Crypto gambling platforms are everything you have come to expect from traditional gambling sites, albeit with an unconventional business model, whereby users use digital assets like bitcoin to gamble. In other words, users get to gamble with crypto as opposed to fiat currencies utilized in conventional gambling sites. Owing to the proliferation of these solutions, it is safe to say that crypto is somewhat emerging as the obvious choice for the gambling world.
Why Is This So?
The main reason why crypto and bitcoin have become attractive to the gambling community is their ability to circumvent geo-restrictions. As such, it is possible to bypass strict regulations and oversight that a majority of countries are imposing on gambling activities by incorporating cryptos that avail anonymity.
Another factor propelling the crypto gambling conversation is the low transaction fee that has become synonymous with cryptocurrency. Therefore, users can ascertain that all gambling sites’ activities would incur transaction fees that wouldn’t hurt their earnings. Furthermore, gambling platforms that fully subscribe to the decentralization that blockchain implements can provide transparent ecosystems.
All these factors have come together to make cryptocurrency and bitcoin the ideal choice for gambling websites. However, these sites have incorporated crypto technology in various ways. It goes without saying that this has contributed to the influx of gambling platforms with varying levels of blockchain and crypto technology elements.
How Do You Gamble With Cryptocurrency?
Other than the use of crypto instead of fiat and the transparency that blockchain technology provides, there is nothing special about crypto gambling In essence, playing crypto casinos and betting games is not as complex as you think. The only difference is that you bet and win cryptocurrency.
The Types of Bitcoin or Crypto Gambling Website
We can classify crypto and bitcoin gambling sites into two major groups – the hybrid and the crypto-bitcoin-only gambling sites.
Hybrid Gambling Platforms
These are traditional online casinos, poker rooms, or bookmakers, which have gradually infused an element of cryptocurrency into its business model. In other words, the site supports both fiat currencies and digital assets.
As such, hybrid gambling operators have a well of experience to draw from as regards facilitating a viable gambling facility. While this is a given, it also means that users might have to undergo rigorous registration processes that are in line with the regulatory requirements governing the jurisdiction where the gambling operator is located.
Also, the untransparent business model that is often synonymous with conventional gambling services might come into play in a hybrid ecosystem, considering a majority of these entities just implemented one or two tweaks to adopt crypto or only bitcoin. Apart from these drawbacks, hybrid gambling websites are safe and straightforward, as the features and games are quite familiar and are not unnecessarily complex. A prominent example is crypto sports betting sites.
The Crypto-Only Gambling Ecosystem
Unlike hybrid gambling websites, crypto-only platforms adopt an unconventional approach to enable gambling infrastructures by supporting only cryptocurrencies. Hence, you have the liberty to bypass KYC procedures and make your gambling activities private. Sometimes these platforms incorporate all of the perks of blockchain technology, which means that decentralization could feature prominently in the setup of the games.
With this, crypto-only platforms have the right business model to build a trusting relationship with their customers. Furthermore, crypto-only platforms could either choose to stick with traditional gambling games or formulate new ones based on blockchain or crypto’s unique and innovative capacity.
However, there are drawbacks. Crypto-only gambling platforms are still lagging in terms of the quality of services and user experience. Also, since crypto-only gambling websites have little or no registration requirements, their users are prone to scams. Therefore, it is crucial to consider the perks and disadvantages of using both categories of gambling sites before choosing one.
Now that we have explained the core workings of crypto gambling platforms, as well as their classification, the next section will introduce you to some factors that could help you pick the right gambling site.
Is Crypto Betting Legal?
Due to the risks involved, It has become critical to investigate the legality of cryptocurrency gambling websites. Note that gambling on its own is a grey area in some regions. Therefore, when you add crypto to the equation, it becomes even harder to ignore the legal implications of such activities.
Notably, it is hard to restrict those online gambling websites that solely accept bitcoin and popular cryptocurrencies. The decision to restrict their payment system to borderless and censorship-resistant digital assets allows them to run a crypto gambling site that is globally available.
That said, we have come to discover that most crypto casinos often opt to locate their offices in countries or cities with friendly legal frameworks for gambling and cryptocurrencies. Nevertheless, these platforms do not take chances when it comes to their operations. Therefore, you most likely find that US and UK citizens and residents are often restricted from accessing crypto-focused gambling websites.
In contrast, hybrid platforms have to comply with high industry standards, especially if they intend to attract a global audience. Hence, you will have to verify your identity before or after registering on such websites. Likewise, you would likely undergo anti-money laundering checks whenever you make deposits or withdrawals.
And so, when it comes to the legality of crypto betting, you may have to focus on the legal standing of your country and the capability of the crypto betting website to meet its regulatory requirements. In other words, you should carry out due diligence before adopting a digital asset-focused gambling website.
Is Crypto Gambling Safe?
As mentioned earlier, gambling comes with its own set of risks. The first is that it is not easy to determine the fairness of conventional gambling games. Some illicit gambling service providers design their games in such a way that makes it difficult to win. In other cases, the gambling websites already know the outcome of games. And so, they can easily manipulate the system to their advantage.
