How do I use bitcoins and other cryptocurrencies in online casinos, and in which casinos can I use bitcoins? Read all the facts in the guide! (Photo by Bermix Studio on Unsplash)
Cryptocurrency gambling was always going to become a major trend online. In the past, as online casinos and players searched high and low for an instant deposit and withdrawal method, along came Bitcoin and soon after an array of other cryptos.
Suddenly a new way to play online casino games was born, and not only could players make money gambling, they also made money as the value of cryptocurrencies increased. And today, volatile as cryptos are, you will see that digital currencies are now a mainstay of online casino gambling.
This casino advisor article is a follow on from our excellent Bitcoin Casinos guide. We will cover some slightly different information in this guide by delving into scenarios that cover how digital currencies work within the iGaming scene.
You will find the information provided is relevant for all markets across the globe, but we also pay special emphasis on particular English-speaking countries such as Ireland, Canada, India, South Africa, Australia, and New Zealand. If you prefer a quick overview of all the information from this guide, be sure to check the FAQ section at the end.
Who is this cryptocurrency casino guide for? In this guide, we are going to look at how Bitcoin and other cryptocurrency casinos interact within countries that use Malta Gaming Authority (MGA), Curacao (eGaming license), UK Gambling Commission (UKGC), and the Kahnawake Gaming Commission (KGC). This mostly covers players from Canada, South Africa, Australia, India, Ireland, and New Zealand.
Which Software Providers Offer Cryptocurrency Ready Casino Games?
Although a casino may offer cryptocurrency betting, not all games will accept crypto bets. That’s because only a handful of these developers have built in cryptocurrency betting into their slots, virtual tables and/or live casino games. Evolution, Play’n Go, Pragmatic Play, Endorphina, BGaming, iSoftBet, and Wazdan are some of the most in-demand crypto friendly software providers.
What about the licensing these software providers operate under?
- What does suppliers licensing mean? The software developer licensing is a set of rules – essentially a game ‘suppliers’ framework. For example, if Endorphina wants to supply online casinos under the MGA licensing framework, the developer must hold MGA software supplier licensing.
- What suppliers licensing does not do: It does not protect your crypto balance. The rules under which the casino stores your casino balance is down to the ‘operator’ licensing the casino operates under. For example, if you are playing at a casino under the MGA licensing authority, the ‘operators’ framework will ensure the casino keeps your funds separate from its cash flow. This then protects your balance from auditors if the casino faces bankruptcy.
As crypto games use the ‘Provably Fair’ gaming algorithm, you don’t need to worry about licensing per se. However, many of the software providers also target fiat currency gambling, and as such, they also hold iGaming supplier licensing in several jurisdictions.
Cryptocurrency Ready Game Developers
- Absolute Live Gaming
- Amatic
- Belatra
- BetSoft
- BGaming
- Booming Games
- Caleta
- Endorphina
- Evolution
- Ezugi
- Fugaso
- Igrosoft
- Microgaming
- NoLimit City
- Play’n GO
- Playson
- Pragmatic Play
- Pragmatic Play Live
- Push Gaming
- Spinomenal
- Tom Horn Gaming
- Wazdan
Which Casinos Allow Bitcoins?
You will find the terminology to describe a bitcoin or cryptocurrency casino is used interchangeably. However, it doesn’t take a rocket scientist to work out which casinos allow Bitcoins. Usually, the casino has the ‘.io’ extension affixed, which generally means it’s a crypto-friendly casino or it explicitly advertises its promo deals using the cryptocurrency.
Here is a short guide overview of some of the different ways cryptocurrency casinos are referred to:
- Bitcoin Casino: This type of casino only accepts Bitcoins. However, you will still see some casinos that accept BTC and other cryptos sometimes referred to as Bitcoin casinos, anyway.
- Cryptocurrency Casino: This type of casino accepts Bitcoin only or it can accept other cryptocurrencies on top of bitcoins like XRP, ETH, LTC, and DOG – all of which are popularly used virtual currencies on the iGaming scene these days.
- Fiat + Crypto Casino: This type of casino accepts foreign currencies like EUR, CAD, NZD, INR, AUD, ZAR or UKP + cryptocurrencies like BTC, BCH, USDT and more.
If a casino accepts Bitcoin, then generally you are going to see it referred to as a Bitcoin casino. If it accepts multiple cryptos like ETH and XRP on top of BTC, you will see it referred to as an ETH casino or an XRP casino as well as a BTC casino.
