Bitcoin Casinos Not On GAMSTOP

This list of casinos accept Bitcoin as a payment method and are not registered with GAMSTOP. This list of Bitcoin casinos will allow you to make instant deposits without needing to pass on your credit card details whilst also allowing you to remain anonymous. Setting up a Bitcoin wallet is an easy process and if you are new to Bitcoin we recommend using Coinbase. Don’t let the price of a single Bitcoin put you off as you can purchase £10 worth of bitcoin, the casino’s still allow you to deposit smaller minimum amounts like £10-£25. Bitcoin and other cryptocurrencies are becoming ever more widely used, all over the planet. This is as a result of increasing numbers of people becoming aware of the advantages of this new form of money. This is the case in the online gaming industry just as well as in the wider world. More and more casinos are beginning to accept Bitcoin as a method of payment. But there are some differences in how these casinos are run, just as Bitcoin is a different kind of money.

Let’s explore this phenomenon in greater detail.

What is Cryptocurrency?

Cryptocurrency is a form of digital money which is secured by cryptography. At first, this can seem a bit like magic – a ‘virtual’ currency which only exists in digital form. Yet in fact, it is not that different from ‘real’ money. This is because when we think of money, we think of notes and coins, backed by some kind of central bank and national government.

But in fact, most ‘real’ money is not notes and coins at all. It too, is just a bunch of ‘1’s and ‘0’s on a bank or financial organisation’s computer systems. This includes your own personal bank account. People don’t often think of money this way, but it is the way the world’s financial system has worked for decades – certainly since the advent of computers, and definitely since the financial services ‘big bang’ of the mid1980s.

This means that, for example, when you take out a mortgage or other big loan, the bank does not simply go and remove the money from some massive bank vault and transfer it into your account, as some people imagine. Instead, it just ‘creates’ the money by tapping a few keys on a bank employee’s computer keyboard. In this sense, almost all money is ‘virtual’.

The big difference with cryptocurrency is that it is not created, authorised or guaranteed by any form of government or central bank. Instead, its value and usefulness is derived from its scarcity, and its security is guaranteed by cryptographic technology and the blockchain.

Another difference with cryptocurrencies is that we are able to know approximately how much of it has been issued. Indeed, for Bitcoin there is a maximum amount that will ever be issued (21 billion). This is not the case with a central government run conventional currencies like the dollar, euro or pound sterling, where governments and central banks can (and do) issue more whenever they feel like it.

Money Only Works When Everyone Believes it does

It is also worth remembering that no money or currency has any ‘real’ value. You can’t eat a pound coin. Neither can you heat your home with a dollar bill. Nevertheless, you are able to exchange it for food at a supermarket, or gas and electricity from a utility company instead. Yet money is only ever worth anything if other people accept it as a means of exchange for something you want. Since ‘real’ money is backed by all-powerful governments, it is in practice almost universally accepted as a means of paying for these goods and services.

Now, people are increasingly resorting to alternative currencies like cryptocurrencies, which can also be used to pay for some goods and services. This is especially the case as these cryptocurrencies are also ‘guaranteed’ in a sense, although not in the same way as centrally issued currencies.

This increasing popularity of cryptocurrency can be for a variety of reasons, not least as a way of avoiding the interest charges, service fees and other expenses demanded by profit hungry banks.

Ultimately, there seems little doubt that cryptocurrency is here to stay, even though its increasing success is leading to some central governments taking increasingly desperate steps to outlaw it and restrict its spread.

What is Bitcoin?

Bitcoin is just one of many cryptocurrencies, although it is without doubt the most well-known, and probably the first. In practice, it is an open source (meaning that everyone can have access to it) software network, which enables online transactions to be made. Because it is open, there is no-one in charge of it, nor does anyone ‘own’ it. What’s more, there is no-one to guarantee to keep your money safe, nor to restore it if it is lost or stolen.

How does Bitcoin Work?

It doesn’t sound very promising does it? A form of currency with no-one in charge and no central regulator to sort things out if something goes wrong? It doesn’t seem like one in which we should have much confidence. With no national government overseeing its use and ensuring its security, how can we even be sure Bitcoin works as a valid method of payment?

