What Is Crypto Gambling?

Crypto gambling is a progressive option that online casinos can fully integrate. With cryptocurrency, you can gamble with digital assets and enjoy additional advantages. For instance, if you play using traditional currency, in some cases it can take quite a long time to process your withdrawals. When it comes to virtual currencies you can get cashouts immediately. Moreover, your identity stays anonymous when you gamble with crypto, while you have to share personal information in case of ordinary gambling.

The cryptocurrency gambling industry currently grows at a very fast pace. According to the data by Straits Research, the global online gambling market value is estimated at $57 billion in 2021. It is predicted to reach $153 billion by 2030. So there is no surprise online casinos look for different options which can make the customer experience even better.

Global Online Gambling Market Drivers

The expected rise of Cryptocurrency Gambling

The potential of crypto was swiftly recognized by gambling or sports betting services. Nowadays there are a lot of online casinos that have adopted crypto as a payment method.

Although Bitcoin and Ethereum are one of the most popular cryptocurrencies out there, altcoins like Litecoin, Ripple, and Tether also gain acceptance and continually increase in value. Here is a range of reasons why players choose cryptocurrency gambling.

Cryptocurrency truly disrupts the gambling industry by integrating fast and secure transactions. The interest in digital currency grows day by day. For instance, if we focus on crypto in Latin America, we see that 51% of consumers in South American countries have already made at least one transaction with different crypto assets. In this article, we explore how crypto changes gambling and what crypto you can use for online betting.

Benefits of Using Bitcoin for Online Gambling

Cryptocurrency and Bitcoin gambling are both experiencing a significant increase in popularity. With cryptocurrency, players can deposit and withdraw funds quickly and easily, allowing them to play for longer periods. Also, there are no third parties involved in transactions: all of your virtual coins are stored on your own computer or mobile device so they cannot be stolen or hacked by anyone else. Cryptocurrency gambling has many benefits, including the fact that it is anonymous, fast, and secure. Both crypto casino owners and players can enjoy the convenience of digital currencies.

Cost-Efficiency and Low Transaction Fees

When you are using crypto payments to top up your account while gambling, the most important thing to consider is how you can save money. Bitcoin is one of the best ways to do that. Not only does it help you save up, but it allows you to send bitcoins anywhere in the world for a low-cost fee. Usually, the main sites for crypto gambling offer affordable transaction fees and cheap costs on withdrawals. Sometimes they might even offer free bonuses when you sign up.

Instant and Borderless transactions

Online gambling is a booming industry, with players all over the world. But with the rise of cryptocurrencies, crypto gambling has become more popular than ever. This is because players prefer crypto due to its fast transaction times and ability to make micropayments. The Lighting Network provides instant deposits and withdrawals which revolutionize gambling. Players who would like to withdraw their winnings can immediately demand transactions at any moment. This is why online gambling platforms prefer Bitcoin, Ethereum, and altcoins to keep existing and attract potential users.

Privacy & Transparency on Cryptocurrency Gambling

Cryptocurrency is perfect for those gamblers who would like to keep their personal information private. Players can use gaming accounts without disclosing any of their data. To make a transaction with Bitcoin or altcoins, they only need a crypto wallet address and account destination tag. In addition, cryptocurrency transactions are made anonymously, which means that no third party can track your transactions. The main advantages of using cryptocurrency as an alternative to traditional banking methods are security and transparency. With cryptocurrency, you are in complete control of your funds at all times and cannot be tracked by anyone else.

No chargebacks on Crypto Payments

With traditional payment methods, there is no way to avoid chargebacks and associated losses. However, crypto payments are changing this industry and allowing businesses to avoid chargebacks altogether. Crypto payments allow merchants to accept payments in cryptocurrency instead of fiat. The transactions are then recorded on a blockchain network, which is secure and reliable. Because there are no central banks or financial institutions involved in crypto payments, there are no chargebacks possible with this method of payment processing.

New technology-savvy generations

Millennials are a big part of the future of crypto gambling. They are more likely to engage in crypto gambling than older generations, and they are also more likely to use cryptocurrency as a form of payment. Millennials are drawn to the crypto gambling market because it offers a chance to win big money while also being an easy way to make payments online. They do not have to worry about credit card fraud or identity theft, as all transactions are anonymous. The process is also simple, as there is no need for credit cards or bank accounts to make a transfer. All you need is an Internet connection and some cash.

Is It Legal to Gamble Online Using Cryptocurrency?

The legal status of crypto gambling varies greatly from country to country. Many governments consider it illegal, while others have no laws on the subject at all. The reason for this discrepancy is simple: cryptocurrencies have only recently become popular, so many governments have not yet considered how best to regulate them to protect consumers while allowing businesses within their borders to thrive. In addition to these differences in laws, jurisdictions can also have different regulations about how much money people are allowed to bet and how old they have to be before they can start gambling. Best crypto gambling sites are making sure to follow these general restrictions.

