The multi-billion-dollar online gaming industry now accepts cryptocurrencies as payment. Online casinos provide a wide range of games, including classics like blackjack and roulette, and sports betting.
In addition, there are decentralized crypto dice games that use Provably Fair to run. If you’re set to know more about top crypto sites and everything crypto betting, this article explains everything you need to know.
Here, I explain how crypto betting sites differ from conventional betting platforms in all their nitty-gritty glory.
What is Crypto Betting?
Crypto betting, as the title suggests, is a type of online gaming. Instead of using a debit/credit card or e-wallet to make your wagers, you’ll use a cryptocurrency such as Bitcoin, Ethereum, or Ripple instead.
In many ways, crypto-betting services are no different from any other online gaming platform in operation today. As a result, you’ll gain access to well-known titles, including:
- Baccarat
- Blackjack
- Roulette
- Slots
- Video Poker
Many of the above-mentioned games are powered by the same regulated software suppliers that you’ll find in the traditional gaming industry. Evolution, NetEnt, Microgaming, and Playtech are a few examples of software developers in this category.
By using one of these service providers, you can be assured that the game you’re using has gone through a tight testing process to verify that it’s 100 percent real and fair. Sportsbook markets and live poker are also available on some crypto betting platforms.
Provably Fair games are a distinct subset of the cryptocurrency betting market. Provably Fair allows you to gamble using a decentralized protocol.
To put it another way, the Provably Fair method creates its game results using a blockchain seed, which means the corresponding crypto betting site cannot alter or amend it.
Difference Between Crypto and Traditional Betting Sites?
As previously said, most crypto betting sites feature the same popular casino games as land-based casinos do. However, because crypto-betting services do not use fiat cash, they differ in a number of ways.
These are some examples:
KYC
betting is strictly regulated in traditional online casinos. The UK betting Commission and the Malta Gaming Authority are two of the most well-known regulators in this field. To comply with the anti-money laundering legislation, these regulators require online casinos to undertake a KYC (Know Your Customer) process.
All account holders must have their identities validated, to put it simply. When opening an account in Europe, you must do it within 72 hours before making a withdrawal request, whichever comes first. A passport or driver’s license photocopy and proof of address are required.
However, there is no necessity to implement a KYC procedure for crypto-betting companies. This is due to the fact that the service provider only accepts cryptocurrencies as a form of payment. As a result, all you have to supply while creating an account with a crypto betting site is your email address.
There are many people who are concerned about their privacy and don’t want to provide information about their betting and betting habits.
INSTANT WITHDRAWALS
In comparison to a regular cash supplier, a crypto betting site offers lightning-fast withdrawals. It can take up to a week or more for typical platforms to process payments. To begin, you must skip the Know Your Customer (KYC) process, which might take several days.
A withdrawal can take up to 48 hours to be authorized by the casino once it is requested. Depending on when the money clears, it may take up to a few extra days before they appear on your debit card or bank account.
However, the withdrawal process is expedited if you use a bitcoin betting site. In reality, many crypto betting sites will authorize the transaction on their own as soon as you request a withdrawal. In other words, instead of taking days, your digital currency will be delivered to your private wallet in minutes.
PROVABLY FAIR
Earlier, I alluded to Provably Fair; now, I’ll go into greater detail. For the most part, crypto betting sites use Provably Fair technology. The Provably Fair protocol is built on blockchain technology and utilizes a casino-provided seed and a player-provided seed.
As a result, a casino game outcome is generated in a completely trustless setting. This means neither the casino operator nor the player have access to or control over the Provably Fair result.
It’s worth noting that Provably Fair-backed games are almost often centered around crypto dice games. There’s a game where you have to predict whether the following spin will have a greater or lower number. On the other hand, Crypto dice games frequently have a number range of 1,000 or more, as opposed to ordinary dice games.
COIN CRASH
Bitcoin Crash, a crypto-betting game that has grown in popularity in the last few years, should also be mentioned. Not many people know about the crypto-betting game known as “Provably Fair” that is being provided on multiple different websites.
Crypto-Betting Sites’ Risks
Many people are switching from traditional betting platforms to crypto-based ones, but there are red flags to note when making the switch.
These are some examples:
UNREGULATED
As previously stated, crypto betting sites do not use Know Your Customer (KYC) procedures, so it is possible to gamble anonymously. Platforms are allowed to do this because they are completely unregulated in any way.
As with uncontrolled cryptocurrency exchanges, you’ll have to put your faith in the site you choose to place your bets at. Games may be backed by licensed software suppliers like Microgaming and Playtech, or they may use Provably Fair technology to ensure their fairness.
Because of this, platforms are exempt from following typical client protections if they are not governed by a license issuer like the UK betting Commission or the Malta Gaming Authority. If the platform suddenly disappears, your funds will most certainly be lost as well.
Final Thoughts
As a general rule of thumb: Legitimate operators aren’t afraid to come out from behind the scenes. If you can’t discover any information on them, they’re most likely a scam. When it comes to this, don’t let a few negative reviews deter you. Instead, pay attention if most people say the Bitcoin betting website you’re considering is a scam.