Crypto Casino Downsides
It goes without saying that crypto gaming isn't without its challenges. Even today, many average internet users automatically associate Bitcoin/crypto with gambling, believing that these sites are unlicensed, unsupervised outposts in a Wild West-style environment.
Despite the fact that this is not the case, this type of site does have several flaws that have damaged its image among certain operators and players.
Series available for streaming
Since many players' suspicions about Twitch casino streamers' session faking and not actually betting the money they claim to wager on their streams were proven, the credibility of this area has taken a major damage.
They spent hours at crypto casinos, betting ridiculous sums on slot machines. Even seasoned gamblers who frequently wager large sums of money would find that to be irrational.
The reality is that the majority of these streams are just generating an inflated impression of online gambling by playing with phoney money. Notable individuals who have been exposed by their followers and fellow players for participating in deceitful streams include Casino Daddy, AyeZee, and Rothstein.
The transfer is not reversible
A big drawback of cryptocurrency transfers is that if one inputs the incorrect operator's wallet address, the funds would be transmitted to an unaware third party who will only see an increase in their balance. In contrast to transactions involving bank wires or credit/debit cards, you will not be able to retrieve these coins.
It goes without saying that crypto gaming isn't without its challenges. Even today, many people who don't spend much time online automatically associate the words "gambling" with "Bitcoin" or "crypto." They assume that these sites are unregulated and run by crooks.
Affiliate schemes offering up to 50% revenue share are often promoted by crypto casinos. The Bitcoin Penguin Affiliate Programme is one such program; it promises affiliates a lifelong 50% cut of profits in monthly payouts with no hidden fees or charges.
In fact, there are plenty of crypto casinos that are trustworthy and will honour revenue share deals of 50% or higher. Two excellent examples are the affiliate programs offered by FortuneJack and BC.Game.
Although most crypto operators provide games with proven fairness, they often use affiliate schemes that are unfamiliar to the average iGaming affiliate. Partners in many of these programs receive a cut of the house edge on all bets, regardless of whether the wager wins or loses, as part of their compensation structure. What seems great on paper is usually far worse than earning a commission as an affiliate.
The house advantage in crypto operators' house-provably games is supposedly very minimal, which is a valid argument in their defence. Although there is a wide variety of games available nowadays, affiliates still get the same pitiful commissions regardless of whether their referred players play slots or live games.
Change in value
One bitcoin's value surged over $60,000 in November 2021. The fact that it fell to the $15,000 range in 2022 demonstrates how unpredictable digital currencies can be. Affiliate commissions can fluctuate greatly, making many people cautious to get their feet wet in the industry. This is especially true when big scandals or other news events occur.
Reduced emphasis on responsible gaming
Most people in the know in the gambling industry know that after 2020, the Gambling Commission and other European authorities began to step up their efforts to combat problem gaming. New player measures, including spin timers, the elimination of auto-play features, and the introduction of universal self-exclusion programs, were therefore enforced in numerous regions.
Crypto casinos that hold a licence from Curaçao are not part of any global self-exclusion network like Oasis in Germany or GamStop in Britain. They have limited their licensees to sites that only permit self-exclusion and let players to establish limitations on deposits, losses, and sessions.
In addition, their gaming is not limited in any way. This means that players without self-control might indulge in their gaming habit to an unhealthy degree, as there are no mandatory wait times before slot plays and larger maximum wager limits.
Since many players' suspicions about Twitch casino streamers' session faking and not actually betting the money they claim to wager on their streams were proven, the credibility of this area has taken a major damage. They spent hours at crypto casinos, betting ridiculous sums on slot machines. Even seasoned gamblers who regularly wager large sums of money would consider such to be irrational.
Unauthorised use of third parties to resolve disputes
British citizens have access to impartial third-party moderators through the Independent Betting Adjudication Service (IBAS) when they use UK-licensed gambling websites. That is an independent body that mediates conflicts between UK-based operators who are members of the IBAS and their respective clients.
It paves the way for neutral conflict settlement. That is the case in the majority of markets, where players use their country's legal system to resolve disputes with their chosen operator.
Disputes involving crypto casinos regulated by Curaçao regulators are resolved by the courts of this Caribbean nation according to its rules, whether they include affiliate partners and players or operators.
Cryptos remain unregulated by the majority of markets.
As of 2016, digital currencies were added to the list of currency equivalents by the Gambling Commission in its License Conditions and Codes of Practice section. Still, no other European gambling markets or regulators have done the same.
Additionally, crypto gambling is not regulated and is not permitted on platforms governed by gaming regulators in several betting-prone countries, such as Sweden and Germany.
Reputable names in gaming crypto
For cryptocurrency, there is no better casino than Stake.com. It is administered by Medium Rare, a firm with headquarters in Curaçao and branches in Australia, Cyprus, and Serbia. As an online sportsbook, Stake has partnerships with the Ultimate Fighting Championship, as well as Everton FC and Watford FC of the English Premier League (the latter of which is currently competing for the championship).
BitStarz, 7Bit, FortuneJack, BC.Game, Bitcasino.io/Sportsbet.io, and Stake.com are some of its key rivals. All five of these offer gamers extensive game libraries and strive to lavishly reward loyal customers.
In addition, they put a lot of energy into creating a community so that players stick around. After reading the pros and cons of crypto casinos, you should be in a good position to decide for yourself who to collaborate with and what to investigate.
