What is a Crypto Casino Jackpot?
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Diferences to Traditional Jackpots
The most significant difference between crypto and traditional jackpots is the level of privacy. If you’re playing at a site solely focused on cryptocurrency, KYC protocols are unlikely to be enforced. This allows for much higher levels of confidentiality. The biggest-ever Bitcoin jackpot winner still retains their anonymity to this day.
More financial freedom is involved if you claim a jackpot in cryptocurrency. Banks often mistreat bettors, but crypto betting can avoid this issue. It stops banks from knowing how money is used and allows players more freedom with their own money. On top of this, if your country of residence has gambling restrictions on fiat accounts, cryptocurrency can help you get around this without having your bank account frozen.
Crypto Jackpots Pros & Cons
As with any betting method, crypto jackpots have pros and cons. Our list of pros and cons will help you to decide if games with a crypto jackpot are for you.
Pros
- Able to avoid geo-blocking
- Faster access to payouts
- Higher payouts than standard games
- Ability to claim wins anonymously
Cons
- Crypto jackpot games sometimes have a lower RTP than other games
Casino Sites with High-Quality Crypto Jackpots
There is an excellent selection of crypto casinos that provide high-quality crypto jackpots. With our list of the best sites, you can start playing top-class games immediately.
Bitstarz is one of the top crypto casino sites on the market. It provides an excellent betting experience to players, such as fast withdrawal of funds and an extensive selection of games. The bonus system is excellent, although the 40x wagering requirements might be too significant for some people. Where it stands out is for crypto jackpot players.
Bitstarz Casino features Diamond Wild as one of its games. This has seen jackpots of over 600 BTC in the past. Depending on the price of Bitcoin, this can offer wins of between $6 million and $30 million.
Bitcasino has got a massive selection of different jackpot titles in place. Tycoons and Greedy Goblins are on offer here, ensuring players have access to two top games. There is also a good range of table games here, with some jackpot options offered.
You can play for some of the biggest wins when you choose to play at Bitcasino.
How Does a Crypto Casino Jackpot Work?
There are two different ways that a crypto casino jackpot can work. The first is through a standard jackpot, and the second is through a progressive jackpot. Each has its benefits and drawbacks, which means it is up to you to decide which is best for you.
Standard Jackpots
A standard jackpot is set at a certain level. It means you will be aware of what’s available whenever you play. These jackpots will change based on the stake you’re playing with, so the higher your stake, the higher the potential payout.
The main positive to a standard jackpot is that you know exactly what you are playing for in advance. It does have the slight drawback that the potential payout can’t rise above this level.
Progressive Jackpots
Progressive jackpots differ from standard jackpots because there is theoretically no limit to how high they can rise. The progressive jackpot takes a portion of every bet placed and adds it to the total payout. Some games will only pay out a percentage of the jackpot for low-stakes bets, but this depends on the game.
The most significant benefit to a progressive jackpot is that it can reach incredible payout levels. The longer it goes without being won, the higher the payout. However, it does mean that if there’s an early winner, the payout might not be as high as some standard jackpots. For players who want to play for the best payouts, it might mean waiting until the jackpot reaches a certain amount before you start playing.
How to Choose the Best Site For You
The best site for you depends on a range of things. You’ll need to examine each area to make your selection.
Types of Crypto Jackpot Games
There are a few different types of crypto jackpot games available. Your preferred method of playing will determine the games you choose. These games are the ones that crypto sites offer to players:
- Crypto jackpot slots
- Crypto lotteries
- Crypto roulette jackpots
- Crypto dice jackpots
- Crypto video poker jackpots
Each one offers a different experience and method of payout. It’s up to you which one you prefer to play.
Top 3 Crypto Jackpot Games
There are many top crypto jackpot games available. Although it can be hard to choose the best one, we’ve put together a list of the games we feel are the best on the market.
Diamond Wild
This is a retro-themed slot that provides some great payouts to players. There are payouts other than the jackpot available as it’s a slot. So, you’ll be able to grab some winnings while you are playing to try and get the top win. The RTP is a bit lower than the market average, but this is due to the jackpot providing such high wins and not being paid out as often as standard wins.