Yet in fact, Bitcoin is probably far more secure in some senses than any conventional currency or bank. Its network has never been profitably hacked, whereas central banks spend fortunes on security staff and IT professionals to protect their precious files and databases and still get into trouble. What’s more, thousands of their customers are hacked and scammed every day.

Bitcoin is not protected by fancy software, secure databases, unbreakable firewalls or thousands of highly paid IT professionals. It is protected by its own open source software and its network of thousands of people and organisations who have downloaded it.

It works via three main mechanisms: it is decentralised; it is transparent and it is protected by the mathematics of the blockchain.

Decentralisation

With a traditional banking system, all important information is kept in one central place. Of course there are back-ups, and it is as secure as it can possibly be, but a fortune must be spent to protect it from fraud and hackers. With cryptocurrency like Bitcoin, this is unnecessary because all important data is repeatedly copied; it exists in thousands of different places and anyone who has downloaded the software can see it.

Therefore, anyone who tried to ‘steal’ or wrongly transfer any of the currency would be immediately spotted by any of the thousands of other users of the software who also have a copy of all transactions.

This decentralisation also gives the cryptocurrency more resilience. Because there are thousands of different computers running the software, owned by thousands of different people and organisations located all over the world, the system is unlikely to be seriously affected by any internet outages, hardware failures or the regular software updates which plague centralised systems.

Transparency

At first sight, the network’s transparency can seem to be a bit of a weakness. The advantage of keeping software secret is that the less any potential hackers know about a system the better. The flaw in this thinking is twofold: any secret centralised software can have errors, which can cause mayhem and would also require downtime for correcting and updating. It also has to be protected and maintained by a small team of experts and insiders, who must be relied upon to be honest, trustworthy and competent.

Open source cryptocurrencies like Bitcoin rely on something else entirely. Everyone on the network has access to the source code and indeed all the transactions made using it. This means that there are thousands of different people and organisations keeping a track on things, based all over the planet. In a sense, the whole world is there to ensure that everything is above board, not just a tiny centralised team of expert software engineers.

Blockchain

There is one further apparent problem. Surely having thousands of different computers all running the same software, rather than one centralised system is asking for big trouble? How can anyone be sure that they all agree, and that they don’t all end up operating different forms of the software, with different data?

The answer is in mathematics and the way the blockchain works. Of course, with anything to do with mathematics, it can sound complicated. People often throw their hands in the air and say “I can’t do maths!” and shut down at the first mention of the subject. Don’t worry, I won’t be quoting any quadratic equations or delving into differential calculus here. But essentially, every transaction is linked to others in a way which would involve an incredible amount of computing power to change it. These transactions are then organised into ‘blocks’ of information (hence the blockchain), which are also linked to other blocks, made before and after.

All this takes a great deal of complex mathematics, and making unauthorised changes would require all of it to be unravelled and started again, across all the computers in the network. Nothing is impossible, but the expense, time and processing capacity required to do this make it totally impractical for a potential fraudster to accomplish. In practice, the blockchain is therefore as secure as it is possible to be.

Other cryptocurrencies

Bitcoin is the most famous and widely used cryptocurrency. It is therefore the easiest to use if you are looking for a cryptocurrency to use as a method of payment at an online casino. Other popular and widely used cryptocurrencies include Ethereum (ETH), Litecoin (LTC), Facebook’s Libra (now re-branded Diem) and Dogecoin, which was originally conceived as a joke, spoofing the initial ‘craze’ surrounding Bitcoin, but is now recognised as a valid cryptocurrency.

Some casinos accept a variety of currencies, but Bitcoin is by far the most commonly provided option.

Crypto Wallets

Whichever particular cryptocurrency you choose, you will need to store it in a crypto wallet, in order to transfer your funds to your chosen casino. This will also be required when accepting your withdrawn funds.

There are many different wallets to choose from. It’s best to do a little of your own research to decide which one is best for you. Fees and commissions vary, as does ease of use. Many, if not most, feature additional security measures such as two-factor authentication. This requires you to reply to a message sent to your phone or other device before carrying out a transaction. This represents an extra layer of security to try to ensure that it really is the authorised user who is using the service. It is highly recommended as additional protection against fraud and identity theft.

Possible commonly used options include Metamask, Bread Wallet, Coinbase, Edge and Electrum. This is far from a comprehensive list however – so make sure you pick the best option for you.

