With so many Bitcoin casinos appearing even those who are skeptical of the cryptocurrency are starting to give Bitcoin gambling a try. The truth is, there is logic in the decision to wager with Bitcoin as opposed to the Dollar or Euro. Here are five reasons that you should do your online betting with Bitcoin.
Zero or Reduced Transaction Fees
Many Bitcoin casinos do not charge a transaction fee on withdrawals. The ones that do keep it very small…almost never more than 1%…and that is a big difference over fiat-based online casinos that charge 5% or more to post a withdrawal to your credit card or use a money transfer. If you ask for a withdrawal by check from a fiat-only online casino the cost can be as much as $75. It doesn’t take a mathematician to understand that those fees make a big dent in your gambling profits.
Online casinos that only accept cash also know that huge transaction fees can influence your decision to cash out. They also know that the longer you play without withdrawing a profit is good business for them. Just like a live casino the house always wins in the long run.
It also costs absolutely nothing to move your Bitcoin around and you don’t pay finance charges for using your Bitcoin the way you would on a credit card transaction. You’ll never have to worry about a wire transfer fee when using Bitcoin to gamble.
US Players Welcome
The US really dealt online gamblers a blow with the passage of the Unlawful Internet Gambling Enforcement Act (UIGEA). The law was passed in 2006 and soon after that came the event known as Black Friday. On April 15, 2011, the US government seized several popular Internet poker domains such as PokerStars and Full Tilt Poker. Also seized was the money in US players’ accounts. It is only recently that these sites have begun to pay claims on money that was seized.
What gives the UIGEA its teeth is a provision that 3rd-party payment processors are prohibited from facilitating transactions for US players with offshore online casinos. Even if online gambling is legal in a state—and there are two of them now, Nevada and New Jersey, with Pennsylvania soon to follow—a player might still be restricted from making a deposit with their Visa or MasterCard.
Bitcoin is unregulated. That means it isn’t a government-backed currency. Therefore, the government can’t control what you use it for. It is also possible to create a Bitcoin wallet anonymously. Many Bitcoin casinos are offering anonymous registration. For now, at least, it is very possible for a US player to gamble with Bitcoin.
Generous Bonuses and Low House Edge
Because Bitcoin doesn’t require a transaction fee the only costs for the online casino are servers, software, and support. Those costs add up to very little and many Bitcoin casino operators are taking that savings and rolling it over into bonuses for their players. Some of them will give you free Bitcoins to gamble with while others may offer a sign-up or deposit bonus with certain playthrough requirements. Either way, you win.
What is even more exciting, however, is that some Bitcoin casinos are lowering their edge on certain games. Whereas a fiat casino might pay back 97% on slot machines it is not uncommon to see a Bitcoin one paying back 99%. That’s a very big difference.
Poker players will be very excited to know that some Bitcoin casinos have eliminated or greatly reduced the rake (the portion of each pot paid to the casino). Any poker player will tell you that not having to pay a rake can affect their overall profits in a positive way.
Okay, so there isn’t really a such thing as an “instant” payout in any online casino, Bitcoin or fiat, but Bitcoin casinos come as close to that as possible. A Bitcoin transaction will show up in your wallet within 24 hours if the withdrawal is multi-verified. Very often it can be sooner. We’ve even seen them complete within one hour.
Provably Fair Casinos
You can probably thank the Ultimate Bet scandal for this but many Bitcoin casinos have adopted the provably fair model as the only way to conduct online betting. Under a provably fair setup the online casino publishes an algorithm that can be examined to test a player’s decisions and outcomes. In theory, a player can easily determine whether or not they have been cheated at the tables.
Look, many of us that like to gamble online have felt cheated at some point. I mean, after all, how could someone prove it anyway? Well, with provably fair Bitcoin casinos it is possible to know with measure of accuracy if the online casino is playing it straight.
As you can see, gambling with Bitcoin over the US Dollar or Euro has some definite advantages. Bitcoin gambling has already spread to sportsbooks and it wouldn’t surprise us to see horseracing betting sites jump on board soon.