Crypto is The Best Payment Method for Online Casinos

In April, San Francisco-based consulting firm, Grand View Research, published a report claiming that the global online gambling market should reach a size of $127 billion by 2027, growing at an annual compound rate of 11.5%. The report stated that the industry should gain traction due to increased smartphone adoption, widespread internet penetration, the availability of cost-effective mobile applications, and the rising use of digital currencies.

Blockchain technology is making waves in the online gambling sphere, as demand for anonymous and fast money transfers is spiking, and gaming platforms have no choice but to embrace the crypto trend. While running Bitcoin casinos is illegal in the US, sites based outside of North America face no such restrictions, and they accept players from the US to play and transact on their sites. Thus, most such platforms accept players from numerous countries, making coin-based gambling globally available.

Online Casinos That Accept Crypto

In the past six years, crypto gambling sites have attained a certain degree of popularity, representing a growing chunk of the market. These platforms are now an industry driver. When someone uses the term crypto casino, they are mainly referring to a casino that only accepts cryptocurrencies and features proprietary provably fair titles. They cater to a niche audience that prefers to gamble on simple games of chance while maintaining their anonymity and staying within a community of like-minded players.

However, to draw in new demographics, popular betting sites have also added Bitcoin and other cryptos as available payment methods. Thus, these accept both digital and fiat currencies, and their game catalogs also focus on modern slots and live dealer tables. That said, just because, nowadays, more online casinos allow cryptocurrencies, that doesn’t mean that all of these sites are of the same quality.

The following are a few that industry experts believe rank among the best in the sphere. They all feature robust game offers and generous welcome bonuses:

• Las Atlantis
• El Royale Casino
• Super Slots
• BetOnline
• MYB Casino
• BigSpin Casino

You can find reviews of these crypto casinos on iGaming watch dog hubs.

Why Crypto is the Safest Method

Many believe that blockchain is the best payment solution for the online gambling industry, as hundreds of thousands of daily transactions get carried out between players and operators. As you are likely aware, using traditional methods stretches out money transfers. Up to a week. While with blockchain technology, the whole process happens faster in a hassle-free manner, to the benefit of both gamblers and operators.

Since a blockchain is a decentralized and often public digital ledger, no one has the power to take away your coins or freeze your account. There is no central regulatory authority that monitors and controls your transactions, and due to such absence, there are no gambling taxes to pay. No personal information gets attached to your digital wallet, and no one can know how you used your coins and for what purpose.

Some banks have policies that reject transfers from gambling websites. Thus, players whose funds are at such financial institutions cannot use their credit cards or wire transfer money to gamble online. Crypto payments go to a crypto exchange first, where fiat currency gets converted to cryptos, so banks cannot know the origin of the funds. Some of the best trading platforms include Coinbase, Cash App, Binance, and Bisq. Most gambling sites feature a link to Coinbase so that players who have no cryptos can either purchase some or convert their coins into a cryptocurrency that the site in question accepts. Coinbase is the most widely used cryptocurrency exchange in the United States, founded in 2012, and licensed to operate in over 40 US states.

Cryptos also are not subjected to M0/MB inflation. Meaning, their money reserve does not inflate, mainly because of its limited supply, which is why many investors compare them to gold. Fiat currencies risk losing value due to inflation or becoming worthless in the dire event of hyperinflation. So, the funds in player’s casino wallets can decrease in value, and big wins can mean less due to extraneous circumstances that transpire outside the gambling arena.

How to Deposit

Funding a casino account using cryptocurrencies follows a process that is similar to the one when using fiat money. Naturally, this occurs after you have already attained a crypto wallet and have funded it with coins. Then, after becoming a member at a specific gaming platform, to place digital money in your casino account, you must follow these steps:

1. Open the cashier tab inside your profile page.

2. Select the deposit option.

3. Pick your preferred crypto.

4. Copy the generated receiver ID.

5. Open your crypto wallet.

6. Paste the receiver ID and enter the desired deposit amount.

7. Click – Send.

8. Wait for the necessary number of network confirmations.

9. Check your casino wallet to see if the transfer has gone through.

10. If it has, play using your deposited funds.

Gambling sites rarely charge any deposit fees on their end. Though, you should always check the terms of your registered platform for any potential such charges before playing. Note that there will be a blockchain fee, depending on your chosen currency.

How to Withdraw

After you are done playing and have accumulated a nice chunk of coins, it may be time to withdraw your winnings. You can do so by following a similar procedure to when depositing funds:

1. Open the cashier tab inside the profile page.

2. Select the withdrawal option.

3. Pick your preferred crypto.

4. Open your crypto wallet and copy your wallet address.

5. Paste your wallet address in the withdrawal tab at your chosen casino.

6. Enter your desired amount.

7. Click – Withdrawal.

8. Wait for the necessary processing time to pass.

9. Check your crypto wallet to see if the transfer has gone through.

Note that many casinos let you select a priority processing option, which will unite you with your funds faster than the regular processing time while incurring a higher fee. Most gambling sites charge a fee for all crypto withdrawals. Depending on the transfer priority, you should get your funds somewhere between fifteen minutes to one hour.

However, you will likely have to go through a KYC (Know Your Customer) procedure before being able to take out funds from your casino account. A KYC procedure is an anti-money laundering measure that requires you to prove your identity by providing legal documentation before making your first withdrawal. In the past, most crypto casinos did not abide by anti-money laundering measures. Today, all license casinos follow such guidelines. Be aware that you’ll have to go through this process and that if you try to take out a substantial sum, you may even have to supply additional documentation.

Casino gambling has always been a hotly debated topic. Some find the novelty of using bitcoin transactions at online casinos challenging, but there is no doubt that their benefits are vast, and their advantages trump conventional methods. Operators appreciate cryptos because they are universal currencies that provide a faster time-to-market and do not involve third party regulation. Players enjoy them due to their high-speeds, anonymity, low-cost transactions, and the fact that they introduced the Provably Fair concept, which lets players verify the randomness of each game result themselves. Thus, their use will only continue to become even more widespread in the coming years.

Written by Shelly Schiff

Shelly is a professional writer specializing in the iGaming sector. Over the past decade, she has produced thousands of articles for multiple gambling websites and is well-versed in all facets of internet betting. Her preferred topics include writing about bingo, industry news, and crypto gambling. In her spare time, she enjoys watching movies, spending time with family, and cooking.