What Are Bitcoin Casinos? Are They Worth Joining?
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By Bitcoin casinos, we mean any online casino that accepts Bitcoin transactions. Bitcoin took the Internet by storm over the past few years as a digital cryptocurrency.
Of course, many online gambling operators quickly jumped on the bandwagon.
Trendsetting
In 2021, International Game Technology (IGT) filed a patent application that would let gamblers use Bitcoin in land-based casinos. The patent seeks to enable Bitcoin transactions through the software of physical slot machines.
Top Bitcoin casinos offer a wide range of perks that are hard to find in traditional online casinos.
Some of these include:
- Near-instant transactions with very low fees, even for larger sums of money.
- Complete privacy for sensitive information, like name, address, or bank account data.
- Two-front gambling due to the highly volatile nature of Bitcoin. Market fluctuations can sometimes turn an additional profit on your casino winnings.
- Special prize pools and promotions exclusive to Bitcoin users.
- Unlimited deposits and withdrawals due to the lack of regulatory bodies.
In addition, you can enjoy all online casino services using Bitcoin, including access to live dealer games, casino promotions, bonuses, or tickets to special raffles.
However, you should be wary of the lacking regulations surrounding Bitcoin.
Take note
Since most jurisdictions don’t have clear legal frameworks for crypto gambling, many casino operators take advantage of certain loopholes.
Extra caution is needed when dealing with such casinos, and a little research goes a long way to ensure your data and funds are safe.
Additionally, using Bitcoin requires a bit of practice, as there are some critical differences between cryptocurrencies and standard digital wallets.
Lastly, due to the lack of clear regulations, many online casinos that accept Bitcoin operate without licenses. Players should thoroughly check if their desired casino fulfills legal requirements and avoid unlicensed operators.
Getting Started With Bitcoin Casinos
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To start gambling with Bitcoin, you will naturally need some Bitcoin. There are plenty of online exchanges where you can trade most fiat currencies for Bitcoin and other crypto coins.
Although some will offer you tempting perks, sticking with a reputable exchange for your first transactions would be best. Coinbase is a great, trustworthy choice for beginner traders.
Keep in mind
Although you can keep your Bitcoin in your exchange account, we don’t recommend this.
Some exchanges won’t allow you to transfer funds to a casino, and you won’t be able to request withdrawals to your exchange balance.
To solve this issue, you must create a Bitcoin wallet to store your new crypto funds.
How to Create a Bitcoin Wallet
Crypto wallets are generally split into two categories, depending on whether they connect to the Internet:
Cold wallets, which don’t connect to the Internet, are the safest option but require more time and extra steps.
Alternatively, hot wallets connect to the Internet, making transactions as fast and convenient as any other digital wallet.
However, they are more susceptible to online attacks. Long-term investors prefer cold storage to keep their money safe for long periods.
Yet, hot wallets are the easiest, most popular choice for the everyday crypto user. The setup process will largely depend on the wallet you choose, but it will usually revolve around these steps:
- Make sure you’re on the official website of your chosen wallet. A popular option is the browser-based Metamask.
- Sign up for an account and choose the correct wallet version for your device, for example, desktop, browser extension, or phone.
- Download and install the wallet.
- Choose a password and write it down on a piece of paper. If you forget your password, you won’t be able to recover it through your e-mail.
- Hackers frequently target crypto wallets, so you should always store your passwords offline.
- Follow the instructions for encrypting your wallet.
- When prompted, write your private key down on another piece of paper and store it somewhere safe.
Please ensure you read all the instructions provided to you by your wallet’s issuer. After you buy Bitcoin, you can send it to your wallet by providing the exchange with your unique address. This is a string of alphanumeric keys you can access once your wallet has been set up.
Pro Tip
You might find our beginner crypto gambling guide useful if you’re entirely new to Bitcoin. It breaks some of the most important concepts down into layman’s terms, and many of our users considered it a great starting point.
International Availability
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Bitcoin gambling sites are in a gray legal area since most jurisdictions do not yet regulate them. You can assume that a Bitcoin casino is available to you unless one of these conditions is met:
Your country strictly prohibits online gambling.
A great example of this is the USA. Even though there is no regulation surrounding Bitcoin, the Department of Justice will still prosecute those who engage in crypto gambling.
Your country banned cryptocurrencies.
As of 2022, 16 countries banned crypto in one way or another. These are Algeria, Bangladesh, Bolivia, China, Colombia, Egypt, Indonesia, Ghana, Iran, India, Iraq, Kosovo, Mexico, Nepal, North Macedonia, Turkey, and Vietnam.
