How Crypto Casinos Work
If you are new to crypto gambling, it would be wise to learn the basics. Crypto casinos operate on the same principle as their real-world counterparts. However, there are two crucial distinctions in crypto gambling:
- All actions take place online;
- Cryptocurrencies are used for deposits, withdrawals, and bets.
A crypto casino is a website that allows players to create accounts, deposit money with cryptocurrencies, and gamble online. In a Bitcoin casino, you can play slots, roulette, blackjack, baccarat, video poker, and other games. Identical offerings are available at any Ethereum casino and other online casinos that accept cryptocurrencies.
Crypto casinos host games, allow users to play them, and handle other issues, including player account maintenance, payments, fraud prevention, customer support, and so on.
To be sure, crypto casinos entrust certain operations to third parties:
- Foremost, these are game providers. A typical crypto casino does not develop games. This task is accomplished by specialized companies that create games and then rent them to casinos. That is why you will encounter approximately the same set of games in different casinos, regardless of whether they deal with cryptocurrencies or traditional payment methods. Modern-day crypto gambling industry includes over a hundred casino game providers.
- Payment providers. Crypto casinos are not connected to the traditional payment system and, in theory, could manage client assets themselves. Nevertheless, storing crypto assets is a challenging task that requires a certain specialization. Otherwise, the casino runs the risk of substantial financial losses due to hacks or staff errors. Therefore, most crypto casinos collaborate with payment providers that manage their crypto wallets.
Popular Crypto Casino Games
As a customer of a crypto casino, you can play the same popular games that are available in traditional online casinos.
- Crypto Slots Slots include reels with various symbols. The player gets a payout when symbols of the same kind land on an active payline. The outcome of each game round is determined by a random number generator and is therefore beyond the control of either the player or the casino. To play slots, all you have to do is press the spin button and wait for the results.
- Crypto Roulette The player can place bets on numbers from 0 to 36 or combinations of numbers. The winning number is determined by a wheel and a spinning ball. Eventually, the ball loses momentum and falls into one of the pockets. The game name comes from the French word meaning “a little wheel”.
- Crypto Blackjack The game is played against a dealer with multiple 52-card decks where each card has a specific value. The player's task is to collect the total closer to 21 without exceeding it.
- Crypto Baccarat A card game with two hands dealt in each game round. The player can place a bet on either hand or on a tie.
- Crypto Video Poker A game based on poker card combinations, but your opponent is the casino, not other players. You receive five cards and can exchange any of them. The winning combination determines the payout.
Crypto casinos offer two ways to play blackjack, roulette, and baccarat:
- Live games involve a video broadcast and a human dealer;
- Games based on a random number generator use computer graphics and hardware to calculate the results.
How Crypto Casinos Make Money
Crypto casinos make money due to the mathematical advantage over the player. All casino games are designed in such a way that the casino has an upper hand in the long run. For example, the house edge for roulette is 2.7%. The casino gets $2.7 for every $100 in bets.
However, it is entirely possible for the player to beat the casino in short-term time frames. This happens because of volatility making single game results highly variable. Nevertheless, operators can firmly establish a statistical advantage and receive nearly guaranteed profit by having a large player base that offsets the impact of volatility.
The difference between the total bet amount and the winnings is called gross gaming revenue or GGR. But crypto casinos carry additional expenses, including payments to game providers and various operational needs. The net profit of the casino can be calculated by deducting these expenses from GGR.
Are Crypto Casinos Rigged?
New players often wonder if crypto casinos are rigged. Let's recall the previous point: crypto casinos gain a long-term advantage over the player due to the game math.
That said, casinos cannot influence the game math, since games are supplied by independent development studios. And studios have no reason to take additional risks by altering the game results. What’s more, third-party auditors ensure that the outcomes are truly random and the return to player (RTP) matches the one stated by the developer.
You still have to be careful when choosing a crypto casino because some fraudulent operators may refuse to pay out winnings. But for the most part, crypto casinos are definitely not a scam. There are many legitimate crypto casinos where you can win real money and easily withdraw it. And if you play at LTC Casino, you don’t even have to pass KYC.
Join a No KYC Crypto Casino
To enjoy casino games, you must first create a player account. This applies to both crypto casinos and traditional ones. However, traditional casinos will ask you to provide personal information and pass KYC, while crypto casinos may omit this burdensome stage.
Casinos typically ask for your name, address, and date of birth. Furthermore, you will have to provide an ID when you attempt to withdraw your winnings. Some operators may request an ID immediately after the registration.
The KYC requirements are associated with various legal procedures, primarily dictated by traditional payment systems. Your account will be frozen and winnings will be taken away if you fail to pass KYC.
LTC Casino, on the other hand, is a dedicated crypto casino where KYC is not required. That's right, we won't ask you for personal data or an ID. Mandatory KYC has always been an extra hassle for online casino players, but things get much simpler without it. See for yourself!
Deposits and Withdrawals at Crypto Casinos
Each crypto casino offers a specified list of cryptocurrencies for deposits and withdrawals. Most of them, as you would expect, accept Bitcoin. Other options may be available on a case-by-case basis. LTC Casino supports a number of cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Dogecoin, Tether, and XRP.
A traditional casino may offer different payment methods to players from different regions. For example, players from the UK cannot make deposits using credit cards, but this option may be available in other countries. Cryptocurrencies eliminate this issue since the list of payment methods remains the same regardless of your location.