Things to Look Out for When Betting with Bitcoins - Coindoo
Things to Look Out for When Betting with Bitcoins

Things to Look Out for When Betting with Bitcoins

Editorial Team Avatar
May 31, 2021
3 min reading time

Betting online is a risky game. While you can potentially win vast sums of Bitcoins betting on top slots and table games, there is always an element of risk involved when gambling. There are other risks involved aside from betting, though. These risks are more commonly associated with picking the wrong casino. To help guide you through those, we have put together this Bitcoin betting guide to help you pick up on the key things to look out for.

Exchange Rates

If you are going to lose money betting, then it should be while playing, right? Nobody wants to lose money in fees and exchange rates. That is exactly what could happen if you are not careful. Before signing up to any cryptocurrency casino, you should always check to ensure that the site does not convert your BTC deposits into another FIAT currency option, such as US dollars. If it does, you will likely face a conversion fee.

Cryptocurrency-Friendly Gameplay

While it may be possible to deposit with Bitcoins, can you wager with them? What about other cryptocurrencies? This is something you will want to check before you agree to sign up at a casino. We can  safely say that top sites like carry many top slots, table games, and even live dealer titles that are cryptocurrency friendly. However, not all casinos do, so check this out beforehand.

Bonuses Alongside Terms and Conditions

While you probably know that many top Bitcoin casinos offer bonuses and promotions, do you know how to check if they are fair? The best way to go about doing this is to head to the terms and conditions page and read up a bit on the offer at hand. You should look for things such as wagering requirements, maximum win caps, and minimum deposit limits in most cases. These, coupled with the value of the bonus and the games you can use it on, should give you a decent idea of how valuable and prosperous a Bitcoin casino’s bonus actually is.

Withdrawal Capabilities

All cryptocurrency casinos allow you to deposit using Bitcoins. Some even extend that privilege to other digital currencies, and a good number of them will let you stake wagers using BTC, too. However, can you withdraw with Bitcoins? You will not get the same answer at every casino. It is, therefore, ideal to head to the cashier screen before signing up to a casino to make sure that this option is available to you.

Provably Fair or Certifications

Finally, do not get tripped up on certificates and licenses. These are important as they guarantee whether a betting site is safe or not. Cryptocurrency casinos should either bear the Provably Fair hallmark or have another certificate that showcases that their games are RNG (random number generator) certified. They should also be licensed, with a Government of Curacao issued license the least we would accept.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
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