Crypto casinos are gaining traction. The global casino industry hit about $280 billion worth in 2023. In comparison, the crypto gambling market is much smaller, sitting at $250 million. However, the number will definitely grow as crypto inclusivity penetrates society further.
Crypto casinos operate in a similar way to regular casinos, often featuring games from familiar developers like Pragmatic Play, NetEnt and Microgaming. Well-known names like Hacksaw Gaming, BetSoft, and Play’n GO are also included in this landscape.
What sets them apart is their openness towards crypto payments and the lack of regulation around the method. Many gambling laws don’t cover crypto payments, creating a grey area. It’s because digital assets do not receive the same treatment as fiat money in many countries. This regulatory gap lets them offer not just fun but also pseudo-anonymity and enhanced security.
Crypto casinos usually do not apply a strict KYC process. In traditional online casinos, KYC, or Know Your Customer, processes are common. These involve verifying users’ identities to prevent fraud and comply with regulations.
In contrast, crypto casinos often skip the KYC entirely. This means players can enjoy complete anonymity, making deposits and withdrawals directly between digital wallets without sharing personal info. In addition, this layered security also reduces the risk of data hacks.
No KYC process also means quicker withdrawal. Most traditional casinos allow players to open an account and store deposits without uploading their ID but would require one upon withdrawal. This means withdrawals are often delayed since the casino must verify the uploaded documents.
Often, the verification process may take hours, even days. This is one of the reasons why no KYC casinos are becoming more popular. Without the verification process, players may benefit from instant payouts in minutes.
Crypto casino technology
All crypto casinos use blockchain technology so they exist thanks to Web3 hype. The ledger system keeps all transactions clear and unchangeable.
When it’s time to store deposits, crypto casinos will generate a new deposit address for the players to store their tokens. It will take only a few seconds, as everything is automated to be swift and secure.
Crypto casinos saw the increasing demand for Provably Fair games, primarily using blockchain technology to guarantee randomness. It is an algorithm that allows online randomization.
Using cryptographic techniques such as RNG and hashing, provably fair technology ensures that neither players nor casinos can tamper or manipulate the game results. Players can verify these games on the blockchain to ensure that the encryption method used is fair and unbiased.
Crypto casinos like Club Bombay are also accessible worldwide. Players from across the globe can play in the casino without considering regional restrictions or currency exchange rates.
Picking crypto casinos
Before you play at an online casino, check its reputation. Look up player reviews and experiences to see if it’s trustworthy. Also, make sure it’s licensed and secure to ensure it meets gambling standards. A licensed online casino is usually certified by a gambling regulatory body, such as the Gambling Commission or the Gibraltar Regulatory Authority.
Check out its game offerings and see whether it suits your interests. Most casinos will provide a selection of table games, slot machines, and sports betting. You can even check which games are available live with human dealers.
If you’re interested in trying out a crypto casino, you need to also make crypto-specific considerations. The most important thing is to find out about the casino’s supported currencies.
Most will accept popular currencies such as Bitcoin, Dogecoin, and Ethereum. Some casinos also support cross-chain interoperability, which enables you to use a combination of cryptocurrencies for various transactions. However, remember that each will have different fees and transaction times.
