The Rise of Crypto Casinos: What You Need to Know

Published: 18.07.2023

While online gambling is always rapidly changing in growing, no recent innovation has been quite as impactful as the rise of crypto casino sites. Cryptocurrency gambling has swept the online casino landscape, creating entirely new business models, venues, and opportunities. The crypto revolution offers a wholly fresh way to gamble online while maintaining complete anonymity.

So are crypto casinos, how did they come to prominence, and what should you know before risking your money? CasinoPaymentOptions is here to answer all of your questions – and more!

What Are Crypto Casinos?

Let’s start with the basics.

Crypto casinos are online gambling sites that allow users to use cryptocurrencies to bet. From the outside, there’s not much more to be said. If you’re familiar with how online casinos work in general, you’ll understand crypto casinos as well. Such sites simply allow you to deposit a cryptocurrency into it, use it for wagering, and then withdraw any potential winnings. In most cases, no fiat money is needed – at least not before you want to convert it.

If you’re looking for examples of great crypto casinos, you can find them on this page. It contains our list of the best options, all of which have been fully reviewed and vetted by the CasinoPaymentOptions team.

However, it is important to understand that the choice of accepting cryptocurrencies can be very significant for a betting site. It influences everything from its payment processing policies to KYC verification, country restrictions, and so on. Only a few of these are relevant to us, though, and we’ll list them below.

Things to Keep in Mind About Crypto Casinos

In many legal frameworks, crypto casinos are not regarded as classic gambling venues. That’s mostly because cryptocurrencies are generally not regarded as money in the classic sense. Anyway, this means that you can register and play from anywhere in the world. This fact is often used to sidestep country restrictions and local gambling laws.
Furthermore, transactions are completely anonymous with no central institution in control. If you play your cards right, you can gamble online completely anonymously.
Thanks to blockchain technology, this type of payment is famously fast and affordable. Almost all transactions are instant – even withdrawals. This means crypto casinos are some of the fastest-paying betting sites out there. Fees are typically negligible as far as the payments themselves are concerned.
Casinos cannot act as wallets. This means that you’ll need a crypto wallet – a place to deposit from and withdraw to. Most players will also need an exchange – a place to convert fiat money into crypto, and vice-versa. Thankfully, many wallets can do both.

Other features of such sites are typically “behind the scenes.” In other words, there are many challenges with setting up a crypto gaming venue, but very few of these will affect you directly as a customer.

As for what cryptocurrencies are and how the whole blockchain thing works, such topics are way beyond the scope of this article. However, you should understand that it’s a very recent technology. New breakthroughs and advancements happen all the time and the crypto gaming scene may end up looking a lot different just a few years down the line.

Which Cryptocurrencies Can I Gamble With?

Long story short, dozens of currencies are accepted by most major crypto casino sites. You can pretty much use every major coin and token out there to wager, and even many mid-sized ones. As soon as a certain currency starts picking up steam, you can almost be sure that casinos are taking note. Pretty soon it starts popping up as a common payment option in many casinos.

However, relatively accessible and well-known cryptos take centre stage. Bitcoin casinos are the most widespread and popular, but they’re far from being the only option.

Some examples of cryptocurrencies used in online casinos include:

Each of these is a viable option, and all of them come with a certain set of pros and cons. As such, there is really no such thing as the “best crypto to use in casinos.” If you’re trying to decide on a currency, you should first identify your priorities and go on from there.

If you want a complete breakdown of cryptocurrencies as a casino payment option and a list of the best options, check out this page. It also contains a lot of useful information for those looking to start gambling with crypto.

Are Crypto Casinos Legal?

Yes, if owning cryptocurrencies is legal in your country of residence, then so is using them to gamble. In fact, most gambling laws and regulations around the world don’t even consider cryptocurrencies. This means that the venues themselves are in a sort of legal grey area, which has problems of its own.

For one, you can use pretty much any site in the world with no regard for country restrictions. Since crypto payments are anonymous, you can technically play without ever revealing your identity. This fact has been widely used to sidestep restrictive laws. For instance, online gambling is unfeasible in most US states due to strict regulations on transfers of gambling proceeds. The decentralized nature of crypto means that deposits and withdrawals are not easily controlled.

However, trustworthy crypto casinos are still licensed gambling companies. To obtain a remote gaming license, a company typically has to keep track of its users to prevent underage gambling, money laundering, and other such issues. That’s why you’ll still have to provide personal information to the operator.

Conclusion

Crypto casinos rapidly grew in popularity because they’re a cheap and extremely convenient alternative to typically online payments. However, they’re still plagued by many issues that have been tied to cryptos since their inception.

For instance, setting up a wallet, exchanging, and understanding the nature of crypto is still relatively complicated for an everyday user. To many, it may simply seem like an unnecessary complication.

Moreover, the blockchain is still a relatively fresh technology. Not even Bitcoin can claim to be as useful or widespread as the trusty old dollar. This further brings up problems such as the fact that most crypto is only really used for highly specific purposes (gambling included.)

However, the list of pros outweighs the list of cons for many people. Now that you’re informed, you can make your own choice and pick your next online casino payment option.