Getting to Grips with Crypto Gambling

Article by Jaqueline Quintero
crypto gambling au mockup
Last Updated: May 6th, 2024 Share On Your Network:

The remote gambling industry is no stranger to innovation and one trend that has gained traction in recent years is that of cryptocurrency gambling. Fuelled in no small part by the increasing popularity of decentralized currencies like Bitcoin and Ethereum, this emerging iGaming trend delivers a new way for players to engage with real money gaming and wagering. It’s also providing growth opportunities within the online gambling market, creating a platform not just for new gambling projects but for existing operators to evolve their portfolios.

A number of online casinos have embraced the trend for crypto gambling, such as Australian online casino Joe Fortune. The gaming site provides options for cryptocurrency deposits and withdrawals alongside traditional payment methods and, while it predominantly serves the Aussie market, thanks to its Curacao eGaming license the potential for offshore gaming is there. Now, Joe Fortune is one of several existing operators to embrace crypto and with rising popularity of such platforms, there are no doubt several iGaming enthusiasts out there who are keen to find out more about the sector.

If you’re curious about trying crypto gambling for yourself, this post will provide valuable insights into this exciting new market. Keep reading to find out more!

Understanding Crypto Gambling

So, what does gamble with cryptocurrencies involve and is it any different to other iGaming practices?

In short, crypto gambling refers to the practice of using decentralized currencies to, well, take part in online gambling activities. This encompasses the online casino, poker and sports betting sectors, as well as some lotteries and monetary competitions. It differs from traditional remote gambling in that instead of using conventional banking methods and fiat currencies, such as US dollar debit card transactions, players can instead choose to fund their accounts with cryptocurrencies.

The Perks of Crypto Gambling

  • Unique bonuses and promotions: in many instances, you can be eligible for unique bonuses and promotional offers if you deposit crypto into an online casino gaming account. The platform we mentioned in the introduction to this post, for instance, has caused quite a stir with its AUS$5,000 welcome package for crypto users.
  • Decentralization: the fact that all cryptocurrencies are decentralized means that they exist outside of central regulatory authorities. You truly own crypto tokens, so if you choose to withdraw your winnings in the form of Bitcoin, for example, no looming financial authority can freeze your account or take your assets away from you.
  • Transparency and security: digital currencies including altcoins and stablecoins are some of the most secure and transparent ways to transact. Since all tokens exist in blockchain networks, which are underpinned by distributed digital ledger technologies, there’s recorded proof of their existence, ownership and any transactions related to them. None of these records can be tampered with, and since you aren’t required to submit any personal data when owning or using cryptocurrencies, you’ll be well-guarded against fraud and identity theft.
  • Speed and cost-efficiency: Crypto transactions are fast, much faster in fact than any leading fiat currency transaction methods. When you play at a crypto gambling platform, you can typically expect deposits to go live in under less than ten minutes, while withdrawal transactions can in some cases take less than 24 hours to be processed.

The transaction fees associated with deposits and withdrawals are often significantly lower too, if they even exist at all, meaning it can cost you less to get your hands on your winnings than if you opted for conventional withdrawals


How Do Crypto Casinos Work?

While sports betting is an increasingly popular market with global consumers, it wouldn’t be too much of a stretch to say that most visitors to the Betsquare blog are looking for tips and guidance about online casino gaming. Therefore, we’ll now be focusing on the different types of crypto casinos that currently populate the iGaming space. There are two main types: pre-existing casino operators who have branched out into accepting and paying in cryptocurrencies and blockchain casinos.

The latter are crypto gambling projects that build their gaming infrastructure on a blockchain network, such as Ethereum or Polygon. Typically, they’ll integrate smart contracts to automate several aspects of the gambling lifecycle, and often issue their own native tokens, which players can use for wagering, to earn rewards and even take part in community decisions within the dedicated crypto ecosystem.

While they’re undoubtedly exciting projects to be part of, especially for cryptocurrency enthusiasts, since this particular segment isn’t as tightly regulated as pre-existing platforms, they should be approached with a degree of caution.

The safest way to get involved with gambling with cryptocurrencies is to play at an established online casino that’s taken a crypto friendly approach. These online platforms include cryptocurrency payment options alongside traditional fiat currencies, so it’s possible to deposit, wager and withdraw funds using tokens like BTC, ETC, LTC, Tether and others (the exact coins accepted will vary from platform to platform).

In every other aspect, playing at them is the same as playing at a fiat currency gaming site: you can engage with slots, table games, live dealer experiences and online tournaments, all with the added benefits of faster transactions and enhanced privacy and security.

Recommended for you