Crypto Casino Sites in 2024

Cryptocurrency as a Casino Payment Method

The online gambling industry needed cryptocurrency long before they started adopting it as a casino payment method. It solves many of the problems that online gamblers and esports bettors in years past had to deal with. Foremost among those was being able to use a single currency in multiple countries. The development of digital assets like Bitcoin and Ethereum has solved that. They’ve also brought another layer of anonymity to the gambling and race worlds.

Think of crypto as the tokenization of the dollars, Euros, Yuan, or Swiss Francs you’ve traditionally used locally, but had to convert to use internationally. Those fiat currencies can now be used to purchase crypto that doesn’t need to be converted. People can use crypto to make payments live or on websites in the USA, Southeast Asia, Europe, or Africa if the casino accepts it. Many of these offer a bonus for crypto users that could range from a free spin to extra cash for bets on table games.

Cryptocurrencies are among the safest payment methods available for gambling. Bitcoin is the most well-known name and the coin you’ll most frequently see in online casinos. Ethereum and Litecoin are also popular. These coins are bought and sold on crypto exchanges and can be stored in a crypto wallet. We’ll get into more details on that below and review ways that you can get started at your favourite online casino or sportsbook.

What Is Cryptocurrency?

Cryptocurrency is decentralized finance (DeFi). That means it’s not regulated or controlled by central banks. Some countries have laws governing the use of crypto, but none of them has the power to regulate its value. That’s determined by user demand and the supply of the coin that’s issued. High demand and limited supply make crypto worth more.

Some cryptocurrencies are pinned to a specific currency, like USD Coin and Tether (USDT). It’s a digital asset that is always worth the same as the US dollar. Other cryptos, like Bitcoin, fluctuate in value based on market demand. That means your payouts could be worth more (or less) when you decide to take them. It also means you can keep making money even after you make the withdrawal.

Cryptocurrency is different from standard (i.e., fiat currencies) payment methods in many ways. For starters, crypto transactions are recorded on a blockchain. This technology is what makes it decentralized. Blockchains are made up of “nodes” that are spread around the world. Each node is responsible for verifying transactions to be added to the chain. It sounds complicated, but it works quickly, efficiently, and without government interference.

What Is Cryptocurrency Gambling?

There are two elements to cryptocurrency gambling. The first is obvious. You use crypto for online casino deposits and withdrawals. The second is gambling on crypto volatility. Think in terms of depositing a crypto that’s losing value and then taking a payout in a different crypto that’s increasing in price. This increases the odds of “winning” if you do it right. There are a variety of different cryptos you can do this with.

This additional element of chance has added a new dimension to online gaming. Crypto is accepted at most high-stakes tables and can often earn player bonuses and extra spins for online slots and roulette. Poker tournaments that are run internationally no longer need to worry about currency conversions. Serious gamers ante up with cryptocurrency.

What Is a Cryptocurrency Wallet?

Cryptocurrency is a digital asset, so you’ll need a digital wallet to store it. There are some that are exclusively for cryptocurrency and others that will also store fiat currencies. Coinbase wallet, which is one of the more popular crypto wallets, will do crypto conversions for you through their decentralized exchange (DEX). There’s a flat fee of 1% on all conversions.

Money.com published a list of the 8 best crypto wallets in January 2023. That list includes Coinbase Wallet, MetaMask, TrustWallet, Ledger Nano S Plus, Electrum, BlueWallet, Exodus, and Crypto.com. Coinbase is considered best for beginners. MetaMask has become the popular choice for Ethereum. The others are all good, but you should do more research on them.

Crypto Gambling vs. Traditional Gambling

The main difference between crypto gambling and traditional gambling is speed. Crypto can change hands in a matter of moments. There’s no third-party processor involved, and typically minimal transaction fees to use crypto, so deposits and withdrawals are instant. Limits are also a thing of the past when using cryptocurrency. Very few casinos impose limits on crypto gamblers.

Cryptocurrency transcends geographical and political boundaries. A few countries, like China and India, have banned its use, but gambling is also illegal in those countries. That doesn’t stop the players. With cryptocurrency as a payment option, online gamblers in any country can log on and enjoy their favourite games of chance whenever they want to.

Cryptocurrency Gambling Sites: What Are They?

There are online casinos that accept cryptocurrency as one of many options, and there are online casinos that strictly accept cryptocurrency. That should give you some indication of how powerful this mode of payment is. The global availability of crypto is one reason for it. The technology behind cryptocurrency transactions is another. Here are some examples.

• Bitcoin Gambling Sites

Bitcoin was introduced to the world in 2008 by an anonymous creator calling himself Satoshi Nakamoto. The concept of decentralized finance was new at the time, as was the idea that transactions could be processed on a blockchain. Today, Bitcoin is one of the most popular payment methods in online gambling. Bitcoin gambling sites are opening around the globe.

• Bitcoin Cash (BCH) Gambling Sites

Bitcoin Cash (BCH) came into existence in 2017 after a “hard fork” in the Bitcoin blockchain. What that means to users is that BCH is a more cost-effective version of Bitcoin. Transaction fees are usually less than $.01, and confirmation times with the upgrade in blockchain code are faster. Most BCH casinos also accept Bitcoin, so gamblers have a choice.

