These days, Bitcoin is absolutely everywhere. People around the world are increasingly using cryptocurrencies and Bitcoin is undoubtedly the most popular of them all.
Now, there are the common Bitcoin uses, like waiting for its price to go up to sell it at a profit or buying goods and services with it. Newer and more interesting uses have surfaced, though, and Bitcoin gambling is definitely one of them.
Gambling as a concept has existed for hundreds of years and for as long as humans have had resources to bargain with, they have gambled. Now that Bitcoin is becoming a normal part of the financial landscape, Bitcoin casinos are bonafide establishments.
Not only do Bitcoin gambling sites allow people to potentially win the most valuable cryptocurrency in the world but they are also easy to use. In fact, one could argue that Bitcoin casinos come with plenty of advantages over traditional casinos.
But amidst all the excitement is the question of whether Bitcoin gambling is legal. After all, the legal status of cryptocurrency as a whole is complicated and this extends to Bitcoin gambling, leaving the average Bitcoin lover confused.
Not to worry! We’re here to break it all down and clarify once and for all whether or not Bitcoin gambling is legal in this helpful article that will also touch on:
- 3 Benefits of Gambling With Bitcoin
- 8 Things to Consider When Picking a Bitcoin Gambling Website
- How We Rated the Best Bitcoin Gambling Websites
And much more!
Is Bitcoin Gambling Legal?
One of the biggest questions for gambling lovers is whether or not Bitcoin gambling is legal.
The answer to this question varies based on where you live and depends on two things, which are the legal status of crypto and online gambling in each country.
If both cryptocurrencies and online gambling are legally recognized by a country’s government, then people in that country can legally gamble with cryptocurrency.
If one or both are illegal, then Bitcoin gambling will also be illegal in said county.
3 Benefits of Gambling With Bitcoin
There is a good reason why many people are so drawn to Bitcoin gambling. This cryptocurrency offers several advantages, from financial benefits to flexibility.
Here are the top three:
- More Profit: The value of cryptocurrency fluctuates quite often and so when you bet with Bitcoin, you could potentially win on both ends. For example, if you bet $1 and won $2, the value of your winnings is unlikely to change. If you bet 1 BTC and won 2 BTC, on the other hand, the value of the token might have increased and you would have made even more profit.
- More Privacy: One of the reasons why cryptocurrency is so loved is that it allows you to conduct all your financial affairs with privacy. When you set up a traditional bank account, you have to provide sensitive information like your government ID and your home address. Bitcoin wallets, on the other hand, can be created without any of these. This means you can bet with bitcoin while completely maintaining your privacy.
- More Control: Cryptocurrency, by its very nature, is decentralized. This means that no single person or company controls a blockchain network that supports a cryptocurrency. In simple terms, this means that no one can block, freeze, or restrict your Bitcoin wallet, not even the wallet provider in most cases. This offers an unprecedented level of control for those who bet with Bitcoin.
10+ Best Bitcoin Gambling Websites
8 Things to Consider When Picking a Bitcoin Gambling Website
Ready to pick a Bitcoin gambling site? Of course you are!
But you also want to pick the best Bitcoin gambling site possible. How do you go about finding this golden website? Start by keeping the following things in mind:
#1. Restricted Countries
The Bitcoin betting sites that you can use depend on the ones that are licensed to operate in your country. This is why the first thing you should look into is whether or not a Bitcoin gambling site is available in your country.
This can be relatively easy.
First, go to the site URL and if you get a pop-up message – much like the ones YouTube displays when a video is restricted in your country – it means the site isn’t licensed where you live.
To be absolutely sure, go to the site’s FAQ and information page and look through its list of available countries. If your country is listed, you should be fine.
#2. Reputation and Trust
While experience is the best teacher, you don’t want to learn from experience that a Bitcoin gambling site is a bad one. Luckily, there is a way to avoid this; learning from other people’s experiences.
You can do this by finding the reputation of whatever Bitcoin gambling site you’re considering and how much it is trusted by users. Search any site you’re considering using on social media and on Bitcoin gambling Reddit subs. This should give you a pretty clear idea of people’s experiences.
You can also look them up on customer review sites and look at as many reviews as you can, both good and bad. The information you find should help you make your choice.
#3. Provably Fair
For as long as casinos have existed, there has been some level of distrust between them and their patrons. Is the casino playing their games fairly? Is the customer trying to rig the games in their favor? For a long time, this was seen as a necessary evil in the gambling process.
Now, it is less so for Bitcoin gambling sites – be they no-deposit Bitcoin casinos or high-roller Bitcoin casinos – because of Provably Fair software.
Probably Fair is a blockchain-based mechanism that independently confirms if the games an online casino is running are being done fairly. If you sign up with a Bitcoin gambling site that uses it, you can verify by yourself that you aren’t being cheated.
So, for your own peace of mind, consider Provably Fair when choosing Bitcoin gambling sites.
#4. Payout and Withdraw Speeds & Terms
While Bitcoin gambling sites are more popular than ever before, their practices aren’t always the same, especially when it comes to payouts. Some sites offer payouts to their customers in a few minutes and some payouts in days. The methods through which the sites pay players out are also different.
What this means is that when you choose a Bitcoin gambling site, you should keep your payout needs in mind. Can you afford to wait days to cash out your winnings? Do you need it instantly?
Keep these in mind and only choose a site that will give you a payout as fast you want it.
