Many people state that online casinos and cryptocurrency were created for each other as a perfect match. Online gambling is only partially regulated in many countries, and depositing with fiat currency is limited in many ways. On the other hand, cryptocurrencies are not considered real money (again, in most countries), so their usage is not really regulated, too. In other words, no one prevents people from gambling online if they deposit and bet in cryptocurrencies.
On the other hand, the very nature of the crypto money beast makes online gambling more convenient and seemingly safer. Transactions in digital currency are fast (often instant), totally anonymous, and at the same time, totally transparent. However, are bitcoin casinos really so beneficial?
The Hidden Pitfalls
On the surface, it seems that the combination of digital coins and online gambling is close to perfect, enhancing convenience and safety for the player. But there are three major pitfalls that many gamblers often ignore when considering cryptocurrency gambling.
The first catch is bonuses, especially those incredibly attractive promotions for new players. Many cryptocurrency casinos often prohibit Welcome bonuses for those players who deposit in cryptocurrency, because they want to keep their coins for themselves. While this seems unfair, in reality, this is a sign that the casino is realistic about its expectations, and is ready to pay only what they can afford (in other words, not promising a pie in the sky).
Other crypto casinos, on the contrary, offer lucrative Welcome bonuses to customers making deposits in cryptocurrency. The offers can be really generous, like 1 BTC and 50 Free Spins to every new customer. However, every bonus comes with a bunch of rules and limitations that decrease your chances of winning.
If you take a bonus on your crypto deposit, you will have to meet the bonus wagering requirements attached to the bonus. If your bonus is 1 BTC, and the wagering requirements is x30, you will have to wager 30 BTC in games, only to get the withdrawal function unlocked for you (if you are a new customer).
However, this is where your odds get decreased. Firstly, you will only be allowed to wager the bonus on specific games, and all of them are games of chance. This means you will not be able to play poker professionally, wager the bonus at the poker table, and win a fortune due to your skills and experience. No, you will have to painfully drag through playing slots, and hoping for luck.
Another limitation is limited maximum bet size. You will not be able to make three bets 10 BTC each, to wager though the bonus quickly. Instead, your maximum bet with an active bonus will be around 0.05 BTC. With such rules and limitations, few players actually manage to go through the bonus wagering and still win something, if at all, and withdraw the winnings.
If you do not meet the wagering requirements, the withdrawal function will not be unlocked for you. You will have to either continue to wager the bonus, or to remove the bonus, but all the winnings will also be removed automatically. If you violate the bonus rules, your bonus and winnings will be forfeited by the casino. If you have managed to win some coins, enough to request withdrawal, you have to get your account verified, and your transaction should meet the minimum withdrawal limits allowed. Even if you do not take the bonus, you will have to meet the withdrawal requirements.
How to Increase the Odds
As it becomes clear, online casino gambling with crypto coins is not really easier, or indeed more beneficial, than usual real money gambling. In fact, in the majority of cases, one should avoid taking any bonuses at all, because this is one of the guaranteed ways to increase the odds of winning. Other ways to increase the odds are choosing the right casino, the right games, and the right rules.
Safe and Fair Casino
Whether you want to make real money bets in fiat currency or in digital currency, always opt for a secure, licensed, reliable, and reputable casino site that has all legal info about the platform, the owner, the license, additional certifications, and stuff like that in plain view on their homepage. Check how many banking options they offer for players depositing in crypto, how old is the platform, is it legal in your jurisdiction, etc.
Games are the reason why you visit online casinos in the first place – to have fun playing games, and win some cash as additional reward. So, look for online casinos that have lots of games (over 500 titles at least!). Moreover, if you want to deposit and bet with digital coins, pay attention whether there are special exclusive BTC games on the platform, or you will be allowed to play all games in the lobby. Also, please keep in mind that, on the majority of platforms, betting in BTC on table games, progressive jackpots, and Live Dealer Games is impossible.
Terms & Conditions
Terms and Conditions may seem the most boring read you have ever met in your life, but in fact these are the rules and conditions that will be applied to the money you deposit, bet, and withdraw at this casino site. From this perspective, this read should seem more engaging. Go through T&C carefully, because despite the casino being safe, secure, legal, and reliable, it may apply some rules that are not advantageous personally for you. For example, players from some countries may not be eligible for any bonuses at all; some games may not be available; banking options may be limited for your jurisdiction, etc. For example, players cannot access games by NYC.
Overall, online casino gambling for real money with digital currencies makes sense; it will be fun, and perhaps even profitable. However, utmost attention should be paid to choosing the platform for gambling, and the rules and conditions should be evaluated carefully.