The Definitive Bitcoin Gambling Guide

The only
Bitcoin gambling guide
you’ll ever need.

Gambling online using Bitcoin is rapidly becoming a convenient & more reliable way for Americans and privacy-minded individuals to bet online.

→ In this guide, you will learn the steps to acquire Bitcoin (BTC) while providing you with the confidence to play your favorite games at Bitcoin casinos — while avoiding dangers and pitfalls in this new world of digital currency.

Our Process: We spent more than 45 hours researching, playing, & categorizing 78 bitcoin casinos. We deposited and withdrew ฿21 ($14,700) and wagered more than $25,978 in Bitcoin.

→ Our Major Findings (What you will learn in this guide):

1. There are 3 steps to wagering with Bitcoin:

  1. Buy Bitcoin (BTC).
  2. Choose a casino & deposit BTC.
  3. Withdraw BTC from casino and convert to cash.

2. There are many casinos that accept Bitcoin, but only a few are worth playing.

(See our recommended casinos here.)

3. Another major finding. (Totally unexpected!)

Table Of Contents

ant to get started now, here are our top recommendations:

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Sportsbook with betting on all sports.


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Best BTC Poker Site

Good traffic, easy competition.


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Best Bitcoin Dice

7 different amazing dice games.


BitCasino.com

What are

What are the Pros & Cons of Betting With Bitcoin?

es

Anonymity

The main advantage, and the major cause, behind the currency’s use in various underground, illegal activities is it can be used anonymously. Once you have some Bitcoin, your wallet does not require it is linked to anyone directly via a name or address. This has meant that the currency originally found great appeal among purveyors of illicit goods and services online. However, this (along with the other reasons listed below) has also meant that other, more legitimate companies have adopted the currency.

Transaction Speed (edit)

Another major selling point of Bitcoin and one that has found its use proliferate among legitimate global enterprises is that Bitcoin transactions are virtually free and very fast.

Companies can literally send any amount of BTC across the network to another wallet, across borders both political and physical, for just a few cents. The ramifications for the business world are naturally enormous. Cutting out the necessity of relying on traditional banking systems from different nations to negotiate exchange (both costly and time consuming) Bitcoin allows users to send money all over the world in seconds, speeding efficiency for those who have made the leap to the new currency.

Provably Fair Odds

[IMAGE EXPLAINING ‘PROVABLY FAIR’ PROCESS]

A big thing is made over bitcoin casinos and the fairness of their games. There are some who suggests that games are made fairer owing to the casino’s savings on wire transfer fees and a concept termed ‘provably fair’, and some who argue the contrary, citing the lack of accreditation as proof that bitcoin only casinos are definitely crooked.

The concept of ‘provably fair’ is not actually a trait exclusive to bitcoin and could be adopted by any casino who chose to do so. The idea relies on the fact that data strands known as hashes are incredibly difficult to solve but very easy to verify the solution is correct.

In a provably fair casino, hashes will be provided of the shuffle, allowing the influence of a user planted seed of information to influence the outcome (like cutting the deck). The seed will change the outcome of the random number generator in a way that neither the user or site count predict and information relating to the full deck is viewable following the hand to verify the whole process took place without any compromise.

If a casino, either bitcoin only or otherwise provides all of this information and allows for seeds to be planted in deck hashes, they are deemed ‘provably fair’. As mentioned, this is not an exclusive bitcoin feature but it is a feature that bitcoin casinos are championing more readily that traditional fiat gaming operators.

Low (or no) Fees

add

Small Fees Mean Big Player Rewards

By not being forced to use Visa or other payment providers to process funds, the casino too enjoys the benefit of a lack of fees. This, along with a desire to achieve better legitimacy in the gaming industry generally, drives some of the enormous welcome bonuses and promotions that casinos offer. 200% up to 1BTC (~$750) are not at all uncommon among the market leaders in bitcoin only casinos.

Another implication of the small processing fees that bitcoin only casinos enjoy is supposedly (according to their own information) an increase in the average return to player (RTP) rates expected from their games. While there are definitely competitive games out there on bitcoin based services, it is incredibly difficult to find anything that exceeds the likes of Playtech’s Goblin’s Caves’s 99.3%, available at a number of different online fiat casinos.

No Currency Inflation

[FIND VIDEO TO EXPLAIN THIS]

The finite number of Bitcoin and the fact that they cannot simply be printed to produce more allows for a currency that is free from inflation by default. In fact, simple economic theory suggests that if Bitcoin based trade continues to increase, their limited supplies will make each coin incredibly valuable in the future. This appears to be holding true as (aside from a few teething peaks and troughs) the general trend in its early life has been one of steadily increasing value.

Outside Central Banking Control

Some people who chose to use bitcoin may decide to do it for more ideological reasons. There is a growing movement of digital libertarians who advocate the use of bitcoin globally to wrest control of the monetary supply from a central controlling force.

These cyber-anarchistic viewpoint has grown in acceptance in the wake of the massive global recession experienced last decade and greater circulation of information regarding global power and control.

