Tether Casino: Use Cryptocurrencies in Canadian Casinos

At GambleGuys Canada, our job is to provide as much information about the world of online gaming to Canadians as possible. Crypto has increasingly become one of the most popular ways online gamblers deposit and withdraw funds. In particular, Tether is one of the most popular cryptocurrencies for these types of transactions because it is a “stablecoin,” meaning that 1 USDT = $1 USD. There isn’t fluctuation in the price of the coin itself. As such, a Tether casino is fundamentally quite simple – deposit 1 USDT, and you get $1 USD to gamble within the casino.

To see why that’s such a powerful concept and learn more about how Tether can benefit you, we’ve compiled this complete guide to online gambling with Tether.

Tether Casino: What Is This Stablecoin?

You may have heard of Bitcoin, Litecoin, or Ethereum before. If you’ve followed Elon Musk in the past, you’ve almost assuredly heard of Dogecoin. However, Tether is a much lesser-known cryptocurrency compared with these bellweathers. Let’s first dive into its (relatively) brief history to understand what Tether is and why it represents such a powerful concept. After that, we can explore why this is such a promising cryptocurrency for online gamblers.

A Quick History of Tether

Cryptocurrency is notoriously volatile. If you look at Bitcoin, for example, it moved from about $10,000 per BTC to about $50,000 per BTC within about six months, from October 2020 to March 2021. That same year, it crashed to $30,000 before recovering and climbing to its all-time high of $64,400. Other cryptocurrencies are equally (if not more) volatile.

Tether was a reaction to that volatility. Invented in 2014 under the name “RealCoin,” the idea was that the value of this cryptocurrency would be the same as some stable asset. In this case, 1 USDT would be worth $1 USD.

While the technical specifics of how Tether does this are beyond the scope of this page, the key takeaway is that, thus far, it has mainly achieved this goal. Buying, sending, receiving, or selling 1 USDT is essentially the same as buying, sending, receiving, or selling $1 USD.

Why Is This Useful for Online Gambling?

Tether is incredibly important for online gambling because people are often nervous about buying and selling crypto due to the possibility of significant rapid price fluctuations. For example, you may buy 0.1 BTC for $3,000 CAD, only to find out it is worth $2,500 CAD when you deposit it into your favourite online casino.

A Tether casino (sort of) mitigates this problem. While Tether has no ties to the Canadian dollar, it is 1:1 with the US dollar, and the exchange rate between the two currencies doesn’t change dramatically overnight. Yes, the Canadian dollar has become weaker and stronger over the years, but you don’t have to worry about the Bitcoin you bought a couple of days ago now being worth 20% less. When you buy USDT, you’re purchasing something equivalent to the US Dollar, which has a lot of value!

How Does Tether Work?

If you’ve used other cryptocurrencies before, you likely already know roughly how Tether works, given that it operates almost the same way. However, if you’re new to crypto or are wondering how to set up your USDT wallet, here’s how Tether works, including how to get started using this payment method!

Wallet-to-Wallet Transactions

Cryptocurrencies have numerous real-world analogies that define their terms and concepts.

In crypto, you have wallets. These wallets are a place to store crypto, much like your physical wallet would hold cash. With crypto, a wallet is not a physical place per se but a digital one. Each wallet has a specific identifier called an “address,” and each address points to a particular wallet.

As such, to begin using Tether, you first need to create a wallet for it. Some sites will create this wallet for you (e.g. if you purchase USDT at a crypto exchange). There’s also the option to create a wallet on your own at Tether’s website if you choose to do so.

Either way, this process is straightforward. Once you have a wallet, you’ll have 0 USDT in it. The next step is to buy some USDT and put it in your wallet. There are numerous crypto exchanges available to Canadians. Most of them support USDT, so all you need to do is find one you like, buy USDT through it, and have them send the USDT to your wallet.

Once that’s done, you can send USDT to anyone else’s wallet – including the wallet of a casino.

How Long Do USDT Transactions Take?

One frequent concern with cryptocurrencies is how long the transactions take to process. Some currencies (e.g., Bitcoin) can take quite a long time to propagate through the decentralized network. Especially for online gamblers, waiting hours for their funds to appear in the casino is too long.

USDT has a huge advantage here. Transactions typically only take 1-15 minutes to go through the network. While not as instantaneous as a credit card, it’s much faster than an electronic bank transfer, which sometimes takes 24 hours or longer. It’s also worth noting that 15 minutes is the high range and typically only applicable if the network has high congestion. Most of the time, transactions take under five minutes to send, which is fast for crypto!

How to Use Tether at Casinos?

As a stablecoin with low transaction times, it’s clear why Canadian online gamblers love to use USDT over many other payment methods. The question then becomes, of course, how to use this payment method at a Tether casino. We’re glad you asked – here’s a brief rundown of everything you need to know to use Tether at an online casino.

Casino Deposits with Tether

Using Tether to make a crypto casino deposit is remarkably simple and intuitive. While every Tether online casino has its rules and regulations around deposits, the general way you’ll make a deposit using Tether is as follows.

First, you’ll log in to your casino account and request to make a deposit. From there, you’ll select the payment method. You’ll want to choose crypto and, specifically, you’ll want to choose Tether. You’ll select the amount of the Tether casino deposits, as well.

The casino will give you their Tether wallet address and the amount of Tether to send. At that point, you’ll log into your Tether wallet and enter that wallet address and the amount you wish to deposit. You’ll need to initiate the send from your end.

At that point, the transaction will propagate through the blockchain and in less than 15 minutes, the online casino should be able to confirm the transaction on their end.

Most casinos have an automated system that automatically credits your account once the transaction propagates through the blockchain. You have made a casino deposit with Tether at that point, and you can start playing!

Casino Withdrawals with Tether

Withdrawals with Tether work much like deposits. Instead of you sending money to the casino’s wallet, they will send money to yours.

To begin, you’ll log in to your casino account online. You’ll go to the section to initiate a withdrawal and select the withdrawal method as Tether. You’ll then choose the amount you want to withdraw and enter your Tether wallet address.

Once you submit this request, the casino will likely have to do some manual verification steps to ensure you can withdraw the funds. At many casinos, these steps happen quickly, but if you have to complete Know Your Customer (KYC) verification, it may take longer.

Upon approval, the casino will send the payment to your Tether wallet. In less than 15 minutes (often even sooner), the funds will appear in your wallet, and you can store, spend, or cash them out as you choose!

Is Tether Safe to Use at Casinos?

For online gamblers, safety is of the utmost importance. You could be transferring large sums of money, and your money must safely arrive at the online casino. Fortunately, USDT has proven to be one of the most stable, secure, and easy ways to transfer these funds. Wallets are very secure due to high levels of encryption, and the actual transfer process is short – meaning that you’ll have relatively quick confirmation that the casino received the funds. And, since the transfer happens on the blockchain, you can verify its status to know with 100% certainty that the wallet to which you sent the funds got them.

That level of transparency is one of the best features of crypto – it’s even better than bank transfers or credit card payments because once you send the money, you cannot definitively prove the online casino received it. With USDT, you can!

Best Online Canadian Casinos Accepting Tether

It should be clear that Tether is a fantastic option for people looking to deposit money or withdraw funds from their favourite online casino. At GambleGuys Canada, our mission is to give players the hottest and latest information on casinos, and part of that is ensuring our readers pick the best Tether casinos. To that end, here are some characteristics of the best casinos accepting Tether.

A Tether Casino Is Crypto-First

Often, crypto seems like an afterthought, wedged into existing casinos as another way to deposit funds. An excellent Tether casino doesn’t treat Tether (and other crypto) this way. The top casinos have a “crypto-first” mentality, where you can seamlessly deposit and withdraw money in crypto. ( like Oshi Casino) Some casinos even let you gamble in crypto, so you don’t risk any losses on conversions from fiat to crypto (this risk is significantly less with USDT, obviously, but still a slight chance).

