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Published Friday, April 28th, 2017 in

Can You Gamble With Bitcoin? Yes!

This how to guide will provide new players with insight into the state of Bitcoin gambling and how to gamble with Bitcoin. The article will share all of the nuances and tricks that come with Bitcoin betting and its content has been compiled by players with several years of experience in the Bitcoin market. Use the navigation below to skip to the most appropriate section.

To answer your question – can you gamble with Bitcoin? – the answer is an emphatic yes. Read on.

Why use Bitcoin for gambling?

Before we start on the subject of how to gamble with Bitcoin, it is worthwhile considering why someone would choose to use Bitcoin over US dollars or Euros (fiat currency) in the first place. Here are some of the key reasons why so many players opt to place bets with Bitcoin.

1. Access to unique games

The cost of running a Bitcoin casino is much lower than that of a traditional casino. This is largely due to the current lack of regulation which makes starting up much easier (see our section on avoiding scams for further clarity). The lower cost to entry means that there’s a more competitive gambling market and with that comes innovation. Games like Bitsler and BitKong are perfect examples of such innovation, adding fantastic new twists to the way in which we gamble online.

2. Lower house edge

Many traditional casinos will have a house edge of 5% or more. Whilst that also remains true for a number of Bitcoin casinos, there are many gambling options that offer a house edge of 1% or less. Thanks to smart contract casinos and the lower costs of operating a Bitcoin gambling site, it is now likely that future Bitcoin casinos will implement a house edge that comes close to 0%. Put simply, gambling with Bitcoin is cheaper than the alternative.

3. Microstakes

Thanks to Bitcoin’s near-endless divisibility, a number of casinos allow players to bet tiny amounts. One Bitcoin can be split up into a “satoshi” (0.00000001BTC or 100 millionth of a Bitcoin) and these casinos will allow players to wager just a handful of satoshis on each bet. Many Bitcoin casinos also offer a Bitcoin faucet. A faucet can be used to regularly credit a player’s account with free satoshis that can then be used to bet. On the contrary, there are also a number of no limit casinos, where players can bet thousands of dollars worth of Bitcoin on a single roll of the dice.

4. Anonymity

Of course we couldn’t discuss Bitcoin gambling without referring to the anonymous nature of the currency. Anonymous gambling may be illegal in your jurisdiction, so it is important that you do your own due diligence; however anonymity is a clear draw for many players. There is now a huge number of anonymous Bitcoin casinos that allow players to register an account with nothing more than an email address, and in many cases, not even an email address is required. This form of anonymity simply isn’t possible in the traditional casino market.

How does Bitcoin gambling differ from traditional-style gambling?

There are many Bitcoin casinos that operate in exactly the same way as a traditional casino does. A fair number of traditional casinos have simply “tagged on” Bitcoin deposits and withdrawals. On the other hand, there are gambling sites which have been built from the ground up with Bitcoin in mind, and offer no traditional fiat banking methods. Overall the experience is very similar between the two styles, although many of the Bitcoin dice sites and Bitcoin gambling games are very far removed from the traditional world of gambling.

Below you can find a brief list the most popular fiat casinos (with Bitcoin banking) and Bitcoin-only casinos.

Traditional casinos with Bitcoin

Bitcoin-only casinos

There are also many hybrid casinos such as Oshi.io which offer Bitcoin and fiat banking methods, all with varying levels of know your customer (KYC) and anti-money laundering (AML) checks. Players who want quick access to a casino should opt for a Bitcoin-only option, or one of the many anonymous casinos listed above.

Depositing, betting and withdrawing Bitcoin from a casino

Now comes the fun part. How can you gamble with Bitcoin? To fully understand how best to bet with Bitcoin, we’ve broken this section down into a few key areas with some discussion around important Bitcoin security practices.

Purchasing Bitcoin

So you’re looking to bet with Bitcoin? First of all, you’ll need to get hold of some Bitcoins by purchasing them on an exchange or earning some for free. Some of the most reputable Bitcoin exchanges for American and European players are:

Bitcoin can be purchased for US dollars, Euros or British Pounds in the same way that one might purchase gold, silver or a company stock. Whilst Bitcoin gambling is legal for many, it is advisable to avoid mentioning gambling when purchasing the currency from an exchange. Many banks and exchanges have zero tolerance policies towards certain activities relating to Bitcoin, regardless of whether or not it is legal.

Now that you’ve purchased Bitcoin, the funds will be stored in your online exchange account. From here, you can send Bitcoin directly to your chosen casino. In order to do this, you will first need to create a free account at the Bitcoin casino. Once created, find your Bitcoin wallet address from within the depositing page. A Bitcoin wallet address will look something like this:

15aEZKfPKFVjzPZknBZsoxyo9Nd9qC4ekd

Once you have sent some Bitcoin from your exchange account to the casino, the deposit will arrive within 30 minutes. Given some current network congestion, casino deposits can take upwards of an hour to arrive.

