Part 1: Guide to Crypto Gambling
Crypto gambling is debated to be the future of gambling. It comes in different varieties and forms. Some of the most popular crypto gambling options include playing casino games using a crypto token and sport/esport betting sites.
Did you realize that certain online gaming companies have been supporting cryptocurrency gambling and payments for years? The payment processing business has always been on the lookout for new and innovative ways to manage payments, especially considering how costly traditional techniques have grown. Crypto is a fantastic answer, but it is still in its inception, and many individuals have only recently learned about it.
Here is what you need to know to start crypto gambling:
What is New in Crypto Gambling?
The value lies in DLTs
The distributed ledger technology – or DLT for short – is a revolutionary technology that is powering Web 3.0. Crypto gambling also makes use of DLTs and this results in a much faster and more efficient user experience. This is not all: thanks to the distributed ledger, crypto gambling apps are able to provide provable fairness and transparency to their users.
Crypto games and Provably Fair Games
Provable fairness is one of the key selling points of crypto games. The blockchain-powered smart contracts enable these games to provide users with an experience that is free from manipulation. Since all of the transactions are stored on an immutable public ledger, fairness is guaranteed.
New and better Bonuses
Provably fair casinos give away small amounts of crypto tokens to their users as a reward for completing some easy tasks. Since the amount is pretty small, this is often referred to as a free faucet. For instance, you can get free faucets by verifying your email or enabling 2FA. This allows you to try out the game for free with the token rewards that you received. Some apps also offer other new sign-up bonuses in addition to the free faucets.
Earning House Profits
Crypto gambling games offer a number of different rewards and profit-sharing opportunities that you can benefit from. Some casino apps give you a portion of the profits generated by the casino app for owning one or more of their native NFTs.
Pros & Cons of Crypto Gambling
Pros
- Privacy and anonymity
- Fast transactions
- No legal or geographical restrictions
- Transparency
- Variety of bonuses and rewards
Cons
- Less secure due to lack of regulation
- The volatility of the constantly fluctuating markets
- Complexity
How to get Started with Crypto Gambling?
1. Open a Crypto Wallet:
The first step in starting crypto gambling is to open a crypto wallet that will hold your cryptocurrency. Always select a strong password when making a wallet and keep your secret phrase secure.
2. Buy Cryptocurrency
Similar to traditional gambling, you will require some capital to start with. Crypto gambling works on cryptocurrency so you will need to purchase it and store it in your wallet.
3. Choose the Gambling Site
There are countless crypto gambling apps and websites available now with more new projects being released every other day. On our website you can find reviewed and vetted crypto casino sites, categorized so that you can easily find one that meets your requirements.
4. Make your Deposit and Start Playing:
The final step involves connecting your crypto wallet with the platform that you selected and making a deposit there. Now you can select the game that you want to gamble on and get going with crypto gambling
Crypto Casinos: Facts and Figures
Crypto casinos have gained popularity in recent years, as more and more people are discovering the benefits of using cryptocurrencies for online gambling. In this section, we will discuss the current popularity of crypto casinos, as well as some statistics on the industry.
The Popularity of Crypto Casinos
According to a recent report by Grand View Research, the global online gambling market size was valued at $79.8 billion in 2022, and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2023 to 2028. The report cites the increasing adoption of smartphones and the easy availability of internet services as key drivers of the industry’s growth.
In terms of user demographics, a 2021 study by H2 Gambling Capital found that the majority of online gambling customers are male (72%), with the average age being between 25-34 years. The study also revealed that 48% of online gambling customers use mobile devices to access online casinos.
Geographically, the largest market for online gambling is in Europe, followed by North America and Asia Pacific. However, the adoption of cryptocurrencies in online gambling is not limited to these regions, as more and more players from all over the world are discovering the benefits of using cryptocurrencies for online gambling.
Industry Statistics
The crypto casino industry is still relatively new, but has shown significant growth in recent years. According to a report by Statista, the global market size of crypto gambling was valued at $2.7 billion in 2020, and is expected to grow to $13.8 billion by 2027, with a CAGR of 25.7% from 2021 to 2027.
The number of players in the crypto casino industry is also increasing rapidly. According to a report by Crypto Gambling News, the number of unique users on crypto gambling sites increased by 44% from Q3 to Q4 2020, with a total of 1.5 million unique users in Q4 2020.
