Complete Guide to Gambling with Cryptocurrencies

Before I continue, I want to reassure you that even if the idea of gambling with crypto might sound complicated, trust me, it’s not. Once you understand the basics (and after reading this guide, you will), it’s not that different from any other payment method that you already know. It’s just faster and cheaper.

Crypto gambling means depositing and withdrawing using cryptocurrencies rather than traditional methods like bank cards or e-wallets. At some crypto casinos, you play directly with crypto, while at others, your crypto is converted into fiat currency like the Australian Dollar, and you play in AUD.

There are two main types of crypto casinos:

• Crypto-only casinos: They’re casinos that operate entirely with cryptocurrencies. You deposit, play, and withdraw in crypto, and there’s usually no option to convert your balance into fiat currency. They often support multiple coins and may offer features like provably fair games.
• Hybrid casinos (crypto + fiat): These casinos accept cryptocurrencies but convert your deposit to fiat (such as AUD) upon arrival. You play in Australian Dollars, and withdrawals may be converted back into crypto or paid out via traditional methods like bank transfers.

If you’re new to the whole cryptocurrency thing, you might come across some terms that you don’t really know what they mean. To help you out, I’ve prepared a quick cheat sheet with the most important crypto terms you’ll hear:

Let’s get into the particular part: how to actually gamble with crypto. Don’t worry, it’s not nearly as complicated as some people think it is, and once you do it once, it becomes second nature.

Before anything else, you need to pick a casino that accepts crypto and ensure that it’s reliable. To do that, you need to look for:

• A casino with a High trust index
• Good reputation among players
• Positive reviews from experts like us
• Clear terms and conditions
• Clean withdrawal history

There are plenty of good options out there, and I’ve even listed the best crypto casinos available to Australians at the moment, so you can save yourself some time and pick any of the casinos on my list.

Since all the casinos on my list are reliable and safe, you can go one step further and narrow down your choice based on features like the welcome bonus, available games, and more.

Next, you should decide which crypto you want to use. Generally, there are two types of crypto: altcoins and stablecoins. Each has its pros and cons, so if you’re a complete beginner, you might be better off with a stable coin that’s tied to a fiat currency. For example, USDT (Tether) is tied to the US dollar, so it’s not as volatile as altcoins like ETH (Ethereum), for example.

Even if you decide on an altcoin, each one has its pros and cons. For example, Bitcoin and Ethereum are the most widely accepted, but fees are slightly higher than those of altcoins like XRP (Ripple).

The most commonly accepted options at crypto casinos are:

• Bitcoin (BTC): The most widely accepted crypto, very secure, but usually comes with higher fees and slower transactions.
• Ethereum (ETH): Also very popular, supports many platforms, but gas fees can be high depending on network congestion.
• Tether (USDT): A stablecoin tied to the US dollar, great for avoiding volatility. Available on multiple networks (ERC-20, TRC-20, etc.).
• USD Coin (USDC): Another stablecoin similar to USDT.
• Litecoin (LTC): Faster and cheaper than Bitcoin, and widely accepted at many crypto casinos.
• Ripple (XRP): Known for very fast transactions and low fees, but not supported everywhere.
• Bitcoin Cash (BCH): A fork of Bitcoin with lower fees and faster transaction times.
• Dogecoin (DOGE): Popular meme coin with low fees and fast transactions, surprisingly common at crypto casinos.
• Tron (TRX): Often used for fast and low-cost transactions, especially when dealing with USDT on the TRC-20 network.

Don’t worry, it’s not like you have to choose one crypto and use it for the rest of your life. I’ve tried dozens of cryptocurrencies at casinos, and they all have more pros than cons, so the differences are minimal.

Tip from Mike Waters: For beginners, I generally recommend sticking to the most familiar options, such as Bitcoin or stablecoins like USDT or USDC. Also, you don’t have to buy a full Bitcoin. Every site accepts fractions, and deposits usually start as low as 0.00001 BTC.

In the next step, you’ll need a crypto wallet. This is a wallet where your crypto is stored and from which you’ll send it when you deposit into a casino. There are two main types of wallets you can use:

• Exchange wallets: These are wallets built into platforms like Binance, Coinbase, Kraken, etc.
• Private wallets: Apps or software like Trust Wallet, MetaMask, Exodus, or hardware wallets like Ledger.

If you’re just getting started, exchange wallets are the easiest and cheapest option. You create an account, and your wallet is already there for free. You don’t need to spend anything to open a wallet via an exchange, and the big ones are very safe (like Binance, Coinbase, or Kraken), but technically, your crypto is at the exchange, so if the exchange goes down for some reason, your crypto goes down with it.

Private wallets, on the other hand, give you more control. You’ll get a seed phrase (recovery phrase), which is basically the key to your wallet, but if you lose it, you lose access to your wallet. All the exchanges and wallets I mentioned above are safe and used by millions of users, so you can choose any of them.

This is what the setup process usually looks like:

1. Sign up on a crypto exchange or download a wallet app
2. Secure your account (2FA is a must for most options)
3. Locate your wallet keys and your deposit address

Once that’s done, you’re ready to receive crypto and send it wherever you need. One important thing to understand here is that each coin has its own wallet address. Your Bitcoin address differs from your Ethereum or USDT address, so be careful not to use the wrong one.

Also, pay attention to networks, especially with coins like USDT. You’ll often see multiple options like:

• ERC-20 (Uses the Ethereum network and has higher fees)
• TRC-20 (uses the Tron network and has lower fees)

Tip from Mike Waters: If you’re new, start with an exchange wallet because it’s simpler. But no matter what you use, always double-check addresses and networks before sending anything.

Once your wallet is set up, the next step is to actually buy some crypto.

