Online Bitcoin gambling is a fun hobby with a potential for profit; however, it can be a bit risky. It is easy for a casino operator to run off with players’ money if people were using fiat currency. The operators do not even have to resort to outright theft since some casinos have games that are highly tilted toward the house.
For many online gamblers, it can be difficult to determine which sites can be trusted or not. For observant players, though, there are several signs that can warn them of potential danger. Detecting one or more of them should at least put a potential patron of the casino on their guard.
Keeping an eye on telltale signs
One of the first things players should look out for is the proliferation of typos. If the casino’s managers are not native English speakers, a typo or two can be excused. The trouble is if everything is riddled with grammatical mistakes and misspelled words. It is either because the operators do not care or they did not have professional website designers handle site creation, either from lack of funds or the desire for speed. This puts the future of a Bitcoin gambling site in doubt.
If the gambling site is missing a terms and conditions page, then potential players need to skip the site immediately. Online casinos without legal terms and conditions mean that a player has no recourse when something on the site goes wrong.
Even if the terms are there, a visitor should read them to see the rules of the site. There is no need for a thorough reading. A Bitcoin bettor simply needs to be familiar with the terms so they do not get blindsided and have their accounts frozen by the administrators or operators.
Reading the terms should also give an idea of whether or not the gambling site is a legitimate Bitcoin casino. Also, look out for sites that copy their terms and conditions from other sites since this is a sign of laziness and bodes badly for the casino’s credibility.
Finally, there is the casino’s license. Many smaller Bitcoin gaming sites operate without a license, but larger ones normally acquire a license from a gaming commission to back up their operation. UK and Malta gaming licenses are preferred since they have an excellent reputation. Licenses from less well-known jurisdictions can be untrustworthy, though, especially if they lack positive reputation within the online gambling circle.
Trusting player intuition
An online casino can also show itself untrustworthy by the some of the behavior it displays. The main sign that there will be trouble with a casino is if the withdrawals start suffering unnecessary delays. With Bitcoin transactions, people can usually expect to get their winnings in a matter of hours, with larger cashouts requiring more hours for the transfer of funds from a cold wallet to a hot wallet.
If the payouts take more than a day or two, then players should begin to be alarmed and question the operators. Fiat currency transactions may take several business days, but Bitcoin transactions should not take the same.
Another sign of a dodgy casino is that the software they use cannot be verified or has not been tested by independent bodies. A lot of online casinos license their Bitcoin casino software, so this should not be a problem. However, if a site uses proprietary software, then they will need to show that the program yields fair results.
These warning signs should help many gambling enthusiasts avoid Bitcoin gambling scams. If equipped with the right knowledge, online gambling can be safer and more fun.