Advantages of Bitcoin Casinos

There is a very wide range of reasons why playing games at a Bitcoin casino can offer advantages over a typical conventional government regulated site. These can be due to financial, entertainment or regulatory matters and more. Here are some examples…

Reduced Financial Charges

Playing games at a standard officially regulated casino can involve any number of additional charges and fees.

Paying with Bitcoin will not necessarily be completely fee free, but it is very unlikely to be more expensive than making conventional payments at a typical regulated casino. This is because there is no ‘middle man’. You will be making a transaction directly with your chosen casino, so there is no retail bank or financial organisation like Visa to need to charge a commission or fee on your payment.

Remember that even if you are told your payment is fee free, it is only free to you. It certainly does not mean that there are no fees. It is just that someone else is paying them – usually the casino. Every time you use a credit or debit card, or even if you are using an old school payment like a cheque, there is a fee to pay, it’s just that it is paid by the retailer, service or vendor, rather than you. The business receiving your payment always has to pay a commission as a facility fee for using the service used to make the payment, whether that is Visa, MasterCard, PayPal or any other form of electronic payment.

This affects even the largest online retailer on the planet. Amazon has announced that in early 2022, it will no longer be accepting Visa payments, due to the unacceptably large commission fee charged by the organisation. If even Amazon is affected, you can see how much these usually invisible charges must amount to.

Indeed, no financial transactions using conventional banking are truly free. Using cash is cheapest, but remember that the retailer who accepts your cash will be paying banking charges to run their business account, and may even be charged for paying in cash over a bank counter.

“So what?” I hear you ask. “As long as I’m not the one that’s paying them, why should I care?” Well the reason is that you are paying for them, in the end! Retailers, services and even casinos do not pay those fees out of the goodness of their hearts, to save you money. They just charge more for their goods and services to make up for the extra fees. Shops add a few percent to their prices to compensate for their bank charges. Services are a little more expensive than they would have been otherwise. Bill payers pay less to their gas and electricity provider if they pay by direct debit, because accepting direct debits is much cheaper for the utility companies than having to process other kinds of payment like processing cash or cheques (which incur charges and requires extra staff), or credit cards (which charge higher fees).

For casinos, the way in which these financial transaction costs are recouped is even less transparent. The only way for a casino to get its banking costs back if it does not charge a clear fee, is by increasing its margin. In practice, this means that the Return to Player (RTP) rate for its games will be lower than it would otherwise have been.

Paying with Bitcoin reduces many of these factors by removing conventional banking and financial institutions from the equation altogether. There can also be no currency transaction or conversion fees, which sometimes apply if you are paying with a traditional currency (like the US dollar, euro or pound sterling) in a casino based abroad from your current location.

In theory, these reduced costs for Bitcoin casino operators mean that they should be able to afford to pay out a greater proportion of their revenue out in winnings than a conventional casino can. This should be especially the case because Bitcoin casinos can also experience fewer costs in other areas as well, as we shall discover later. [see Avoid Government Gambling Regulatory Restrictions section below]

Of course, this doesn’t mean that Bitcoin casinos will actually return more of this saved money to you, nor that there will be no fees at all. There is a small processing fee to pay even for Bitcoin payments, Besides, it’s a capitalist world, and all casinos are in the business to make as much money as possible.

I suppose the best that can be said is that at least any fees should be much lower than would otherwise have been the case. Any blockchain processing fees which arise will almost certainly be less than those charged by typical banking and other conventional financial organisations. In addition, there is the prospect that you might get more of your stake money back in a higher RTP rate than would otherwise have been the case.

Ultimately, at least you can be sure that none of your money is going to the banks and other central financial organisations, who do next to nothing for their cut of your stake money. Using Bitcoin cuts these financial facilitators out of the transaction chain altogether.

Avoid Government Gambling Regulatory Restrictions

Aside from avoiding the need to pay unnecessary central banking charges, using Bitcoin to make your payments also enables you and the casino to potentially sidestep other regulatory expenses and inconveniences.

Every national government has their own regulatory body to oversee its gambling industry. In the United States, this function belongs with each individual state. The renowned gambling capital of the world, Las Vegas, is able to operate because the state of Nevada, where the city is located, is a largely deregulated state with a very liberal attitude to gambling. Most of the other states have a far stricter attitude to gambling.

