Some casinos in Las Vegas announced that they will accept cryptocurrency payments by players. Moreover, some casinos develop blockchain gambling sites. Why is it in demand and what should we know about that?
Many legal casinos and slot machines available in New Zealand provide crypto payments. The main reason for the legalization of casinos was an appearance of full control of payment within the casinos, winnings, and their safety. Therefore, this new trend with crypto casinos allows operators to accept safe payments. On top of that, players feel safe while making transactions, since casinos may seem dubious for the first time.
Nowadays, it’s already possible to transfer money via cryptocurrency wallets. So, you can make a deposit, and even withdraw winnings. As a result, it allows players not to wait for international transfers for several days, and avoid paying commission to banks.
The same policy is going to appear in the land-based casinos. On the page below, we will give you everything you need to know about crypto casinos. Including the main threats that players may face.
What is a crypto casino?
By and large, the “cryptocurrency casino” differs from the usual one only in the key payment instrument. They use not fiat money, but digital coins.
Otherwise, crypto gambling platforms are no different from ordinary online casinos. Here you can also find thousands of types of slots, roulette, or, for example, sports betting.
Among the features of crypto casinos, they provide crypto wallets that store digital coins. Typically, these wallets have places for the popular “crypto”, including Bitcoin, Ethereum, Binance, XPR, and others.
But, it’s not as tasty as you may think. As well as regular casinos, crypto casinos still have some restrictions regarding the withdrawal of funds to the personal account. But, as time shows, top online casinos worldwide with a good reputation do not delay payments, and cryptocurrency transactions are faster than traditional e-wallets, or banking cards.
Why did crypto casinos become popular?
Obviously, the main concept of cryptocurrencies has become the key to the popularity of crypto casinos today. Users like the idea of secure and anonymous transactions that are very difficult to track or fake.
This payment method allows players to avoid bank fees and various third-party payment systems by sending money directly to their accounts.
The cryptocurrency transaction process does not require the transfer of personal data, bank account information, or identification documents. And modern crypto exchanges allow you to do this as quickly as transferring money to your friend via bank application.
In addition, some land-based casinos in Las Vegas began to promote the idea of a cryptocurrency in a casino. A couple of weeks ago, the management of the Resorts World Las Vegas hotel-casino announced a partnership with the Gemini cryptocurrency platform.
In the beginning, at Resorts World Las Vegas players could only pay for non-gambling things. But the administration assures that soon players will be able to buy gaming chips with cryptocurrency. However, it’s necessary to approve the use of cryptocurrencies in casinos at the legislative level.
The main obstacle for casinos to introduce cryptocurrencies in casinos is the government regulations. In different countries, there are different attitudes toward bitcoin and other cryptocurrencies.
Another feature of the use of cryptocurrencies in gambling is blockchain technology, which supports all digital coins without exception.
The fact is that with the help of a decentralized chain, you can create random number generators (RNG). In general, this is responsible for the operation of all online slots and even poker rooms.
By the way, in early 2021, multiple world poker champion Phil Ivey confirmed his intention to be an ambassador. He contributes to the launch of Virtue Poker, the first online poker platform on the blockchain.
In the near future, casino developers should present their decentralized product, which guarantees the principles of fair play, a high degree of protection of users’ money, and comfortable use of the poker room.
The balance of each Virtue Poker player will be stored on their Ethereum wallets, and the money will go directly to the poker room only during the game.
This means that if a casino suddenly closes, all users’ money will remain with them.
Crypto casino is a pretty good idea, or rather a technology that is already playing a big role in some casinos.
The problem with this lies only in government control and hatters of cryptocurrencies, who do not consider digital money to be a reliable financial means.
However, in the case of the development of the correct and successful use of crypto casinos, they can solve the main problem of the players, which is the quick transfer of funds between accounts and full control over the transactions they carry out.
This is a right question to ask before you actually start gambling. But, please, clarify what exactly needs to be safe. Does it refer to safety of your wallet? Or is it about your data security? Maybe mental health? To be honest, all these aspects interact with gambling activity. So, make sure each of them are okay with you.
Let me make everything clear for you and start with the most sensitive – your money. Playing at online casinos the first thing you do is you waste your money. Exactly, waste forever. The thing is being a new player, you will lose your deposited money even if you claim for the welcome double bonus. The bonuses are tricky, and your experience is low. So, fail is unavoidable. Only after some time of practice you will see the lucky winnings. But again, learn to play responsibly unless you want to lose all your money after the first big win. That is why it is recommended to practice in a free mode before you place actual bets.
Protection of your personal information
What should be protected more than your money? Of course, your personal data. It refers not only to your ID number, full name and the day you were born. It’s also about the documents you send to verify your account. Remember, everything that goes to Internet remains in the Internet. Besides, the banking details are all at risk when you enter them to deposit or receive your money back. Thankfully, technologies are not that simple. The encryption methods, TSL, SSL and others will not let the frauds steal your info. Online casinos apply precisely these security measures to guard your info. However, no one is really insured for connection breaks and super smart frauds.
Technical issues are clear. But what’s wrong with mental health? In fact, this is the most endangered barrier. In other words, if your mind gets obsessed with the casino games, your money and data become prone to bad conclusion of this story. So, play responsibly. This is what every online casino tell you. But let’s be honest, gambling is indeed addictive. If you feel unsure about your mental stability, you can contact the special help centres that support addicted gamblers. They can be individual like BeGambleAware or Gamblers Anonymous sites. And they can be created within online casinos. For example, Casumo with its own centre Play Okay and LeoVegas with LeoSafePlay program which you can contact whenever you feel like addicted to their games.
Considering the mentioned reasons, I think you have already made up your mind whether it’s safe to play online casino games for you. Anyway, you’ve already known that gambling ir risky. There’s no way to be totally safe. One aspect can come out and will pull behind another consequently.
The transfer of winnings depends on the particular online casino. Takes from 2 hours to 1-5 banking days. It is impossible to find a casino with a quick withdrawal without registering in the casino.
Legalization of online gambling is an issue of each individual government. Every country has its own regulations concerning casinos. Some authorities like China prohibit any form of gambling. Others legalize only land-based local casinos. But the most popular way is to accept offshore based online casinos meanwhile banning organization of local gambling sites.
How to define a legal casino?
In order to understand if it’s legal or not to gamble online in your country, you have to search for the relevant law in the jurisdiction of your location. If you are a resident of New Zealand, it’s easy. You can sign up at international online casinos. It’s absolutely legal. But you can’t play at the local online casinos. In other words, if you’ve found and played at a casino site registered in NZ, you’ll probably be fined in the end.
You neither can open an online casino staying in New Zealand. It’s okay if you register it in Malta, for example. Like the famous SkyCity did. It opened a legal online casino which works in kiwi residence. It’s just registered and licensed in Malta.
One more thing you have to know. Although you are a citizen of New Zealand, being on a trip to another country you can’t play the casino games on your favourite site. Nevertheless, if the country’s jurisdiction allows online gambling sites, go ahead and play.