If you’re using an exchange like Binance, Coinbase, or Kraken, the process is pretty straightforward. You just choose the coin you want, enter the amount, and pay using a card like Visa/Mastercard, or other available methods like Apple Pay, Google Pay, online bank transfers, and some e-wallets.

Depending on the platform, you may need to complete a quick identity verification before you can buy or withdraw crypto.

Once the purchase is complete, your crypto will appear in your wallet, and you’re ready for the next step.

Tip from Mike Waters: If you’re just starting out, don’t overthink it. Buy a small amount first to learn the process, then scale up once you know what you’re doing.

The next step is the crypto deposit to the casino you’ve chosen. To do it, go to the casino’s deposit section, select your preferred cryptocurrency, and the casino will generate a wallet address for you.

Here’s what you do:

1. Copy the wallet address provided by the casino.
2. Go to your crypto wallet.
3. Paste the address.
4. Enter the amount.
5. Confirm the transaction.

After that, you’ll need to wait for a few network confirmations before the funds appear in your casino account. Depending on the coin, this can take anywhere from a few seconds to a few minutes, but it has never taken me more than that.

Tip from Mike Waters: Always double-check the wallet address and network before sending. If you’re unsure, send a small test amount first. The fees are usually very small (and much smaller than actual bank transfer or card fees).

Once your deposit is confirmed, you’re ready to play. At this point, you can also claim any available bonuses, just like you would if you used another method to deposit. The only difference is that some crypto casinos offer special promotions for crypto deposits, so it’s worth checking what’s available before you start playing.

Depending on the casino:

• You might play directly in crypto (BTC, ETH, etc.)
• Or your balance might be converted into AUD

After that, it’s just like any other casino experience. You pick your games from the lobby, have fun, and (hopefully) win something. Now let’s talk about withdrawals.

When you’re ready to cash out:

1. Go to the withdrawal section
2. Select your cryptocurrency
3. Enter your wallet address
4. Choose the amount
5. Confirm the request

Note that you usually need to use the same crypto you used for deposits. Sometimes, your wallet address is saved, so you don’t even need to enter it again. Also, KYC checks are mandatory before the first withdrawal at most casinos, so make sure to complete them before you can withdraw.

In most cases, crypto withdrawals are processed within 24 hours, and once the crypto has been released by the casino, it usually takes less than an hour for it to hit your crypto wallet. The only delay comes from network confirmations and possible congestion, which vary by coin.

Tip from Mike Waters: Always double-check your wallet address when withdrawing, just as you do with deposits. Also, check if there are any withdrawal fees or limits before requesting your payout, so there are no surprises.

More than a decade ago, the choice of games you could play at crypto casinos was rather limited. Well, that’s not the case anymore, and today, most crypto casinos now offer game libraries with thousands of games, so here’s what you can expect:

• Pokies: Most Australian crypto casinos offer thousands of pokies from top providers. You’ll find everything from classic 3-reel games to modern video pokies with bonus features, jackpots, and high volatility options.
• Table Games: You can play all the usual table games like blackjack, roulette, baccarat, and poker. The rules are the same, and the only difference is that you’re betting with crypto (or a converted balance in AUD).
• Live Dealer Games: Live casino games are fully supported at most crypto casinos. You can join real-time games with dealers, including blackjack, roulette, baccarat, and game shows.
• Instant-Win Games: These are especially popular in crypto casinos. Games like Crash, Plinko, Dice, and Mines are widely available and come in multiple variations. Crash, in particular, became one of the most recognisable crypto casino games, and there are now hundreds of Crash games.
• Provably Fair Games: This isn’t a separate category, but it’s worth mentioning. Some crypto casinos offer provably fair versions of games, where you can verify on the blockchain that each result is generated fairly and hasn’t been manipulated.

So in terms of game variety, you’re not missing out on anything by using crypto. If anything, you’re getting access to a few extra game types that you won’t always see at traditional casinos.

You probably know by now that using crypto at online casinos is actually very simple, but there are still some things you should pay attention to to avoid unnecessary mistakes.

Here are some tips I’d suggest when gambling with cryptocurrencies:

• Always Double-Check Wallet Addresses: This is the number one rule, and you would be surprised at how many people get the wallet address wrong. And if you send crypto to the wrong address, it’s gone, and you can’t get a refund.
• Gas Fees Can Get Costly: Some coins (like ETH) can have high fees, especially during peak times. Depending on network congestion, even BTC can have higher fees. LTC and TRX, for example, are always cheaper, so it’s worth choosing a cheaper crypto (especially if you plan on making larger deposits).
• Be Aware of Volatility: This should go without saying, but you probably already know that crypto is more volatile than fiat currencies. If you want more stability, I’d suggest USDT or USDC.
• Use Trusted Wallets and Exchanges Only: Please don’t try to save a few bucks using sketchy or unknown exchanges or wallets. Just stick to the well-known platforms like Binance, Coinbase, and similar.
• Start with Small Transactions: This is more of an advice than a tip. If you’re new to crypto, you might want to start small first to make sure everything works.
• Check the T&Cs Before Playing: This is not specific to cryptocurrencies but goes for all types of casino gambling: always check the T&Cs in detail before playing. This includes bonus T&Cs, minimum and maximum withdrawal limits, potential fees, etc.

If you’ve made it this far, you probably realise that crypto gambling isn’t as complicated as it first sounds.

Once you understand the basics, it’s actually one of the simplest ways to deposit and withdraw at online casinos. All you need to do is pick a casino, open a crypto wallet, purchase some coins, and deposit.

In my book, the benefits of switching to crypto outweigh the few shortcomings, such as price volatility and a seemingly more complicated entry.

If you value speed and flexibility, crypto is now the better option over any other payment method.