Discovering the Profitable Potential of Crypto Gambling
Crypto gambling has become a staple product for Canadian gamblers. We are here to inform you on the basics and advantages that come along with it!
- What Are Crypto Casinos?
- Advantages of Gambling with Bitcoin
- Other Cryptos You Can Gamble With
- Crypto casinos Canada: a short overview
- Are the benefits of gambling using crypto worth it?
- Cited Sources
What Are Crypto Casinos?
A crypto casino is a platform which offers you the option to use cryptocurrencies to make your deposits and withdrawals.
As the cryptocurrency market became more crowded, the casinos considered introducing these reliable coins in their casino games, like slots, poker, blackjack, roulette, etc.
With the wide use of crypto or digital currencies, like Bitcoin, Dogecoin, Ethereum, and more, wagering has become much more accessible and appealing.
Security of Transactions on Canadian Crypto Casinos
The most reputable crypto gambling sites ensure secure financial transactions while they also secure you an easy and quick way of paying, thus making them qualified as fast withdrawal casinos.
Bitcoin was the first cryptocurrency used as a mode of payment in online casinos, and other digital coins like Ether, Litecoin, and Ripple shortly followed the new trend in the casino market.
Why Do Gambling Sites Use Crypto?
More players can take advantage of the built-in security characteristics of blockchain technology, the best online casinos have come to prioritise customer anonymity and privacy by enabling crypto gambling.
Cryptocurrency is a decentralised digital asset, making online transactions faster and more secure.
Along with other benefits of crypto gambling, like low-cost and decentralised transaction facilities, cryptocurrency casinos can provide attractive welcome bonuses that traditional online casinos cannot offer.
As bitcoin casinos and their transactions are based on blockchain technology, it doesn’t require third-party involvement, such as debit card, credit card operators or banks. It benefits both players and online casino operators by not having to pay any additional fees or costs.
- Cryptocurrencies like Bitcoin were developed to make data transparent and decentralised and are gradually taking over the industry.
- Digital currencies are being used more frequently by casino players, and bitcoin is the most popular option among them.
Advantages of Gambling with Bitcoin
Full Player Privacy
People prefer online gambling, as they can access it from the comfort of their homes, keeping it a private affair.
And it’s not only a matter of privacy that makes them choose this type of gambling when they’re signing up for online casinos but also the fact that bitcoin transactions help keep players’ identities private.
Identity & Anonymity
Players who prefer online gambling are increasingly concerned with their privacy and anonymity, so many virtual casinos are adopting cryptocurrencies as a form of payment specifically to draw in more customers.
With crypto casinos, players don’t need to divulge their personal information or financial details during registering on the online gambling website for crypto payments and withdrawals.
They can simply use their crypto wallet and avoid the hassle of linking bank details with online gambling platforms.
Traditional brick-and-mortar casinos face more lack of transparency issues compared to online casinos.
Casinos which operate with cryptocurrencies like Bitcoin can’t withhold information from their customers by advertising their promotions and first deposit bonuses as they show you all the rules in the bonus terms and conditions.
Online gambling platforms can easily manipulate the odds of winning a game. However, with blockchain-based smart contracts, players can ensure the result, which is genuine and unbiased.
This is one of the reasons you should always make sure to research the casino you want to register at beforehand by checking casino bonus sites.
Not only do they test beforehand the games and make sure the RNG system is in place, but they also compare their promotions and bonuses to make sure they are realistic and do not advertise false odds to their players.
Decentralisation of transactions
Blockchain technology, crypto-based, eliminates the need for intermediaries like banks to make transactions. It reduces the chances of freezing an account or simply taking it away from players.
One of the significant benefits of crypto gambling is decentralisation.
In many countries, including Canada and Australia, players are not required to pay tax on their gambling wins, when done through crypto coins.
On the other hand, the countries like India levy a 30% tax on their gambling wins in traditional casinos. At the same time, they are exempted from taxation on crypto gambling.
Players now have a new, secure method for making online cash deposits and withdrawals while gambling with crypto.
Due to the blockchain’s decentralised feature, each node in the network is confirmed and recognized during the transaction process. As a result, the blockchain network reduces the likelihood of a security compromise.
Additionally, a lot of casinos offer two-factor authentication, which requires players to enter an additional form of identities, such as a PIN or a biometric marker, to log in. It makes the account incredibly safe and secure by ensuring that only the account holder can access it.
Players gambling online seek hassle-free, quicker transactions, but that is usually not the case.