This is where provably fair technology enters the fray. With the help of blockchain technology, it is possible to develop a transparent system for confirming the randomness of games. Crypto gambling sites are increasingly adopting this technique for their games. They even go as far as providing guides on how to confirm the fairness of games. So the next time you decide to play an online crypto casino game, ensure that it is provably fair. This feature guarantees that you are safe from all forms of manipulations.
Another pertinent issue you need to consider before opting for cryptocurrency gambling is security. Note that you have to deposit digital assets in your gambling account to play the featured games. When you do this, you have inadvertently subjected your funds to the security system of the gambling sites.
As such, the safety of your funds heavily depends on the security architecture of your chosen gambling platform. The security risks associated with this variant of gambling sites are even more pronounced when you consider that crypto platforms are increasingly being targeted by hackers.
Additionally, data theft is another threat you need to consider. This is most prevalent on platforms that store users’ data for KYC and AML checks.
How To Stay Safe On Cryptocurrency Gambling Websites
Now that you are aware of the security risks of using a crypto gambling site, it would interest you to know that there are measures you can take to limit the threats.
Opt for provably fair games: As discussed earlier, transparency is one of the core benefits of adopting crypto-focused gambling sites. However, do not assume that all gambling platforms that support crypto automatically provide verifiable and audible gaming systems. It is up to you to read the fine print, ask questions and confirm from the customer support team that such a feature exists. Furthermore, confirm that the website provides a simple-to-understand guide on how to check the fairness of games.
Activate two-factor authentication: You should only use gambling websites that provide a second layer of authentication. This feature allows the platform to reduce cases of unauthorized access stemming from stolen devices or identities. With two-factor authentication, you can implement an extra identity authentication process for sensitive actions like withdrawals and account login processes.
Deposit only the funds you need: It is advisable to treat your gambling wallet like an exchange wallet account. Therefore, you should always use them as a temporary crypto wallet. Do not deposit funds that you are not planning to bet on games immediately. This will protect you from significant losses in the event of a hack.
Withdraw winnings: There is no sense in accumulating your winnings on your gambling platform. Instead, it is best to withdraw winnings as soon as you scale the withdrawal limits. In light of this, you should take the time to understand the terms and conditions governing the withdrawals on your chosen crypto gambling site. It is unwise to opt for platforms with ridiculously high minimum withdrawal limits. It is even more critical to avoid those that set specific days of the week for processing withdrawals. When it comes to cryptocurrency gambling, swift and instant withdrawals should be guaranteed.
Choose privacy: Remember that we said that funds are not the only thing at stake. You can also lose your personal data during a security attack. Therefore, it is advantageous to choose crypto gambling sites that preserve the privacy of users. Platforms that fall under this category do not impose KYC or AML requirements. In essence, users are not susceptible to data leaks or thefts.
Online Casino Vs Sports Betting
Speaking of the bitcoin gambling sites, there are two variants of gambling systems popularly being used as templates for playing and winning rewards. The first variant is sports betting. With this, users can bet on the outcomes of sporting events like boxing, horse racing, greyhound racing, football games, virtual games, and so on. Some sites even go as far as allow users to bet on events that are not related to sports.
Here, the gambling site determines the odds that an event would occur and invites users to place bets on such odds. As such, you would have to wait for the event to play out to know the status of your bet.
On the other hand, an online casino delivers more gaming content predominantly centered around the gaming collection you will find in a brick-and-mortar casino. In essence, standard online casino games should include table games, poker, video slots, jackpots, and much more. The vastness of the gaming collection of an online casino is non-negotiable, especially if you intend to focus on casino games only.
As part of their player loyalty campaigns, online casinos often run daily, weekly, and monthly bonus and promotions programs. For instance, new users often receive welcome bonuses whenever they register or make their first deposits. In most cases, online casino bonuses are in the form of free spins, match deposit bonuses, or cash-backs.
Factors You Should Consider When Choosing A Crypto Gambling Site?
The Type of Cryptocurrency Gambling Site
We discussed extensively the two major types of crypto gambling platforms available. Also, we highlighted the perks and drawbacks of each, and we advised that you consider these facts to help narrow your research to a specific classification.
For one, if you are not a fan of KYC requirements, then it is obvious that hybrid crypto gambling platforms, which enforce KYC registration, are not suitable for you. Also, if you believe that fiat currencies could come in handy, at one point or the other, while gambling, you should, therefore, stick to hybrid websites. Once you have an idea of what to expect from a standard crypto gambling site, it becomes easier to streamline your search to a specific classification.
The Regulatory Standpoint of The Crypto Gambling site
For people leaning towards hybrid gambling platforms, it is crucial to determine the regulatory standpoint of the gambling operator. First, you ought to ask: Is bitcoin gambling legal in my country? It is imperative to note that a majority of countries have enacted laws governing the activities of gambling facilitators.
Moreover, the degree of strictness of such rules depends on the home country of the gambling operator. In most cases, these operators must seek approval from regulators and get licensed before they can run a legal gambling business. As such, we advise that you identify the authority that licensed the crypto gambling platform under review before adopting its services.