If you want to deposit and withdraw crypto, ensure the casino Tether you’re playing at loves and understands this technology!

A Great Tether Casino Has All the Latest Games

The world of online gaming is constantly evolving. New games are always coming out, with dozens of prominent developers and designers working on new table games and new slots ( Find them at Bizzo Casino). And, since the whole point of playing at a casino is the games, the best ones offer a wide selection. If a casino you like doesn’t have the games you want from the developers you like, that’s a sign that it’s not the best casino for you. At GambleGuys, all of our reviews contain everything you need to know about the game selection, including the publishers the casino uses.

The Perfect Tether Casino Has Stellar Customer Service

Lastly, the best crypto casinos have impeccable customer service. If anything goes wrong, or if you have any questions, you’ll want to be able to talk to someone and get answers as soon as possible. As such, the top casinos need customer service agents, available by email and chat, who can answer all your questions, comments, and concerns. The best crypto casino in Canada invests in quality customer service!

Pros and Cons of Tether

As with any payment method, there are some benefits and drawbacks to using Tether. The pros outweigh the cons compared with other casino banking options, but it’s also essential to consider the potential downsides. Here are three reasons to use a Tether online casino and two potential drawbacks.

Pro: Transparency

Crypto is very transparent. You can inspect the blockchain yourself to see the transaction you’ve made. With almost any other payment method, there’s some level of opaqueness. For example, you cannot prove that the sender’s account received the money once you send an EFT. You know the money left your account but can’t access the record showing the recipient got the money.

With Tether, a blockchain entry will explicitly say that the recipient’s address (in this case, the casino’s wallet) received the funds. That level of transparency happens with all crypto, but it’s a feature worth noting, as it makes it one of the best methods of payment at online casinos.

Pro: A Tether Casino Is Fast

Tether is fast. Transaction times are often a fraction of what they might be with other cryptocurrencies, especially during peak congestion periods. For online gamblers who want to see their deposits and withdrawals reflected ASAP, Tether is the way to go. At less than 15 minutes per transaction, Tether is one of the quickest casino methods of payment.

Pro: Stability

Since USDT has a 1:1 (or as close to it as possible) relationship with the USD dollar, you don’t need to worry about massive fluctuations in price while holding, sending, or receiving this cryptocurrency. You certainly don’t want your gambling winnings from Tether casinos halved because some cryptocurrency crashed overnight! With USDT, you won’t have to worry about that.

Con: Fees

As with all cryptocurrencies, there is a cost to send USDT. The fee often ranges depending on how congested the network is, but it almost always exists to some level. Other payment methods, like credit cards, usually have some fee attached, too, and other cryptocurrencies often have a much higher cost than USDT. However, different payment methods, like Interac e-transfer and electronic bank transfer, often have no fees for sending or receiving funds. It is something to keep in mind while using this payment method.

Con: Some Controversy

There has been some controversy about whether or not Tether has the reserves necessary to cover all withdrawals. This controversy involved the Attorney General of New York in the past and has resulted in some investigations. So far, Tether has been able to weather the storms and continues to have a 1:1 match with the US dollar, but it is something to keep in mind for the future. While these past investigations won’t affect average players much, regulations and investigations could hinder USDT’s ability to stay at that 1:1 parity. Other payment methods, like bank transfers, do not have this risk.

Tether : One of the Best Casinos Canada Banking Options

With fast transaction times, a stable value, and relative simplicity as far as cryptocurrencies go, Tether is the perfect payment method for many Canadians. Unsurprisingly, Tether casinos are one of Canadians’ most popular gaming options.

At GambleGuys, we have numerous guides and how-tos for various payment methods, including cryptocurrencies. If you’re interested in crypto and love to gamble, check those guides out! In them, you’ll find the best casinos that will accept your favourite currency.