Does Licensing Affect Cryptocurrency Casinos?
The go-to online casinos that offer a range of cryptocurrency betting options are licensed under the Caribbean Island government of Curacao. Unfortunately, other online casinos licensing authorities are yet to build in a digital currency clause into their current frameworks – and when we say other licensing frameworks, we generally mean Malta Gaming Authority (MGA), Curacao (eGaming license), UK Gambling Commission (UKGC), and the Kahnawake Gaming Commission (KGC).
Here’s an explanation of each licensing authority so we can cover Canada, India, South Africa, the UK, Ireland, Australia, and New Zealand.
- Curacao Casinos: Until February 2023, almost every ‘licensed’ online casino that accepts cryptocurrency deposits + withdrawals operated under the Curacao eGaming license. Players from India, Australia, New Zealand, Ireland, Canada, and South Africa that want to bet crypto will usually choose a casino using this licensing. Take a look at GGBet Casino, which also holds an eCOGRA seal of approval as an added layer of protection.
- MGA (Crypto Since Feb 2023): Since February 2023, casino operating under the MGA licensing can now offer players cryptocurrency after applying for permission. This authority has a reputation for protecting players from Canada, South Africa, India, Ireland, and New Zealand.
- UKGC (No Crypto): Although the UKGC does have a framework in place for Bitcoin casinos, there are no UK online casinos that are currently offering cryptocurrency casino games. We are sure that in the near future, as Bitcoin’s dominance etches its way into our futures, this will change.
- Kahnawake Gaming Commission (KGC): There is a mix of KGC casinos also holding a Curacao eGaming license that offers cryptocurrency.
- Smart-Contract Casinos: It is quite common to find non-licensed crypto casinos because they do not need licensing to create trust. They use (a) the provably fair algorithm for the integrity of casino game results + (b) a trusted blockchain ecosystem to take bets and pay winners. Check out the ‘What is a Provably Fair algorithm?’ section below for more info.
- Alcohol and Gaming Commission of Ontario (AGCO): Currently this authority aimed at players in Canada living in Ontario does not accept cryptocurrency bets. That doesn’t mean to say that the discussion is not on the table.
Word of Warning: As per the above section ‘Which Software Providers Offer Cryptocurrency Ready Casino Games?’, not all software providers accept cryptos. You will find that in mixed fiat and crypto casinos, around 40% of the games are crypto-ready.
What is a Provably Fair algorithm?
It is an alternative to a Random Number Generator (RNG). In effect, it uses the old RNG methodology but instead uses the crypto’s blockchain ecosystem’s sophisticated encryption – which, to the best of everyone’s knowledge, is practically uncrackable.
When you begin your game session, the game fetches a random set of 1,000+ results. The data is placed on the cryptocurrency’s public ledger as an immutable record. To begin with, this blockchain record containing the string of results for your casino game session is encrypted. Once you end your session, the blockchain record is decrypted, and as it is on the public ledger, it is there for all to see. That means you, or anyone other interested parties, can go back and check the results were provided were fair and accurate as per the session record.
Gurus Use Provably Fair to Check Up on Game Results: As the public ledger data is decrypted once your session ends, anyone can see the results of your session. With the right software, you could find out the exact RTP a cryptocurrency slot paid out for the last week, month, year, or even over the lifetime of that slot. And there are groups of blockchain casino gurus that do just that. As a result, if a casino is trying to cheat its clientele, it will be found out quickly.
What are Crypto Smart Contract Casinos?
These are crypto-only casinos with no need for an account or any identification. The entire process uses a smart contract created for the bet, which is recorded on the crypto’s blockchain ecosystem. Inside the smart contract, there is:
- (a) the player’s
- (b) the amount the casino pays if the player wins.
Once the result of the bet is decided, the smart contract rewards the winner. This is considered 100% safe, with zero way to manipulate the blockchain, and as such, these types of casinos do not need licenses.
Disadvantages: Right now, the results of casino games can be quite slow when using smart contracts due to network speeds. However, it is popular for sports betting where transaction speeds for paying out a win generally do not matter.
Not All Games Work with Your Crypto Balance
As you start to play at your cryptocurrency casino, you may notice that not all game work with your crypto. Usually, you can find out which games are excluded from crypto bets in one of a few ways. Check the casino’s terms and conditions or use filters provided by the casino that allow you to filter games by crypto availability if the casino provides this type of filter.