In terms of revenue, the average daily revenue of the top ten crypto gambling sites was approximately $3.3 million in 2020. The total daily transaction volume of these sites was approximately $60 million.
Thus, the crypto casino industry is experiencing significant growth, with more and more players discovering the benefits of using cryptocurrencies for online gambling. As the industry continues to grow, we can expect to see more innovation and development in the space, as well as increased adoption of cryptocurrencies for online gambling around the world.
Basic Crypto Gambling Tricks
In this section, we’ll discuss some tips and strategies that can help gamblers make the most of their crypto gambling experience.
1. Learn about Market Trends and Crypto Fluctuations
One of the most important things to keep in mind when engaging in crypto gambling is to stay up-to-date on market trends, and fluctuations in the value of different cryptocurrencies. This will help make informed decisions about when to buy, sell, or hold your cryptocurrency, which can have a significant impact on the gambling outcomes.
2. Make Use of Any Crypto-Based Bonuses
Many crypto-gambling sites offer bonuses and rewards for their users. These bonuses can include free spins, cashback, or even deposit bonuses. It’s important to take advantage of these offers as they can increase the chances of winning, while also helping save money.
3. Gamble Responsibly and Set a Budget
It’s essential to remember that cryptocurrency investments can be volatile, so a gambler should never spend more than they’re comfortable losing. It’s always a good idea to set a budget and stick to it, even when one is on a winning streak.
4. Choose Games Wisely
Different crypto-gambling sites offer a wide variety of games, including slots, poker, sports betting, and more. A gambler must choose the games that they’re familiar with and enjoy playing. Additionally, some games offer better odds than others, so it’s important to research the different games and their odds to increase the chances of winning.
5. Practice Makes Perfect
Finally, just like with any other form of gambling, practice makes perfect. Many crypto gambling sites offer the option to play for free, which can be an excellent way to learn the ropes and develop a strategy without risking any investments. Gamblers must take advantage of these opportunities to hone their skills and increase chances of winning when they start playing with their own money.
Crypto Gambling vs. Blockchain Gambling
Generally speaking, cryptocurrency gambling and betting can look much like traditional gambling and betting. You, on the other hand, are employing crypto rather than fiat money. When we talk about crypto gambling, we simply mean regular gambling using a cryptocurrency instead of fiat.
The most common way to gamble with crypto is to utilize it as a kind of currency while placing bets or participating in casino games.
As a result of your deposit in crypto, you will receive your winnings in the same form. Some gaming sites even provide their own currencies that can be swapped for other crypto or fiat currencies while you are gambling.
In some traditional casinos, you can only use cryptocurrency to deposit and withdraw, while only wagering in fiat. However, the greatest esports bookmakers and best blockchain gambling sites support wagers in actual crypto.
While a lot of you might have already played at traditional online casinos that offer crypto payments, we want to help you benefit from decentralized gambling applications, also called blockchain casinos or gambling dApps.
Part 2: Guide to Blockchain Gambling
Only when you start playing at gambling dApps, will you be able to fully benefit from the advantages of blockchain technology.
Gambling dApps are casinos or sports betting providers that are built on distributed ledger technology (DLTs) and therefore offer a lot of benefits compared to traditional casinos. Gambling dApps come in the form of sportsbook, NFT games, casinos as well as Metaverse casinos.
What this means is that the working of these casinos is completely transparent and you have a guarantee that the games are not rigged against you in any way. You can play games like blackjack, roulette, and baccarat in these casinos. Crypto tokens are the standard tokens for decentralized casinos so you will need to have a certain amount of tokens in your crypto wallet in order to play at a decentralized casino.
These digital casinos are gaining popularity as they offer a great user experience while also offering their users anonymity, security, and provable fairness.
Gambling dApps are also one of the most trending apps in the crypto space. DApps are basically decentralized apps that are deployed on the blockchain. The world of dApps has been taken by storm by a new wave of gambling dApps that have emerged over the last few years. The pandemic also boosted this shift of the community towards using digital gambling platforms.
Since these dApps have no central authority or third-party controlling the players’ funds, they have gained the trust of their user base quickly. Instead of the centralization that we see in traditional gambling apps, all the transactions here are processed through a smart contract code that runs on the blockchain. These gambling dApps offer instant payouts, provide anonymity, and have provably fair games. Users also get benefits like dividends along with bonuses in the form of native tokens or NFTs.
In gambling dApps…
- payments are enabled by blockchain technology, but alternative options may exist.
