Introduction
Gambling in all its forms is quite popular be it online or offline- each has its own pros and cons. Some gambling enthusiasts love the excitement of a physical casino, while others enjoy the serenity of their homes while giving their shots. But the recent pandemic has left the physical casinos crippled and people are left with no other option than to remain as captives in their houses and play online casino games in their devices.
What is Crypto Gambling?
Crypto gambling is the same as traditional gambling but played with cryptocurrencies. With the pandemic creating an imbalance in almost every sector, the gambling industry has received the maximum thrust because not many people are quite confident about gambling online. However, with the integration of cryptocurrencies, casino operators have started realizing the benefits that digital currencies offer which has spiked the mass adoption of cryptocurrencies in online casinos.
How Does Crypto Gambling Work?
Crypto gambling works in the same way as traditional gambling, with the only difference being that deposits are required to be made in crypto coins. To start gambling with cryptocurrencies, players are required to find a reliable casino website that accepts cryptocurrencies or allows players to stake in cryptocurrencies. Players should register an account with any of their preferred casinos by filling in some basic details and making the initial deposits. Soon after the bookmaker receives the initial deposit, it will unleash the games section, and the players can choose their favorite games and start playing.
Factors Behind the Ascent of Crypto Gambling During the Pandemic
The COVID pandemic has accelerated the popularity of crypto gambling and here are the reasons why:
Anonymity
In these strange times when people cannot step out to their favorite casinos (where they know that their identities will not be revealed), they have to trust the online casinos. But some countries do not allow online gambling and so the only way out to gamble online is to gamble anonymously, and with cryptocurrencies, anonymous gambling is possible.
Faster Payment Processing
Crypto transactions are processed much faster, and therefore players prefer cryptocurrency for gambling. Moreover, the huge overhead costs like the bank charges are eliminated in crypto casinos, and therefore it saves a lot of money for the players, which is great in such turbulent economic times. The reduction of operation costs also ensures higher returns to the gamblers because the casinos can offer lucrative bonuses to players with the amount that they save from the operating costs.
Investment Vehicle
Many people have lost their jobs in the pandemic, and many have made a comeback with cryptocurrency investments. However, to make a successful career with cryptocurrencies, one needs a perfect blend of strategies, intuition, and finance; it is not always your luck that steers crypto investments.
What Are the Most Popular Crypto Gambling Casinos?
Some of the most popular crypto gambling casinos are:
Fortune Jack
It is one of the leading online betting sites that accept bitcoins. The casino offers over 1000 slot games and live games from leading software providers like NetGame, MicroGaming, Playson, and Yggdrasil.
Stake
Along with an extensive list of casino games from leading providers like Betsoft, Spinomal, Habanero, Evolution Gaming, and Quickfire, Stake also features a dedicated sportsbook section covering popular sports like UEFA and NCAA games.
mBit Casino
Progressive slots, live casino games, and unique tournaments are the top offerings on the mBit Casino site, but the main attraction that the players wait for is the huge welcome bonus that the casino offers to beginners on their first deposits.
7Bit Casino
Apart from the latest games from the top software providers, 7Bit casino hosts an amazing VIP club that offers lucrative prizes in the form of free spins and cashbacks even on the bets lost.
BitStarz Casino
The BitStarz casino offers a plethora of exciting games to players, but the most important feature that steals the limelight is its responsive customer support service. There are also value-added promotions and welcome bonuses offered on the website.
Gambling with Cryptocurrencies: Pros & Cons
Online gambling has its pros and cons, and therefore, players should consider these before embarking on their cryptocurrency journey.
Pros
· Anonymity
· Faster Payments
· Lucrative bonuses on deposits made with cryptocurrencies
· Encrypted transactions
Cons
· Cryptocurrencies are highly volatile and therefore the returns can be uncertain
· Non-techies can find crypto gambling a bit complicated.
Is Crypto Gambling Legal?
Crypto gambling is neither explicitly legal nor explicitly illegal. It depends on the country where the players live in. Some countries have amended their laws regarding the extent of use of cryptocurrencies that clarifies the legal status of digital countries in that country. Therefore, players are required to check the local laws before engaging in crypto gambling.
Final Thoughts
The ongoing quarantine has made online gambling more accessible to players. Thousands of online betting sites are emerging and offering buy-ins with digital currencies where players from all across the world can play their favorite games using their crypto coins.