- Fiat currency only games: It could be that you are playing at a casino that also accepts USD, EUR, INR, CAD, and other fiat currencies so the game’s section will also show some of the non-crypto games from brands like NetEnt, Red Tiger, and Microgaming which do not support crypto bets.
- BTC Only Game: Sometimes you might deposit using ETH and find out some titles are not available for ETH bets. Usually, this is because the developer has only enabled its games for BTC at this time.
Here’s what to expect to find in a casino’s terms and conditions:
BTC: This is the default for all crypto games and is never excluded from game titles.
BCH: Works with Spinomenal, Platipus, MrSlotty, GameArt, Ezugi, Evolution, Booming, BGaming, Betsoft, Belatra
ETH: Works with Spinomenal, Endorphina, Pragmatic Play, Platipus, MrSlotty, GameArt, Habanero, Ezugi, Evolution, Booming, BGaming, Betsoft, Belatra
LTC: Works with Spinomenal, Belatra,Ezugi, Endorphina, Evolution, GameArt, MrSlotty, Platipus, Pragmatic, Betsoft, Habanero, BGaming, Booming, Amatic
DOG: Works with Spinomenal, Platipus, MrSlotty, Habanero, GameArt, Ezugi, Endorphina, Booming, BGaming, Betsoft, Belatra
How cryptocurrencies work as a deposit method
As with other online casino payment methods, depositing using a cryptocurrency is done via the casino’s cashier/payments area. All you need to do is open up the deposit area, find the cryptocurrency you want to deposit with, select it, take note of the wallet address (or request the casino send the wallet address by email), and send your crypto to that address from your cryptocurrency wallet. Some operators will offer a 2D code which can make the transfer to your casino account seamless with no chance of a typo, which, if you know crypto, a typo in the transaction can mean that your crypto is lost.
Transaction times, or let’s say the amount of time it takes for the crypto to arrive in your casino account is down to the network speed. Sometimes this is instant, and other times it may take 1 to 10 minutes. The possibility of this slight delay is one of the few downsides to crypto deposits, whereas deposits using fiat currencies are usually instant. On top of this, you should also note that the crypto’s ecosystem will charge you some small fees for the transaction, but these are generally so small, you won’t even notice them.
- Go to the deposit page of the crypto/bitcoin casino
- Select your preferred crypto provider on the casino’s payment page
- Specify the amount of crypto you want to deposit
- Use your crypto wallet to deposit with the casino
- The deposit time is 1 to 10 minutes, depending on the network
- There will be small network fees charged by the blockchain ecosystem
- Option 1: Carry out the transaction via the wallet app using a QR code scan
- Option 2: Confirm the transaction by entering the wallet ID (public key) given to you by the cryptocurrency casino
A special app is required to scan QR codes to pay with Bitcoins or other cryptocurrencies in online casinos and can be downloaded from Google Play and/or the App Store. Or the store associated with the operating syste your smartphone or tablet operates with.
Fact check – questions & answers about bitcoins and other cryptocurrencies in online casinos
Can I pay with Bitcoins and other cryptocurrencies in online casinos for the UK, Ireland, Australia, Canada, New Zealand, India, or South Africa?
Yes. There are many cryptocurrency casinos that will accept players from all 7 countries in the question. Most of these crypto casinos are licensed via the Curacao Government, while there are some crypto casinos that operate with no license and instead operate off the fact that it uses the ‘Provably Fair’ algorithm and trusted software providers like Pragmatic Play and Evolution licensed by the MGA and UKGC.
Which digital currencies are available at cryptocurrency casinos?
The most popular and widely used is Bitcoin (BTC). Some casinos only accept BTC, while most will also accept Bitcoin Cash (BTC), Ethereum (ETH), Litecoin (LTC), Ripple’s Crypto (XRP), Dogecoin (DOG or DOGE), Tether (USDT), and you will find a few niche casinos also accepting other major cryptos such as Dash, DigiByte, and Stratis.
Is it possible to cash out crypto from an online casino?
When an online casino accepts crypto, it generally allows both deposits and withdrawals. The process between the 2 is practically the same and super fast. Your withdrawals will be made quicker if you have already passed the casino’s verification checks and if the casino does not apply a ‘pending time’ to crypto withdrawals. From the point of processing your withdrawal, you should receive your crypt in your wallet within a matter of minutes.