In the United Kingdom, the UK Gambling Commission is the body responsible for regulating the industry. Within the European Union, it is still individual national governments which tend to be responsible, rather than there being any centralised directives from Brussels or Strasburg.

National governments like to put controls on the behaviour of gambling companies for several reasons. Perhaps the most important of these is their ability to generate lots of income for the government from taxes on their profits. This may seem a cynical point of view, but it is also the case that this ready source of revenue also means that governments are therefore understandably keen that gambling companies continue to thrive, because they want to continue receiving the dosh.

On the other hand, governments are also aware of the harm that problem gambling can cause, so they also tend to favour controls on gambling in order to limit these harms. They therefore need to find a balance these somewhat conflicting interests. This means that regulations can tend to swing from one extreme to the other – deregulation when the need for income is paramount, stronger regulation when gambling habits are perceived to be getting out of control.

All this see-sawing is an inconvenience for players and an extra expense for casino operators. Bitcoin casinos often sidestep these problems because they can avoid the requirement to comply with national regulatory requirements.

There are other aspects of this government regulation too. The need to restrict criminal money laundering and fraud means that most governments require extra ‘proof of identity’ checks before money can be deposited with gambling companies. These rules are often referred to as ‘Know Your Customer’ (KYC) regulations. Again, the relative anonymity and non-centralised nature of cryptocurrencies means that Bitcoin casinos can often sidestep these requirements too. Avoiding these bureaucratic procedures makes things easier for their players, as well as representing a useful cost saving for themselves.

In addition, many governments also have strict regulations restricting the marketing and advertising of gambling sites. It is difficult for Bitcoin casinos to get round any national advertising restrictions. This is because if advertising is illegal, publishers and agencies cannot accept proposals from any casinos, wherever they are located. Marketing is a different matter however, and Bitcoin casinos can sometimes offer promotions, free bonuses offers and other incentives which conventional sites are not allowed to run.

Tax Advantages

Since Bitcoin and other cryptocurrency transactions are independent of government controlled currencies, they cannot be taxed. Again, this represents a saving for both the gambling company operators and their customers.

Although there is no doubt this is a factor in the popularity of Bitcoin payments for some casino operators, it is unlikely to be a major driver of a casino’s policy to accept cryptocurrency. This is because most casinos are already based in no or low tax jurisdictions in any case. Casinos operating in the US market are generally conveniently located offshore in tax generous places like the Dutch administered Caribbean island of Curacao. Meanwhile, casinos operating in the UK or wider European market tend to do so from favourable tax havens such as the UK Channel Islands, UK protectorates like the Isle of Man or Gibraltar, or on the Mediterranean island of Malta.

Instant Money Transfers

Most online payment systems are pretty much instant these days, but this is sometimes not the case with payments to casinos and other gambling companies. This is because of the KYC rules outlined above. This can be especially the case with newly registered customers, and with first withdrawals. Bitcoin payments often do not require such checks, so payments in these circumstances can be much swifter than when using conventional currencies.

Security, Data Protection and Anonymity

Every time you make a payment online using a conventional online payment, you disclose certain personal data. This data is generally well protected by standard encryption methods, and your banking details need not in many cases be disclosed to the vendor. Nevertheless, cryptocurrency payments offer another layer of security, in that complete anonymity is assured. Only an e-mail address and your crypto wallet address is required. You can therefore transfer sums to and from your crypto wallet assured that no hacker or other prying eyes will be able to discover your private financial information. These transactions will also never appear on your bank current account or credit card statements.

And yet despite this advantage of anonymity, you also have the benefit of proof of transfer of funds. Bitcoin payments may be anonymous, but they are also transparent. Because of the public ledger within the blockchain, your transactions are transparent and visible to all, so you can prove that any payments you make have left your wallet and arrived at the receiving casino.

Better Bonuses and Promotional Offers

As outlined above in the Avoid Government Gambling Regulatory Restrictions section, playing at a casino which accepts Bitcoin can enable you to take advantage of some exceptionally generous bonus, promotional and other incentive offers.

This is because conventional casinos can be restricted or even outright banned by government regulatory authorities from making such offers, whereas Bitcoin casinos can often avoid these requirements.

