The Pros and Cons of Crypto Gambling: Should You Bet With Crypto?

Casinos and sportsbooks have found a way to incorporate cryptos into their business to keep up with modern technology. Latest stats show that 48% of crypto users use their crypto mainly for gambling.

In the first quarter of 2022, 35% of bets were from cryptocurrencies. By Q1 2023, this percentage increased to 45%, showing how everyone had quickly jumped on the crypto craze. 

However, as the saying goes, there are two sides of a coin. In this article, find out more about crypto gambling to further identify the pros and cons of gambling with cryptocurrencies and tips.

Highlights of the Article

• Crypto gambling started in 2012 when Erik Voorhees launched SatoshiDice.
• Blockchain technology enables smooth gambling transactions.
• Bitcoin, Ethereum, Ripple, and Litecoin are some of the most common cryptos in crypto gambling.
• The UK Gambling Commission does not have a specific provision for crypto gambling.
• A whopping 6.3 billion crypto bets were recorded in 2022.
• Anonymity is one of the strongest features of crypto gambling, and it entices more players.
• Some, if not most, crypto casinos allow you to withdraw your cash in as fast as five minutes.
• There are only a few games available in crypto casinos.

The Benefits and Drawbacks of Crypto Gambling

Crypto gambling has taken the world by storm since its introduction in 2012 when Erik Voorhees launched SatoshiDICE as the first-ever Bitcoin casino. Since then, many casinos have followed suit, giving bettors the necessary crypto-gambling experience.

A key feature of crypto gambling is its tight privacy measures, which puts a lot of users at ease knowing that their sensitive information is secured. However, the lack of regulation puts crypto gambling in a negative limelight.

Quick Tip

Always check the validity of the business of your target crypto casino. Look for the official website, ask around, and read the reviews before playing.

The latest statistics reveal that crypto bets doubled in 2022 to a whopping 6.3 billion bets. These statistics only prove how crypto gambling is flourishing and will not die down anytime soon.

Read on to learn more about the pros and cons of crypto gambling in detail and discover whether the crypto gambling scene is for you.

Side Note

Bitcoin, Ethereum, and Litecoin are well-known altcoins (alternative coins) in crypto casinos. In Q1 of 2023, Bitcoin’s market share in crypto bets increased by 2%, while Ethereum and Litecoin’s share increased slightly.

The Pros of Cryptocurrency Gambling

Despite its complexity in usage and technicalities, such as the Provably Fair algorithms, many players would still go to great lengths to gamble in crypto casinos. Here are the main pros of gambling with crypto and why people are hooked from the get-go.

Anonymity: Privacy Matters

If you’re the type who values privacy, crypto gambling is for you. Most crypto casinos do not require bettors to provide verification and IDs to play and withdraw their winnings.

Players find this feature the main reason they keep playing in crypto casinos. For them, the smaller the digital footprint, the better, as it allows you to keep the most sensitive information to yourself.

Some crypto casinos also have strict regulations that do not require bettors to disclose their personal information to play or withdraw.

Convenience: Decentralization Makes Everything Simpler

Thanks to blockchain, all transactions are recorded and do not need any central authority to validate everything before proceeding. Blockchain enables transactions to be secured and games to be fair.

Apart from Bitcoin, crypto casinos also accept Ethereum, Litecoin, and Ripple as altcoins. Check your preferred crypto gambling site to see if they accept the abovementioned cryptos.

Fun Fact

In May 2010, Laszlo used his BTC to buy two pizzas. At that time, the value of two coins was $40. Fast forward to 2024, BTC is valued at over $200 million.

Fast and Easy: Withdraw Your Wins Without Any Roadblocks

What makes crypto gambling so enticing for players is their ability to withdraw money without any blockage.

You can withdraw your hard-earned cash in as fast as 15 minutes to an hour. Unlike traditional casinos, which take days to get your money, crypto casinos find a way to give your cash to you instantly.

Quick Tip

Look for online gambling platforms offering the fastest transaction times. Some sites, such as Stake.us, offer instantaneous withdrawal with zero fees for bettors that use cryptos and selected e-wallets.

The Cons of Cryptocurrency Gambling

While crypto gambling has its good sides, like everything else, it has its limitations and drawbacks. Despite the advancements brought about by blockchain technology, there are certain aspects that even the most advanced system cannot control.

Let’s dig deeper into why some people hesitate to give crypto gambling a shot.

Regulation and Security: Play At Your Own Risk

Many critics worldwide point to crypto casinos’ lack of laws. For instance, The UKGC, the world’s most trusted gambling authority, regulates crypto gambling but lacks specific rules.

Other countries go as far as banning crypto gambling altogether due to its allegedly fraudulent nature. Unaware bettors are susceptible to illegal operators. Therefore, if an unauthorized operator has stolen your crypto funds, no regulating body is accountable for this loss.

Helpful Article

Knowing global gambling laws and restrictions is an excellent trait for serial and curious gamblers. Knowing and recalling which countries allow wagering and the consequences for violators is vital.
Read this article on countries that outlaw gambling to understand where and where not to gamble.

Volatility: Crypto’s Preceding Reputation

Crypto is volatile, so players hesitate to take risks playing at crypto casinos. The value of crypto frequently fluctuates, causing uncertainty about whether players should bet big time or play it safe.

Games: Few Can Only Be Chosen

Sadly, there are only a few games right now that players can enjoy in a crypto casino. This feature may not be a dealbreaker for some, but for others, this makes a difference as it makes or breaks their casino experience.

Even with the instantaneous playability of some crypto casinos, the lack of depth of a gaming library is a disadvantage to some bettors who prefer variety in their gaming sessions.

So, What Now? Tips on Succeeding in Crypto Gambling

With its pros and cons, it’s getting trickier to understand whether to consider crypto gambling. To make things easy for you, here are some tips to go over and ponder for a better crypto gambling experience.

1. Secure accounts from reputable cryptos and casino platforms

Go after reliable cryptos such as Bitcoin, Ethereum, and Litecoin. For gambling platforms, choose those that have been in the business for over ten years and have a record of the most trusted casino license.

2. Less is more

Keep your accounts across cryptos and platforms to at least three. The fewer the accounts, the easier it is to track your transactions and monitor the market changes.

3. Stick to a budget

Stay within your allotted gambling bankroll. It’s easier said than done, especially when you get caught up in the moment, but it pays well to take a step back and know when to continue and stop.

4. Keep the most private information to yourself

Passwords, security keys, wallets, and sensitive information should only be kept to yourself and no one else. 

5. Understand your country’s gambling laws

In case of discrepancies, you know your rights as a player and where to draw the line.

Helpful Article

Planning to go on a vacation and explore the gambling industry of the country you’re in? Check out the country’s gambling laws to protect yourself from any possible danger:

• The Legality of Gambling in France [Laws, Growth and Trends]
• Gambling Laws in China Explained 2024: What You Need To Know
• Gambling Laws in Russia Explained 2024

The Wrap-Up

Crypto gambling is here to stay for a long haul. If you’re going to explore its intricacies, try to ask for firsthand experience and get as much information as you can. Nothing stays the same with crypto, and that’s a pill you must swallow from the get-go.

With its rapid growth comes the danger of more fraudulent crypto casinos. Always remember to do your research first before diving right in. Don’t let your crypto funds go to waste just because of a false promise of fast and easy money.