Do Bitcoin Casinos Offer Better Payouts

Bitcoin casinos accept crypto rather than (and sometimes as well as) traditional payment methods. This means users with crypto wallets can spend their portfolio without having to convert it to fiat currency first. But, crypto casinos, which include those that accept crypto coins other than Bitcoin, offer other advantages, too.

Crypto payments are faster and cheaper for the casinos which means that some sites offer improved bonuses and offers. They may also provide players with improved odds and better RTPs, although players will need to research sites to get the best deals.

The Rise Of Bitcoin Casinos

Bitcoin casinos are preferred for their easier registration requirements as well as their fast deposits and withdrawals. Players can register at some trusted Bitcoin casinos without having to submit Know Your Customer (KYC) details like their name and address. And, once registered, players can access a wide range of casino games. According to gambling expert Vlad Grindu, another reason for their popularity is that they have bigger bonus offers than traditional online casinos.

Bitcoin’s Reduced Fees

One of the reasons for the cryptocurrency’s popularity is its reduced fees compared to traditional payments. Credit card and bank account payments can cost dollars per transaction, even if the player is only depositing a relatively small amount. The casino pays these fees directly, but some will pass the charge on directly, while others naturally have to soak the costs up.

Bitcoin fees are paid by the sender and, as profitable casinos receive more deposits than they make withdrawals, fees are essentially covered by the players. This means online casinos pay out less in fees for Bitcoin deposits and withdrawals than for traditional payment methods.

Improved Casino Cashflow

Another reason for cryptocurrency’s popularity is the speed of transactions. Credit card payments can take several days before payments are fully processed and the recipient has access to the funds. Some bank payments can endure similar payment times. Bitcoin is actually one of the slowest cryptocurrencies, but even it offers payments that typically complete within around 10 minutes or so.

This means casinos have access to funds much sooner without having to wait around. Improved cash flow benefits the casino and can potentially enable them to make better offers to customers.

Blockchain Record Keeping

Blockchain is the technology that underpins cryptocurrency. It is basically a digital ledger and, as well as being used to support cryptocurrency payments, it can be used in a lot of other different ways. Casinos can create and store all bet details as blockchain records, and benefit from decentralized apps and smart contracts.

Smart contracts, in particular, can greatly reduce administrative workload and costs, saving them money that can then be offered to customers by way of bigger jackpots and improved bonuses.

Better Bonuses

Bonuses are used by online casinos to attract new players, with some bonuses also reserved for returning and loyal customers. Typically, bonuses match or multiply a player’s first deposit, and some of these bonuses can be substantial.

Because of the money Bitcoin casinos save in deposit and withdrawal fees and other costs, they have more money to offer in Bitcoin bonuses. Some casinos that accept fiat and crypto deposits may offer improved bonuses to those customers who deposit in Bitcoin, Litecoin, or another cryptocurrency. New customers should look around to try and find the best deals for their preferred method of payment.

Improved Return To Player Ratios

Another way that casinos can pass on the money they save through Bitcoin is in bigger jackpots and prizes. Some of these jackpots might be determined by the game itself, but most software makers allow some room for movement so that casinos can offer bigger jackpots to their players. Check jackpots and prizes at casinos, and also look at the Return To Player (RTP) ratios offered on games like slots.

RTP is the total amount of player stakes returned to players as winnings. For example, a slot machine with a 95% RTP would return $95 in winnings for every $100 stake by its customers. The higher the RTP the better, assuming all else is equal. Again, software makers typically offer the capability to alter RTP, at least slightly, in their software.

Why Else Do Players Use Bitcoin Casinos?

Increased bonuses, bigger jackpots, and improved RTP rates hold obvious appeal to online casino players. But these aren’t all the benefits that Bitcoin transactions have to offer.

Easier Registration Requirements

Many licensing commissions require licensees to gather personal data from players, in the same way as banks do. Generally, casinos must request and verify information including name and address, while they may also need information such as salary, for affordability checks. Such requirements have been introduced to protect players.

However, not all licensing commissions require this. Those that offer licenses to crypto casinos, for example, typically do not require casinos to gather these personal details. It is possible to register with some Bitcoin casinos by giving nothing more than an email address and sending a Bitcoin deposit to the casino’s wallet address.

As such, while it can take several days for KYC casinos to verify player data, a player can register with a crypto casino in the time it takes to add an email address and then click the verification link in the email received.

Improved Security And Privacy

Another benefit of not having to submit personal details is that those personal details are not stored on the casino’s servers or in their software. Casinos and gambling sites are targeted by thieves because they typically hold and deal with large amounts of money.

Even if a player’s account is empty, if a thief gains access to the casino’s servers, they can get away with personal details. With a crypto casino that doesn’t require the submission of personal details, this isn’t an issue. There are no personal details to be stolen.

As well as offering greater privacy, crypto casinos can also offer enhanced security. Credit card and bank payments carry account details, and many online casinos store these details for easier, more convenient deposits and withdrawals. Even if a thief gets hold of a player’s crypto address, they cannot do anything with that data.

Fast Transactions

Compared to credit cards, Bitcoin is fast. Payments are typically processed and completed within ten minutes of them being sent, which is days less than it takes credit card and bank account payments.

And, Bitcoin certainly isn’t the quickest cryptocurrency accepted by crypto casinos. Other popular options that are faster even than Bitcoin include Litecoin, Dogecoin, and Tether. Faster transactions not only benefit casinos but they also benefit players. Quicker deposits enable players to start playing their favorite games sooner.

And faster withdrawals mean they can access winnings more quickly than via traditional withdrawal methods. These faster withdrawals also enhance trust between players and casinos and reduce the anxiety that can come with late payments.

Conclusion

Bitcoin casinos are on the rise. Cryptocurrency offers cheaper and faster transactions than traditional payment methods. This, in itself, is beneficial to players, but it also means that casinos are able to offer bigger prizes and improved bonuses, which serves to further improve the popularity of these casinos.

However, players do need to research the bonuses on offer to ensure they really are beneficial, rather than just assume that Bitcoin offers better bonuses.