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How Cryptocurrency has Changed the Gambling Industry

The emergence of cryptocurrencies such as Bitcoin and Ethereum has resulted in a major change for the online gambling industry. Now, a lot more online gambling sites are starting to accept major cryptocurrencies for deposits and withdrawals. Betting sites no ID verification have grown in number because they accept Bitcoin and other crypto.

Anonymous Gambling with Cryptocurrency

One of the reasons that people like to use cryptocurrency to gamble online is because they can do so anonymously. Anyone can buy or sell cryptocurrencies without having to reveal their identity. Cryptocurrencies use blockchain technology which is a decentralized ledger system that is much safer than conventional centralized financial systems.

It was inevitable that gambling websites would have to embrace cryptocurrency. They would lose out on a lot of business if they didn’t do this. Today, there are a growing number of  gambling sites where you can use Bitcoin, Ethereum, Litecoin and others for your deposit. You can also withdraw any winnings that you have using crypto as well.

In most cases you will not be required to provide the gambling website with any documents to verify your identity when you use cryptocurrencies to bet. Different types of gambling sites are now accepting cryptocurrencies and these include:

  • Sports betting sites which provide betting opportunities on a range of sporting events
  • Online casinos which provide popular casino games such as slots, video poker, roulette and blackjack
  • Large gambling websites that provide many features such as a sportsbook, an online casino, a live casino, poker rooms and more

A lot of people like the idea of anonymous betting. They do not want to have to go through an arduous KYC (know your customer) process where they have to provide official documents such as passports, ID cards or driving licenses. Usually, they have to provide proof of their address as well in the form of utility bills or bank statements.

Not only are gamblers keen to avoid a strict verification process because of the time and effort involved, they are also unhappy about providing a gambling site with sensitive personal details. Providing financial information and other details to any website is a potential risk.

These days there are experienced cybercriminals that deliberately target gambling sites because they know that they will usually have a database of thousands of members. Often, there is a lot of personal information associated with each member and this is very valuable on the black market. You do not want your sensitive details falling into the wrong hands for obvious reasons.

Using cryptocurrencies to gamble has the potential to change all of this. Although some of the gambling sites that accept cryptocurrencies still insist on a KYC process, other betting sites do not require this.

Do your Due Diligence

Is it safe to register with a gambling website that accepts cryptocurrency and allows you to bet anonymously? Yes, it is if the gambling site has a solid reputation. Before you register with any gambling website, we recommend that you perform your due diligence and thoroughly check them out.

You do not want to register with a gambling website that accepts crypto that is not licensed. An unlicensed gambling site can be unscrupulous and try to prevent you from withdrawing your winnings for example. 

If you register with an unlicensed gambling site and have a problem with them there is no licensing authority for you to complain to. You will be on your own and at the mercy of the gambling site.

Check any crypto gambling site to see if it appears on any blacklists. You can also look for negative reviews and check with online gambling forums for any bad experiences that people have had with the site.

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