Should you play with crypto at online casinos?

The crypto-gambling sector continues to surge, with estimates placing its market value at over $250 million by the end of 2024—a figure that shows no signs of decline. In 2025, cryptocurrencies will play a more pivotal role than ever in the iGaming ecosystem. Notably, nearly 40% of crypto gambling users fall between the ages of 25 and 34, reflecting the younger generation's clear preference for digital currencies in online casinos.

Yet, despite all the buzz, many players remain unsure about the real advantages and pitfalls of gambling with cryptocurrencies. Let’s explore the pros and cons in-depth.

How does crypto function today?

Digital currencies were one of the first applications of the blockchain, an online system known as a globally distributed ledger. Originally developed to handle transactions involving assets like real estate, intellectual property, and securities, blockchain is now the backbone of thousands of decentralised finance (DeFi) applications, which include gambling. The information for these is stored as an item called a “block” and can be added to a decentralised chain with no single definitive owner. 

The information in each block is what gives cryptocurrencies their inherent value. Thus, transactions occur when the data in this block is transferred from one person to the next. However, a key feature that has made these so useful today is the inclusion of multiple encryptions and redundancies on data from block to block. This, in theory, means that the data cannot be changed, falsified, or altered.

Crypto’s iGaming benefits

At the time of writing, Bitcoin is the most gambled cryptocurrency, holding a 73.35% share of a market now worth an overall $6.3 billion in bets. So, people who have not gambled with crypto before might be wondering why gambling with crypto is such a draw. When considered in the light of online gambling, it comes down to these three points:

• Heightened transparency and accessibility.

• Usage is secure and anonymous.

• Transactions are particularly fast.

Transparency and accessibility

One of the primary draws for online casino players is the transparency offered by decentralised currencies. This is felt in the open accessibility to the information regarding any of your crypto transactions.

This extends to the overall functionality of the payment methods as well, with cryptocurrency projects often publicly releasing their source code, project development plans, and detailed financial reports. This is a stark contrast to the stance adopted by more traditional financial institutions, such as banks.

Security and anonymity

According to industry data, blockchain-powered gambling sites report 60% less fraud than those using traditional payment rails. The tech’s tamper-proof architecture ensures fund integrity and player protection.

Crypto also brings security in the form of user anonymity on a level that hasn’t quite been seen before. There is no need to share a great deal of personal information in comparison to more traditional methods, such as when using a debit card or bank account to make a transfer. You can simply sign up using only your email address.

Fast transactions with low fees

If you’re the kind of player who hates waiting hours, maybe even days, for a withdrawal to be completed, then crypto is the strongest option available. It is more than likely that any, if not all, of your transitions to online casinos will be instant when using crypto.

There is also the added benefit of low transaction fees, with many deposits and withdrawals using crypto not incurring any at all.

Things to consider before gambling with crypto

Despite all these innovative benefits, crypto, overall and in particular with gambling, has some pronounced drawbacks. The most notable of these include:

• Lack of legislation.

• Lack of preventive measures for problem gambling.

• Not as widespread as many traditional methods.

• Highly volatile as investments.

• Transactions are irreversible.

Lack of legislation

The most significant, and unique to crypto as a whole, is the lack of any concrete legislation in place to protect any of its users. This is an issue that anyone who gambles with it should be aware of. 

For example, one of the regulations stipulated by the UKGC to gain a gambling license is ‘proving source of funds’. Due to the anonymous nature of cryptocurrencies, the main UK gambling regulator is very hesitant to provide a license to a crypto-first gambling operator.

While many countries have legalised the use of the most well-recognised cryptocurrencies, such as Bitcoin and Ethereum, hardly any recognise them as legal tender. In most of Europe and the USA, it is regarded as a commodity or even property.  

This means that player protections, should an issue arise with a casino, are very slim, if available at all. 

Lack of preventative measures for problem gambling

This lack of legislation and recognition, in some cases, means that the controls and tools available to many players to combat problem gambling aren’t available when you gamble with crypto. This can include any limits you wish to set on your spending, as well as an inability to limit how much you can spend over a period of time.

Not always available

Cryptocurrencies are also not as widely available as most traditional payment methods, and while this is rapidly changing, many of the most popular online casinos still don’t accept crypto as a payment method. This is due to several factors, with the lack of legislation being the main sticking point.

Volatility

Similar to the stock exchange and other more complex investments, cryptocurrencies are known to be highly unstable. This may be a drawback for many wishing to use them at online casinos, as this will continuously affect the cost of your bets. This is a major benefit that fiat currencies hold over crypto.

Irreversible

Something that would concern casino players, in particular, is the irrevocable nature of cryptocurrencies. This means no payment made in crypto can be reversed or cancelled, meaning a mistake or any potential payment issue is more complex to solve.

Education is the key

Despite its rapid growth and uptake, crypto is still a new technology, and as with anything new, there is still a long way to go to educate people on all its facets. The use and function of cryptocurrencies are highly complex in and of themselves, let alone considering gambling online as part of the equation. However, it is widely believed that the more people learn about crypto, the more widespread the uptake will become.

According to a 2024 CryptoLiteracy.org literacy survey, there was an 11% increase in respondents who stated they had a strong knowledge of crypto when compared to 2024. This figure coincides with a broader crypto uptake, with more knowledge also leading to a 7.9% decrease in people who viewed cryptocurrencies as “extremely risky”. 

What was most notable from this survey was that 59% of the respondents identified regulator clarity as the most critical issue for cryptocurrencies. Should this be adequately satisfied, many of the issues mentioned in this article could be solved very quickly.

So, should you play with crypto at an online casino?

Crypto gambling is undeniably on the rise. It offers speed, anonymity, and transparency that traditional payment methods can’t match. However, it also introduces complexity and regulatory grey zones. As legislation matures and public understanding improves, cryptocurrencies may well become an even more mainstream transaction method at online casinos.

For now, the key lies in informed, cautious adoption. Know your crypto, choose regulated platforms, and always practice responsible gambling.

References

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Dale, O. (2025, March 4). Crypto Gambling Market Statistics Report for 2025 by Blockonomi. Blockonomi. https://blockonomi.com/crypto-gambling-stats/

Sharma, R. (2020, December 8). Bitcoin has a regulation problem. Investopedia. https://www.investopedia.com/news/bitcoin-has-regulation-problem/

‌Coinme. (2024, December 17). 2024 Crypto Literacy Survey: Knowledge Drives Confidence in a Rapidly Evolving Market. Prnewswire.com; Cision PR Newswire. https://www.prnewswire.com/news-releases/2024-crypto-literacy-survey-knowledge-drives-confidence-in-a-rapidly-evolving-market-302333311.html

Blockchain technology and crypto-assets. (n.d.). Gambling Commission. https://www.gamblingcommission.gov.uk/licensees-and-businesses/guide/page/blockchain-technology-and-crypto-assets