We’ve covered a lot of topics about Bitcoin gambling and, for that matter, crypto gambling in general. Bitcoin gambling truly is the next frontier in online gambling. It offers a lot of excitement, innovation and holds plenty of potential for true global acceptance, particularly with unique features such as anonymous gambling and provably fair gambling.
Despite all these benefits, Bitcoin gambling is still a fledgling ecosystem. There are hardly any casinos with more than five years of operation. In an industry that is accustomed to sudden exit scams, Bitcoin casinos suddenly disappear with gambler funds. Exit scams are actually also common with non-crypto online casinos. But the lack of regulations with Bitcoin casinos mean that they do carry a higher risk.
Here are some Bitcoin gambling tips to help you avoid unpleasant experiences.
1. Verify the Provably Fair mechanism yourself
Any self respecting Bitcoin casino should feature provably fair gambling. This allows you to verify for yourself that the outcome any bet you made was fairly generated. This is probably the best thing to happen to online gambling yet, but you should never take it for granted. Always test the system every session. Particularly for bigger bets, ensure the system works exactly as it should before you place your bet.
You can read more about how to do this here.
2. Read the Terms and Conditions
Do the following before even registering an account with any Bitcoin casino. Read the entire Terms and Conditions, Terms of Service, FAQ and any sort of information the site has. If there is any term you don’t understand, ask for clarification from the site first. This ensures you don’t inadvertently violate site terms that will lead to the casino confiscating your winnings, or worse still, lock your account. There are some obvious rules such as only 1 account per person, IP, or computer (though some sites allow this). However, there are also some that won’t be apparent. Examples include a restriction on nationality, or an age restriction, which may be different from what you’re used to in your own country.
Most reputable casinos won’t close you down if you have no malicious intent. But don’t give them any reason to consider taking action against you.
3. Be aware of Deposit and Withdrawal conditions
Some gamblers run into issues trying to cash out winnings, when realising that some casinos only allow you to withdraw using the same method of deposit. Some only allow you to Deposit with Bitcoin but requiring withdrawal to a credit card.
Watch out also for KYC or AML requirements (that need you to verify your ID). Many Bitcoin casinos allow you to register anonymously, only for you to run into verification processes when processing withdrawals. Suddenly your pseudonym Big Gambler cannot be verified against an ID.
Most Bitcoin casinos will allow you to gamble as soon as your Bitcoin deposit transaction is broadcast throughout the network. Most also require all deposits to confirm several times before you’re allowed to withdraw. Others still require you to wager your deposit amount a certain number of times before you’re allowed to withdraw, or face a stiff penalty.
4. Understand bonus and wagering requirements
Bonuses are a great to inflate your bankroll, allowing you the freedom to play longer and test out more strategies. But most are attached with high wagering requirements. The industry standard is about 40x your deposit (4,000%), so avoid anything more than that. Be wary of casinos that claim lower than 40x, as some will consider the wagering amount to be that of your deposit PLUS bonus. Effectively, a 30x Deposit+Bonus requirement can mean much more than a wager of 4,000% of your deposit.
5. Account activity
Another tricky term we’ve discovered is regarding inactive account. Most Bitcoin and crypto casinos don’t do anything to your account even if you stop playing for months. But some, especially white label casinos, will flag your account as inactive or dormant after a period of time, usually about 150-180 days. Some will charge you a maintenance fee after this period while others go as far as to claim your balance and close your account.