The online gambling market is growing significantly year on year. Projections are now that it will keep expanding at a pace of around 11% annually until 2030. One of the main reasons for the dramatic swelling of this sector is the rise of Bitcoin gambling sites. While these platforms are nothing new, in recent years, they have not only morphed into regular online casinos but have surpassed such hubs in terms of options offered and promotions provided.
The first Bitcoin casinos that accepted USA players and gamblers from around the globe debuted in 2011. However, digital money was not very popular then, causing these platforms to remain relatively niche. In 2016, the price of one Bitcoin unit moved into the high triple digits, and it was around that time that this currency form got the attention of operators of legit online casinos.
Today, the number of trustworthy online casinos that allow Bitcoin deposits is in the hundreds. Yet, many new to this sphere doubt the credibility of these sites, still looking at anyone that accepts cryptocurrencies as doing something shady. Nevertheless, that could not be further from the truth, as these casinos are as reputable as their fiat-only counterparts. Moreover, famous gambling operators will often open a crypto casino to complement their portfolio of gaming platforms. Hence, sometimes, they get run by the same companies that stand behind famous legit online gambling sites. Below, we get more into the dependability of these casinos and how they differ from fiat ones.
They Get Regulated by Top Industry Bodies
According to multiple online gambling review hubs, the first regulator that started licensing Bitcoin gaming platforms was Curacao’s Antillephone N.V. That is one of the country’s four master gambling license holders permitted to issue sub-licenses to business entities registered in Curacao it deems fit to offer internet betting services worldwide. While many consider Antillephone a step below Curacao eGaming and Gaming Curacao, two other Curacao master license holders, it is worth noting that these organizations also license sites that let you gamble with your Bitcoins online.
The UK’s Gambling Commission, one of the most rigorous European gaming overseeing bodies, decided to view Bitcoin as fiat money equivalent in 2016. The Malta Gaming Authority also recently unlocked the door for its licensees to allow cryptos. The MGA opened channels for casinos with an MGA license to list cryptocurrencies in their cashier tabs if they use a payment provider approved by the MFSA or Malta Financial Services Authority. An example of one is MoneyBites.
So, the same regulators that supply their seals of approval and regulatory oversight to fiat gambling sites also license and monitor the best and safest online gambling sites that accept Bitcoin.
Bitcoin Casinos Implement High-End Security Measures
Since they get overseen by stringent online gambling regulators, Bitcoin casinos must incorporate sector-standard safety measures. These include high-end security protocols, such as keeping funds in hardware wallets (offline crypto storage). Furthermore, the info that users share with these platforms gets wrapped in an unhackable cover through data ciphering technology known as SSL encryption. Only parties holding designated keys can unscramble the information this tech jumbles. Most Bitcoin casinos implement 128-Bits encryption, but a few go the extra step and add double data security by bumping the encryption level to 256-Bits. Both work well, and both more or less cannot get cracked through brute force attacks.
Despite many believing that Bitcoin gambling sites have an air of informality, that perception is false. These hubs follow the latest data protection standards, and most even openly state that they adhere to the EU’s General Data Protection Regulation. That entails them employing a dedicated data protection officer that users can contact for any privacy concerns they may have. Also, they implement the renowned Know Your Client identity verification procedures that aim to curb the financing of terrorism and stop money laundering.
They Offer Better Bonuses & More Games
Indeed, the most trusted online casinos for USA players that feature Bitcoin on their payment page will have a gaming license from either a Curacao master license holder or Panama’s Gaming Control Board. While these international overseeing/licensing bodies are reliable and hold their operators to high fairness standards, they do not feature as many responsible gambling measures as country-based regulators. That means they allow auto-play and high max bet limits, plus they rarely give off warnings when a gambling session extends an unreasonable amount of time.
That said, since they are not as restrictive as some fiat sites, they can supply more games and bonuses. The first is possible because the providers they team up with do not have to meet strict technical specifications. No government body is telling them not to over-entice players with generous bonuses.
This article was written in collaboration with online gambling analysts.