Bitcoin gambling sites are popping up left, right and center these days. But with so many options available in the market today, one question remains: How does anybody know they can trust a Bitcoin gambling site?
That answer can only come from doing one’s own due diligence. That’s common sense. But someone still getting their feet wet in the cryptocurrency space deciding to dabble in making a few wagers with their coin of choice may not know how to vet a site for legitimacy.
Here’s some guidance on how to figure it all out.
Traditional Gambling Sites Move to Crypto
There are two kinds of crypto gambling sites: crypto-only sites that cater to those who know crypto really well and don’t offer fiat gaming options at all, and traditional sportsbooks like Bodog and 5Dimes that have been accepting fiat wagers for decades and have recently entered the Bitcoin world.
Bodog regularly sponsors major sports events and is probably the most well-known and trusted brand in all of online gambling, but there are many other well-established offshore options now accepting crypto.
Moving to Crypto Only Betting Sites: Which Ones Are Safe?
Cloudbet.com, 1xBit.com, and Betcoin.ag are just some of the crypto-only betting sites that represent the cream of the crop as far as being the most reliable. Betcoin.ag has a strong presence on the world’s most popular Bitcoin forum, Bitcointalk.org. The site has achieved Legendary status, meaning it’s been a part of the forum for a very long time and established an overall good reputation in the community.
1xBit is currently advertising during English Premier League soccer games, which is a very costly endeavor. The site can do that because it has a strong user base. 1xBit is a strong brand with big budgets. It’s repeatedly proven to treat customers with respect and provided them with great gaming options.
CloudBet is also a safe option to use. They only accept Bitcoin and Bitcoin Cash, but withdrawals are completed really quickly.
Is The Bitcoin Gambling Site Provably Fair?
Provably Fair betting sites ensure that gamblers are getting the best possible odds of winning, and most importantly, get assurance that nothing is rigged. Provably Fair games use SHA-2 algorithms to ensure absolute fairness for all players. The best part is that all of the outcomes of a dice roll or any other random event are made public for everyone to see. Usernames of individual players are usually half covered up to ensure privacy. However, all players can see how much coin was wagered, what the outcome of the individual event was, and whether the wager resulted in a win or loss. Crypto-Games.net is one gambling site that offers roulette, dice, BlackJack and other games where the result of each event is clearly displayed. They do a great job of being Provably Fair.
Are the Betting Odds Similar?
Are the chances of winning at these given sites the same or different? If so, they’re probably a legitimate competitor in the market. Any site that offers unfair odds is likely not as competitive for the business of gamblers for a reason. Shopping for the best odds is an especially important strategy when it comes to sports betting. The top Bitcoin sports betting sites all offer similar odds.
Read Reviews to Learn Who Owns Which Site
Reading reviews on Bitcoin-only gaming sites and finding the companies that own them is as simple as Googling them. Gambling sites offer large commissions to affiliates who promote their brand, and affiliates promote their best offers with reviews. Read different ones, read customer comments, sign up for a few different sites for free and dabble a bit. It also doesn’t take much to look up the companies that own these sites. Many Bitcoin gambling sites are owned by just a few companies, and big companies are more likely to give customers a pleasant experience. They’ve got a lot of Bitcoin riding on it.
As Always, Be Careful
It’s always important to remember that one should only gamble with what they can afford to lose. Remember that in the case of Bitcoin, losing could mean having your gambling site of choice get hacked. Bitcoin also doesn’t offer a customer support line for help, because no one owns it.
Remember to gamble and use Bitcoin responsibly.