Bitcoin casino reviews

Bitcoin has made gambling more acceptable and accessible in most countries around the world, as has been discussed elsewhere on this blog already. With the crossover between bitcoin and gambling more and more bitcoin casinos are springing up almost daily.

The scripts and technology to configure a bitcoin casino is readily available and the lack of regulation means that it is much easier and more appealing for someone without much financial backing to open up a bitcoin version of a casino rather than try to open a cash version.

Here lies the problem, the ease of entry and lack of regulation mean doubled with the anonymous nature of bitcoin means that the casino at which you pick to play could be run by literally anyone and this “anyone” could quite easily disappear with your money.

This is the reason why so many people like to absorb a selection of reviews about bitcoin casinos before making a deposit in one, people are not only looking for the best odds and quickest payouts but also if an outfit is legit.

Here is the thing when assessing the reviews and comparisons posted on sites that appear to be reviewing the best bitcoin casinos….. These sites are been paid to post the reviews!

While some sites are up front and honest about this practise making it clear that there are “sponsored links” others are less than up front as they actually act as an affiliate for the btc casino/sportsbook/poker room.
What is a bitcoin casino affiliate?

The affiliate model is simple and occurs in almost every industry, many household names run affiliate programs with Amazon boasting the webs most popular program.

The affiliate model works by having other sites refer traffic (visitors) to the site which is running the program, if the site visitor them converts (in this case makes a deposit and gambles) then a portion of the conversion is paid to the referring site. The going rate in the bitcoin gambling industry seems to be around 15-20%.

This means that when you are recommended to a “top casino” by a review site you are likely just been pushed to the casino via an affiliate link and if you chose to play at it you will be funding the review site a commission of either:

  • Everything you wager
  • Everything you lose

The terms depend on the individual that the casinos have with the publishers.

You will have probably worked out by now that this means that most review sites will favor the casinos that offer them the most commission rather than the one which they have played and genuinely think is the best option.
There is one positive in this, the affiliate wants to make sure that they are paid and therefore they do not want to actively promote outfits which may vanish overnight so going with their top “recommendation” does carry some weight in terms of the casinos likelihood of sticking around even if the games and other evaluation criteria are not likely to be 100% honest.

As with many things bitcoin, the crypto-currency enables the skirting around existing laws therefore, where as a site promoting a traditional offer and paid in cash would be regulated by the FTC, in the bitcoin world this is not the case so not all of these “review sites” will come with a statement of disclosure.

To take any reviews of bitcoin casinos you find on blogs or review sites seriously you should first review the bitcoin casino review site!

Take a look at it, is there any obvious monetization methods in place which are been used? Look particularly for adverts here and hover over the adverts looking at where they link to, if the outgoing link contains an affiliate code (often identified by the letters “aff”) then its likely the owner of the review site is making money from directing people to the casino they “recommend”.

Also – take a look around for if there is any honest disclosure information on the site saying payments are received.

Without wanting to scaremonger and start a mentality of “who watches the watcher” who is to say that the top bitcoin casino recommendation from the review site and the review site itself are not owned by the same person!

How to make money gambling with bitcoin

This is a serious blog and it is not somewhere you are going to find a whole bunch of $9.99 “Win Big At Roulette” or “Ultimate Poker Strategy” ebooks, we do not endorse any system or side with any pros to bring you the “secret”, however, we have a lot of experience gambling and have both won and lost a lot of money in bitcoin/online and traditional casinos and at the poker tables and have noticed something that seems to work, at least for the moment.

Live in play sportsbooks seems to be one of the most popular types of betting at the moment, this could be due to the increased level of interaction, confidence in the game you are betting on following a little bit of observation or even some superstition, however, there is no denying bookmakers are scrambling to make as many events as possible available as live in play betting options.

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Bitcoin Poker: The Definitive Guide

Even thought Bitcoin was not created with gambling in mind, it was, as has been stated elsewhere in this blog created as an easy way to transfer money from one electronic wallet to another, it has contributed significantly to the growth of the online poker industry with a wave of bitcoin poker sites growing in popularity.

The main reason why bitcoin has aided the online poker industry is that it simplified online payments and used the block chain to enable players to remain anonymous. A decentralized currency that is treated officially as an asset rather than a hard currency has basically made it possible for virtually everyone to access and enjoy online gambling, even, as it is not possible to refuse bitcoin deposits, if you are in a jurisdiction in which gambling is illegal.

