Crypto casinos are increasing in popularity, with more people than ever before choosing to deposit funds and play using this virtual currency. Already, 4% of payments made at online casinos are done with cryptocurrency, and this percentage is set to climb significantly over the coming year.
Once only the province of seasoned investors and tech gurus, crypto is now much more accessible and better understood, meaning that it’s become a realistic proposition for ‘ordinary’ folk looking to invest or use an alternative to a standard currency.
But are crypto casinos legal? Well yes. And sometimes, no. It’s a grey area, largely because the rules and regulations surrounding the use of crypto are, in many countries, still being thrashed out. We discover more below.
What are Crypto Casinos?
But first, what is a crypto casino? Well, there are two types of such digital establishments. The first allows players to make a deposit using crypto, which is then converted into a ‘regular’ currency to be used to play with. These casinos are usually referred to as ‘partial crypto casinos.’
And then there are ‘full crypto casinos’ where funds can be both deposited and played with in a cryptocurrency. These sites often feature crypto-specific games that have been designed to be played using digital currency.
The Benefits of Using Crypto at an Online Casino
And why use crypto to make payments at an online casino anyway? Here are some of the potential advantages of using this digital currency:
- Better security
- Increased transaction speed
- Cheaper transaction fees
- Higher limits
- Availability of larger bonuses
For crypto users, the ability to make a deposit without needing to share personal financial or banking information is often a key advantage to using this currency – funds are transferred directly from the individual’s crypto wallet, meaning their private details are kept secure.
And when it comes to withdrawing funds, while it regularly takes between three to five business days for these funds to hit a credit card, it often takes just a matter of seconds when it comes to crypto.
Regarding limits, most online casinos have fixed upper limits, even in the case where Paypal is being used as a method of deposit and withdrawal. Often, the withdrawal limit is significantly less than the jackpots on offer, which can be off putting for potential users. Using crypto, however, is often a means of removing these limits, with many crypto casinos having no set boundaries on deposit and withdrawal amounts when this type of currency is used.
Finally, for high-stakes players, crypto-supporting casinos are often a good option as they tend to offer higher bonus offers for crypto gamblers. While it’s not clear exactly why this is the case, those looking for more generous bonuses won’t be complaining!
But are Crypto Casinos Legal?
This is where things get a little hazy. Many countries are still working on their regulations when it comes to crypto and its use, meaning that things are in flux. In general, however, if a country’s gambling regulator allows for the use of crypto, and has licensed the online casino, then it can be considered as operating legally.
If, however, the country’s regulator has not licensed the use of crypto, then a casino operating within its jurisdiction offering the facility to deposit and play using a cryptocurrency is operating outside of the country’s gambling laws.
This situation is likely to change in the near future as crypto moves increasingly into the mainstream and regulations and laws surrounding its use are made more concrete.
How Can I Be Sure an Online Casino is Regulated?
It’s important to ensure that any online casino you’re considering using is fully licensed and regulated by a robust regulatory body. This will give you peace of mind that the operation, including its games, is being run fairly, responsibly, and ethically.
Fortunately, it’s easy to check whether or not an online casino has been licensed. Start by looking on the casino’s website – you should be able to easily find details of its regulating body. Have a look at the footer of the homepage or the About Us (or similar) page – this information can also often be found on the site’s FAQ page.
If you can’t find these details or are in any doubt about whether or not the casino is licensed, then you can check with the relevant licensing body. A quick look at their website, or an email, will easily give you the information you need.
Using crypto to deposit and play at online casinos can be a great way to enjoy these virtual gambling establishments, and – where crypto-specific games are on offer – it allows users an additional online experience to keep things interesting. For those who use crypto regularly, it makes sense to be able to use it in as many arenas as possible, including at online casinos.
On top of this, there can be many benefits to using crypto at online casinos or seeking out casinos designed around the use of this digital currency, such as heightened security, anonymity, and the availability of higher limits and bonuses.
However – especially until the regulations surrounding crypto are more clear – it’s important to ensure that the online casino you’re considering using is incensed and regulated in its capacity as a crypto casino. This means that you can enjoy gaming and gambling worry-free and can simply concentrate on having fun and, hopefully, getting lucky and coming in with a big win!