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August 17, 2022

Pros and Cons of using cryptocurrencies to gamble in 2022

Online Gambling in 2022

Online gambling is becoming more and more popular all over the world. The internet gambling and betting industry is forecasted to have a turnover of over 60 billion euros in 2022 and almost double – about 115 billion euros – in just six years.

There are not only tons of different casino games available but also a massive number of providers. Some offer classic casino games such as video slots, poker games, live casino, roulette, and much more. Players can often also find online bingo and scratchcards. The slots industry constantly evolves, with developers creating unique features and jackpots to enhance the features.

Many online casinos also offer sports betting, both on regular sports and Esports. The players need to sign up to most platforms, but a few also provide gambling without registration. There are many ways to deposit and withdraw money from a casino account. A credit or debit card might have been the most common way so far, but other forms like cryptocurrencies are quickly becoming more and more popular.  

Cryptocurrency in gambling 2022

Players gambling with cryptocurrencies are constantly increasing. The casino and sports bet platform Softswiss presented numbers at the end of 2021, showing that bets in cryptocurrencies increased by 28% from just the second to the third quarter 2021. In the third quarter, 43% of the turnover was made with cryptocurrencies, while the old-school Fiat currencies had the other 57%.

The same report from Softswiss also showed a big difference in currency use between online casinos and sports betting. In sportsbooks, only 1.24% of the bets was made with cryptocurrencies. Could age be related? Are sports betters more conservative than casino players? It’s hard to believe that it’s purely coincidental with such a difference in numbers.

Some internet casinos that offer players the chance to deposit and withdraw cryptocurrencies are Bitcoincasino.io, RockPot Casino, and SandBox Casino. The last one goes all in on crypto and doesn’t accept any Fiat currency. Players of SandBox must, in other words, exchange their dead presidents’ money into crypto to be able to play. Some casinos accept pretty much all cryptos, and others only accept gambling in the most common currencies, like Bitcoin, Etherum, Tether, and Solana. Our experience is that new crypto-only casinos pop up like mushrooms. With that in mind, we’re now going to look at the good and bad sides of crypto gambling.

Advantages/Pros of using cryptocurrencies to gamble in 2022

Pretty much everything has its good and bad sides in life, and there’s no difference regarding this matter. If you’re looking for good reasons to start spinning the reels with crypto, we’ve lined them up for you here.

  • Better privacy = One of the reasons cryptos were invented was to give the users more privacy and less monitoring than the banks do. You don’t need to provide any personal information or sign up to use it, and no company or other authority is in charge. 
  • Fast = Since you don’t have to deal with bank bureaucracy, deposits and withdrawals are usually made in minutes.
  • Avoiding taxes = This isn’t anything Aboutslots encourages, but it’s a fact that it’s easier to avoid taxes when gambling with crypto.
  • Security = The digital currency doesn’t share your financial information with the casino, but banks and other financial institutions might. It is said that Paypal sells client transactions to around 600 companies.
  • Amazing welcome bonuses = Several casinos offer better welcome bonuses for deposits made in cryptocurrencies than in Fiat currency. It can, for example, be that the player gets a 200% bonus using crypto instead of 100% using regular money.

Disadvantages/Cons of using cryptocurrencies to gamble in 2022

Everything isn’t better with new technic and digital currencies. After reading all positive aspects of crypto gambling, we want you to consider a couple of negative aspects too.

  • Currency volatility = Cryptocurrencies are way more volatile than Fiat currency. It’s much more challenging to know how much a Bitcoin or Etherium will be worth tomorrow compared to the US dollar or Euro.
  • Unbalanced conversion rates = If you want to convert cryptocurrency back to Fiat currency after withdrawing some money from your crypto casino, you may not get the same amount back because of high conversion rates.

How to deposit cryptocurrency in an online casino

The procedure of depositing cryptocurrencies in an online casino differs a little depending on the currency you use. Still, the process is pretty similar and, most of the time, really simple. All you have to do is head over to the deposit section of your casino account and click on the type of cryptocurrency you want to deposit.

You do, of course, need to have money in your Bitcoin wallet or whatever other crypto-wallet you’re using. The transaction needs to be verified through different blockchains depending on your currency, but the funds should land on your casino page after a few minutes.

Casinos that accept cryptocurrency in 2022

More and more online casinos incorporate cryptocurrencies, both smaller and bigger players. Some of the not already mentioned casinos are 7Bit Casino, MrSloty Casino, Tsars Casino, Cyber.bet Casino, HappySpins, and Pledoo. An extensive list of trustworthy crypto casinos can be found here.    

Restrictions of cryptocurrencies in online gambling

The regulations in the online gambling industry are already hard to grasp since they vary in every jurisdiction. The increased popularity and use of crypto in online casinos doesn’t make the picture easier. In most cases, crypto gambling seems legal as long as you reside in a jurisdiction where online gambling is permitted. A law was passed in the UK in 2016, allowing all gaming operators to accept cryptocurrencies, but there are still some problems and questions six years later. One difficulty is that the UK laws demand identification documents of the currency holder.

Conclusions

Gambling with cryptocurrencies is easier than ever in 2022, and we see no reason for that to change. Laws and regulations are far from crystal clear, but crypto gambling is in general legit in jurisdictions where gambling with Fiat currency is allowed.

The most important thing when choosing an internet casino, whether you’re betting with ancient currency or the latest crypto coin, is to check that the site is legit. First of all, it needs to be licensed. If you come across a casino with offers and welcome bonuses too good to be true, it might very well be a scam. Make sure it has a gambling license. The license doesn’t have to be issued in your country, not even in the continent you reside in. As long as some governmental authority is supervising the casino, you should be safe.

Speaking of safety. A lot of players seem to think that using cryptocurrency is riskier than state-approved money. That doesn’t have to be the case at all. Cryptocurrencies are built to be safe, and don’t share your financial information with the casino. The downside is that cryptocurrencies have higher volatility than many casino games, so your money can increase and decrease in value quickly even if you stay on the same balance. A Bitcoin was, for example, worth over $46000 in April 2022 but only about $24000 in the middle of August 2022. The currency has lost almost half its value in four and a half months.

If you have other questions about online gambling, you can find a lot of information in Aboutslots educative articles. We are experts in the iGaming industry, interested in telling our readers the most important and interesting facts. That will prepare you for your next gambling session, whether you’re entering the poker lobby, spinning the latest video slots, or putting a big bet on the roulette table.

Frequenty Asked Questions (FAQs)

1. Can cryptocurrency be used for online gambling?

Yes, you can use cryptocurrencies on a wide range of online casinos. Some new casinos only accept crypto and no Fiat currency. 

2. How to use cryptocurrency in online gambling

You need to have a digital wallet with your digital money. From there, depositing money to your casino account is really simple, as long as the casino accepts that currency.

3. Is cryptocurrency gambling profitable?

As with all types of gambling, the players can lose small or big amounts or all they own. They can also win big and become financially independent. There’s really no difference from gambling with Fiat money. Just be aware that cryptocurrencies are way more volatile, so your money might be worth more or less than when you bought them if you want to exchange them back for Fiat currency. 

4. Can I use cryptocurrency to play poker online?

Of course, you can use crypto on all casino games if the casino accepts your currency. 

5. Is crypto gambling legal?

Yes, it’s in general legal where gambling with Fiat currency is legal. The bureaucracy is far from simple, though, and differs in every jurisdiction. 

6. What is the best crypto casino?

There are many great crypto casinos on the market. We can highly recommend Tsars Casino and Mr Sloty.