Are there lucrative bonus offers in Bitcoin casinos?
Cryptocurrency only online casinos will always have a welcome bonus available. Also, hybrid casinos with fiat currency + cryptos can also offer welcome bonus deals that also apply to cryptocurrencies. Quite often, the crypto bonus is better than the cash/fiat bonus offer. However, some hybrid casinos may exclude cryptos from the bonus offers, so be sure to check.
Is it legal to play with Bitcoins in an online casino?
Governments and banks long despised cryptos anonymous alternative payment options, but still, crypto trading in most countries is very much alive and legal. For UK citizens, you will need to gamble at a casino not covered under British law, so you will not be protected by UK law, but gambling using cryptos is still not illegal if you choose to take this route. For Ireland, Australia, New Zealand, and Canada, cryptocurrency is also legal. However, if you live in South Africa or India, the laws were currently going through government legality checks, so it is best to check as new laws are coming into place all the time.
Which software providers are known for accepting cryptocurrencies?
Some software providers are yet to include cryptocurrency as part of their system. However, there are still numerous forward-thinking brands that have enabled their slot or table games for Bitcoin or multiple cryptos. Look out for the following casinos when hunting for cryptocurrency casinos to gamble at.
Here’s just a few to get you started:
- Endorphina Casinos (Slots)
- Pragmatic Play Casinos (Slots, Tables, & Live Dealer)
- Amatic Gaming Casinos (Classic Slots)
- BGaming Casinos (Slots)
- Evolution Casinos (Live Dealer)
- Ezugi Casinos (Live Dealer
How to cash out your balance from a Crypto Casino
Cashing out from a crypto casino is as simple and as fast as depositing with many of the same attributes for time and fees applying to the transaction. This time you will need the public address of your crypto wallet or the 2D code on your crypto wallet if your casino allows you to cash out using 2D tech. However, there are some points you will need to take note of.
- Identification: When you cash out your crypto for the first time, most online casinos will take you through a KYC check/identification process which could delay your withdrawal by an hour up to a couple of days. You will need to provide the casino’s support team with a valid government ID to show you are who you say you are + proof of address. You only need to go through this process one time, and once approved, you can withdraw minus this step.
- Pending Time: Not many crypto casinos put a pending time on crypto transactions, but some may. This means you may have to wait 24 hours up to 72 hours or more for someone in the casino’s anti-fraud team to approve your transaction. Once this happens, the crypto transaction will change from ‘pending’ to ‘processing’. It will then take a matter of minutes for the crypto to arrive in your account depending on the blockchain’s network speed at the time.
Exchanging crypto: Nearly all online casinos will not allow you to exchange cryptos. This means the crypto you cashed in with will need to be cashed out using a crypto wallet associated with that crypto.
- First, withdrawals will trigger a verification/KYC process
- Provide a valid government ID + proof of address
- Head to the cashier/payments area to request a withdrawal
- Choose the crypto you want to cash out and the amount
- Enter the wallet address for our crypto or scan the 2D code
- The payment may be held up by a pending process
- ‘OR’ the payment will process immediately
- It takes 1 to 10 minutes to arrive in your wallet
- Small fees are charged by your crypto’s ecosystem
The advantages and disadvantages of cryptocurrencies in online casinos
When using cryptocurrencies, the focus is on the digital signature, which guarantees an anonymous transaction at a high level of security. There are no third-party providers involved who record the money transfer and thus also the data of both parties. This means that there are hardly any noteworthy fees when using cryptocurrencies in online casinos. Individual crypto payment methods may only incur minor processing costs when receiving money. Overall, the high encryption standards are undoubtedly evidence of how serious Bitcoin casinos ensure the security of their members. Another advantage is that you can make payments anywhere in the world at any time, the only requirement is a functioning internet connection.
There are, however, a few drawbacks to mention. Most people are familiar with the Bitcoin market, which is more recommended as an investment instead of establishing itself as a convenient means of payment. Movements in the crypto rate may well cause the account balance in the Bitcoin Casino to suddenly increase or lose value. The effects can be seen at the latest when the payment is made and can hardly be prevented. For this reason, some online casinos are already exchanging crypto money for euros or dollars for deposits. These currencies are admittedly not excluded from exchange rate fluctuations, but any developments are always moderate.
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