Even though betting online has never been more popular than today, some people are fed up with playing the same casino games and wagering on the same sports. This forces them to look for something different, such as cryptocurrency betting platforms. Despite the fact that most of them offer almost identical betting sections, features, and promos, there are some differences that make these iGaming companies more attractive.
Regardless of which betting website you decide to put to the test, there are a few things that you should take into account. Here are some of the specific Terms and Conditions that you may have to adhere to while using such a platform.
At some point, you will be required to verify your identity
One of the reasons online bettors prefer using a cryptocurrency bookmaker is that they can make safe and relatively anonymous deposits. Once you’ve realized that some sites like Silentbet ranked these betting websites for crypto payments and you decided to check them out, you will be pleasantly surprised by the available digital currencies. All of them will give you the opportunity to make fast and safe transactions, however, this doesn’t mean that you can stay anonymous forever.
Even though there might be some exceptions, most cryptocurrency iGaming operators eventually require their customers to verify their accounts. To complete the “Know Your Customer” process, you need to send a copy of a verified document, such as your ID card. This will allow the online casino/bookie to make sure that you are not underaged.
Some of the betting websites where you can use digital currencies will require you to set a deposit limit
One of the common rules that you may have to adhere to while using a cryptocurrency online casino/bookmaker is adding a deposit limit. Even though some people may not want to do that, having a deposit limit is good because it won’t allow you to deposit more than you can afford.
The main reason why this thing is present on most cryptocurrency betting websites is because of these payment options’ constantly-changing value. If you check Silentbet’s list with betting sites that accept crypto payments, you will find options, such as Bitcoin and Ethereum. Both of them used to be a couple of cents, but nowadays, they can reach jaw-dropping numbers.
In some cases, you may be charged with a small fee for being inactive
One of the interesting conditions that you may have to comply with while using a cryptocurrency betting platform is paying a small fee for being inactive. Usually, the iGaming operators that have this condition will charge you a certain percentage of your account balance each month.
Each cryptocurrency casino/bookmaker has specific rules regarding the so-called “inactivity penalty”. Usually, this condition becomes active if you haven’t logged into your account for more than 12 or even 24 months, but there are always exceptions. That’s why it is important to know the rules you must adhere to before you start playing.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius
