If you’re involved in the world of cryptocurrency, you’ve probably heard a bit about crypto gambling. The last few years have seen the rise of crypto around the world and gambling is one of its many use cases.
Now, crypto betting sites are a bonafide part of the gambling sector and many more people are getting in on the action. But, while Crypto betting is certainly more popular these days, there is still come concern surrounding it.
One of the most common is whether crypto gambling is legal. This is mostly because of the concern about cryptocurrency’s own legal status. After all, for most of us, fiat currency is what we grew up with and are used to, so seeing a new type of digital currency is strange.
Not to mention, around the world, different countries have different attitudes towards cryptocurrency and this brings up the question of whether crypto gambling is legal at all.
Not to worry though – we’re here to clear up all your doubts and give a definitive answer. In this article, we will be going through:
- Is Crypto Gambling Legal
- 4 Benefits of Gambling with Crypto
- 12 Best Crypto Gambling Sites
- Crypto Gambling Pros & Cons
And much more!
Is Crypto Gambling Legal?
Whether crypto gambling is legal depends on two things and both are related to the country where you’re based.
The first part is whether online gambling is legal in your country. Not every country in the world allows gambling but if your country does, then crypto gambling might be legal depending on the second part.
The second part is whether or not cryptocurrency is legal in your country. In some countries where cryptocurrency is banned, crypto gambling would not be legal, even if gambling itself is. As such, both cryptocurrency and gambling need to be legal in your country for crypto gambling to be legal.
So, long story short, if both are, then crypto gambling will be legal. If one (or both) is not legal then cryptocurrency gambling will be illegal too.
4 Benefits of Gambling With Crypto
Millions of people around the world gamble with crypto, and for good reason. This new style of gambling has a lot of benefits, including:
- More Privacy: Traditional online gambling with fiat currency requires that you use a bank account or payment card. To even have those, you have to provide official documents like your government ID and proof of address, essentially giving up your privacy. With crypto casinos, you only need a cryptocurrency wallet to get started and you can get one of these completely anonymously. No government IDs, no utility bills, no proof of address. Just complete privacy.
- The Potential for Profit: If you bet $50 and win $100 at a regular casino, the value of your win is $50. When gambling with cryptocurrency, the tokens you bet might go up in value before you cash out. So, that initial $50 in crypto might just end up being $100 thanks to market fluctuation. Simply put, crypto betting can make you money in more ways than one.
- More Control over Funds: When you’re betting with fiat currency held by a traditional institution, you’re at the mercy of their rules. Your bank can put a withdrawal limit or freeze your account and you’d have to go through them to get back control of your funds. With a crypto wallet, there is no centralized control. This means you can move as much or as little money as you want in and out of your wallet at any time with no interference and maximum control.
- Faster Transfers: Depending on the crypto you use and its underlying network, you can transfer your funds to and from your account within seconds. Many crypto networks are known to move funds much faster than traditional financial institutions, which is a huge benefit of crypto gambling.
12 Best Crypto Gambling Websites
7 Things to Consider When Picking a Crypto Gambling Website
Your crypto gambling experience, whether it is with crypto slots, crypto blackjack, crypto roulette, and so on, will be much better if you choose the right gambling site.
This is because the site’s features, from the games themselves to the technical support, can make or break the experience.
But how do you know if you’re choosing the right crypto gambling site? Well, when choosing, keep these things in mind:
#1. Restricted Countries
As most of us know, websites are restricted by country, and not every online service works in every country. So, when choosing a crypto gambling site, make sure you find out what countries the site operates in.
This should be publicly available on the site’s Frequently Asked Questions (FAQ), Rules, or Information page. If your country is listed on the site, you should be able to use it. If not, look for a different crypto gambling site to use.
#2. Reputation and Trust
When it comes to businesses, reputation is everything and the good news is that a business’s reputation is easier to check than ever before thanks to the internet. Google the crypto gambling site you’re thinking of, search their name on online forums and look into Reddit’s crypto gambling subs.
Avoid crypto gambling sites with a poor reputation and find out the strengths and weaknesses of each site you are thinking of using. Overall, err on the side of caution and only use sites that have earned public trust.
#3. Provably fair
You can never be too safe when it comes to gambling on the Internet and Provably Fair is a great way to secure yourself. Provably Fair is a software that uses blockchain technology to verify the fairness of the games run by an online gambling site.
Crypto gambling sites that use Provably Fair will advertise this on their homepages. It goes without saying that you should prioritize them over other gambling sites. This is because if you’re using a site with Provably Fair technology, you can verify yourself that the games have been played fairly and that you haven’t been scammed, which adds a layer of security to your crypto betting.