Online casinos depending on third-party platforms to enable payments often take days and weeks to complete, where the benefit of using bitcoin or other cryptocurrencies pays offs, as the transactional speed is somewhere between 2 to 40 minutes.
Substantial Bonuses and Promotions
Apart from availing a wide range of slots, table games, blackjack, roulette, and even bitcoin-exclusive games, what players really look forward to are bonuses and promotions.
As already mentioned, Bitcoin casinos don’t need intermediate platforms for enabling transactions which lowers the cost and benefits both operators and players. It facilitates online crypto casinos to reward their customers with large bonuses and deals.
No Geographical Restrictions
While online and traditional casinos use physical currency and are restricted by their geographic areas because of that, crypto gambling has no restrictions in this sector whatsoever.
This facilitates gamblers to gamble from every nook and corner of the world.Online crypto-gambling platforms are more convenient regarding the place from where the players are gambling as well.
Other Cryptos You Can Gamble With
Ethereum is a global software platform based on blockchain technology and is the second most valuable cryptocurrency after Bitcoin.
It is used to transfer and receive payment digitally using its native cryptocurrency, Ether, without any third-party influence.
It also supports smart contract functionality, which ensures a safe payout of gambling wins at Ethereum casinos in Canada.
Ripple (XRP )
Ripple is a decentralised blockchain-based digital payment platform that uses XRP, the company’s own cryptocurrency, to power Ripple transactions at a cheap cost and with minimal energy consumption.
Due to its faster and almost instant transactions, casinos using Ripple are growing steadily.
Dogecoin is an open-source, peer-to-peer digital currency network.
It uses Scrypt as a proof-of-work scheme, offering notable features like low prices and unlimited supply. Due to its popularity, many crypto-gambling sites widely use Dogecoin as a payment option.
Tether is becoming one of the most virtually used currencies at crypto-based casinos as it’s a coin that maintains a steady valuation.
It is more useful for common transactions compared to the more-volatile cryptocurrencies. We currently have 45 Tether casinos that we have tested and presented.
Litecoin is a decentralised open-source global payment network employing techniques like a faster block generation rate and the use of Scrypt as a proof-of-work scheme.
Due to its transaction speed and cheaper charges, it is used in many Litecoin casinos.
Bitcoin Cash (BCH)
It is a decentralised cryptocurrency which supports more transactions per block.
In 2017, a change in protocol in the Bitcoin blockchain led to the creation of Bitcoin Cash.
The advantage of Bitcoin Cash while using it in online gambling platforms is that it allows quicker transaction validation due to its larger block size.
The Cardano network is powered by the open-source cryptocurrency platform called ADA, which is built on the proof of stake blockchain.
It is created to lower the energy consumption and time for computation required for proof of work mining.
Crypto casinos Canada: a short overview
Casinos are always on the lookout to introduce innovative technologies to provide their customers with an engaging gambling experience.
One of them is the usage of cryptocurrency as a form of payment, which changed the ways of gambling drastically.
The reasons behind this change are numerous, but the most significant ones are:
- A brand-new approach to payment
- A response to players’ changing needs and demands
- A new step in gaining the players’ trust.
Crypto gambling market size
CasinoBonusCA’s in-house cryptocurrency casinos report showed that they rose in popularity by 33.3% from 2021 to 2022.
A recent outside-source financial study has estimated that online gambling is expected to reach a market size of $674.7 billion in 2025 and of $895.7 billion in 2030.
Reports also indicate that people born between 1996 and the mid-2000s are less likely to gamble in land-based casinos and are gradually becoming more interested in crypto gambling.
Are the benefits of gambling using crypto worth it?
Online crypto gambling allows players to gamble from anywhere on the globe only with an internet connection and a digital wallet.
The multiple benefits that an online crypto-gambling platform offer attracts more gamblers to casino gaming platforms every day.
All in all, gambling with cryptocurrency ticks all the right boxes in this regard, giving it an advantage over conventional online casinos.
However, players must keep in mind to look into all the factors, such as whether a casino website is transparent, reputable, customer supportive, and possesses a good selection of games and bonuses, before gambling with crypto on an online platform.
- Average transaction speed of 69 cryptocurrencies with the highest market cap as of September 2022 – Statista
- Gambling in Young Adults Aged 17–24 Years: A Population-Based Study – Springer
- Global Gambling Market is Expected to Grow From $674,703.9 Mn in 2025 to $895,720.3 Mn in 2030 – Research Gate