- provably fair games allow you to verify the randomness and fairness yourself without relying on third parties
- players sometimes can earn passive income from shared house profits of the casino using NFTs.
- innovation in gambling experience are endless.
What to pay attention to?
Crypto gambling is an exciting industry that has seen tremendous user interest and growth in the last few years. With so many new apps and options available to users it's easy to get a bit overwhelmed by so many choices. The golden rule is to always perform your own due diligence and research the project thoroughly before starting with it. Paying attention to the project’s reputation and trust factor is a must.
Why Blockchain Gambling?
With the advancements in blockchain technology and how it is transforming the online world as well as many transaction-involving processes, blockchain gambling is an unsurprising natural step. Considering the size of gambling markets around the world and widespread developments in the blockchain field, blockchain gambling was destined to emerge and flourish.
Although blockchain gambling is slowly gaining steam online, many people still remain unaware of blockchain technology and how it powers major cryptocurrencies like Bitcoin. Since it is difficult not to hear about cryptocurrencies nowadays, you will often see casinos accepting them as payment.
However, what are the benefits of casinos that accept cryptocurrencies as payment and operate on blockchain technology? In this section, you will learn the main reasons blockchain gambling is a huge deal today!
High transparency
Transparency is central in the use of Gambling dApps however, most people fail to acknowledge and realize the major benefit of gambling with on-chain decentralized applications. Did you know that traditional online casinos don’t let punters and gamblers take a peek at the backend processes and how things are working?
Well, that’s the case for many traditional online casinos. Just like those casinos, some blockchain casinos are offering unique gambling products and services however, the main difference between them is that gamblers/punters have the right to view the backend processes when they are engaging in gambling activities through Gambling dApps.
Traditional casinos used a hidden backend process to their advantage and were nearly always off the “Fair play” track. That means traditional online casinos didn’t allow gamblers to learn about how prizes and outcomes of games were distributed, while the house enjoyed a greater house-edge every time.
On the bright side however, things have changed considerably with the development and advancement of Gambling dApps. With decentralized crypto casinos, you can observe all of the backend processes.
Gambling dApps offer transparency so that gamblers and punters know what’s going on at the backend, which allows gamblers to have a better idea of how casino games work and how outcomes are presented. This extends the applicability and prevalence of fair play guidelines among all online casino websites, especially those powered by Ethereum and other established blockchains.
Advanced Security Features
All online activities are somewhat prone to hacking attacks, scams, and other types of threats. Since gambling involves huge global turnovers around the year, the market size keeps expanding as more and more countries begin to legalize online gambling.
With more countries adopt online gambling, cybercrime remains a persistent threat as hackers and scammers find new ways of targeting people.
With the rise of crypto casinos and the use of cryptocurrencies for gambling, hackers and scammers will be honing in on cryptocurrency holders. Hacking attacks and scams are a major threat to the online gambling world.
The use of multi-layered encryption protocols and advanced security measures has enhanced the crypto casino game, enabling players to gamble in online casinos using their cryptocurrency without the threat of losing them. How is that possible?
Well, the world of online crypto casinos has introduced far better procedures and security measures to assist gamblers, and frequently update the security of their decentralized applications .
With added security, complex login procedures, and sophisticated firewall barriers, gamblers can play games with less worry. Since decentralized casinos operate on various blockchain networks, high-end security becomes a perk for every user.
End-to-end encryption and safety from prying eyes or access is a major feature of decentralizing casinos and dappGambl. Singing up and playing with a decentralized casino will better inform you about the security features and reliability that it has to offer.
Extensive Convenience
Many countries around the world do not allow gambling in any form whatsoever. For example, some states and countries restrict access to online gambling websites, land-based casinos, and even small-scale poker games.
The bans and restrictions are usually due to religious beliefs and cultural differences. However, when people who don’t follow the same culture or religious beliefs wish to enter the gambling industry, they are prohibited.
Online casinos require you to provide personal and banking information accurately, so a unique record about you exists on the internet. This clearly takes away anonymity and exposes you to those who are monitoring online gambling activities.
For that reason, some gamblers and punters have ended up facing legal consequences and heavy penalties as a result of engaging in “illegal” activities (i.e., online gambling). However, with the introduction of blockchain technology and various networks that accompany it, gamblers can enjoy a newfound convenience.
Even if you’re in a country or state that has restricted online gambling and crypto use for transactions, you can still get engage in activities like gambling, crypto trading, etc. Some of the most popular decentralized casinos allow gamblers to use VPNs for safer access.
