Answering Basic Questions About Cryptocurrency Casinos

It’s no secret one of the main uses for cryptocurrency online is in casinos. Cryptocurrency makes it easy to bet and win anonymously and often provides a more comfortable outlet for gambling.

But not all cryptocurrency casinos are created equal, and this may spark some questions. Keep reading to have your basic questions about cryptocurrency casinos answered.

1. How Do Online Casinos Make Money?

There are several ways for an online casino to make money. Most notably, they take any gambling losses you may incur and typically charge a small rake from every pot of player-versus-player games (such as blackjack and poker).

That being said, some also charge a small fee for prize withdrawal, which can add to the casino’s bottom line. But for the most part, they make money when their customers lose.

2. Is Gambling With Cryptocurrency Truly Private?

While gambling with cryptocurrency is more private than gaming with fiat money, gambling with crypto is not fully anonymous. Due to local regulations, most online casinos, whether they accept crypto or fiat, most perform KYC and AML checks on customers. Of course, these checks will vary based on your location, but they often are used to verify your identity.

Additionally, while it is possible to purchase Bitcoin and other cryptocurrencies anonymously, all transactions are recorded in a public ledger, which can be traced back to a person if someone is desperate enough. So, while it is unlikely that your spouse would be able to find out about your Bitcoin bets, the government probably could if they wanted.

You can increase your cryptocurrency privacy by investing in tokens like Monero, though no cryptocurrency with a public ledger is truly private.

3. Is Gambling Online Legal?

Gambling online is legal, depending on where you live. Definitely perform a google search for your specific state and country before engaging in online gaming.

Check out our related article In Which States is Sports Betting Legal, which can give you a better idea of the legal stance of online gambling in your state.

4. What Are The Benefits of Gambling Online?

There are so many benefits of gambling in an online cryptocurrency casino, but the main one is that you can gamble in comfort. You don’t need to leave your house, drive, or put on pants. Gambling at home is the ultimate comfort.

With online cryptocurrency casinos, this is taken a step further, as you don’t have to worry about putting fiat banking details into an online space. Just your public crypto key. You can also maintain anonymity as you game—something that can’t be said for in-person casinos.

5. What Should You Look For in a Cryptocurrency Casino?

First and foremost, you want to check that it is legal to play on the site in your region. Most sites are geo-locked, with pop-ups if you access them from an illegal area. So, if you go on a website, and you are allowed to play, this is a good sign.

Additionally, you should check that the site is registered with an authority you trust and that they adhere with all of your local laws. After that, send a small trial amount to the site, test out the games, and try to withdraw. If you are able to do so, it is likely a good cryptocurrency casino to play on.

6. Are Online Gambling Winnings Taxed?

Whether or not you are taxed on your winnings will depend on where you live. In most states in the USA, online gambling winnings are taxed, and the sites will submit paperwork to the authorities on your behalf. Always check, though, because, in some instances, you are responsible for claiming your winnings on your own. More information can be found in our article Winning Money? How the IRS Taxes Gambling.

7. Do Online Casinos Work on Mobile Phones?

In order to access an online casino on your phone, the online casino must have mobile compatibility. While this isn’t true for all online cryptocurrency casinos, many of them like MintDice.com, are able to be accessed on your mobile phone.

8. Is Gambling Online Safe?

Gambling online can be safe as long as you pick a reputable online casino. Remember to search for one that is legal in your location, licensed, and test functionality before going all-in.

9. Do Online Casinos Have Deposit Minimums?

Almost all online casinos have deposit minimums, but the good news is they are often lower than in brick-and-mortar casinos. It is not uncommon to find cryptocurrency casinos with deposit minimums as low as $2 or $5.

10. How Do Online Casinos Pay Winnings?

How you will get paid your winnings varies from casino to casino. If you play on a cryptocurrency casino, you will also receive your winnings in cryptocurrency that you can send to your wallet.

For fiat online casinos, you can usually cash out in the same way you deposited. Do note, however, that some websites do require you to head to their brick-and-mortar location to pick up large amounts of cash winnings. This is typically only true of casinos that operate brick-and-mortar locations in addition to online functionalities. (I.e., you can sports bet online with the MGM app, but you must pick up large winnings in person).

11. What Games Can You Play in an Online Casino?

In general, any game you can play in a casino, you can also play online. So, whether you enjoy poker, blackjack, or slots, you will find all of this available online.

In addition, many online cryptocurrency casinos offer games that aren’t available in regular casinos. Examples include Bitcoin dice, a crash rocket game, and even unique skill games.

12. Do Online Casinos Offer Bonuses?

Just like regular casinos, online casinos often offer bonuses for joining their platform. Some also offer free play for you to test their games. The exact offer will vary from platform to platform, but it is always worth asking what bonuses are available to you!