Bitcoin was Built to Incite Peaceful Anarchy

Concerns

Security

[INFOGRAPHIC: TIPS FOR STAYING SAFE WHILE GAMBLING WITH BITCOIN]

Many bitcoin only casinos are unheard of enterprises with absolutely zero accreditation from any authorizing body. Due to their lack of certification from any industry watchdog, security is naturally an issue. There are various reports of certain casinos imposing strict wagering requirements on deposits after they have been made, stopping punters from withdrawing their funds without wagering an astronomical figure. To make matters worse, the casino could just disappear with your money and would be potentially accountable to absolutely no one.

It is not just the casino itself which you need to worry about duping you. Cybercriminals have targeted massive bitcoin exchanges in the past and in the wake of big announcements from the industry leaders on their increased security measures, there is nothing to suggest they will not turn their attention to other big stores of BTC, such as casinos.

Finally, it is important to address the issue of the legality of the casino itself. The lack of accreditation on a bitcoin only casino means that the casino does not have to publish any information about their whereabouts. The customer has absolutely no idea where the software is being hosted and therefore what the legal position of the casino is. Examples like Sealswithclubs owner, Bryan Micon, having his house raided by the federal authorities proves that bitcoin only casinos are definitely on government’s radars irrespective of where the site itself was hosted.

Why Spend What Will Increase In Value?

As mentioned, the greater the legitimacy of bitcoin, the greater the value, at least theoretically speaking. Barring some huge government intervention, severe malicious attack, or a conglomerate gaining a monopoly share of mining resources (actually quite a concern) the price of bitcoin is forecasted to rise in much the same way gold increases in value.

If it continues to grow in acceptance, its limited supply will mean that eventually there will be no more bitcoins to mine. This will mean the ones in current circulation will increase in value, potentially infinitely.

Price Fluctuations

Bitcoin price fluctuationsAs we have already mentioned the price of bitcoin is not set by an institution, it is a classic free market and as such its value is set by the number of transactions.

While the general trend is an ever growing market acceptance of the currency, events can, and have, drastically affected its value.During 2013 the price soared to over $1,000/BTC, then absolutely bottomed out in a matter of weeks.

Government interference in the market, one interest gaining a majority share in the mining power of the network, or an enormous exchange falling victim to criminal attacks could all be causes of such drastic swings. This volatility is sufficiently worrying to prevent many potential users and investors off even considering using it for business and commerce.

Some Bitcoin Wallets Don’t Work With Casinos

Possibly owing to their strive for greater market acceptance some bitcoin wallets refuse to allow transactions to bitcoin casinos. While casinos can get around this by constantly renewing their wallets, users who are caught making casino deposits using a banned wallet can face sanctions such as losing their deposit, or having the whole wallet, contents and all confiscated.

It is important to stay aware of your chosen wallet’s terms and conditions, in order to be quite sure that you are not in contravention of any of their rules.

No Minors Gambling Protection

One big concern for the industry in relation to bitcoin casinos is the lack of identification process required during sign up.

Gambling awareness groups fought hard to get mandatory Know Your Customer (KYC) checks on all casino software and the proliferation of bitcoin only casinos will mean there will be an easy, anonymous way for the youth to get some money onto a casino and recklessly splurge it.

Already there are talks of making KYC checked bitcoin wallets which as the innovation further finds its footing in the industry, might become the norm.

Choosing a Bi

Choosing a Bitcoin Casino

os can be broadly classified into two main camps. Those that accept exclusively bitcoin, and those that also accept an array of other, more mainstream deposit methods.

Online casinos that accept both bitcoin and fiat currency

[BTC/FIAT CASINO TABLE – SORTABLE TABLE WITH ALL CASINOS – NEEDS TECH SOLUTION]

The biggest development ever in the admittedly short life of the bitcoin casino is the UK Gambling Commission accepting bitcoin as a means of funding for online casinos. Almost immediately following this announcement, Netent were quick to license bitcoin only casinos, as well as providing their flagship website Netbet with an option to deposit in bitcoin. Unfortunately, they are yet to offer the same withdrawal method.

Netbet are not the only online casino to offer both fiat and crypto-currency deposit option. Others include Bovada, Casino Betchan, Coin Palace. The majority of these are licensed by some form of legally recognised body and information about their legitimacy can be found by typing which ever organization has provided the accreditation into a search engine and inspecting their credentials yourself.

Casinos that accept bitcoin and fiat currencies are almost indistinguishable from their fiat only counterparts. Their game selection, software and bonuses will all be very similar, if not identical. The only differentiation will likely be the additional deposit option on accounts.

Unfortunately, owing to the fact that the sign up process for a fiat/BTC casino is basically the same as it would be had you opted for a traditional online casino, some of the best advantages of bitcoin as a currency are negated. Users who register for accounts at Netbet, Coin Palace or Bovada will still be required to complete a KYC check and provide identification if necessary and as has been stated above, some do not even allow withdrawals in bitcoin. This negates both the privacy and speed of transfer arguments outlined in the bitcoin only section below.

