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Bitcoin – Payments at Online Casinos
The most popular cryptocurrency is, of course, Bitcoin. In the last couple of years using Bitcoin for gambling has become more and more common, at least in casinos licensed by Curacao eGaming or unlicensed casinos. Bitcoin can be used in two types of casino, a crypto casino and a hybrid casino. The difference between these is whether you only deposit and withdraw with this currency, or if it’s also used within the casino itself for playing.
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No matter if you choose a crypto or a hybrid casino, the deposit works the same way. You choose this currency from the list of options on the deposit page, and from there make a transfer. You’ll enter the code for the casino's bitcoin wallet, and authorize the payment. How quickly your deposit will be credited to your player account depends on the processing time for the authorization of the transaction. It could go instantly, or it could take up to 24 hours.
Once the transaction is made you’ll see your Bitcoin balance in your player account if you’ve opted for a crypto casino, or you’ll see your funds as EUR, USD or whatever local currency you have, if you’ve opted for a hybrid casino. If you’ve made a Bitcoin deposit at a hybrid casino your funds are held in a fiat currency, which means you should always check the exchange rate before you complete your transaction.
If, and only if, you’ve deposited using Bitcoin you can also withdraw your winnings to the same currency. Because of the strict anti-money laundering rules at online casinos you won’t be able to make a deposit with one payment method and then withdraw to a different one unless you have a very good reason for doing so, such as your deposit method not accepting payouts. However, if you’ve deposited using a fiat currency you’ll never be able to withdraw to Bitcoin, and vice-versa.
Like with deposits, the processing time for a Bitcoin transfer may vary. It all depends on how big the transfer is, and your status with the casino and the wallet you’re sending funds to. It should, however, never take more than 48 hours before your winnings are made available to you. If you’ve played at a hybrid casino your winnings will be paid out according to the exchange rate at the time of withdrawal.
Since all cryptocurrencies are supposed to be enable anonymous payments, there isn't much of a verification process surrounding these deposit and withdrawal methods at casinos online. You’ll of course have to verify your identity and residential address, but this is something all players have to do no matter what payment methods they have chosen. But, if you’ve chosen to use crypto for your payments you’ll almost always have to complete the KYC verification as soon as you request the first withdrawal from the casino.
Even though you won’t have to verify the Bitcoin payment method itself, there is another verification you’ll be asked to complete at some point, and that is a SoF (Source of Funds) verification. This is where you’ll need to prove that the money you’re gamblng with is not obtained illegally, and this is also something that is done to combat money laundering.
The limits for Bitcoin transactions are always high. You’ll be able to perform relatively large transactions at a time, but it’s hard to put a number on what exactly is normal. The reason for this is that, as you probably know, bitcoin is a highly volatile currency. This means that the real value of the transactions allowed has a wide range, and casinos may also adjust this once in a while when the currency has fluctuated a lot, either up or down.
As for fees, that all depends on the wallet you’re transferring from when you make a deposit and the casino's wallet when they make payouts. The normal fees can be as high as 2%, but there are also casinos that choose to cover these extra costs for you. These casinos are of course the ones that will be the best for you to use long term, as having fee free payments can save you quite a bit over several transactions.
A Bitcoin bonus is not just common, but we would almost say the norm, at least at hybrid casinos. Many casinos are trying to get more players to use these currencies, and that’s why they choose to reward players who choose to do so. If, for instance, you can get a 100% deposit bonus using a fiat currency, you might get 150% as a bonus if you opt for Bitcoin. Many casinos even offer a deposit bonus on every single Bitcoin deposit you make, and you might even get better wagering and bonus terms by doing so. Just make sure you use any applicable bonus codes to claim your extra free spins of bonus funds; as always you can find these in our casino reviews.