As Bitcoin’s popularity grows, so does the number of crypto gambling websites. Here is the list of things to look for, if you want to reduce the risks of fraud and increase your chances of winning.
When using any service, especially if it involves large sums of money, it is worth finding out what other people say about it. Unfortunately, when it comes to finance, there are risks of scams, and bitcoin casinos are no different.
Naturally, authors of these reviews may be biased, for example, if they lost large sums of money. Therefore, it is worth paying attention to what exactly casinos are criticized for. If many people confirm that the casino rejects withdrawals without a good reason, it’s better to avoid such a website. If users mainly write that “slots are dead and empty”, but do not complain about operational issues, then the problem may be related solely to their perception of the situation.
Online casinos operate in the virtual space, while bitcoin casinos are based on virtual money. However, even Bitcoin casinos are subject to licensing. Although the license in itself is not a guarantee of seamless experience, the lack of a license is a serious reason to avoid a casino. The active status of the license must be confirmed by information on the website of the regulatory body.
It is also important for the casino website to be secure. Pay attention to the SSL encryption and a security certificate.
Return to Player (RTP)
When choosing a Bitcoin casino, check return to player (RTP). It should be clear that gambling comes with the negative expected value for the player. Nevertheless, RTP is the thing that determines how much you statistically lose with each bet. While it may seem like there is no significant difference between the RTP of 98% and 95%, it is quite noticeable on long timelines.
Generally, table and live games have the highest RTP, while in some slots it can be quite discouraging. In most cases, you can find the game’s RTP in its dashboard.
Bonuses and loyalty program
Many Bitcoin casinos offer similar games, but bonuses and loyalty programs make them different. The gambling business is highly competitive, that’s why casinos seek to offer players generous bonuses for the first deposit, as well as additional rewards such as reload bonuses.
However, if the casino offers too attractive bonuses, there may be something wrong with it, for example, there may be problems with withdrawals. As the saying goes, if something is too good to be true, then, most likely, it is. If in doubt, look for reviews from other players.
Several cryptocurrencies are advantageous for gambling. In some ways, they can be even better than Bitcoin. Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tether (USDT), and XRP are recognized among the dominant ones.
The more cryptocurrencies the casino accepts, the better for the player. Nowadays, for example, it is hard to imagine a full-fledged crypto casino without Litecoin, which enables faster and cheaper transactions than Bitcoin.
Although Bitcoin is not controlled by any government, the terms of the casino’s license may state that players from a particular country are not allowed. Check the rules before making a deposit.
In addition, different countries have their own laws regarding cryptocurrencies, online casinos, and the taxation of winnings. If you are planning on joining a Bitcoin casino, it’s better to familiarize yourself with the legislation that may apply in your case.