Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
By Sam Norman, Head of Partnerships at Rollbit
The growth of decentralized crypto casinos represents one of the most exciting developments in the ‘GambleFi’ sector, displaying the opportunities that lie at the intersection of DeFi and the gambling industry.
The global gambling market is growing fast. In 2023, the sector was valued at $263.3 billion and is expected to grow at 5.6% in 2023. Crypto casinos are playing an increasing role in this expansion, and their growing popularity is due to a whole range of factors.
However, given the array of operators, it can be difficult to identify those crypto casinos that are legitimate, yet doing so is key, as there an estimated over 2,000 crypto and bitcoin gambling sites offering users a plethora of options. Below we outline how players can ensure that they play on reputable and recognised sites.
Transparency on licensing
In the realm of crypto gambling security, the first step is through the verification of gambling licenses. Legitimate crypto casinos adhere to strict licensing rules and operate within the legal confines of the jurisdictions where they hold their license. Not only do licenses establish a framework of trust and professionalism, but they also provide consumer protection in case of disputes and are ultimately designed to protect players. Licensing authorities may also require the use of verified and tested Random Number Generators (RNG) and other algorithms exclusive to crypto gaming to ensure fair play.
Legitimate crypto casinos will hold all necessary licenses and compliance certificates and make sure these are clearly signposted for users, often at the foot of their website, in the following form – “Rollbit is licensed and authorised by the Government of Curaçao and operates under the Master License of Gaming Services Provider”.
Users can verify information with regulatory authorities. However, legitimate crypto casinos will never obscure licensing information and if such information proves difficult to find users should question why.
Wisdom of the crowd – reviews are key
The reputation of a crypto casino within the GambleFi and broader online gambling community speaks volumes about its legitimacy. While never a guarantee of crypto casino legitimacy, reviews should always be consulted to gauge the first-hand experiences of fellow users. While not foolproof, a positive reputation often correlates with a crypto casino's adherence to industry standards and ethical practices.
Check games and software providers
A legitimate crypto casino will host games from reputable and well-established blockchain software providers. The relationship between crypto casinos and software providers is symbiotic; reputable providers will only align with crypto casinos that adhere to industry regulations and maintain a high standard of fairness and transparency. Hence, a glance at the games and the providers can be a litmus test for the crypto casino's legitimacy.
Safe games will often be described as Provably Fair, which means that players can check and verify their results every round against the results stored on the blockchain. If a game is Provably Fair, the blockchain technology will be properly integrated into the game algorithm in this way, making it impossible for the casino to cheat their customers.
Moreover, credible crypto casinos often have a vast array of games leveraging the advantages of blockchain across different categories, offering a rich and diverse gaming experience.
Payments, withdrawals and fee structure
An open and straightforward fee structure, coupled with swift payment and withdrawal processes to external wallets, is a hallmark of reputable crypto casinos. They ensure that the financial aspects are laid out and easily accessible for users to review. Moreover, they offer a variety of payment and withdrawal options to cater to a wide user base with diverse cryptocurrency portfolios.
The transparency in the fee structure and the efficiency of payment processes are not just about convenience but also play a pivotal role in building trust between the crypto casino and the players. When players find it easy to deposit and withdraw funds without having to navigate through hidden charges or delayed processes, they are more likely to return and recommend the crypto casino to others.
Educational resources and responsible gambling
In this increasingly decentralized market, promoting responsible gambling is a responsibility that every ethical crypto casino should undertake. Providing educational resources to help players understand the risks associated with gambling, and measures to prevent addiction, reflects a crypto casino’s commitment to safeguarding its user base. Furthermore, implementing self-exclusion options, deposit limits, and other responsible gambling tools is a positive indication of a crypto casino’s ethical operations.
These measures provide a safety net for players, enabling them to manage their gambling activities responsibly. The essence of responsible gambling initiatives is to provide a supportive environment where players can enjoy gaming in a responsible manner, aware of the potential risks, and equipped with the tools to manage their gambling behaviour effectively.
Community Engagement
Engagement with the user community through forums, social media, and other platforms demonstrates a crypto casino’s commitment to building trust and maintaining an open channel of communication with its users. It also provides a platform for users to share experiences, discuss concerns, and provide feedback, which in turn, helps the crypto casino to improve its services. Social media platforms become a two-way communication channel where crypto casinos can understand the pulse of the community, address common concerns, and also share updates and announcements.
This engagement goes a long way in building a trustworthy relationship between the crypto casino and its users, fostering a loyal community that feels valued and heard. Users should beware of crypto casinos whose founders are not active and engaged on social media.
Users deserve and are entitled to a gambling platform that they can trust. There will no doubt emerge new challenges to safeguarding user safety, given the growing number of crypto casinos, but with the right due diligence, users can better identify those that are legitimate, such as Rollbit, which places the user experience at the heart of its operations.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.