It is possible to access information sites like dappGambl, and decentralized casinos, without exposing your true identity. That’s because blockchain technology operates with complete anonymity, hiding the users’ personal and banking information.
Since the decentralized casinos run on various blockchain networks, all information is end-to-end encrypted, allowing for total anonymity. While it is best not to risk breaking the law in your state or country, the option to gamble and earn rewards using decentralized casinos is available.
Basically, dappGambl and decentralized casinos will not expose you to governmental authorities or banks.
Expansive Game Varieties
Another major reason most people are opting for blockchain gambling is that they contain all the fun and excitement of traditional land-based and online casinos without the hassle.
Just like traditional land-based and online casinos, you will have tons of games…and even more fun since you will be viewing the processes from the backend.
Blockchain network advancement has resulted in the development of new games and ideas. There are countless varieties of gambling games on the internet. However, the same level of choice is not available at most traditional online casinos.
The diverse variety of games is one of the major reasons why people choose blockchain gambling websites. These include slots, poker games, sports betting, and so on, nearly every type as a typical online casino.
However the quality and engagement rate of blockchain games is far greater. When looking at the blockchain games in decentralized casinos, typical casino games pale in comparison.
How to find the best crypto gambling casinos/sportsbooks?
The best way to find the best crypto gambling casinos and sportsbooks is by performing due diligence on the top-ranked gambling platforms. it's important that you consider their reputation as trust and reliability are fundamental. You should also check for the cryptocurrencies that they offer because using crypto is more secure as compared to fiat.
Factors to Consider When Choosing a Crypto Gambling Site
Crypto gambling is a fun and exciting way to spend time and potentially win big, but it’s important to choose a reputable and safe platform to protect investments. Here are some factors to consider when selecting a crypto-gambling site.
The Type of Cryptocurrency Gambling Site
There are several crypto-gambling sites, each offering different types of games and activities. Here are some of the most popular types of crypto-gambling sites:
- Online casinos: These are similar to traditional online casinos, but they use cryptocurrencies as the primary currency. They offer a wide range of casino games, including slots, table games, and live dealer games. Some of the most popular crypto online casinos include Bitstarz, FortuneJack, and mBit Casino.
- Sportsbooks: These sites allow gamblers to place bets on various sports events, including football, basketball, soccer, and more. Some sportsbooks also offer in-play betting, which allows gamblers to place bets while the game is in progress. Leading crypto sportsbooks include Sportsbet.io, BetOnline.ag, and Cloudbet.
- Poker rooms: These sites offer different types of poker games, including Texas Hold’em, Omaha, Seven-Card Stud, and more. Some poker rooms also offer tournaments, where gamblers can compete against each other for a chance to win a large prize. Popular crypto poker rooms include Betcoin Poker, Nitrogen Sports, and SwC Poker.
- Dice and other provably fair games: Some sites offer unique crypto games that use blockchain technology to ensure their fairness. These games include Dice, Crash, Plinko, and more. Popular crypto gambling sites that offer provably fair games include Primedice, Stake.com, and Bitsler.
What is the Best Cryptocurrency for Gambling?
You have a few options when it comes to cryptocurrency gambling. It can be difficult to choose the ideal cryptocurrency for gambling. Tokens come in a plethora of forms and really all of them are a great choice, depending on what you are looking for.
Are you entirely new to crypto? Let us show you how to purchase your first cryptocurrency via our web3 wallet and crypto exchange guide.
Certain blockchain casinos only offer gambling with their own token, which you will then need to acquire. So when it comes to choosing the best crypto for gambling, there is not one right answer, as it very much depends on the casinos you want to play in.
However, you still have a plethora of options at your disposal. When it comes to using cryptocurrencies there are some security measures and practices to keep in mind. Since there is no middleman (a bank) you are entirely responsible for keeping your funds safe and secure, which can be a challenge with scammers and hackers looking for their next victim. If you need to know how to keep your crypto safe, no worries – we have got you, have a look at our guide with the best practices to keep your crypto safe.
When it comes to choosing the best blockchain, it again depends on what you are looking for. Keep in mind that Ethereum might not be the current best choice, as the gas fees can be crippling. Although you still have to consider that Ethereum hosts a significant part of all available dApps.
Besides that, we can recommend cheaper and user friendlier blockchains, such as Binance Smart Chain, Polygon, EOS, Tron.