The largest complexity around bitcoin poker for newbies is often getting hold of some bitcoin, it is amazing how challenging this can be. While it might sound simple, even if you are ready with your credit card and all the other payment methods you are used to using, you may well find that you are even able to buy any coins via your usual means.

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How to win in a bitcoin casino

If you have mastered the art of winning in a casino you should be fine in a bitcoin casino as they are provably fair, however, if you are one of the 90% of people who leave a casino down (or even with nothing) then you might want to think about your approach to the world of bitcoin casinos.

It is said of the casino that the second you convert your money into chips you have already put yourself at a high risk of losing your money. The reason casinos are such big business, especially online, is that they approach the process of gambling using maths and pure logic while the majority of punters approach it with a recreational attitude, if you want to win, sort of a few lucky breaks, you need to take the business of gambling seriously.
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How difficult is to launch a new bitcoin casino?

As crypto currencies become more popular and the popularity of online gambling also increases, which it should be noted are two totally unrelated events the appeal of owning a bitcoin casino increases.

Casinos are often associated with the wealthy and the idea of owning a casino appeals to many people, however, the high cost involved in the setup of the business side of things, before even considering all of the expensive legal hoops that the gambling industry regulators require we jump through, means few people will ever fulfil the dream of owning a traditional casino.
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Bitcoin Casino No Deposit Bonus

BitVegas is a newly launched bitcoin casino that, innovatively, has been created within Minecraft. This means, while it is still a virtual casino it is not a gambling site in the traditional sense. BitVegas enables people to place bets entirely in bitcoin from within the Minecraft environment, as niche as that might sound on the face of it the casino is still one to be taken seriously; various real money (in the form of bitcoin) games are available with stakes going as high as 25BTC which, in recent times, could mean a stake of over $25k, BitVegas also seems to be the only bitcoin casino truly offering a no deposit no strings attached deposit bonus paid in bitcoin.

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The scarcity of deposit bonuses when betting with bitcoin

The gambling industry is a profitable one and the real value of a customer/client/gambler to a bookmaker is their lifetime value. When advertising and promoting a gambling website the respective marketing departments are always tasked with brining in people with a view to them becoming lifelong customers.

The people who place one or two bets and never come back or the people who simply sign up because they have seen a huge deposit bonus which they then either squander or, for the lucky few, end up withdrawing are more than subsidised by the long term clients.

This is evident when you look at some of the offers or welcome bonuses and ongoing loyalty bonuses offered by some of the larger players like betfair casino, 888 and bet365.

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Bitcoin Poker (in the US?)

CardPlayer.com is the website of what was previously one of the world’s most well-read poker magazines. It was conceived as a traditional magazine way back in 1988 and is still going strong today. Not many magazines, let alone niche magazines made the transition from off to online and the ease of entry to the web VS print meant competition was so great online that many older well known publications were pushed out of business. So what does one of the most respected and well know magazines in the poker industry make of the popularity of bitcoin and the emergence of bitcoin poker sites?

CardPlayer has, over the years, mainly given coverage to poker competitions, news, results, strategy and even the poker player of the year, however, surprisingly, although they do have some content online about bitcoin poker, there is very little in the way of an expressive opinion. Perhaps they are a little too into their poker to give time to the crypto currency thing because, after all, it’s just another way of wagering and doesn’t really impact the overall game that much which is where their focus lies.
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The dangers of gambling with bitcoin

The dangers of gambling with bitcoin are really just an amplification of the dangers of gambling online.

Sportsbooks

Traditionally when people used to gamble on a sportsbook they would do so with real cash in a bookmakers, this meant that people were able to see how much money they were handing over and exactly what they won and lost.

Casinos

Having to go to a bricks and mortar casino also meant that, as with the example highlighted in the sportsbook instance above, cash was also changing hands.

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The legality of bitcoin gambling

Two factors have contributed to this topic of discussion in the bitcoin community recently. They are:

  • The emergence of bitcoin gambling outfits that allow you to wager your coin on everything from sporting events to casino games and the lack of clear legislation involving online gambling with crypto currency.
  • A lack of clear legislation involving the bitcoin as well as its acceptance and usage.

The abbreviated answer to the question posted in the title of this article is “No,” so if you were considering doing something else, please feel free to leave now and start your gaming. If that isn’t the case with you, however, you can gain an understanding of the laws surrounding online gambling by reading this article in its entirety. It could very well impact how you play in a bitcoin casino. Please read on as it is important to understand local laws and how they may be applicable to you.

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