Crypto Gambling

Contrary to popular belief, the online gambling industry is not very open to innovations. There are some unnamed rules in this industry: Working with a prestigious licensor, regular auditions by a reputable auditing company, not accepting players from some countries … Only the gambling sites that meet all of this criteria are considered as “reliable” and recommended. The review sites also prepare their content in accordance with these criteria. These are the things that all professional editors first check in a gambling site. However, both the online gambling industry and these criteria are about to change forever: Crypto gambling has the potential to change the rules and determine the future of this industry. In this article, you can find everything you want to know about crypto gambling.

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What Is Crypto Gambling?

In its simplest form, crypto gambling is a kind of gambling that uses peer-to-peer currencies. We are sure you’ve heard of virtual currencies like Bitcoin, Ethereum, and Litecoin. In crypto gambling, these are used as currency. So there is no difference in terms of content: You still play the same casino games. The rules of the game, the conditions of winning, and the probabilities do not change. Instead of “classic” currencies like USD and EUR, you play using encrypted virtual currencies.

However, this definition is insufficient to explain the meaning of crypto gambling. If crypto gambling was merely a currency change, it couldn’t have the potential to change the whole industry. The distinguishing element here is the blockchain technology used by these virtual currencies. This technology does not directly affect the games, but it changes the operation of the casinos from start to finish. We will give more details below, but before we continue, know that there are two types of crypto gambling sites at the moment:

  • Online Casinos That Support Crypto Currencies: There are more casinos of this type. These casinos support virtual currencies (Bitcoin, Litecoin, Dogecoin, etc.) in addition to other currencies. Crypto currency support is only valid for deposit and withdrawal transactions, and there are no other advantages provided by this technology. Such casinos can be a starting point for entry into the world of crypto gambling, but that’s all they can offer. They do not have a “revolutionary” feature.
  • Online Casinos That Are Built On The Blockchain: These are the “true” crypto gambling casinos. In such casinos, virtual currencies are not only supported as a deposit/withdrawal method. All the advantages of blockchain technology are used. The real crypto gambling experience can only be offered by this type of casinos. Below, we will explain what this means.

How Does Crypto Gambling Work?

The most important feature of blockchain technology is to make safe, fast, and anonymous money transfers. For example, the recipient and sender information of a transfer over the blockchain is always confidential. You can see when the transfer takes place and even what the amount is, but you never see who the parties are. For this reason, crypto gambling sites have, above all, the following advantages:

  • Anonymous Membership. You do not need to share your credentials to become a member of a crypto gambling site. An e-mail address is enough to sign up.
  • No Country Limitations. Wherever you live in the world, you can make money transfers via blockchain. Therefore, country restrictions that normal gambling sites perform due to their licenses do not apply to crypto gambling sites.
  • No ID Verification. You do not need to verify your identity to withdraw your winnings. You can play anonymously, earn money and withdraw it at any time.
  • Fast Cash Outs. Both deposit and withdrawal transactions are completed within seconds.
  • No Commissions. You do not have to pay a commission or a transaction fee to any brokerage company. There is no need to pay a fee for blockchain transactions.

However, the most important feature of crypto gambling technology is that it removes the need for licensors and supervisory agencies. These institutions were established to guarantee that the games presented are fair and to control the operations of the casino. However, crypto gambling sites do not need to have an electronic gaming license. They do not even need to be audited. All this is done by the blockchain itself and/or users.

Crypto Gambling vs. Normal Gambling

Before continuing, let’s show the differences between the two types of gambling sites on a table:

Crypto GamblingNormal Gambling
Anonymous MembershipYesNo
ID VerificationNoYes
Country LimitationsNoYes
Deposit/Withdrawal TimeSecondsHours – Days
Fees/CommissionsNoYes, plenty
Electronic Gaming LicenseNoYes, mandatory
Constant AuditionNoYes, mandatory
Truly Fair GamesYesNo
House Edge0.87% (average)5-15% (average)
Currency Exchange Rate LossesNoYes

The “provably fair” feature is the reason why crypto gambling sites do not need a license. Simply put, an RNG software decides whether or not you have won in regular gambling sites. For example, if you are playing poker, which cards you will get depends on the numbers generated by this software. In normal gambling sites, the RNG software is controlled by the casino. In other words, there is no way to know whether the numbers generated are really random. Crypto gambling sites also use an RNG software, but thanks to the provably fair feature, it is possible for players to control randomness before each “roll”. Again, to put it simply, the website will send an encrypted seed to your computer beforehand and roll the dice after that. After the roll, you can check this seed and see if it really is random. In other words, it is not possible to cheat on games with the provably fair feature, and for the same reason, the house edge rate is quite low.

Some crypto gambling sites using a more advanced blockchain such as Ethereum take this one step further: In these sites, RNG software is stored on the blockchain, not on the casino servers. So it is not possible at all to interfere with its functioning. Crypto gambling sites do not need a license and/or audition for this reason: The guarantee and fairness that players need is provided by blockchain.

Imagine an online casino that does not need a license or audition, accepts members from anywhere in the world, pays in mere seconds, and functions transparently; Crypto gambling technology promises this. For the same reason, it has the potential to change the online gambling industry forever.

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