Crypto gaming has undeniably captured the attention of many in the past five years. However, the influx of flashy crypto casinos, each making grand promises, can make it overwhelming to navigate this expanding landscape. How does one even begin to make sense of it all? What if someone chooses the wrong cryptocurrency or falls victim to a dubious crypto casino?
Besides that, crypto is volatile in nature which also brings another layer of doubt to players. That’s why most players are still struggling with the transition from regular online casinos to crypto casinos. In the US, the online casino market is projected to reach $7.65 billion in 2024, and grow at a compound annual growth rate of 7.64%.
Crypto casinos contribute to the stats, however, not that much. With crypto adoption in the US at 13%, which is lower than the global average of 15%, you’ll see that crypto casinos still have a long way to go. State-specific casinos like NJ online casinos are what’s popular at the moment, but even them are slowly including crypto as a payment method.
Should you give crypto casinos a try? It’s undeniable that crypto gaming sites have more perks than traditional casinos, and players can enjoy anonymity, provably fair games, low transaction fees and high deposit/withdrawal limits.
However, crypto casinos require caution, and that’s why this article focuses on things you should know before playing at crypto casinos.
Security, Licensing, and Provably Fair Games
As a casino player, you’ve likely heard that crypto casinos often boast more robust security and provable fairness than traditional internet casinos. But hold your horses; this doesn’t imply safety is guaranteed across the crypto gambling board. It’s far from it.
The crypto space remains highly unregulated, meaning among the legitimate operators, there are plenty of shady ones masquerading as proper casinos when, in reality, they are scams.
So, how does one avoid such sites? Licensing and security certifications are the best indicators. But again, not all licenses are created equal.
A handful of major regulatory bodies like the Malta Gaming Authority, UK Gambling Commission, Curacao eGaming, and others review casinos on fairness, security measures, ownership identification, player fund segregation, and more. If a site meets these strict requirements, it will certainly receive an official certification.
Even with licenses, though, it’s crucial to verify the security measures of casinos. Look for features such as SSL data encryption, crypto cold storage procedures, prompt customer service, and two-step verification.
Also, consider whether they have systems that cryptographically prove game fairness. Casinos that meet all these requirements can easily be included in the safe crypto casino list.
Which Crypto Coins are Accepted
When scoping out a prospective crypto casino, determining its accepted currencies should be step one, before bonuses, game variety, or anything else. Oddly enough, crypto gaming sites today still trap players by claiming all crypto coins are supported when they actually only take BTC.
So, the rule of thumb in the gaming industry is that any legitimate crypto casino must accept at least three digital assets. Though the best sites support five or more.
Fulfilling this requirement ensures users have the flexibility to wager with not just Bitcoin but also other coins like Ethereum, Binance Coin, and Cardano. After all, why should a casino limit itself to one cryptocurrency when diversification could better suit a player’s preferences?
Additionally, expanding beyond Bitcoin indicates a crypto casino keeps pace with blockchain advancements to provide options if users don’t prefer a certain coin. Progressive sites even allow players to switch currencies easily in their casino accounts.
Still, many users stick to established coins like BTC along with Tether or USDC stablecoins because of their proven security and value stability. Other reputable crypto coins like Solana or Dash offer exciting alternatives for players to use in gaming.
Do Their Bonuses & Promotions Meet Your Expectations?
Let’s be honest, bonuses most likely lured most players into first trying a crypto casino. Massive match deposits, free spins, and cashback offers seem deliberately engineered to attract new users to a casino. And the truth is they work!
However, the fact of the matter is that crypto gaming sites aren’t running charities. The house will always profit from comp perks in the long run. Therefore, players should look beyond attractive marketing to find true value in the bonuses and promotions they receive.
Understanding casino regulations is essential to avoid falling victim to unregulated gambling platforms that may arbitrarily create bonus and promotion rules that don’t benefit players.
For example, a Bitcoin casino offering a 500% deposit match up to 1 BTC may initially seem appealing. However, the requirement to bet 40x the bonus value before withdrawing any winnings can quickly devalue the offer and make players shy away from it.
But, playing at licensed crypto casinos, with stringent regulations regarding bonus conditions and promotions, will help you avoid comp perks that won’t benefit you in the long run. Overall, managing players’ expectations about casino promotions and bonuses is of utmost importance.
Give Crypto Casinos A Try
Navigating the emerging world of crypto casinos requires careful scrutiny by players. Despite its potential, only gambling sites that prioritize security, fairness, and customer value will endure. As the industry evolves, it’s safest to stick with licensed platforms that are transparent about ownership, offer provable outcomes, and offer reasonable bonuses. While Bitcoin dominates, casinos adopting new blockchain protocols and features will likely succeed.