When one thinks of gambling, chances are that crypto doesn’t come to mind as one of the most popular forms of it. However, that is changing as crypto continues to gain mainstream adoption. There are now over 100 crypto casinos, sportsbooks and poker rooms available, as well as a growing number of crypto gambling sites. We will explore this fascinating phenomenon to see why it is on the rise, as well as the risks involved, which websites to avoid and the best crypto gambling sites for beginners.
The Benefits Of Crypto Gambling
- Fast and Easy Transactions – Transactions are instant and irreversible thanks to the use of blockchain technology. This allows you to hold funds in a secure and auditable environment, while also alleviating the need for KYC/AML know-your-customer/anti-money-laundering checks. It also means that you can cash out without being subjected to withdrawal limits or other restrictions.
- Low Fees – Most sites will charge a percentage of your winnings as a service fee. However, there are a growing number of sites that offer a 0% house edge and no-fees model. This means that you are free to withdraw your winnings at any time.
- High Security – Keeping your funds secure is a top priority for most crypto casinos. The use of blockchain technology means that your funds cannot be accessed or tampered with once sent. All sites are required to abide by strict regulations, such as conducting due diligence on their owners, preventing money laundering and keeping funds segregated.
- Increased Trust – Most sites are operated by reputable names in the online gambling industry, with a proven track record of compliance. This means that you can feel more comfortable depositing funds, as well as playing games on their platforms.
The vast majority of sites that offer crypto gambling are also fiat-to-crypto casinos. This allows you to deposit fiat money and play games with it, without having to first purchase cryptocurrencies. Crypto.games is a platform that allows you to use cryptocurrency to participate in your favorite games.
How To Spot A Scam Casino Site
There are several red flags that signal a scam site. Firstly, you should always double-check the company’s credentials. This includes conducting a quick Google search to see if they have a website on the first page. You can also examine the company’s social media accounts, which are usually public.
Another way to check the legitimacy of a company is to check the address listed on their site. This will almost always be an exchange address, which means that the site probably isn’t legitimate. You should also keep an eye out for false reviews. As with any new trend, scammers will try to artificially boost the number of reviews for their site. You can also check if the company is licensed by searching online databases.
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