Crypto casinos are in a bit of a limbo. While some fanatics are chomping at the bit to combine their love of crypto with their gambling fun, many don’t fully understand their legality or logistics. But as they find their feet with global licensers, they’re finally becoming a mature and approachable establishment.
Regulation and licensing
The UK’s gambling commission is yet to fully embrace crypto casinos. However, there are still global regulators that have, such as Curaçao, Malta and the Isle of Man. Curaçao is a fairly common option because they’re open to fully crypto casinos, though they’re not the strictest. Malta adheres to strict EU regulations, making it one of the most secure and transparent regulators. The Isle of Man is somewhere in between. Verifying the casino’s license is what will help ensure your funds are safe and the games are fair. If you’re comparing platforms before signing up, it’s also worth looking at curated lists of the best crypto casinos for UK players. This can make it easier to find licensed sites that support cryptocurrency and meet the expectations of UK-based users.
Understand stablecoins
Stablecoins are important to cryptocurrencies because their goal is to maintain a stable value by being pegged to other assets, like the US dollar. This helps reduce currency risk, which is the decline of your crypto’s value while it’s deposited in the casino. Bitcoin and Ethereum are not stablecoins. That is okay, in theory, so long as you understand their volatility risks, but newcomers must learn about stablecoins so they make the right decision for themselves.
High-RTP games
Return to Player (RTP) percentages show how much a game pays back to players over time. There are a few ways you can find this figure out (it changes for each game), but the quickest is to look at online reviews. For example, a BC Game review clearly outlines a 97.5% RTP, which is decent. For timeless classics like roulette, you can just Google them (the American version is 94.74%). Your strategy can impact the RTP, particularly in the game of Blackjack.
Strong security practices
Security is extremely important when using crypto casinos, because you’re not protected by banking infrastructure. The platform should have SSL encryption at a minimum, but two-factor authentication (2FA) is also desirable for account access. Cold storage wallets are an interesting sign of a secure casino, as they keep funds offline and safe from cyberattacks. But, the player must take personal precautions, like creating strong passwords and avoiding public Wi-Fi when accessing their accounts.
Monitor cryptocurrency price
Cryptocurrency prices are notoriously volatile, and this remains true. Particularly since the new US Presidency change, Bitcoin has had an interesting ride. If you deposit Bitcoin when its value is high but withdraw after a drop, you may lose money even if you win at the casino. Outside of stablecoins, you can mitigate this by diversifying, meaning that you deposit various coins into the casinos. Ideally, you will choose coins that aren’t tightly correlated. Also, it may help dictate which ones you withdraw, and when.
Crypto casinos are exciting because they’re taking a completely new approach to gaming. But, you need to look after yourself and ensure the casino you choose has good security, is regulated by a reputable body, and then manage your crypto in a safe way.