Wider Range of Games and Betting Options

Another advantage of using Bitcoin casinos is that you may well find a wider variety of games than can be found on conventional sites. Of course, most casinos offer hundreds, if not thousands of different games to play, but they all tend to choose from the same pool of providers. This is particularly the case when it comes to slots. Microgaming, NetEnt, Scientific Games… they’re all great games providers, but just about every conventional casino has them.

Bitcoin casinos tend to offer games which are not provided by these big name leviathans of the industry. Many players would argue that this is a disadvantage – that the Big Three provide the most popular games because they are the best. But if you agree with this viewpoint, then you already have hundreds of casinos to choose from. For discerning players who are looking for something a bit different – something other than the mainstream favourites, Bitcoin casinos can provide a useful alternative.

Available Worldwide

Bitcoin casinos are available everywhere. And because they operate outside national jurisdictions, this means that there is no need for them to adjust their policies and pay outs to comply with whichever jurisdiction applies in the particular country in which their players live. Bitcoin casinos work the same way for all players, wherever they are located.

Disadvantages of Bitcoin Casinos

No centralised consumer support

One of the major disadvantages of using Bitcoin casinos is the converse of one of its major advantages. Whilst being independent of national government regulation gives casinos greater freedoms to operate, this also means that players can’t expect any support from national gambling regulators if something goes wrong. United Kingdom based players, for example, can hardly expect the UK Gambling Commission to ride to their rescue if they find themselves in dispute with an unregulated casino. Other regulatory bodies, such as that provided by the Government of Curacao’s Gaming Control Board are renowned for their ‘lighter touch’ controls in any case.

This does make players more prone to scams and misinformation. The traditional sage advice – ‘you need to know what you are doing’ – is certainly apt here, but again, because there is no central, official source of information – no ‘guidebook’ if you like, finding a reliable and unbiased source of information and guidance is also difficult.

In the end, everything is a risk. Gambling is a risk. This is a big part of what makes it exciting in the first place. Cryptocurrency is an additional risk. The bottom line is that a player who is already gambling with cryptocurrency, is already likely to be pretty high up the risk / reward ratio. Such a player is unlikely to be dissuaded by the additional risk of playing at a casino without the protection of a national government regulator.

Volatility

Conventional national currencies like the dollar, euro or pound can and do vary in value. Billions of dollars / euros / pounds worth of currency are traded every day to take advantage of these fluctuations. Cryptocurrency can be seen as adding a further layer of risk, because the value of digital currencies like Bitcoin is many times more volatile and unpredictable than conventional national government-backed money.

Also, like with the lack of centralised national government agency support as outlined above, there is no conventional banking system to fall back on either. Because using Bitcoin does not involve any kind of centralised banking payment, there can be no ‘chargebacks’ or banking system resolution if things go wrong or if there is a dispute of any kind.

Ultimately, many players using cryptocurrencies like Bitcoin see this as a way to fight back against central government controls and taxes, and centralised banking’s additionally imposed costs and fees. In this way, it can be seen as a ‘price worth paying’ for being free of this kind of centralised regulation.

Which Bitcoin Casino Should I Choose?

In many ways, choosing a Bitcoin casino is much like choosing a conventional payment casino. Take a look around. Investigate the quality and range of games available. Look out for favourable / unfavourable reviews online. Remember that players may be more likely to complain if things go wrong than offer praise for a good experience. Nevertheless, if a casino has many more bad reviews than others, it is unlikely to be a good sign.

Bonus and incentive offers can also vary a lot between casinos. They generally take a similar form to those you would expect to find on a conventional online casino. Things like introductory bonuses, matched deposit bonuses, free slot spins and a wide range of different VIP schemes. Because Bitcoin casinos are free of national government regulatory controls, you may find types of bonuses which are not allowed in certain jurisdictions.

It may not be a good idea to decide on a casino simply on bonuses though. Free offers and the like are eye-catching rewards, but the overall feel and experience of a casino is far more important. Maybe if you are torn between two or several, then a generous introductory bonus or loyalty scheme could be a deciding factor.

Another piece of useful advice is to keep an eye out for reviews and recommendations like those here at notongamstopcasinos.com. It’s our job to investigate these casinos and report back to you, so why not let us do the legwork?

