How Crypto Casinos Work
Is it your first time thinking about signing up to a crypto casino? If so, you’ll want to know what you’re getting into.
This concise guide will explain what a crypto casino is, how to join one, and what makes crypto casinos different to your bog-standard online casinos.
What is a Crypto Casino?
A crypto casino is an online site where you can play slots, table games and live casino by betting crypto. This usually includes BTC as a default, but also ETH, LTC, DOGE and all sorts of obscure coins. Some crypto casinos even create their own currencies.
Some of these casinos only accept crypto, while others let you deposit with a combination of crypto and fiat currencies. The games are largely the same as a regular casino, but you’ll often find some exclusive titles linked to crypto, such as crash games.
What’s the Difference Between Crypto Casinos and Normal Casinos?
Crypto casinos are fairly similar to normal online casinos, but with some key changes.
Here are the main differences between crypto casinos and standard online casinos:
Bonuses
Bonuses are bigger at the best crypto casinos. Processing payments in crypto is quicker and cheaper for the casinos, and so that frees up funds for them to boost their promotions. Additionally, they might post a fairly reasonable offer, but the price of a currency can fluctuate over a few hours or days to make it into a mega bonus out of nowhere.
Payments
The most obvious difference between crypto casinos and standard casinos is that you can deposit and withdraw using crypto. We’ve seen online casinos that accept literally hundreds of coins in one place. Withdrawals are instant, so you can spend your winnings on the same day you cash out.
Crash Games
Crypto casinos are tightly associated with crash games. These are titles where you have to hit a button to end the game and lock in a win. Wait too long, and you’ll win nothing. It makes a change from slots, where your input has very little impact on the outcome of the game.
Fair Games
It’s important to note that normal casinos are fair, especially if they’re regulated by a body like the UKGC. But crypto casinos can prove how fair they are using blockchain technology. You can check for yourself that every slot spin is random.
Communities
In general, crypto casinos tend to have busier and more active groups of players from a social perspective. You’ll find bustling Telegram groups, Discords, and even some chat boxes directly on the casinos’ websites.
Understanding Crypto Casino RTPs
RTP stands for return to player. It’s a measurement you can look at to find the crypto slots that pay out most frequently.
The higher the RTP of a game, the more often you’ll win. For example:
- You invest $50 and open up a slot
- The slot has an RTP of 95%
- After 100 spins, you should have around $47.50 left
But this next part is really important to remember: This is only theoretical, and shouldn’t be taken literally.
An RTP is based on a simulation running millions of spins. The average is built on the overall data, but that will have included some players who ended the 100 spins with nothing. And others who hit the jackpot and won thousands.
That’s why you should only use the RTP as a rough indicator, and not expect it to play out precisely.
Provably Fair Games at Crypto Casinos
You’ll hear a lot about blockchain technology when you’re looking up new crypto casino reviews. It’s a term that’s thrown around a lot, but it’s actually really important when it comes to crypto slots.
When you play any game at an online casino, you have to rely on the game provider and the casino to be honest with you. In the past, one of the best ways to do this was with a gambling license. These involve regulators coming in, inspecting a site, and signing off that they’re trustworthy.
But what if the regulators get it wrong? Or what if their integrity is called into question?
That’s why crypto casinos are safer. Blockchain technology uses facts, not faith.
Let’s say you’re playing a hand of crypto blackjack. You hit 20 and the dealer somehow turns his four into 21 in the most improbable of outcomes. The chat box lights up with familiar shouts of ‘Rigged!’ and ‘BU****IT!!”.
But then a little line of code pops up in the corner. You click on it, and you can see the order of the deck, locked in and timestamped on the blockchain before it even happened. You can even see how the random process was verified by people who have no involvement with the casino.
In other words, crypto casinos can prove their slots and cards are genuinely random.
Cashing Out at Crypto Casinos
Maybe you’re interested in signing up to a top crypto casino, but you’re not too familiar with how to deposit and cash out. Well, it’s much more straightforward than you might think:
- Create an account at a crypto casino
- Receive your own casino wallet address
- Transfer crypto to this address
- Play casino games
That’s about it. So, basically, you just create an account and make one crypto transfer.
And it’s the same deal when you go to withdraw. You’ll receive your winnings as soon as the transaction is completed on the blockchain, which usually takes just a few minutes. And the limits are way higher than they are at regular online casinos. It’s common to be able to cash out $100,000 in BTC in one go with no questions asked.
Of course, if you’re new to crypto, this can all be a bit daunting. Check out our guide on how to buy crypto to get started.