Factors to Take Into Account for Safe Cryptocurrency Gambling
Beware of Scams
Beware of Scam Websites that will try to steal your funds. Never share you password or wallet key with anyone and only use sites that are vetted and reviewed by professionals and have a long standing history of trustworthiness.
Opt for Provably Fair Games
One of the most important factors to consider when engaging in cryptocurrency gambling is to ensure that the games are provably fair. These games use cryptographic algorithms to ensure that the results are random and cannot be manipulated. Thus, players can verify that the results of each game are fair and random. Before playing any game, make sure to check if it is provably fair, as this will provide an extra layer of security.
Activate Two-Factor Authentication
To ensure the safety of the account, gamblers can enable two-factor authentication. Two-factor authentication adds an extra layer of security to the account, requiring the gambler to enter a code sent to their phone or email, in addition to the password, when logging in. This helps prevent unauthorized access to the account.
Deposit Only the Funds You Will Use
When gambling with cryptocurrencies, it is crucial to only deposit the amount of money needed for the gambling activities. By doing so, a gambler limits their exposure to potential losses, which is especially important when cryptocurrencies can be highly volatile.
Withdraw Winnings
It is also important to regularly withdraw winnings to the crypto wallet. Leaving winnings in the casino account increases a gambler’s risk of losing funds in case the casino suffers a security breach.
Choose Privacy
When engaging in cryptocurrency gambling, it is also important to choose a casino that prioritizes privacy. Many reputable crypto casinos offer anonymous registration and anonymous play, which provides an additional layer of security for the gambler’s identity and personal information. It is essential to review a casino’s privacy policy and choose one that aligns with the gambler’s values and priorities.
Bitcoin Casinos
The most famous and earliest form of cryptocurrency is Bitcoin. As a result, it’s an excellent choice for cryptocurrency betting. The only true drawback to using bitcoin for betting is the same as using any other cryptocurrency. It’s a double-edged sword, the price volatility. Depending on how quickly the value of a cryptocurrency rises or falls, you may lose or make more money than you bargained for. It’s ideal if you’re using a crypto for betting that you intend to keep in your wallet. You won’t have to worry about price changes if you decide to keep it as an investment for the long run.
Ethereum Casinos
Cryptocurrency gambling goes beyond the simple use of bitcoin. Ethereum is currently the second most popular cryptocurrency. Crypto bettors can gain a lot from using this currency. With its second place in popularity, it is steadier than some of the more recent tokens.
However, using Ethereum to speculate on cryptocurrencies has one major drawback at the moment. Even though it has a wide range of applications and is widely regarded as one of the most well-established and recognized crypto projects, gas fees remain a major disadvantage at the moment. Adding money to your Ethereum betting account or withdrawing it requires you to pay a fee known as a gas cost. Presently, the costs of moving Ethereum around are extremely variable, and you may find yourself shelling out a significant sum merely to do so. Until things settle down, it’s probably prudent to consider other options.
Most sportsbooks accept Bitcoin and Ethereum as payment, but there are a variety of other cryptocurrencies available. Some more options for cryptocurrency gaming include the following:
If you’re going to hold the tokens for a long time, any of these methods and more will work fine for crypto gambling. The best cryptocurrency to bet with is largely a matter of personal opinion among the aforementioned cryptocurrencies.
FAQs
It is generally unsafe to play in unregulated casinos. This is also why you will hardly find them on dappGambl, as we believe that the best choice is always a licensed casino.
However, unlicensed blockchain casinos are less restrictive and the only true option to play anonymously. This is often interesting for players living in countries where online casinos are restricted, as licensed casinos always have to verify the identity of any user to prevent identity fraud, money laundering and ensure a more safe and responsible gaming environment. Moreover blockchain casinos/gambling dApps do not hold your funds and their games are provably fair, so this is a big plus regarding trustworthiness.
If you are looking for a genuinely anonymous blockchain gambling experience, there are still a few reputable websites that seem to be trustworthy and would be an option for you.
Keep in mind that in an unlicensed casino no entity validates fairness.
Blockchain can be used for gambling, and it brings a ton of advantages. Transparency is one of the most important advantages that blockchain gambling may have. Transactions in the gaming industry can now be permanently recorded on the blockchain ledger, rather than taking place in a mysterious black box. In addition, games can be set up to be fair according to rules that can be proven to be correct.
Reviewed and Fact Checked by Vlad Hategan , NFT Gaming Specialist