When sending the transaction, your Bitcoin exchange will automatically include a mining fee which ensures that the transaction is processed. However, sometimes a fee can be miscalculated (fee size is lower than the market average) and it may take a day or more for funds to move. Do not panic! If your transaction is showing on a blockchain explorer like blockchain.info, then you can be certain that it will process eventually.

Those who are familiar with Bitcoin will know that storing Bitcoin on an exchange is not recommended. It is advisable that players send their exchange funds to a wallet that they own before then sending it onto the casino. This is covered in the paragraph below on securing Bitcoin.

Securing Bitcoin

It is not recommended to store all of your funds in a casino or exchange. Bitcoin casinos and exchanges have suffered from hacks in the past, and it is almost guaranteed that there will be further hacks in the future. If you have purchased a large amount of Bitcoin, then it is advisable to store your Bitcoin in an offline hardware wallet. For smaller amounts of the cryptocurrency, a hot wallet like Electrum would suffice. Hot wallets are also a good way to keep your Bitcoins accessible; mixing your funds between a hot wallet and a hardware wallet will ensure that you have some Bitcoin available to gamble at any given time. See our guide to Bitcoin security for more information.

Betting Bitcoin

You have now made a Bitcoin transaction that has deposited funds into a casino. Congratulations! You are now ready to bet with this amazing digital currency. Fortunately for Bitcoin users, each bet does not require a new Bitcoin transacation. In fact, the way that betting works at a Bitcoin casino is hardly different from a traditional one. Players simply open up their favorite Bitcoin slot game, live dealer table or whatever takes their fancy, and bets are wagered in the traditional way. The only real difference is rather than “betting Bitcoins”, deposits are often converted to “chips” or fiat currency to help users understand exactly how much value is being wagered.

Any winnings can be withdrawn in the same way that a deposit is made. Players must copy their wallet address (whether it’s a hot wallet, hardware wallet or exchange wallet) and paste it into the withdrawal form along with the amount to withdraw. Some Bitcoin casinos like Bitsler do not require any authorization on withdrawals, so players can be sure that each withdrawal is processed immediately. Withdrawal times vary based on network congestion and possible authorization requirements from the casino.

Finding a good Bitcoin casino

Now that you know exactly how to gamble with Bitcoin, you’ll need to find a casino that suits your needs. As mentioned above, there are a range of casinos that accept Bitcoin. They vary from strict KYC and AML casinos through to unregulated and decentralized smart contract casinos. Choosing the right one for you depends on a few key factors.

Want to skip ahead? See our full list of Bitcoin gambling sites.

  1. Are you concerned about regulation?
  2. Many of the Bitcoin casinos available on this site have zero regulation. It is also common for the team behind a casino to remain entirely anonymous. These two factors can lead to a lot of mistrust, and ultimately this is a risk factor to consider when gambling with Bitcoin. We have done everything we can to ensure that the sites featured on BigcoinGambling.com are reputable, but you will want to make that judgement for yourself. Without regulation, these casinos are perfectly capable of closing down and stealing player funds. Those wishing to bet anonymously will almost always have to accept this risk; see our tips to avoiding gambling scams at the bottom of this article.

  3. Are you looking for a bonus to boost your bankroll?
  4. Online casinos have been using bonuses to entice new players for decades. The same applies to Bitcoin betting, and the range of available bonuses is huge. To help you decide on a good bonus, we have created a section dedicated to Bitcoin bonuses. From here you can choose from a huge range of deposit bonuses, free spins, free bets and so much more.

  5. What type of gambling are you looking for?
  6. In this article we have mostly discussed how to bet Bitcoin at a casino. There are of course, plenty of other gambling options available to Bitcoin players. These include poker, sports betting, dice and forex. Players can even bet on prediction markets with Bitcoin. Our page which lists all of the available Bitcoin gambling sites (linked to above) will allow you to filter sites based on these options.

Avoiding Bitcoin gambling scams

There is no denying that a number of scams have taken place in the Bitcoin gambling world. We know of several casinos that have shut down without comment over the past 6 years. Fortunately however, the number of Bitcoin casino scams is decreasing as the market matures and key players become established. There are now a number of well established Bitcoin casinos that have operated for many years without issue – we believe that these casinos can be trusted, and they have been rated at the top of our Bitcoin gambling site list. Here are a few useful tips to avoiding a scam site when considering how to bet Bitcoin.

  1. Player ratings
  2. Sites like ours and other gambling review sites offer player reviews and ratings. Don’t just take our word for it, visit the Bitcoin casino’s review here to find out what others are saying. Communities like BitcoinTalk’s gambling forum are also a great source of information – a site with glowing reviews is likely to be legitimate.

  3. Don’t deposit large sums
  4. Of course if you’re a high roller looking to place some massive bets then this doesn’t apply. But those looking at small and medium sized stakes should be conscious of keeping larger amounts of Bitcoin in their casino wallet. It is advisable to keep as much Bitcoin as possible in your own wallet to avoid the risk of a theft or hack.

This concludes our article on how to gamble with Bitcoin. We’ll keep this post updated as rules and regulations change, but in the meantime – good luck with your bets!

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