How to tell if a crypto casino is legit?
Is it a legit crypto casino, or is it a scam? I’m going to tell you how to find out!
Before you place your first bet, let’s talk about how to tell if the crypto casino you’re considering playing at has a solid reputation. I’m here to share the secrets of spotting a reputable casino you can trust with your crypto.
What should you look for, and what should you avoid? When it comes to determining a crypto casino’s reputation, keep an eye out for these crucial red and green flags which can help you suss out the reputation of a crypto casino:
Reputation Red Flags:
🚩 Lots of unresolved complaints
🚩 Delayed or non-existent payouts
🚩 Poor customer support
🚩 Confusing or unfair terms and conditions
Reputation Green Flags:
✅ Positive user reviews
✅ Prompt and fair payouts
✅ Responsive customer support
✅ Transparent and fair terms and conditions
How to verify a casino’s reputation
- Trustpilot and Player Forums
- Detailed Casino Reviews
- Licensing
Here’s how these factors can help you determine a crypto casino’s reputation:
Trustpilot and player Forums
Player forums and review platforms are a gold mine for getting real user reviews and feedback on crypto casinos. Sites like Trustpilot, Bitcoin Talk, Discord, and even Reddit will all have reviews on crypto casinos.
Negative reviews often outnumber positive ones as people are more likely to leave reviews when they’re upset.
Always take negative reviews with a pinch of salt and check that the complaints are valid.
Pay close attention to how the casino responds to complaints—this can tell you a lot about their customer service.
Check out the Trustpilot review for Stake, for example:
Detailed casino reviews
Reading in-depth casino reviews can provide a comprehensive look at a casino’s strengths and weaknesses and help you understand the reputation of each casino.
A good in-depth casino review should cover bonuses, games, licensing and safety, payment options, customer support and a few other things. Check out our detailed casino reviews to find out more about the reputation of each crypto casino.
Casino licensing
Looking at a crypto casinos license is one of the main ways to tell if they’re legit and if they have a good reputation. Licensed casinos adhere to strict regulations, ensuring fair play and secure transactions.
Look for licenses from recognized authorities like Curaçao, UKGC, the Malta Gaming Authority, or Gibraltar (more on these below).
A license from a recognized authority is a strong indicator of a casino’s reliability.
I’m going to dive into the most common crypto casino licenses and what they mean.
Here’s a quick overview and comparison:
| License | Valid Regions | Reputation |
|---|---|---|
| Curaçao | All except for Curaçao, France, The Netherlands, Australia, USA | Global, less stringent |
| Malta | Many countries, not restricted | Highly coveted |
| Gibraltar | UK & other approved regions | High-class, reliable |
| UKGC | UK | Highly respected |
Curaçao license
A Curaçao license covers all gambling verticals, from casino games to sports betting. It’s popular among crypto casinos due to its relatively straightforward acquisition process.
The application process typically taking 4-6 weeks, and involves company incorporation, document submission, and local hosting. The initial fee is around €20,000, which is significantly lower than other licenses.
- Coverage: Casino games, sports betting, lotteries, poker, and bingo.
- Regions: Not valid in Curaçao, France, The Netherlands, Australia, and the USA.
- Reputation: Global, but not as stringent as others.
Malta Gaming Authority
The Malta Gaming Authority issues four types of licenses, each for specific gambling activities. Obtaining these licenses involves a thorough application process that includes submitting detailed business plans, proof of financial stability, and compliance with stringent anti-money laundering (AML) measures.
The process typically takes several months and costs around €25,000 for the application, with annual renewal fees. Despite the higher cost and longer process, the MGA license is coveted for its strong player protection and high industry standards.
- Coverage: Casino, eSports, Poker, Sports Betting, Lotto, Bingo, Bitcoin Casino, Fantasy Sports, Games of Skill
- Regions: Many countries, not restricted.
- Reputation: Highly coveted.
Gibraltar Gambling License
The Gibraltar Gambling License is known for its high standards and low taxes. The application process includes proving financial stability, compliance with AML measures, and establishing a local presence, and this can take a few months.
Costs are higher, with initial fees around £30,000 and significant annual renewal costs. This license is highly respected and indicates a strong commitment to regulatory compliance and player protection..
- Coverage: Poker, bingo, betting, and online casinos.
- Regions: UK and other approved regions.
- Reputation: High-class and reliable.
UK Gambling Commission (UKGC)
The UKGC is one of the most trustworthy licensing authorities. It regulates all types of gambling-related businesses in Great Britain.
The licensing process takes around 16 weeks and initial application fees can be around £40,000, with high annual renewal fees.
- Coverage: Arcades, betting, bingo, casinos, lotteries, and more.
- Regions: Great Britain.
- Reputation: Highly respected, transparent, and protective of vulnerable persons.
The UKGC license is highly valued for its rigorous standards and strong regulatory framework, however, not many crypto casinos have a UKGC license.
This is for a few reasons:
- Strict regulatory requirements and comprehensive compliance measures.
- The UKGC demands thorough anti-money laundering checks and robust KYC procedures, which can be challenging for crypto casinos that often prioritize user anonymity.
- The UKGC imposes a 15% gross profit tax, making it less financially attractive compared to other jurisdictions like Curaçao or Malta
How to find out the casino license?
Most crypto casinos will have their licensing information in the website’s footer which will help you know which license they fall under and what their reputation is.
If you can’t find it there or in the terms and conditions, then consider reaching out to the customer support channels, such as the live chat.
Licensed vs unlicensed crypto casinos
When it comes to choosing between licensed and unlicensed crypto casinos, the decision should be clear: always choose licensed crypto casinos.
Licensed casinos
Licensed casinos are regulated by authoritative bodies and adhere to strict regulations, making them a safe choice. All of the cyrpto casinos on our betting list are licensed!
Here are some of the benefits of licensed crypto casinos:
- Fair play and game transparency
- Secure transactions
- Reliable customer support
- Adherence to regulations
Unlicensed casinos
While some unlicensed casinos may voluntarily adhere to high standards, the lack of regulation means there’s no guarantee of fairness or security.
However, just because a crypto casino isn’t licensed doesn’t automatically mean it’s a scam. Some newer crypto casinos offer their services while waiting for their license to be approved. For example, when we first reviewed Crashino, they weren’t fully licensed, but they have since secured a Curaçao license.
In these cases, it’s important to do thorough research and look for signs of reliability, such as positive user reviews and responsive customer support.
Why do most crypto casinos have the Curaçao license?
Crypto casinos often struggle to be regulated by traditional licensing authorities due to the unique challenges posed by cryptocurrencies, such as anonymity and decentralized transactions.
Crypto casinos often choose the Curaçao license due to its simplicity and cost-effectiveness, making it one of the most popular gambling licences.
The process to obtain this license is relatively straightforward and affordable compared to other gaming licenses. This makes it an attractive option, especially for new entrants in the online gambling industry.
While a Curaçao license indicates that a casino adheres to some level of regulation, it is generally considered less stringent than licenses from authorities like the UKGC or MGA.
This doesn’t necessarily mean that Curaçao-licensed casinos are unreliable, but players should still conduct due diligence. Look for additional signs of reliability, such as positive user reviews, secure transactions, and responsive customer support.
Final thoughts
To wrap up, understanding the reputation of a crypto casino is crucial for a safe and enjoyable gambling experience. Always check for proper licensing, read user reviews, and be aware of the red and green flags.