Since you’re always better safe than sorry, we recommend checking your local legislation before jumping into a Bitcoin casino.
How to Deposit and Withdraw with Bitcoin at Casinos
Once you get accustomed to your Bitcoin wallet, you’ll notice that all transactions are straightforward and fast.
The same applies to casino transactions. Deposits and withdrawals require the same steps and won’t set you back more than a few minutes.
Bitcoin Deposits
To deposit funds using Bitcoin, the process is very similar to most other payment methods. The steps are as follows:
- Log into your casino account and head to the cashier section.
- Choose Bitcoin as your preferred payment method.
- Log into your wallet’s account and initiate a transfer.
- Fill in the address you received from your casino as the recipient.
- Confirm the transaction.
That’s it! Please remember that most casinos won’t have a dedicated Bitcoin balance. Unless they only accept cryptocurrencies, they will fund your balance with your deposit’s equivalent in fiat.
Bitcoin Withdrawals
Withdrawals follow the same easy process. When you’re ready to send your winnings, you can head to the cashier section of your account and choose to withdraw using Bitcoin.
Depending on the operator, you will get detailed instructions on how to complete the transaction. Usually, you will need to complete a couple of verification steps and provide them with your wallet address.
Any additional information the site might need will be available during this process. Remember that extra steps might be required if you’ve never withdrawn money from that casino.
Bitcoin Transfer Times and Fees
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The speedy transactions make for one of the biggest reasons people turn to Bitcoin for gambling.
Generally, you won’t have to wait for more than a few minutes for your transactions to be confirmed. This, however, largely depends on the network’s congestion.
The minimum Bitcoin transaction time is two minutes, while the longest recorded time was 6:02 hours. On average, users wait between seven minutes and three hours.
You will also have to account for the casino’s withdrawal processing times. Although the actual transaction is near-instant, most casinos reserve 24 hours or more to accept your withdrawal and send your funds out.
Please note
If you’re looking for the fastest transactions, you’ll probably want to check out our fast-payout casinos list.
Many high-rollers prefer using Bitcoin due to the low transaction fees. Unless an exchange is involved, the transaction fee will solely depend on network congestion.
This means the fee will remain the same whether you send $10 worth of Bitcoin or $100,000.
Over the last year, the daily average transaction fee fluctuated between $0.55 and $5. However, at its peak, in April 2021, the fee surpassed $60.
Pro Tip
The associated fee will be displayed before you confirm your transaction. Remember that you can slightly modify this fee by choosing your preferred transaction speed.
Bitcoin Taxes
Although crypto gambling has not yet been regulated, most countries already have a system for taxing crypto profits.
Bitcoin and other cryptocurrencies are considered assets, so any earnings must be reported to the competent authorities and are subject to income taxes.
The legislation will vary by country, so it’s important to check your local laws before embarking on this journey.
Keep in mind
Bitcoin is a very volatile currency. Earnings can, therefore, only be taxed after an amount of Bitcoin has been converted into fiat.
Pros and Cons of Bitcoin Casinos
The Bitcoin debate is here to stay, so you’ll find plenty of pros and cons to using this currency. We’ve listed some of the most important ones below.
| Pros | Cons |
| Fast and secure transactions | Lack of regulation |
| Unmatched privacy | Highly volatile currency |
| Low fees, especially for large amounts | Transaction fees largely depend on the network congestion |
| Unlimited deposits and withdrawals | |
| Funds are not subject to inflation | |
We haven’t listed international availability as one of the cons, as we feel it deserves a bit more context.
The cryptocurrency space is still very new, and countries worldwide are still trying to position themselves firmly regarding it.
Remember
Depending on your jurisdiction, you might find that using Bitcoin in online casinos has unique pros and cons.
You should do your due diligence and decide whether the pros outweigh the cons in your particular situation.
Bitcoin Casinos Safety and Security
For an online casino to be legitimate, it must obtain a gaming license from its respective authority.
Otherwise, it can’t open a bank account to process payments. Cryptocurrencies, particularly Bitcoin, offer casino operators a workaround.
Stay Safe
Since many jurisdictions have yet to regulate this space, several Bitcoin gambling sites operate without a license. The owners of these sites can disappear with your funds at any time and face no repercussions.
Currently, Curaçao and Malta offer licenses for pure crypto or fiat/crypto casinos. Operators licensed in these jurisdictions can be trusted and offer some of these perks for players who use Bitcoin:
- Pseudoanonimity. Although your transactions will be available on a public ledger for anyone to see, they won’t require your personal information. Your name and address will remain hidden, and your affairs will remain private.
