According to iGaming expert Keane Ecclestone, crypto casinos are increasingly popular with bettors who value privacy and security. While some perceive crypto casinos to be riskier than traditional online gambling platforms, Ecclestone believes that bettors can play safely by choosing a casino that uses licensed information. Bettors can also minimize risk by choosing a crypto casino that has some positive reviews, Ecclestone added.
Crypto Casinos vs. Traditional Online Gambling Sites
Crypto casinos, like many other services and innovative products spawned by the increased use of cryptocurrencies, have seen an increase in the number of people using them. Thus, there are several reasons that attract bettors to online gambling sites, many of which have to do with the shortcomings of traditional casinos.
Despite their clear advantages, crypto casinos have drawbacks and can increase user risk. The perception that online crypto casinos are more dangerous is exacerbated by the fact that many of them are unregulated or operate in jurisdictions where no such regulation exists.
To overcome some of these shortcomings, iGaming and crypto copywriter Kean Ecclestone recently co-founded Casino Cryptos, an online platform that ranks crypto casinos based on factors such as licensing information. According to Ecclestone, by offering this service, his platform does its part to help users avoid scam casinos.
Besides explaining to Bitcoin.com News how his organization rates crypto casinos, Ecclestone also shared his thoughts on this new industry and what must be done to improve user safety. Below are Ecclestone’s responses to questions sent to him via Linkedin.
Bitcoin.com News (BCN). Cryptocasinos seem to be growing in popularity. In your view, what could be the factors behind this.
Keenan Ecclestone (KE). We believe there are three main reasons for the rise in popularity – privacy, security, and increased interest in the crypto market. Players, along with many who own crypto, prefer to have greater anonymity – thus driving demand.
BCN: Crypto casinos are seen and perceived as riskier than other online casinos, despite their rapidly growing popularity. Do you agree that crypto casinos are more risky?
KE: Not necessarily, as long as players are cautious about the casinos they use. Depositing/withdrawing in cryptocurrency is actually safer because you are not entering your card information at a (potentially) malicious traditional casino site.
BCN: What inspired you to start a platform to evaluate crypto gambling sites and how do you think it will impact this industry?
KE: Linking to the previous question, there are definitely some casino sites that players should avoid. We have made it our mission at the review platform to provide our customers with unbiased and detailed information about each crypto casino so that they can stay safe and find the best site for their personal requirements.
BCN: Based on your experience, what would you say are the signs or attributes of a good or legitimate crypto casino?
KE: Legitimate crypto casinos usually provide licensing information (usually Curacao or Malta) and have many positive reviews. Another way to check is longevity; if it has been around for a while, it is most likely legit. Alternatively, players can visitcasinoscrypto.comand we have done the hard work for them.
BCN: Anonymous gambling is one of the reasons why crypto casinos are gaining popularity. What do you think are the benefits as well as the risks associated with this non-KYC type of gambling?
KE: Giving out personal information is an invasion of privacy and some people would like the right to gamble on the products of their choice, when and from where they choose. Of course, this poses a significant compliance risk, but many casinos have systems in place to detect suspicious behavior and KYC only those who appear to be malicious.
BCN: Now let’s talk about regulation. As you know, many gambling sites are regulated, often to protect players from certain practices. For example, some casinos have been known to use unfair techniques, such as deploying rigged roulette. When casino operators are caught engaging in such practices, their licenses are revoked. Now, since crypto casinos are largely unregulated, what happens to these operators if they commit fraud? Is there an agency or organization to which players can report this?
KE: Great question. One of the many advantages of blockchain is that many of these crypto casinos are provably fair – that is, it would be impossible to cheat because the games are hosted on a blockchain that everyone can see. Granted, this is not the case with all sites, but the majority implement fair practices or use big game providers, so in our opinion the risk is minimal and therefore the need for regulators is smaller than that of traditional online casinos.
BCN: The industry is growing, but there is still room for improvement. In your view, what else needs to be done to ensure that crypto casinos are more secure?
KE: There is always room for improvement. To ensure greater security, I recommend that crypto casinos not only provide secure cold storage for players’ crypto, but also allow for instantaneous demand-side withdrawals as in the vast majority of crypto exchanges. This helps players know that they are in control of their money at all times.
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