How To Get Started With Bitcoin Gambling

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How To Get Started With Bitcoin Gambling

Although Bitcoin is a very popular cryptocurrency for trade and speculation, it is increasingly being used as a payment method for online casinos. As a result, Bitcoin Gambling has become possible, and you can use your cryptocurrency to play at numerous online casinos today.

What is Bitcoin Gambling?

A growing number of online casinos support Bitcoin gambling, which means that they allow players to deposit Bitcoin and sometimes other cryptocurrencies in their accounts. Most such casinos allow both cryptocurrencies and traditional, fiat currency, although there are a few which only support cryptocurrency.

Different online casinos are subject to different regulatory restrictions, and some, especially those which do not support fiat currencies, operate without licences. Players have the opportunity to use Bitcoin and other cryptocurrencies to bet on:

  • Casino games, such as video slots, table games, and scratch cards
  • Live casino games, including Blackjack, Roulette, and Baccarat
  • Sports, such as tennis, football, and basketball
  • eSports, such as Fortnite, CS:GO, and DOTA 2

How do Bitcoin Casinos Operate?

Bitcoin casinos operate in a very similar way to the more common online casinos which do not accept cryptocurrencies. Smaller operators tend to utilise white label software which they brand in their colours, while larger operators normally develop their own software and games. 

As with any reputable online casino, Bitcoin casinos offer fair games which are based on random number generating software. The general perception amongst players is that games which support cryptocurrency are, by their very nature, fair and independent of influence.

These players’ belief stems from blockchain, the underlying technology of these currencies. Nevertheless, other players are not convinced, so some Bitcoin casinos release their software algorithms for scrutiny.

Whichever way a Bitcoin casino decides to operate, the result is often shared amongst players online, through forums or reviews. For this and other reasons, Bitcoin casinos that hope to stay in business are very careful not to risk the possibility of creating doubt of any unfair advantage amongst their players.

What Kind of Bitcoin Gambling Platforms are There?

With the increase in popularity of Bitcoin gambling, you can find a variety of platforms available to you online. Bitcoin bookmakers, for example, allow you to bet on your favourite sport using one of several supported cryptocurrencies. More advanced casinos allow you to play games from the top software providers, such as NetEnt, Microgaming and Play’n GO, using digital currency instead of EUR or USD.

Dedicated poker rooms or platforms have also begun accepting cryptocurrency deposits. You will often find hybrid poker rooms, which means that they accept both fiat and cryptocurrencies. Nevertheless, there are also a few crypto-only poker rooms. Similarly, you will also find a hybrid or crypto-only bingo halls and scratchcard platforms.

The Pros and Cons of Bitcoin Gambling

pros and cons of bitcoin

Online gambling and cryptocurrencies share very similar concepts, and they, therefore, make a very good match. There are several advantages of Bitcoin gambling, both for players and casino operators. Some of these include:

  • Fast Transactions – Using cryptocurrency, such as Bitcoin, deposits and withdrawals are much faster than traditional payment methods.
  • Low Transaction Fees – Cryptocurrency transaction fees are extremely low, or sometimes free. This sometimes results in operators offering better odds or lower margins since they bear lower cashier costs.
  • Stay Anonymous – By using cryptocurrencies you do not need to provide any identification documents or go through lengthy KYC procedures. As a result, you can play at a Bitcoin casino irrespective of your country of residence.
  • Stay Safe – As long as you protect your Bitcoin wallet you don’t risk your account being hacked since you don’t need to provide the casino with your payment details, unlike when using fiat currency.

Apart from these and other positive aspects of Bitcoin gambling, you will also find a few negative sides which you should be aware of. These include:

  • Price Fluctuations – The price of cryptocurrencies varies, sometimes significantly, over a short period of time. This volatility means that you could sometimes lose from a change in the currency’s value.
  • Requires Experience – Before you begin using Bitcoin gambling sites you need some experience buying and managing cryptocurrencies. Fortunately, there are plenty of detailed cryptocurrency guides to help you get this knowledge.

Why are Bitcoin Casinos Gaining Popularity?

One of the main reasons that Bitcoin casinos are gaining popularity worldwide is that they remove the barrier to entry for all players, irrespective of their country of nationality or residence. By remaining anonymous, players are able to make use of the casino’s offers and games, without needing to provide ID documentation, even when making withdrawals.

Payments and limits are other reasons behind the rise in popularity of such casinos. Paying with cryptocurrencies eliminates any deposit or withdrawal limits and transactions are usually free or priced very low.

Bitcoin Casinos Under Scrutiny

Traditional online casinos need a licence in order to operate in most parts of the world. These licences require casinos to carry out Know Your Customer (KYC) checks on their players and ensure that payments are not coming from illegitimate sources. Bitcoin casinos need not do any of these checks.

Due to their unique liberties, Bitcoin casinos are sometimes seen with suspicion over the fairness of their games. Since these casinos do not depend on any authority for a licence, they are often seen as a headache to monitor, especially on a global level.

Getting into The Legality of Bitcoin Gambling

The concerns mentioned earlier, as well as the very nature of Bitcoin transactions, it is officially illegal to operate such a casino in the US. Understandably, virtually all such operators are based and incorporated in countries outside of the US, even though they may count thousands of US players. This creates an unenforceable law, which authorities are seeking to tackle. The way forward in this situation is difficult to ascertain especially since both the operator and its players would be unlikely to cooperate with the authorities.

Bitcoin Casinos and their Impact on Bitcoin Transactions

Due to the anonymity of Bitcoin casino players and a lack of regulated operators, it is difficult to assess the true impact of these providers on Bitcoin transactions. However, industry experts have concluded, based on the limited information available, that the launch of a successful online Bitcoin casino is enough to boost the number of daily Bitcoin transactions upwards of 500%.

Therefore, while it is difficult to determine the exact impact, it is safe to assume that Bitcoin casinos have contributed to the steady growth in the number of cryptocurrency transactions over time.

Useful Tips for Gambling with Bitcoin

Generally, when gambling with Bitcoin, tips are similar to any other traditional platform. Always seek to use reputable online casinos, ideally ones that are licenced and can guarantee fair play through independent audits. Wherever possible, opt for casinos that reward you with promotions, and look out for special promotions which are exclusive to players using cryptocurrencies.

Due to the lower fees associated with cryptocurrencies, it may be possible to find casinos offering you a zero house edge or, in the case of a sportsbook, no betting margin. You should always try and choose these operators whenever possible.

Concluding Thoughts

The opportunities of Bitcoin gambling have only recently started to show, and this sector is poised to explode in the next few years. Although the industry has some teething issues to sort out, it has proven that it can offer a superior product to traditional online casinos, by offering a faster, cheaper, and easier solution.

Ultimately, it is always important to understand that playing at Bitcoin casinos is a form of entertainment, not an investment. As long as playing remains fun, using cryptocurrency is simply a more convenient way to enjoy it.

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