#4. Payout and Withdraw Speeds & Terms
Long after you’ve completed your crypto gambling games, you want to be able to withdraw your winnings without any problem. If you sign up on a crypto gambling site that is slow to payout or can only payout in one or two ways, you’ll probably struggle in this area.
Before you sign up on any crypto gambling sites, much less deposit money on them, find out how fast they pay out their users’ funds (look through forums and on social media to find out other people’s experiences) and the methods that they payout in. Only sign up if their payout terms meet your needs.
#5. Games available
Do you have a preference for crypto poker? What about slots? You don’t want to have to go back and forth on different sites to play all the games you want. So, always keep in mind the game range of each site you’re considering.
Make sure all the games you want to play are available before you sign up.
#6. VIP Programs and Bonuses
Some crypto poker sites are very generous when it comes to their bonuses and the perks of their VIP programs and some are a bit more tightfisted. You want to get the best deal possible out of whatever site you’re giving your money to so find out what bonuses are available on the market, whether you end up playing in a or a high roller one.
Compare all the deals and make sure you take the one that gives you the most benefit.
No matter what type of site you choose, it is important that your crypto betting be safe. This means that as you are picking your site, you have to consider the security measures that they have in place.
Is there two-factor authentication? Is the site encrypted? Does it log you out automatically after a certain amount of time? Think about all these before you sign up.
How We Rated the Best Crypto Gambling Websites
We’ve already given you our list of the top crypto gambling sites, but how did we do it? Well, we based the list on some important criteria that make certain sites ‘better’ than others. Here are some of the factors we used:
- Legality: We’re all about promoting safe and legal businesses so this was the first thing we looked at. How many countries is the site licensed in? What gambling regulatory bodies are they registered in? When it came to this, the more the merrier!
- Games Available: Some sites had more games than others and these got a higher ranking. We like to see all our favorites listed, from crypto roulette to crypto blackjack.
- Customer Support: The more customer support channels a site had, the higher they were ranked on our list. This includes faster response times and a more detailed FAQ page.
- Payout Methods: We prioritized sites that had the fastest payout times and more ways to deposit and withdraw funds.
- Security Measures: Some sites had more security measures in place than others and these got a higher ranking from us.
Crypto Gambling: Pros & Cons
These days, many people are drawn to the many variations of crypto gambling like crypto poker sites and crypto dice sites, and for good reason. These sites offer a lot of benefits for those who use them, making them all the more popular.
At the same time, there are some cons to using these sites, and knowing what they are can help you make your decision.
- More Privacy: One of the reasons people like cryptocurrency is that crypto wallets can be set up completely anonymously- no proof of address or official identification is needed. This allows you to have more privacy compared to getting a traditional bank account that would require a loss of privacy.
- More Control of Your Funds: Crypto wallets aren’t controlled by any central body which means that no one can freeze or restrict your account in any way. You can move as much or as little money out of it at any time as you like.
- Potential Profit: The value of cryptocurrency changes a lot and depending on the token you wager and what the state of the market is, the tokens you win would be worth more than before, giving you an extra win.
- Potential Loss: While your tokens might increase in value when you bet with crypto, they might also reduce in value. There is always the risk that even if you win a game on a crypto gambling site, your tokens will be worth less than what you initially wagered.
- Conversion Fees: It is one thing to play and even win a game on a crypto gambling site but spending your profits is another issue. Not every business accepts crypto for payment so you might have to convert your tokens to fiat currency first and this will usually attract fees.
How to Get Started With Crypto Casinos
Crypto Gambling Sites FAQs
We figured you might still have some questions about crypto gambling so we’ve put together a helpful FAQ.
#1. Is Crypto Gambling Safe?
As long as you use reputable sites, follow their rules, and secure your wallet, crypto gambling will be as safe – if not safer – than your traditional gambling experience.
#2. What Online Casinos Accept Crypto?
All entries ranked on our list of crypto casinos accept cryptocurrencies.
#3. How Can I Deposit Money on a Crypto Gambling Site?
Depending on the site you use, you can connect your crypto wallet, send your tokens directly, and even buy tokens from the site.
#4. Can I Gamble With Crypto on my Phone?
If your crypto site allows it, yes. Most crypto casinos either have apps or browser-optimized webpages that allow you to open and play them on your mobile browser.
#5. What Is The Best Crypto Gambling Site?
This depends on what your needs are. There is no one-size-fits-all approach to crypto gambling. Take a look at our list of best crypto gambling sites to get an idea of which ones the market likes the best and take into consideration factors that matter to you, like privacy, game range, or payout and withdrawal terms.