Bitcoin only casinos

There is a growing number of casinos that accept bitcoin deposits exclusively. Deposits are usually made using increments of 1/1000 BTC, know as a millibitcoin (mBTC). They’re completed in much the same way as a regular fiat transaction on a standard online casino, except they require far less identification from users and deposits rarely, if ever, include a fee. By using only crypto-currency, the bitcoin casino is freeing themselves from the restraints of traditional banking, allowing for cheap, fast transfers of funds and often complete anonymity for the user.

[BTC-ONLY CASINO TABLE – SORTABLE TABLE WITH ALL CASINOS – NEEDS TECH SOLUTION]

While some bitcoin casinos are very similar to their traditional fiat currency alternatives, there are others who offer innovative new betting opportunities. One example can be found at …… where serious e-gamers can compete for cash prizes over extended tournaments at a given game. Games might include….. for Xbox One or Playstation Four and precise rules will vary from casino to casino. The decision to include such tournaments is a revolutionary one and marks a further step away from the traditional preconceived notion of the online casino and is also representative of a shift in the demographics targeted by gaming providers.

What Bitcoin ga

What Bitcoin games can I play?

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  • Bitcoin Slots
  • Bitcoin Poker
  • Bitcoin Dice
  • etc…
  • Why use a bitco

    Why use a bitcoin casino?

    d secrecy

    For some people the ability to gamble anonymously is a big selling point of the bitcoin casino. The lack of identification process in the setting up of an account with a company allows users who do not wish to be known as gamblers, for whatever reason, to avoid disclosing their identity. This allows people playing in jurisdictions where gambling is not legal to access an online casino regardless of the law, with little to no fear of repercussion. The whole process can be completed anonymously, from buying the coins with cash, to making a secure, nameless (albeit transparent, for your own peace of mind) transaction. It is for this reason that bitcoin only casinos have become increasingly popular in places like the USA where gambling legislation can be restrictive.

    Rapid cheap withdrawals

    The speed with which money can be transferred back to your own bitcoin wallet is another massively appealing factor to potential bitcoin only online casinos. Previously those who had flouted the law and made deposits at online casino from the US would be left waiting weeks, if not months for a cheque to arrive from an obscure offshore bank. This would force serious players to keep large bankrolls on their accounts, leaving their funds at greater risk of compromise from either third party attacks, federal intrusion, or company insolvency. The speed and cost of bitcoin withdrawals removes any need to keep any bankroll at all on a site. You can deposit when you want to start playing and withdraw when it’s time to stop. This alleviates some of the concern over any potential intrusion from a malicious third party hacking the site or your account.

    Small fees mean big rewards

    By not being forced to use Visa or other payment providers to process funds, the casino too enjoys the benefit of a lack of fees. This, along with a desire to achieve better legitimacy in the gaming industry generally, drives some of the enormous welcome bonuses and promotions that casinos offer. 200% up to 1BTC (~$750) are not at all uncommon among the market leaders in bitcoin only casinos.

    Another implication of the small processing fees that bitcoin only casinos enjoy is supposedly (according to their own information) an increase in the average return to player (RTP) rates expected from their games. While there are definitely competitive games out there on bitcoin based services, it is incredibly difficult to find anything that exceeds the likes of Playtech’s Goblin’s Caves’s 99.3%, available at a number of different online fiat casinos.

    [TABLE WITH HIGHEST RTP BTC GAMES LISTED]

    Provably fair

    [IMAGE EXPLAINING ‘PROVABLY FAIR’ PROCESS]

    A big thing is made over bitcoin casinos and the fairness of their games. There are some who suggests that games are made fairer owing to the casino’s savings on wire transfer fees and a concept termed ‘provably fair’, and some who argue the contrary, citing the lack of accreditation as proof that bitcoin only casinos are definitely crooked.

    The concept of ‘provably fair’ is not actually a trait exclusive to bitcoin and could be adopted by any casino who chose to do so. The idea relies on the fact that data strands known as hashes are incredibly difficult to solve but very easy to verify the solution is correct. In a provably fair casino, hashes will be provided of the shuffle, allowing the influence of a user planted seed of information to influence the outcome (like cutting the deck). The seed will change the outcome of the random number generator in a way that neither the user or site count predict and information relating to the full deck is viewable following the hand to verify the whole process took place without any compromise. If a casino, either bitcoin only or otherwise provides all of this information and allows for seeds to be planted in deck hashes, they are deemed ‘provably fair’. As mentioned, this is not an exclusive bitcoin feature but it is a feature that bitcoin casinos are championing more readily that traditional fiat gaming operators.

    Distrust of central banking authorities

    Some people who chose to use bitcoin may decide to do it for more ideological reasons. There is a growing movement of digital libertarians who advocate the use of bitcoin globally to wrest control of the monetary supply from a central controlling force. These cyber-anarchistic viewpoint has grown in acceptance in the wake of the massive global recession experienced last decade and greater circulation of information regarding global power and control.

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