#5. Games available
When it comes to Bitcoin gambling, some people like to stick to a few classics while for others, variety is the spice of life. Depending on where you fall on the spectrum, some Bitcoin gambling sites might be better for you.
Look into the games that are available on each site you are considering. The best sites will offer Bitcoin slots, Bitcoin blackjack, Bitcoin poker, Bitcoin dice, Bitcoin roulette, and so on. Others might have only one or two.
Make sure that the games you want to play are available on whatever site you sign up on.
#6. VIP programs and Bonuses
Because more Bitcoin gambling sites are popping up every day, many of them are trying to stand out to customers. One of the ways they do this is through their VIP programs and bonuses. Many sites offer very high bonuses on first deposits or even every other week.
VIP programs also give amazing benefits like discounted games and free gifts. To get the best out of your Bitcoin betting experience, consider each site’s bonuses and VIP program to see which ones come with the most benefits.
There is nothing worse than a site where you deposit money unto being comprised. At the same time, one of the pitfalls of living in a digital world is that security breaches can and do happen.
This is why you need to keep the security setup of any Bitcoin gambling site you’re considering in mind. Find out if the site is encrypted and if they’ve ever suffered a security breach before. Also, find out what your rights are if a security breach does happen in terms of compensation.
#8. Customer service
Your customer service experience with a business is a major part of whether you will enjoy patronizing the business or not. This is particularly true for a Bitcoin gambling site. You don’t, for example, want to find yourself dealing with poor customer service if your payout is being delayed.
So, consider the customer service channels of the Bitcoin gambling sites you want to sign up with. Do they have emails and chatboxes? How soon do they respond to inquiries? Are they available 24/7? These are important things to consider before choosing a Bitcoin gambling site.
How We Rated the Best Bitcoin Gambling Websites
We’ve already given you our list of the best Bitcoin gambling sites but you might be wondering how we came up with the list. After all, what makes one site better than another?
We rated these sites by keeping the following factors in mind:
- Restricted Countries: We considered how many countries each casino was licensed in and ranked the ones with the most available countries higher than the others.
- Customer Service Channels: The more customer service channels a casino has and the faster they respond to inquiries, the more points they got.
- Security: The casinos that have higher-grade security measures like encryption or two-factor authentication were placed considerably higher on our list.
- VIP Programs and Bonuses: Some sites have better bonuses and benefits attached to their VIP programs than others, so we ranked them higher.
- Payout Speed: Sites that paid out users’ winnings faster were given a higher rank compared to the ones that were slower.
- Games Available: The sites that had a wider selection of games, like Bitcoin poker and Bitcoin slots, were prioritized over those that didn’t.
- Provably Fair: Who always put punters first, so we gave higher rankings to sites that use Provably Fair technology.
Bitcoin Gambling: Pros & Cons
So, you’re thinking of going into Bitcoin gambling but want to weigh your options first? You’re definitely right to do so.
Luckily, we’ve made a list of the many pros and cons of Bitcoin gambling.
- Potential Profit: Cryptocurrencies see their value change from time to time and this means that your tokens could be worth more after you bet with them than when you wager them.
- Faster Transfers: Compared to traditional fiat currency accounts, cryptocurrency transfers are much faster and often can be done much cheaper, as they have significantly lower fees.
- More Control: Because cryptocurrency is stored in decentralized wallets, you have complete control over your money. No one can freeze your account or restrict your activities.
- More Privacy: Cryptocurrency wallets can be opened without having to provide information like your government ID or address. This means you can use cryptocurrency to gamble in relative privacy. Similarly, some casinos don’t require you to provide personal information to sign up, which means you can play in total anonymity.
- Potential Loss: Bitcoin is volatile, which means its value can decrease just as easily as it can increase. This means you carry an added risk when betting with Bitcoin.
- Conversion Fees: Depending on where you want to spend your winnings, you might have to first convert them to fiat currency as not only businesses accept crypto as a form of payment. This typically attracts some conversion fees and might take some time.
- Limited Support: While Bitcoin is decentralized, meaning that you have more privacy and control, it also means you do not have much-centralized support. If there is an issue with your wallet or with a transaction, customer support can not help like it would if you were paying through a traditional bank account.
Bitcoin Gambling Sites FAQs
Do you still have questions about Bitcoin gambling sites? Not to worry! We’ve answered some of the most common questions about Bitcoin gambling here:
#1. Is Bitcoin Gambling Safe?
Yes, Bitcoin gambling is safe. As long as you follow all the rules of the site you use, secure your wallet, and double and triple-check your transactions, it is no less safe than traditional gambling.
#2. What Online Casinos Accept Bitcoin?
We’ve made a list of the top online casinos that accept bitcoin in this article. Other sites can be found on Google and Bitcoin gambling Reddit subs.
#3. How Can I Deposit Money on a Bitcoin Gambling Site?
This depends on the site that you use. Some sites allow direct transfers, some offer the option to buy crypto buying directly on the site, and everything in between.
#4. Can I Gamble With Bitcoin on my Phone?
If you sign up on a Bitcoin gambling site that has a mobile version or app, you sure can! All the Bitcoin sites on our list are mobile-friendly.
#5. What Is The Best Bitcoin Gambling Site?
The best Bitcoin gambling site is the one that meets all your playing needs. Our top Bitcoin gambling sites are listed above in this article.