More importantly, seek out gambling platforms located in regions that are known to enact rules that protect users from scams and other security-related mishaps. On the other hand, there is a very low probability of finding crypto-only gambling platforms with licenses from reputable commissions. Nonetheless, it is also true that a majority of these entities are open-source projects, which, to an extent, establish the fairness of their games.
The Type of Games That the Platform Provides
After you must have verified the legality of the gambling platform, the next line of action is to explore the type of games it provides. You should check for the variety of options as regards gambling games available on the site. This is where you need to decide whether it is the services of a crypto online casino or crypto sports betting website that you require.
If it is online casino games you wish to play, ensure that it provides an array of games so that you do not have to open an account in other online casinos just to access more gaming options. For those opting for a bookmaker, it is critical to review the array of events or games you can bet on and their odds.
Better still, you can choose an online bitcoin casino with betting services for different sports is a prudent approach. Such platforms provide both casino and betting features.
The Quality of The Services
While it is good to verify that the platform under review can offer various gambling services, do not forget to confirm that the gambling operator provides quality services, regardless of the number of games it incorporates. Hence, it is better to stick to a platform that is proficient in one or two games instead of opting for one that has all the games but cannot guarantee top-notch services.
The Reputation of The Gambling Platform
A good reputation is paramount in the gambling world. Therefore, you ought to check the crypto gambling website’s track record. Ensure that it has never recorded security-related issues. And in case it had experienced security setbacks, ascertain that it handled such incidents competently. Also, you could research its stance in the global gambling community. Does the platform sponsor globally renowned competitions, or has a genuine way of giving back to the community?
User Experience, Mobile-Friendliness, And Responsive Interface
Gambling operators must not leave any stone unturned, as regards the provision of intuitive and responsive interfaces. In essence, users should find it effortless to navigate the cryptocurrency gambling site and have quick access to new updates. It will surprise you how much players lose as a result of a poor or slow interface.
Another important detail that you should consider is the availability of a mobile app. Also, ensure that a majority of the platform’s core features are accessible on the mobile version of the application. All these details would determine the gambling experience that the platform can offer. In other words, we advise that you review the user experience, mobile-friendliness, and design of the platform you are about to adopt. This you can do by simply visiting and touring the cryptocurrency gambling sites.
The Customer Support Culture
Gambling is an intense activity that evokes a lot of passion and emotions. Thus, it is common for aggrieved users to direct their frustration towards gambling operators. When this happens, the customer service culture of the crypto gambling platform would determine how it handles such situations.
You wouldn’t want to subscribe to an online gambling platform with poor feedback mechanisms or one that is notoriously known for leaving users in the dark. Here, the requirements for crypto gambling platforms are 24/7 customer support and a wide array of communication channels like live chats and email support.
The Traffic of The Website
Gaming platforms that offer betting exchanges and bitcoin poker rooms would require a level of traffic for it to work. Although this does not apply to most other gambling games, it does not hurt to take some time to research the average number of players that visit the website and how these statistics could affect your chances of winning. Besides, there are cases where having too many players in one game could reduce the frequency of your earnings.
The Bonuses and Promotions
It is common for gambling platforms to offer welcome bonuses, free spins and cash-backs that will keep users engaged even when they do not have enough funds to make bets. However, in most cases, these bonuses come with clauses that would eventually nullify their benefits.
For example, a cryptocurrency gambling website might put a condition that entails you to surpass a specific amount of earnings before you can cash out your bonuses. Hence, if you are all about the rewards and bonuses that are up for grabs when you subscribe to a crypto gambling platform or reach a milestone, then you ought to take the time to ensure that the offerings are worthwhile.
The Deposits and Withdrawals Conditions
This aspect of the crypto and BTC gambling model is a bit tricky, being that some adopt a wide array of payment options, while others stick to major cryptocurrencies. The former falls under the hybrid category, as they allow users to either deposit and withdraw their earnings using fiat currencies and conventional payment methods. On the other hand, the latter solely caters to crypto holders. Thus, it has no reason to support traditional payment methods.
Also, it is vital to determine how long it takes to withdraw funds. Although these bitcoin gambling sites have pending periods before withdrawals are authorized, there is no reason for them to hold on to earnings longer than is required. Likewise, ensure that the minimum withdrawal limit is not ridiculous.
Privacy-focused players often look to crypto gambling websites because of the anonymity they provide. Some of the core factors that such individuals look for are data encryption solutions and KYC-free registration processes. If you fall under this category, then you should confirm that the platform you are looking to adopt shares your privacy standards.
The Defense System Of The Website
Like every other crypto service out there, digital asset gambling platforms must implement standard security features. This argument stems from the unique security requirements of digital asset storage systems and the growing cases of crypto hacks. Therefore, you should verify the tenacity of the crypto gambling website before making deposits. Things to look out forward include two-factor authentication, sophisticated encryptions, and the measures taken by the platform to manage risks.
Having outlined some of the factors that could help you pick the right crypto gambling platform, the next section will introduce you to our list of top crypto gambling platforms and how we went about compiling the list.