Introduction
The rise and popularity of cryptocurrencies has been integrated into different industries, including the online gambling world. While it has revolutionized the casino market and has brought new opportunities for players, it has also introduced a diverse range of risks, particularly online scam threats.
Similar to other online platforms, crypto casinos are among those that face potential dangers. Thus, to help you protect yourself and your funds, in this guide, we will be narrowing down common scams when you engage with crypto gambling and how you can avoid them.
Common Crypto Gambling Scams and How to Avoid Them
Here's a breakdown of the most common scams you will encounter when you join the world of crypto gambling:
Rigged Casino Games
This is the very reason why many players still have doubts when playing online, most especially that the results are computer generated. While many crypto casinos ensure fair play through the use of an RNG, there are platforms that perform their scams through offering rigged casino games through controlling their server seed. As a result, outcomes are biased and players won't most likely verify it and wind.
To avoid being a victim, always check if the casino has a hashed server seed before a round. If possible, it would be best to use your own client seed. Additionally, you can also verify their fairness through independent scripts or tools. Understanding the role of Smart Contracts in Crypto Gambling can also help ensure transparency and fairness. Lastly, don't trust easily, make sure to only engage with casinos that are transparent with their verifiable fairness systems.
Non-Payment of Winnings
Although these fraud casinos generate winnings, their crypto gambling scam begins through the refusal to pay out winnings. Most likely, these crypto casinos would delay the payouts or worse, freeze accounts after a player wins without justifiable reasons.
Always research the casino's reputation on trusted forums and read reviews and feedback from other players. So, only play on licensed platforms, read and ensure that their withdrawal policies are clear and fair.
Fake Licensing Claims
License is among the important aspects that a crypto casino should possess and present to their players to verify legitimacy. However, even licenses can be faked by fraud platforms. These casinos would falsely claim to be licensed, giving players a false sense of security. They may declare that they are fully regulated, but won't even be able to at least provide the details of their license or the regulator's name. To avoid such scams, it's crucial to educate yourself on Finding the Right Crypto Casino.
Don't disregard these red flags. To avoid falling for these schemes, always verify licensing by clicking the regulator's badge or checking the license number on the official regulatory body's website. Don't engage with platforms with vague or generic licensing claims.
Ponzi Schemes in Crypto Gambling
Ponzi schemes are often common in investments and now it's also happening in the crypto gambling world as scammers target player's cryptocurrencies which can be a very valuable investment. This scheme involves offering high returns to early investors, paid for by money from new investors. In crypto casinos, these platforms would promise unrealistically high returns through cashback or affiliate programs to lure in new users.
If it's too good to be true, it probably isn't. Always be skeptical most especially to casinos that promise huge returns with little risk. Thus, make time to research these programs and at least read community feedback to assess the legitimacy of these offers.
Unrealistic Bonuses
This is another bait made by fraud crypto casinos to attract more players to sign up on their platforms. Most often these bonuses are impressive, however, these come with unattainable terms. Usually, they offered 500% match bonuses to lure new players - which is a major red flag. On the other hand, while these bonuses can be tempting, there's a condition behind it which is most likely an extremely high wagering requirements or short completion windows are often designed to trap players.
Before getting excited with such questionable bonuses, always read the fine print. Check the terms and conditions associated with it and use expected value calculators to assess the true value of a promotion. Stay away from offers with complicated and unrealistic terms.
Account Freezing
This is their other way to avoid providing players with their winnings. Fraud casinos will typically free a player's account without any valid reasons or may use an alibi of security concerns or bonus abuse. Since players can't do anything about it, they will be left with no choice but to just let it go because most likely their customer support won't cater to this concern.
Aside from reading reviews, always make sure to choose licensed casinos with clear dispute resolution procedures. Read feedback about a casino's reports of account freezes or unfair treatment and immediately avoid those platforms.
Conclusion
If you have already experienced some of these issues, take it as a lesson that's learnt in a hard way. Use it as your daily reminder to not disregard any of these red flags despite wanting the opportunity to earn through crypto gambling. Always make time to research so you can engage with legit crypto casinos that actually offer promising and real income opportunities.