unencrypted casino connections are prime hunting grounds for hackers.
• Fake Privacy Policy: Anyone can copy a privacy policy and add it to their site to make it look legit. However, who is checking the casino is following these privacy rules. Your credit card information. Your personal information could be sold on places like the Dark Web. If you used credit card info, this could be sold too.

If a casino doesn't make security and fairness measures visible, you could risk losing money to data leaks. Plus, as mentioned in the section ‘Do play at casinos with an iGaming license,’ you could be playing rigged games.

Don't Forget To Check The Current Value Of Your Cryptocurrency

Unlike traditional currencies, cryptocurrency price fluctuations are highly volatile. Bitcoin can surge thousands of dollars in a short time frame and then crash just as fast.

There is one way to get around these price fluctuations. You can Tether, which you find at most cryptocurrency casinos as USDT. The price pins to the USD. Even if your domestic currency is not USD, the Forex price fluctuations are generally less volatile than crypto.

Therefore, while holding a crypto balance in an online gambling account, you should make sure to routinely check a crypto market tracker site to understand the current fiat cash value of what you hold. You can use the USD pairing or the cryptos pair value with your domestic currency.

Our Opinion on Crypto Casinos

Crypto casinos provide an exciting way for gambling enthusiasts, who understand cryptocurrency, to play online casino games. This is especially true if you gamble online anyway, and you are also investing in crypto. Maybe you are skeptical about the volatility of crypto, but you want to be in it - for fear of missing out on a surge – this is called FOMO.

Using a crypto casino is not a bad way to offset your risk of investment. If you set a monthly budget, and while your crypto is in play at the casino, it rises in value, then great. On the other hand, if it falls in value, then no harm, no foul. You already budgeted to lose that money gambling.

As for the downsides of crypto casinos, there are risks. The main one is jumping in without caution, which, for many, has led to lost money or the casino stealing valuable personal data. With cyber fraud, risks surround any online transactions, crypto or not. Therefore, the preventative measures mentioned in this ‘Crypto Casino Dos & Don'ts’ guide can help you safely navigate the world of crypto casinos and enjoy safe play with little disturbance from pesky cyber fraudsters!