Safety and Security when playing on a Bitcoin Casino

In general, looking after your own safety and security on a Bitcoin casino involves much the same kind of procedures as when looking for a conventional online casino.

Look out for comments and complaints on online review sites. Look for patterns and trends, particularly in comparison to other casinos. If a particular casino you are considering has a pattern of similar issues, or has far more complaints than others, this is a clear red flag. Although it’s always worth noting that malicious reviews are not unknown, so use your own judgement too.
Check reputable review sites like us here at notongamstopcasinos.com. We check all the casinos we suggest to try to ensure they are reputable, reliable and properly licenced.
Always choose a unique and strong password for every casino. This is of course, good advice for all online activity, so it also applies to Bitcoin casinos. Use any or all of the recognised techniques: upper and lower case letters, numbers, special characters, random password generators, password manager software – anything to outwit anyone attempting to guess, game or hack your vital security information.
Ensure you are using a reliable and reputable crypto-wallet and that your private keys are secure. Just like with your real world credit or debit card PIN, never share them with anyone.

Fairness of Gambling at Bitcoin Casinos

At conventional casinos, the fairness of games is regulated and effectively assured by the relevant licencing and regulating authority. For the players based in the United Kingdom, this function can be undertaken by the relevant licencing jurisdiction, such as Alderney, the Isle of Man, Gibraltar, Malta and others. In the end, responsibility ultimately rests with the UK Gambling Commission. The fairness of the games themselves in practice is guaranteed by Random Number Generators (RNGs)

Jurisdiction for non-national government regulated casinos such as Bitcoin casinos is more complex. Nevertheless, despite the lack of any centralised regulatory authority, there is still a recognised mechanism for guaranteeing the fairness of games. This is known as the ‘Provably Fair’ system. The means by which this is assured is a somewhat technical one, but it involves the use of encrypted numbers which can be verified by both parties to the bet. This is used to prove that games can be guaranteed to be fair and random.

Many Bitcoin casinos subscribe to the ‘Provably Fair’ system, and provided your chosen casino is one of these, you can be assured that the games you are playing are not ‘fixed’ or manipulated in any way.

Deposits and Withdrawals at a Bitcoin Casino

Deposits

The precise deposit procedure can vary a little between casinos, but the basics will be very similar for all. Assuming you have already purchased your Bitcoin and set up your crypto wallet, it is easy to make a deposit. The actual name of the relevant page will vary from casino to casino. Examples would be ‘Banking’, ‘Cashier’, ‘Deposit’, ‘Payments’ or some other similar link will take you to the casino’s payment page. Choose ‘Bitcoin’ as your preferred choice, then simply enter the amount you wish to deposit. At some point, you will need to disclose your crypto wallet with your Bitcoin address. At some casinos this is before you decide on your deposit, at others, this stage comes after. Simply confirm the transaction, and agree to whatever Terms and Conditions the casino requires, if you agree to them. And that’s it. Enjoy your games!

Withdrawals

The withdrawal process is likely to be similar to that required for deposits. There may be a specific link or page for withdrawals, or you will need to go back to the ‘Banking’, ‘Cashier’… page you use for your original deposits. Choose Bitcoin as your chosen method of withdrawal; provide the details of your crypto-wallet and Bitcoin address, then enter the amount you wish to withdraw. Then simply confirm the transaction.

You shouldn’t have to wait very long. Most Bitcoin withdrawals are virtually instantaneous, but it is possible that ‘Know Your Customer’ (KYC) identity and anti-fraud checks could be required at some casinos.

Summary

More and more online casinos accept Bitcoin as a method of payment. Not just Bitcoin either – many Bitcoin casinos will also accept alternative cryptocurrencies too. Choosing a casino which is right for you involves much the same process as when choosing a conventional casino. The cryptocurrency angle just adds another layer to your decision.

It’s best to choose a casino which belongs to the ‘Provably fair’ scheme. Also ensure that you have chosen a suitable crypto wallet, and are comfortable with using it. Errors and disputes are rare, but it is more difficult to resolve these at a non-regulated casino – even more so if it is your mistake which has led to the issue in question.

Always remember too, that you can always check back here at notongamstopcasinos.com for the latest news and information on Bitcoin casinos. This will include up to date details on the latest bonuses and offers, and any other details you need to know about.

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