The blockchain technology changes everything, including the online gambling industry. And this is a good change: Gambling will become more fair, secure, and accessible at the end. The usual “rules” of this industry are about to change forever: You should be a part of this change if you want to keep up with the “modern” times. In this article, you can find everything you want to know about crypto casinos.
What Are Crypto Casinos?
There are two types of crypto casinos: The first one is an ordinary online casino that supports crypto-currencies (such as Bitcoin) only as a payment method. To tell the truth, these are not real crypto casinos, since they do not use any advantages of the blockchain. The second type is the “real” one: All of its infrastructures runs on the blockchain. It has no server, no licenses, and no “manager” – the blockchain takes care of everything.
Think of the blockchain as a big and decentralized database. It runs on the computers of the users and does not need a central server. To access such a casino, you need to install special extensions such as Metamask. The games, payment processing, membership management, the RTP software, etc. Every part of an online casino runs on this blockchain and does not require an audition. The blockchain handles all the payments automatically thanks to the smart contracts feature. Even if the casino gets closed, the winnings of players are secured on the blockchain. It needs no audition because the fairness of the games is controlled by the players themselves. Therefore, a crypto casino does not need a license.
Sound pretty amazing, right?
Understanding the Concept
An ordinary online casino needs a lot of things to operate, and these are very costly things. For example, it needs an electronic gambling license to offer, for example, IGT slot machines. Such a license means the casino is controlled by real people, and they are checked by an official institution. The cost of these licenses are pretty high, sometimes millions of Euros. Next, it needs an audition company to check the fairness of the games. Players do not know the RTP rates of the games: They just know (and hope) someone is controlling them.
But this is just a start: An ordinary online casino needs to sign agreements with providers, buy hosting space, accept members only from countries its license permits, use a payment processing system, purchase a membership management software, etc. Operating an online casino is a big and costly job. And even after all of these auditions and permits, there is still a risk of losing money in case the casino goes bankrupt. Some of these are casinos that let you pay by phone bill, which adds a lot of value to the customer. However this type of payment method requires more paperwork for the company as they have to hae deals with tele service providers.
Crypto casinos do not require any of these. Do you want to know why?
Advantages of a Crypto Casino
No License Needed. Crypto casinos do not have a central server, so they do not need a “permit” from a government. The owners of the casino are anonymous. The governments cannot seize any servers because there aren’t any. Therefore, there are no country restrictions for crypto casinos. They can accept members from anywhere in the world. Moreover, the members can choose to stay anonymous. They do not need to share their personal and financial details with the casino. An email address is enough to become a member, and no ID verification is done.
No Audition Needed. Thanks to a feature called “provably fair,” players are able to check and verify the true RTP rates of all games. This system cannot be tricked and you can be sure that the games are truly fair.
No Management Needed. Nobody needs to “approve” your withdrawal request. Your potential winnings are already in the blockchain, tied to a smart contract. This means you get paid as soon as you win – no need to wait for days or even hours. Play any game, win it, and get your prize in a couple seconds, simple as that. The blockchain is autonomous, and no “human” can intervene with the operation. Therefore, it is impossible to lose money due to the closing of the casino: The money is already paid to the blockchain – think of it as an escrow service.
No Fees Needed. Your government cannot block or restrict you from sending money to the casino. Likewise, your withdrawals cannot be restricted too. Moreover, when compared to the regular payment methods, the fees of a blockchain transaction are very low. As a player, you can stay out of the global banking system and still complete all kinds of financial transactions.
Higher Winning Chances. The RTP rates of regular casinos are always higher and usually around 5%. This means the casino gets 5 USD of every 100 USD invested by the players. Crypto casinos, on the other hand, offer an RTP rate no higher than 1%. In the long run, your winning frequency will be much higher in a crypto casino.