• Litecoin Gambling Sites

Litecoin (LTC) is an altcoin, which is a category assigned to any alternative currency that’s not Bitcoin. Like most crypto tokens, Litecoin is extremely volatile. That volatility adds another element of chance to online gamblers, so it’s become popular in gaming circles. Litecoin casinos are sites where players looking for high-stakes action can find it.

• Ethereum Gambling Sites

Ethereum was launched in 2015 with the minting of 72 million coins. It has since developed into a full platform where new altcoins can be minted. In 2022, Ethereum shook up the crypto space by implementing proof of stake (POS) over the proof of work (POW) method being used by Bitcoin. It’s more energy efficient. Ethereum is a close second to Bitcoin in online gambling.

Other Crypto Gambling Sites

According to Forbes Advisor, there are 21,910 cryptocurrencies with a total market capitalization of $850 billion. You won’t find all of them at online casinos, but there are a few dozen that are accepted at various casinos. Look for a menu at the cashier’s window or banker’s area. They may have your crypto of choice listed as a deposit or payout option.

Benefits and Negatives of Crypto Gambling

Crypto is a more accepted payment method now than it was just a few short years ago. There are several benefits to using it for online gambling. There are also a few drawbacks. Here’s a list of what you should know about this innovative payment option.

How to Choose the Best Crypto Gambling Sites

Gambling with cryptocurrency is something that should not be attempted without some knowledge of how volatility can affect the value of your winnings. This may seem like a separate issue, but it’s something to consider when making a casino deposit with crypto and withdrawing crypto as your payout. Timing is a real factor when using crypto.

Selecting the “best” crypto gaming site is different for every player. You’ll want to make sure:

• That the casino accepts the crypto you want to use
• That the casino reviews are good
• They haven’t had any issues with payouts
• To read the terms and conditions carefully to see if the casino has a “holding period” for winnings. That’s a big deal when using crypto

Best Bitcoin Gambling Sites

There are several established and many new Bitcoin gambling sites out there. The following is a list of our “Top Five” based on user reviews and experience.

#1 Cloudbet

Cloudbet only accepts Bitcoin deposits and has been in operation since 2013. They’re licensed by the eGambling authority of Montenegro and Curacao. User reviews for this site are excellent. The minimum deposit you can make to receive bonuses is 0.01 BTC.

#2 BitStarz

BitStarz in Australia has over 2800 games, but they’re most well-known for their online slots. They use a cryptographic method for determining winners that keeps both the player and the casino from knowing the results until they come out. BitStarz is not available in the US.

#3 FortuneJack

This casino is a great place for online slots and blackjack, with significant deposit bonuses for online gamblers using Bitcoin. They don’t have online poker. They do offer instant deposits and withdrawals, but there may be a brief “security hold” on larger payouts.

#4 Stake

Stake is a Bitcoin casino and sports betting company. They’re based in Curacao, which is one of the more popular hosting destinations for Bitcoin casinos. If you visit Stake, be sure to try the Ugga Bugga slot machine. It has a payout rate of 99.07%.

#5 Bitcasino

Bitcasino is a legitimate player in the Bitcoin casino space, but it’s not available to residents of the United States, United Kingdom, or Australia. They’re also one of the few Bitcoin casinos that also accepts traditional payment methods like credit cards and bank transfers.

How to Deposit with Cryptocurrency

Cryptocurrency is one of the most secure payment options in the world. It employs two encryption codes. The public code can be given to the payee. The private code is only known by the payer. Making an online casino deposit with crypto involves the use of both, but the process is simple. Here’s a general list of the steps you’ll take to make a deposit:

1. Open an account with the online casino
2. Find the banker’s area or cashier’s window
3. Select “deposit” from the menu
4. Choose the crypto you’d like to use
5. Input your public key from your crypto wallet
6. Enter the amount you’d like to deposit
7. Confirm the transaction with your private key
8. Wait for confirmation

The process may look slightly different for each crypto wallet. The common factor in all crypto transactions is the two-key approach. It’s what makes crypto so secure. The transaction will also be confirmed through nodes on the blockchain, but your funds should be available within a few minutes after you hit the “submit”: button at the cashier’s window.

Crypto Deposit & Withdrawal Limits

Cryptocurrency can be used for larger transactions, but some casinos have limits on how much you can deposit or withdraw. These vary by location, so always check the terms and conditions of the online casino when you open your casino account. There may also be betting limits on certain casino games. Those should be stated at the table when you enter the game.

Crypto Transaction Fees

Cryptocurrency transactions don’t require a third-party processor, and they’re not controlled by any bank. Transaction fees are typically small. With Bitcoin, they’re $.01 per transaction. That doesn’t include any fees that the casino might charge. You won’t usually see fees on deposits, but many online casinos charge a fee for withdrawals or payouts.

Cryptocurrency Casinos in a Nutshell

Gambling with crypto is fun, safe, and secure. They’ve become extremely popular in recent years because of the ease of use that crypto offers. Cryptocurrency allows users to remain anonymous and adds volatility of value to the online gaming experience. It’s so widespread now that many online casinos are accepting only cryptocurrency.