The advent of cryptocurrency made quite an impact on the global society that investors now engage in crypto gambling by way of crypto slots and sportsbooks.
Bitcoin (BTC) online casinos are the most popular since BTC has been entrenched as the Number 1 cryptocurrency in terms of market capital. That denotes having the largest share and value of digital money being traded in the crypto market; including those held by traditional investors trading on the conventional stock markets. As a matter of fact, the year 2024 has already seen an increase in the size of the cryptocurrency market; currently estimated to have reached a value of $90 billion.
However, one must not lose sight of the fact that cryptocurrency and all transactions related to it are not monitored and supervised by an independent regulatory body. In some countries, even online casinos and sportsbooks are prohibited, even if cryptocurrencies are recognized as an acceptable mode of payment.
Such conditions highlight the fact that crypto gambling poses several risks. Players and sports bettors are not protected against unscrupulous operators who make excuses not to allow withdrawal of crypto winnings or give the commensurate crypto equivalent of payouts.
Confusing terms and conditions are in place and are cited as reasons to lock out players from their account and prevent them from accessing their crypto money.
Crypto slot players and sports bettors become attractive targets for cyber criminals and hackers. The latter use false or misleading advertisements that entice gamblers to follow links directing them to sites that blackmail crypto gamblers into paying up.
Choosing a Reliable and Trustworthy Crypto Casino
In light of the potential harms and hazards that can be encountered in crypto gambling, the following are the recommended cautionary steps to take when choosing an online crypto casino or virtual sports betting site
Check the origins of the operators to find out if they are running the online casinos and virtual sportsbook in a jurisdiction that prohibits gambling.
Be wary of online betting platforms that do not follow the international KYC (Know Your Client) rule. In many reported cases, these gambling sites merely ask for crypto deposits and take advantage of the anonymity factor related to crypto transactions. However, some unfortunate gamblers lose their digital money because they end up getting locked out of their crypto account.
Verify if a crypto casino is duly licensed to operate as a crypto gambling platform. In jurisdictions that do not regulate cryptocurrencies and their transactions, crypto gambling platforms operate under volatile circumstances. When regulators find out about their unlicensed operations, they will likely order the shutdown of the crypto gambling site.
Moreover, the cryptocurrency deposits could be frozen and garnished, which would make withdrawals of cryptomoney deposits difficult if not impossible.
Consider the crypto casino sites recommended by reputable and trustworthy review sites. Their reviews include how the site conducts a KYC onboarding process when signing up new members.
Trusted reviewers mention the payment and withdrawal processors facilitating the release of crypto payouts. Make sure the review includes assessments of the quality and speed of customer services provided by the site’s support team.
