The online gambling sector might be among the early adopters of crypto payments, but at the dawn of the crypto gambling, players were skeptical about making deposits using a fictional currency.
Today, crypto casinos look like they are here to stay. There is no denying that they belong to the future of the gambling industry, but still, they are not completely understood. Many players shy away from casinos that do not offer traditional payment methods such as Visa, Skrill or Neteller.
It is just human nature to fear the unknown, but as crypto casinos are developing at a rapid rate, we decided to explain how to recognize fraudsters and why you should not condemn all Bitcoin gambling sites as a scam.
When playing at a crypto casino for the first time, we recommend you to try games you are familiar with. If you notice any differences in the user interface, chances are that this is a pirated game. The glitches and the lack of crisp animations should make you think twice before making a deposit.
Also, fake games often have their own paytable, which is not favourable to the player.
Be careful if the casino requires too much personal information. Although playing at a crypto casino does not mean absolute anonymity, if you are asked to enter sensitive information such as online banking credentials, phone number, etc. you are probably dealing with a scam casino.
Tempting bonus offers and low wagering requirements
If you have some experience playing online casino games, you should know a thing or two about bonuses and wagering requirements. Still, no one can blame you if you want to claim an incredible welcome bonus offer combined with easy to clear wagering requirements.
If a standard welcome bonus comes with a 40x rollover requirement, and you come across a welcome bonus offer at a crypto casino with a 10x wagering attached, you’d better read the fine print of the bonus terms. As the saying goes: Sometimes the grass is greener on the other side because it’s fake”.
The best perk of the crypto payments is that they are practically untraceable. You stay anonymous and enjoy fast, free of charge transactions.
If it takes ages to receive your winnings, the casino is probably a scam. That’s why it is important to read reviews before depositing funds. More often than not, if many players report a casino as a scam, the server disappears from the Internet.
No customer support
The absence of customer support is a warning sign. You should be able to contact a customer care agent round the clock or at least at a specified time during the day.
No licensing information
Licensing information is not always an indication of a casino’s legitimacy, but we can hardly define a Costa Rica licensed one as genuine. The lack of any kind of licensing information or an “About Us” page is quite bothersome. Also, scam casinos do not have a terms and conditions page or it is too short and vague.
How can you protect yourself against crypto gambling frauds?
- Choose a strong password for your crypto wallet
- Do not click on suspicious links – Never follow a link prompting you to enter passwords and usernames as you may fall victim to ill-intentioned people
- Use the blockchain technology, as no sensitive information is handled thus making it impossible for fraudsters to access it.
- Smart contracts are used in casinos for payouts to eliminate the risk of manipulating transactions
While we cannot turn a blind eye to the thousands of people scammed in crypto every year, there are legit casinos that are a pure joy to use.
A reliable crypto casino would give you a vast number of payment options including Bitcoin, Ethereum, Tether, and even fiat currency, while a scam casino would offer meme coins only. (sorry Shiba Inu fans)
Crypto gambling is largely a grey area. Therefore, the gambling sites are neither legal, nor illegal. Crypto casinos are enabled to accept players from all around the world, but at the same time, there is no regulator you can complain to if you are unfairly treated.
Crypto casinos are not more dangerous than the traditional online casinos. Likewise, they are not less risky.
Crypto transactions are as safe as those you make via your online banking, meaning there is always a risk, but in general, they can be considered safe. In addition, crypto deposits and withdrawals are faster and you do not have to pay a hefty fee.
Yes, you can. Bitcoin is not only the most recognizable cryptocurrency, but it is also a stable one. As you know, cryptocurrencies are known for their crazy volatility and unexpected ups and downs, so if you are a newbie, Bitcoin is a safe bet.
Crypto casinos are preferred by players where online gambling is either unregulated or heavily monitored. You might have heard about a bunch of law amendments coming in spring 2022, so no wonder the UK players are setting their eyes on the crypto casinos.