How Can You Start Gambling with Cryptocurrency?

The majority of crypto gambling services would remind you of the traditional ones that have been around for years. Usually, you have access to slots, casino games, or sports betting with one difference - cryptocurrency as a payment method. If you would like to know the first steps of cryptocurrency gambling, here they are.

Pick your cryptocurrency

If you would like to start crypto gambling you should have some amount of your funds in the digital currency accepted by an online casino. The most popular crypto assets are Bitcoin, Ethereum, Litecoin, Ripple, and Tether.

Bitcoin (BTC)

Of course, Bitcoin is the most popular currency in the crypto world. However, gambling with Bitcoin can be costly compared to other coins; BTC is currently the most expensive cryptocurrency and requires some budget to purchase it.

Tether (USDT)

Tether is an altcoin pegged to the US dollar. Tether was established to provide a less volatile cryptocurrency compared to others. Based on statistics from CoinMarketCap, you can often find USDT in first positions in terms of the daily trading volume.

Ethereum (ETH)

Ethereum (ETH) is a digital currency that has recently become mainstream. It is widely recognized as a safe and secure token. Currently, there are 20 000 crypto assets with a total value of $1 trillion.

Litecoin (LTC)

Litecoin was created to process secure and low-cost payments all over the world. It is a mining-based altcoin. The main difference between Litecoin and Bitcoin is the hashing algorithm.

Ripple (XRP)

XRP is the native digital currency of the Ripple network. Ripple transactions are environmentally friendly and are a lot cheaper compared to Bitcoin. Currently, Ripple is accepted at many online casinos and you can use it for gambling.

Get a Crypto Virtual Wallet

Cryptocurrencies are digital assets that provide a way to make transactions and store value. Unlike traditional money, they are not backed by physical commodities like gold but by their respective networks. Cryptocurrencies cannot be transferred without a digital wallet. If you want to transfer or spend your cryptocurrency, you need to register it in your wallet first. It is like a bank account: you deposit money into your bank account when you buy something and then withdraw it when you need to pay for something else.

Depositing to a Crypto casino

Casinos are now accepting cryptocurrency as a means of payment, which makes it easier for players to deposit money into their accounts and withdraw funds when they win or lose. Depositing cryptocurrency into your online casino account is a simple process. The first step is to choose the currency you want to deposit. You can use Bitcoin, Bitcoin Cash, Ethereum, Litecoin, or any other type of cryptocurrency you have. Once you have selected your currency, you will need to enter the amount that you want to deposit and then click "Send."

Conclusion

Gambling with cryptocurrency is the future of the betting sector. Crypto transactions are cheaper to process and it is an essential benefit for online casinos. Even though the majority of people still got used to BTC and ETH, there are over 3000 other tokens in general.

Let’s say you are the owner of an online casino and question what crypto you should add as a payment method for the best gambling experience. In this case, we highly recommend adding a few options to choose from. The potential list of cryptocurrencies could look, for instance, like the following: BTC, XRP, ETH, LTC, and USDT.

Calypso Pay supports over 20 different cryptos for Gambling industry. Just add our payment widget to your website and provide all available tokens for your customers. Moreover, we can add new blockchains and tokens by request. Simply contact us and we will discuss the alternatives.

FAQs

Can you gamble with crypto?

Yes, you can gamble using cryptocurrencies. The majority of gambling platforms accept Bitcoin, Ethereum, Tether, Ripple, and Litecoin. You would need some amount of digital currency and a wallet to start gambling.

What is the best crypto to gamble with?

Currently, Bitcoin and Ethereum are the most popular currencies for online gambling. However, they can be costly compared to other coins. Consider altcoins for crypto gambling, they are much cheaper. The main thing to remember is that there are no "best" cryptocurrencies for gambling.

Can you use Bitcoin to gamble online?

Yes, you can. Gambling with Bitcoin online is getting more popular. Most sites accept cryptocurrencies including Bitcoin. Online casinos allow deposits and withdrawals using Bitcoin transactions. Bitcoin is the most well-known cryptocurrency in the world, and it has been around since 2009.

Where can I gamble with Bitcoin?

There are a lot of Bitcoin gambling sites offering a range of games for players. Make sure you check whether the service has a reliable reputation and that it offers solid gaming opportunities and a user-friendly environment.

Why do online casinos use Bitcoin?

Bitcoin gambling gains significant interest day by day. Bitcoin allows players to deposit and withdraw funds instantly and easily and they can play for longer periods of time. Bitcoin provides a lot of opportunities for online casinos, including security, privacy, and speed of transactions.