What are Crypto Casinos? All you need to know

Surely, you already know what a traditional casino is, right? It’s a place (physical or virtual) where you can go to play gambling games. And that means you can bet real money: if you win, you receive more money. But, if you lose, the bet amount goes to your opponent(s). Crypto casinos are not very different from that. The major difference is about the payment methods, in this case, mostly cryptocurrencies.

As in any other online casino, you can play through an electronic device and the Internet. It could be against the computer, “the house” (the casino operators), or other players worldwide. Let’s take a more detailed walkthrough of it.

How Crypto Casinos work

Crypto casinos are websites (or apps, sometimes) where you can sign up and start playing right away. As for the “crypto” part, the operators offer an in-house wallet to make your deposits and withdrawals. It’s not different from sending and receiving cryptocurrencies from (and to) an exchange, for example. However, they usually have strict rules for withdrawals, especially if bonuses are involved —we’ll be back here later.

Other than the payments, the internal functioning in crypto casinos doesn’t differ very much from online casinos in general. The fairness in “automatic” games (like slots played against the computer) is determined by the arbitrary instructions of a Pseudorandom Number Generator (PRNG) software. This digital tool uses algorithms to generate sequences of unpredictable numbers.

In addition, to assure that operators aren’t manipulating the software to their favor, they must obtain legal licenses, whenever they’re based in. This is the very first thing you should check when picking a crypto casino. If the brand is publicly regulated, it means the software is also externally audited —not unfairly manipulated.

There are also non-automatic activities, but that depends on the casino. In live dealer games, for instance, the process is all live. The operators have physical installations and staff on the other side of the camera. The results are determined by monitored real-life actions, offering a high level of randomness and trust. People can interact by using the chat feature, which enables instant communication with the croupiers and the other players.

Another option you can pick is Player vs Player (PvP) games. In this case, the house takes a rake from the winnings, but only the players are involved. In the end, the results will be determined entirely by the gamblers and their skill or their luck (in games of chance).

Bonuses and conditions

Some good news here: crypto casinos offer a lot of bonuses for players. Welcome bonuses are quite common, and may or may not be attached to your first deposits. Sometimes, you can start to play completely for free. On other occasions, they can offer you to match your first deposit, or even give you higher percentages for it.

Cashback or insurance is also a common benefit in online casinos. You won’t be the winner every time, so, you must be prepared for it. The casino can offer you back a percentage of all your previous losses in a determined period —such as a week or month. That percentage may vary considering your activity and gambled amounts, but it’s better than nothing, indeed.

Other common bonuses include referral rewards, loyalty points, token airdrops, and complimentary items (Comps) such as tournament entries, discounts, and free spins. Nevertheless, there’s something essential you must learn about all these prizes: they always come with terms and conditions. Usually, in the form of wagering requirements.

In most casinos, you should comply with a certain level of wagering before they allow you to cash out. For example, let’s say a casino offered you a 100% welcome bonus after your first deposit. But the catch is that the wagering requirements of your bonus are 20X. That means you should bet your bonus amount 20 times before you’ll be able to withdraw it along with your earnings. If the bonus was $100, the gambled amount to allow withdrawals would be $2,000 ($100×20).

The wagering requirements aren’t always so demanding. They could be more flexible, depending on the casino and the game involved. But you need to know that they’re common. You should read carefully the terms and conditions before playing.

Available games in crypto casinos

All the classic gambling games and even more are available for players worldwide in crypto casinos. Slots, cards, dices, roulettes, lotteries —you pick. A quite popular option you can play against the computer, the house (live dealer), or other players is poker. Although, we must warn you that this is a whole new world, full of numerous variants. Individual skill also plays a key role in this game, which isn’t fully of chance.   

The first thing you must do to play it (in general), is learn all the poker hands and their value. Once the game has started, every player receives five cards, and they begin rounds to discard them (or keep them). The goal is to gather the best possible hand, with the highest possible value. But you could also pretend to have a good hand to make the other players quit before the “showdown” —when everyone reveals their cards.

Those are the basics, but, as we mentioned before, there are a lot of variants. Texas Hold’em, Omaha, Stud, Draw Poker, Razz, and H.O.R.S.E. are popular in online casinos. Now, beyond poker, other card games include Baccarat, Blackjack (21), and Dou dizhu. If you prefer something more luck-based, all the slot variants, craps, and different roulettes can be your favorite options.

Regulations for crypto casinos

As you may guess, regulating crypto casinos can be difficult. They use cryptocurrencies as a payment method, which implies that gamblers worldwide can send them money almost anonymously. But that doesn’t mean they’re lawless. Operators must comply with the crypto regulations of the region or countries to which they offer their services. Besides, as we mentioned before, they also need to get a proper license for online casinos.

Players should totally avoid unlicensed casinos, and instead, choose brands internationally licensed from jurisdictions like Curacao and Malta. On the other hand, we can say that cryptocurrencies are banned in a few regions.

They’re fully legal in most of the world, with only nine countries being the exception (so far). The blacklist includes Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia. If you’re not there, then you can use cryptocurrencies safely. Even for bets.

Why crypto casinos?

Truth be told, cryptocurrencies provide a faster, cheaper, and more global payment method than traditional money. Online casinos using fiat may face challenges like high fees, slow transactions, delayed withdrawals, or even frozen assets. That’s all eliminated when using cryptomonnaies. Of course, depending on the coin involved.

Some crypto casinos only operate with Bitcoin (BTC), since they consider it the most reliable cryptocurrency. However, most of them receive multiple coins, including (but not limited to) Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), TRON (TRX), Tether (USDT), Cardano (ADA), and BNB. The fees and speeds will entirely depend on the blockchain network selected by the user.

Higher privacy, micro gambling, and even extra bonuses are other advantages that gamblers may enjoy when using cryptos. There are also drawbacks, though. Perhaps the main one will be the volatility: most cryptocurrencies may have wild price variations with short notice. The user will need to pay a lot of attention to those variations to keep their earnings in good shape. Other than this, crypto casinos can be a great alternative for most players.

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