- Security. You will remain in complete control of your funds. Your data can't be stolen because you won’t be entering any sensitive information on the web. All transactions require your private key, which you should store offline and never share with anyone.
- Decentralization. With no regulating authority, no one can freeze your funds or prevent you from making gambling-related payments.
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While you shouldn’t ignore the associated dangers, Bitcoin is still one of the most secure payment methods. All Bitcoin scams happen due to user error. You could lose access to your Bitcoin funds in three ways:
- Sending money to the wrong Bitcoin address. Once the money is out of your wallet, you can’t recover it. This is why you should always double-check that your recipient’s address is correct before completing the transaction.
- Storing your private key on your computer. Scammers might get access to a digital note or screenshot of your key. For maximum security, you should store your key on paper and refrain from keeping any copies on your computer or phone.
- Giving your key to someone else. One of the most common scams is impersonating customer support and asking users for their private keys. You’d be surprised how many people fall for this!
After you learn the ropes, you’ll find that Bitcoin is one of the safest payment methods. The learning curve is a bit steep, so we recommend thorough documentation.
Pro tip
If you need a bit of practice, the best option is to choose one of the no-deposit Bitcoin casinos.
You’ll find plenty of them in the list above, so you can take your favorite one for a spin before you commit.
Things to Look for When Choosing a Bitcoin Casino
Deciding on a new Bitcoin casino should take more than a few minutes. There are plenty of details you need to check to ensure not only your safety but also the best winning odds.
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License
Although we already mentioned this, we can’t stress it enough. Always check if your casino is licensed by a competent regulatory body.
Even if the casino mentions its license number in the footer, you should compare it against the official list issued by the specific authority.
Although the benefits of using Bitcoin for gambling are real, you should note that this space is not yet widely regulated.
Until we reach a globally agreed-upon policy, bettors should pay extra caution to remain safe.
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Offered RTP
Software providers are less likely to partner with Bitcoin casinos due to the lack of clear regulations. As a result, the operators usually offer a limited selection of games, many of them from smaller studios.
These can’t usually compete with the 93%-98% RTP range offered by studios that dominate the market.
Moreover, you should also consider whether the casino will allow you to play some of your favorite games.
Although access to the most popular titles is a given with regular casinos, that might not be the case with casinos that accept Bitcoin.
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Player Reviews
The easiest way to understand a casino’s level of trustworthiness is to check the comments and reviews of other players.
If enough people are satisfied with a casino’s services, that’s a good indicator that you can trust them with your money.
When comparing casinos, please note their number of reviews before anything else. A lower-rated casino that many players reviewed is generally a better choice than one with fewer reviews.
In addition, some tie-breakers you could check are the casinos’ customer service teams, the possibility of using alternative banking methods, and their payment processing times. You'll usually find this information on the casino review page.
Alternative Banking Methods
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Debit card, credit card, and e-wallet payments are widely accepted in most online casinos. If Bitcoin sounds like too much of a hassle, you might appreciate some of the tried and trustworthy payment methods listed below.
PayPal
This digital wallet allows you to make deposits and withdrawals in a couple of clicks without providing the casino with any of your personal information.
At PayPal casinos, transactions are near-instant, with very low fees for converting currencies. They do, however, lack some of the privacy that Bitcoin provides.
Paysafecard
With this payment method, you can select pre-defined amounts of money and buy associated codes with your debit or credit card.
You can later redeem these codes in casinos. The service is easy to use and offers complete privacy.
Keep in mind
Please note that many casino promotions won’t be available when you’re using Paysafecard.
Skrill
This is another digital wallet you can use to keep your personal information safe. It offers fast and secure transactions and supports 40 different currencies.
Before using this method, check the casino’s terms and conditions.
Remember
Some bonuses and promotions might not be available, or you might be subject to different wagering requirements when paying with Skrill.
There are plenty of other options if you haven’t found the perfect one yet. We offer detailed instructions on all accepted payment methods on our site and the lists of local online casinos that accept them.
Ready to Play? Choose Your Favorite Bitcoin Casino
If this guide doesn’t sound like news, you’re probably ready to start playing. You’ll find the best Bitcoin casinos available in your jurisdiction in our list.
Real players tested and reviewed these, so we have you covered on the safety front.
All that’s left for you to do is choose one that fits your needs.
Whichever casino type you choose, don’t forget that the best way to keep yourself and your money safe is to practice responsible gambling. You won’t have any issues if you’re only wagering the money you can afford to lose comfortably.
Good luck!
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