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One area of online gambling that is still rife for scammers is crypto gambling. While there are many legitimate Bitcoin online casinos, there are still scammers out there looking to take your crypto. Fortunately, there are a few ways you can easily spot Bitcoin casino scams. Today, we will give you some ways you can easily identify potential scam crypto casinos.
In the early days of crypto gambling, a major selling point was that you could gamble anonymously. Unfortunately, there have been way too many scams run through anonymous casinos. What generally happens with scam casinos is that you make a deposit and are either unable to cash out, or the casino shuts down and steals players’ funds. Since the casino is anonymous, there is no easy way to track your crypto.
Another common scam is that a casino will claim that you’re somehow violating the terms of the casino or trying to scam them. With no information given from you or the casino that can identify either party, there is no way to pursue any legal remedies. You’re out of luck if things go south.
A scam that we still see run from time to time is casinos that offer the ability to play with casino-specific crypto. For example, let’s assume that Widgit Casino introduced WidgetCoin as a way to play online casino games. Your fiat is converted to WidgetCoin, and you can use that to play on the website.
The catch with these coins is that they are only for use at the casino. You cannot withdraw them from your wallet. They will never be offered in a crypto exchange, and you only have the casino’s word that they will honor the coin. Generally, what happens is that players make a deposit and then are never able to convert their converted deposit when it is time to cash out.
Worse still, some casinos will create a token on the Ethereum network and offer to send it to your Metamask or Coinbase wallet. Unfortunately, these are phantom tokens that are worthless. Never mess with a site that has its own proprietary coin.
In the large majority of cases, you should avoid Bitcoin casinos that have proprietary casino games. These games are programmed in-house, and there is no way to genuinely verify that the games are playing honestly. This is particularly true if the casino is not Provably Fair. Even Provably Fair games can be suspect depending on how the bets are verified.
Many legitimate online gaming companies offer Bitcoin and crypto gaming. There is no reason a legitimate casino cannot get a contract with legitimate gaming companies.
It’s no secret that welcome bonuses and general promotions for Bitcoin casinos are more generous than fiat casinos. Part of this is because casinos save a lot of money by accepting crypto. This allows them to pass those savings in the form of casino bonuses.
However, some Bitcoin casino scams go overboard with these bonuses. For example, the casino may offer a 500 to 1,000% deposit bonus up to $50,000 or 1,000 free spins on a $50 deposit. These deals are out of this world and sound too good to be true. That’s because they generally are. These casinos are almost guaranteed to steal your money or shut down unexpectedly
A red flag for any casino is a lack of customer support. However, it is much more likely to be seen at scam Bitcoin casinos, particularly anonymous ones. They claim that you are taking all the risk and have no responsibility.
A casino without customer support is the equivalent of “tell me you’re running a scam casino without telling me you’re running a scam.” If the site does not have customer support – RUN!