Best Crypto Casinos
By now, you have likely heard about cryptocurrencies. They are “all the rage” now, with multiple people investing strongly into them. For example, Elon Musk heavily backs Dogecoin. Many people who enjoy gambling also enjoy having crypto, and many would love to use that crypto for their gaming activities. After all, there’s a loss converting crypto to fiat to gamble and then back to crypto to hold! Of course, if you’re looking to use your cryptocurrency, you’ll want to sign up for one of the best crypto casinos. At GambleGuys, we have extensive experience reviewing and rating online casinos. Here’s everything you need to know about how to spot the top crypto online casinos and which ones you’ll need to avoid.
What Is Crypto?
Cryptocurrency has been one of the most significant technological advances in the past 10-20 years. The idea behind cryptocurrencies is that they will eventually replace the currencies that governments issue, whether that is the Canadian dollar, the New Zealand dollar, the Euro, or any other paper-based currency. People can buy, sell, and trade crypto just like any standard currency (these traditional dollars, Euros, etc., are “fiat” currencies).
Crypto is popular because it leverages some exciting new concepts and technologies. Users have digital wallets which “store” their cryptocurrency virtually. Wallets can only hold one type of crypto, so you can only send and receive Bitcoin from it if you create a Bitcoin wallet. You could think of these wallets as crypto bank accounts effectively. Instead of being at a financial institution though, users can create their wallets at any time. It’s all decentralized.
Once you create your wallet, people can send you the cryptocurrency it holds. People often go to a crypto exchange and buy crypto in exchange for fiat currency (e.g. $10,000 to get you 0.2 Bitcoins). You can then use the crypto in your wallet to pay others, and others can pay you at your wallet address. All these transactions reside on the blockchain, a decentralized system that uses a significant amount of computing power to record and verify transactions. It’s an exciting alternative to traditional currencies – and many people love the concept of crypto as an investment tool and a hedge against inflation (kind of like gold has historically had this benefit for investors).
How Do Cryptocurrencies Work at a Casino?
With that all being said, the focus of this guide is obviously on the top crypto online casinos, so how does this all work at an online casino? There are two ways that a casino typically accepts cryptocurrencies. The first way they can accept crypto is by offering it as one of the deposit or withdrawal methods. This way is the simplest. Essentially, the casino will partner with a crypto payment processor that will accept various cryptocurrencies and convert them to the fiat currency of your account. When you’re ready to withdraw in crypto, you convert back from the fiat currency into crypto for the withdrawal.
So, for example, let’s say you reside in Canada and you’re looking at gambling at one of those casinos. Your preferred cryptocurrency is Dogecoin, which is $0.20 CAD per Dogecoin in our simple example. You deposit 1,000 Dogecoin, which means you have a balance of $200 CAD. All your play from there is exactly as if you put in $200 CAD. The slot machine denominations, table limits, etc., will all be in Canadian dollars.
Let’s say you win some money and now have $500 CAD. When you withdraw, you’ll get 2,500 Dogecoin ($500 / $0.20 per Dogecoin = 2,500 Dogecoin). The second way these casinos can accept crypto is to make the entire casino crypto-based. Instead of having gameplay in fiat currency, the gameplay is also in crypto. That means all the game limits, denominations, etc., are all in crypto too. So, continuing with the example above, you would deposit 1,000 Dogecoin into this casino and then perhaps the limits would be 1 Dogecoin per slot spin. After spinning, you hit a jackpot that pays 1,500 Dogecoin and cash out 2,500 Dogecoin. The advantage is that there’s no conversion between fiat and crypto with these casinos! It’s all crypto!
Deposits and Withdrawals With Crypto
Obviously, the best crypto casinos let people deposit and withdraw in cryptocurrency (otherwise, they wouldn’t be the top online casinos with crypto!). However, there are a few things most casino patrons should know before using crypto as their preferred payment method. First, there are numerous cryptocurrencies, and most casinos only take a few. Almost all crypto casinos will accept Bitcoin since that is arguably the most popular. Most casinos will also take Ethereum and Litecoin. Those cryptocurrencies round out the top three in terms of popularity. Many casinos will accept those or add in others like Ripple or Dogecoin. Some casinos will take Bitcoin Cash. If you have a cryptocurrency like Monero or Solana, though, you could be out of luck at most, if not all, crypto casinos. Second, transactions can sometimes take a little while to clear on the blockchain. For example, unlike a credit card deposit, Bitcoin transactions can take anywhere from about 10 minutes to an hour to confirm. The casino’s payment processor may wait until final confirmation before adding the funds to your account.
Since all crypto transactions are at the mercy of the blockchain, these times can vary wildly. It’s not uncommon for a Bitcoin transaction to take a few minutes one day and hours the next. Therefore, if you want an instant deposit, pick your cryptocurrency carefully or use another payment method. Lastly, be mindful of any potential fees that casinos may attempt to charge. Some online casinos accepting crypto can take advantage of people wanting to use crypto and charge unrealistic fees that make it better to use a fiat currency. Of course, the best crypto casinos don’t do this, but some of the less-than-ideal ones will. Verify what, if anything, you will pay to deposit or withdraw your crypto before you do so!
Is Crypto Safe to Use at an Online Casino?
Yes, crypto is entirely safe to use at an online casino! Indeed, it’s safer than many of the other payment methods. For example, unlike a credit card, where an evil third party could get the information and rack up many charges, Bitcoin and other cryptocurrencies have none of those attack vectors. You must always initiate the payments so there’s never a case where someone could intercept a wallet address and steal from it. The only potential downside with crypto versus other methods is that crypto has no refunds. In theory, with a credit card, you might be able to request a refund if the casino didn’t deposit the funds appropriately. Since crypto is decentralized, Bitcoin and other cryptocurrencies have none of those options.
3 Traits of the Best Crypto Casinos Worldwide
With all that in mind, the question is: how do you spot a good crypto casino from one you want to avoid? There are a few clues that an online casino will give that will determine just how serious they are about crypto and how good of an experience you, as the patron, should expect.
- Crypto is not an afterthought: Some casinos are adding crypto as a payment method, but it’s just to capitalize on this demand. Ideally, the casino should encourage and support crypto, making it an equal payment method compared with credit cards and other methods to depositing and withdrawing money.
- The casino encourages crypto: The top casinos for crypto encourage people to deposit using this method and explain the benefits of crypto. If you’re looking for a top-of-the-line crypto experience, this is what you want to see.
- You can play in crypto: Some casinos permit people to play in crypto, as well as make deposits and withdrawals. The best casinos allow and encourage this. After all, the best way to gamble your crypto is to be able to use it as crypto in the casino – instead of having to convert it to a fiat currency balance!
Not all crypto casinos will have all the above traits, but the best ones should already have them or be heading in that direction. It’s still relatively new for casinos, so many of them are working diligently to implement this new payment method.
If You Own Crypto and Love to Gamble, Check Out the Best Crypto Casinos!
Crypto is simple, easy to use, and works well for online casinos accepting crypto! And, what better way to use crypto than having fun at an online casino? There are many reasons to use crypto, including safety and security. Additionally, crypto is often one of the simplest ways to deposit and withdraw funds since all you need to do is send the crypto to the correct address. There are no issues relating to mistyping credit card numbers or other payment methods not working.
If you have crypto and want to use it to gamble online, look for some of the top online casinos with crypto (we have quite a few that we have reviewed at GambleGuys!). At these online casinos, you’ll have fun without needing to spend any of your fiat currency. Lastly, if you are new to crypto and still on the fence, please consider reviewing our guide to crypto gambling. There, we go over all the benefits and drawbacks of using crypto for your casino experience.