There’s a progressive jackpot in place for Greedy Goblins. This instantly makes it appealing to players who want to play for huge wins. Unlike most other progressive jackpot slots, it also has a high RTP, which sits at 97.2%. Greedy Goblins is a great title for anyone who enjoys jackpot slots.
This game is offered at a lot of different sites. Each one will have its own rules and method of playing. However, the one thing that remains the same is that it’s simple to play, and some fantastic wins are available. If simplicity is your thing, jackpot dice is the game for you.
The Odds of Winning a Crypto Casino Jackpot
It all depends on the game that you’re playing. If you play a progressive crypto jackpot game, the odds of winning will be lower than on a standard jackpot game. On top of that, the odds of winning these games will change over time.
A progressive jackpot slot has an estimated spin count of around 1 billion times before it pays out a jackpot of 500 BTC. This is a huge number of spins. Of course, if 10 million players spun the slot 100 times, it sounds much better than 1 in a billion.
How to Increase Your Chances of Winning
Increasing your chances of winning is a difficult task to carry out. You can do some things to make it slightly more likely, though.
Firstly, when playing a progressive crypto game, you should wait until the right time to start playing. These games very rarely offer payouts close to each other. Leaving it for a while before you begin to play means you won’t be spending your budget during a period when payouts are more unlikely.
Secondly, increase the number of bets you place. Take a jackpot slot, for example. If you have the budget for 20 spins, you’re less likely to win the jackpot than if you have the budget for 200 spins. Although winning on the first spin is possible, it’s best to have the bankroll available for as many spins as possible.
What is the Average Payout of a Crypto Casino Jackpot?
It depends on the game that you’re playing. A game such as Mega Fortune has an average payout of around 450 BTC. Games such as Greedy Goblins will have a lower average because it doesn’t have as many players. It doesn’t mean that it will never reach payouts of that level, just that it doesn’t happen as often.
You can work out the average for the game you want to play by checking out the payout history.
How to Claim Your Crypto Casino Jackpot Winnings
Your winnings are claimed automatically. Once you have created the win, it will be credited to your account. However, you might need more time to be able to withdraw your winnings. If you still have wagering requirements in place, then you may have to achieve them before you can make your withdrawal.
What’s excellent about progressive jackpots is that the slot developer pays them out, not the crypto casino operator. It means there are generally fewer barriers put in place when it comes to claiming them.
Taxes and Jackpot Winnings
The taxes you have to pay on any winnings will vary depending on your location. Each state has different tax laws within the USA, so the tax rate is different. You will likely have to pay tax on any capital gains from your crypto. Again, this varies from state to state, so it’s important to check this first. Some crypto sites will automatically take the tax out of your winnings, but it’s a rarity, so make sure you are fully aware of the tax situation.
In the UK, there are no taxes on gambling winnings. There is a tax on profits from cryptocurrency, though. So, if the value of your crypto increases between withdrawal from the casino and converting it to fiat, you may have to pay some tax on the increase in value.
Other countries will have different tax laws, so check before playing.
The Biggest Crypto Jackpot Wins of all Time
The biggest-ever crypto jackpot belonged to an unknown player in 2013. The player managed to win 11,000 BTC in a weekend session of playing dice. At the time, this was worth just over $1 million. More recently, players have walked away from jackpot slots with a payout of over 250 BTC.
As crypto becomes more common amongst casino players, there’s a chance for the current level of payout to increase. However, it’s unlikely to top the 11,000 BTC payout in pure crypto.
FAQ
There are risks associated with any casino game you play. The main risk is that the game applies some RTP to the jackpot itself. So, the jackpot size will lower any chances of grabbing standard wins compared to a typical casino game.
In the early days of crypto, a player won 11,000 BTC. However, the most significant single-bet crypto win occurred on February 17. Here the player won 259.74 BTC.
It depends on the game. There can be months between prize wins for the more significant, progressive jackpots. The smaller, non-progressive jackpot payouts can pay out multiple times a month.
Each game will have a different house edge. For example, if you play table games, they will have a lower house edge than a slot game. You should look into which games are best for your style of play and work out the pros and cons.