Initially, Monero (XMR) was released in 2014 as a fork from its predecessor, BitMonero.
As one of the more successful cryptocurrencies, there are now more casinos that are accepting it for payment. In this XMR guide, not only will we look at the best Monero gambling sites, but we will advise you on how it works, all the pros and cons of Monero gambling and help you choose the best XMR gambling site for you.
Benefits of Monero Gambling Sites
There are many reasons to consider Monero gambling, but before you do, it is essential to understand the difference between fiat casinos and Monero Casinos.
Fiat vs Crypto
Although much has been said about it in recent years, many people still don’t know much about cryptocurrency. However, those that have dabbled in crypto gambling tend to stay there – and never go back to the traditional ways of gambling. When you start comparing them, it’s easy to see why.
Year after year, the value of fiat currencies is on the decline. These currencies are legal tender that is backed by whichever government issues it and its value depends on numerous factors such as money supply, economic supply and demand and interest rates. In addition, fiat currencies always come with a risk of hyperinflation, which can see economies suffer massive price increases suddenly.
Ultimately, fiat currencies exist so that the government can control its economy. Banks also love it because it gives them a lot of power. Cryptocurrencies, on the other hand, give the power back to the people. But does that make it any more reliable?
Well, XMR is very volatile and can rise and fall in value regularly, but in the long term, it seems to have massive growth potential. It is just at the start of its journey. Ultimately, it appears that Monero is on its way up – and fiat is on its way down.
So, if you use Monero at your casino site, then the money in your account can grow – even before you start gambling it.
Although traditional casinos are starting to accept cryptos such as Monero, they are still plagued with problems such as slow transactions, low withdrawal limits, fees etc. However, end-to-end Monero sites are better designed, offer more value for money and a more smooth and seamless experience.
Here are some of the biggest advantages of Monero gambling.
Decentralisation = Less Restrictions
Because XMR is decentralised, the control of your money is in your hands. Because there are no banks or financial bodies involved in transactions, everything is a lot quicker and easier.
Decentralisation is essentially what allows for quicker transactions and fewer fees giving you power over what you spend, how you spend it and when you spend it. Credit cards are no longer allowed for gambling transactions and even some banks and eWallets have started to limit what you can spend in an online casino.
Safety and Transaction Speed
Monero allows you to make transactions freely, which is not the case for fiat casinos. These transactions are also very safe because of the blockchain technology used. There are no bank details required to deposit or withdraw, so no hacker can try and access your financial details and empty your account.
Because there are no banks and third parties involved, the only delay you will find is just the speed of verifying your transaction, which takes minutes at the most. With fiat casinos, it can take days to get your money. With Monero casinos it takes just minutes.
Banks and financial institutions are not always tolerant of online gambling. Even though it is very common, there is still a certain stigma attached to gambling – and if a financial institution has information about regular casino activity, this can negatively affect your life. If you try for a loan or mortgage and have the odd bet at a casino, this could seriously hinder your chances.
If you bet with Monero, then you won’t need to worry about this, because it is decentralised. With no governing body, you can deposit and withdraw XMR as and when you wish, without having to declare it to any creditors. This means more control over your money, which is one of the main reasons crypto was created.
Fast Payouts and Greater Limits
The payouts at fiat casinos are usually pretty slow because of the banking system’s red tape. However, because there are fewer regulations with XMR, this isn’t a problem, thus we have superior withdrawal speeds.
Another issue often found at traditional casinos is low withdrawal limits. If you do want to withdraw large sums, there will be all sorts of ID required – and if you win too much, they might even freeze your account completely.
Generally, Monero casinos allow you to withdraw much larger sums of money without the hassle that accompanies such a request. Some have no withdrawal limits at all.
Monero Gambling Sites Reviews
Although the anonymity and freedom of Monero are beneficial to you, they can be beneficial for unsavoury people and businesses as well. As such, it can attract less desirable customers who create scam casino sites – which take your money and run. Once your Monero deposit has been made, it cannot be reversed, so it is essential that you only gamble on a safe and trusted site.
That is why we review all of the Monero casinos we recommend thoroughly, from start to finish. We make sure that it is licensed and certified by respected bodies. We also look to see what reviews and reputation it already has in the industry.
In terms of testing it out, we go through the experience from start to finish. We make sure that registration, depositing and claiming the bonus are easy and seamless. We then check the site for user experience, look through the games, check out customer support and withdrawals, leaving no stone unturned.
However, how to gamble with Monero successfully is more than just finding the right site. Here are other factors to consider:
- Look at our Monero gambling sites reviews. Look at the games and bonuses and see which one you prefer.
- You need to choose the right Monero wallet. Compare the different types and decide which one suits your needs.
- Make sure you choose a good exchange with fair fees and get the best XMR rate
A Short Guide to Crypto Gambling
The next part of our XMR gambling guide will look at how you get started:
See Our List of Monero Gambling Sites
Your first step is to look through our list of Monero gambling sites. All of these have been tested from start to finish to ensure an excellent user experience. They are also licensed and certified so that you can rest assured you won’t be depositing your XMR into a scam site.
Choose and Buy Cryptocurrency
You will need to buy Monero before you can start gambling with it. This isn’t difficult, but you need to look through the best crypto exchanges and compare which ones offer the best Monero rates. Also, be sure that you check out the market so that you can time your purchase at a time to get the best rate.
Set Up Your Monero Wallet
There are different types of Monero wallets – online and offline, all have their advantages and disadvantages. Before you choose what wallet (or wallets) you want, compare each one and make sure that it covers your needs.
When you have a wallet, you can transfer the XMR from the exchange into your wallet – and deposit it into your casino account.
Deposit Monero to the Gambling Site
How to gamble with Monero starts right now – when you make your first deposit at the casino…
- Log into your XMR account, open the banking section and click ‘deposit’.
- Select XMR as your deposit method
- Make a careful note of the casino’s Monero Personal Wallet Number.
- Open your own wallet, enter the amount you want to deposit and the casino’s waller number
- Click confirm.
Your deposit should be ready within a couple of minutes.
The withdrawal process is just as quick:
- Log into your XMR casino account and choose withdrawals
- Select Monero as your preferred withdrawal method
- Enter your Personal Wallet Number and your withdrawal amount
- Confirm the withdrawal
This should also take just a moment or two.
How to Find the Best Monero Gambling Site?
Is Monero gambling legal for you? Remember, the legislation around crypto gambling is different in different countries, so you need to know – can you gamble with Monero in your country?
Once you have the answer, you can then either play at one of the sites on our XMR gambling guide or choose your own. If you opt to try out your own, then here are things to look out for.
Does the Crypto Gambling Site Support Your Country?
Just because Monero gambling is legal in your country, it doesn’t mean all sites are. You need to make sure that your chosen site supports players from your country. If so, you will be able to access help easier and have more protection.
Monero Gambling Site Trustworthiness
It is essential you look at the certifications and licences of your chosen XMR casino to make sure that it is regulated and deemed to be fair and honest. We would also suggest looking online for other user experiences to see what you might expect.
Support Team (Native Language?)
You can often tell the quality of a casino by its customer support team. You will need to make sure that not only is it easily available, but also that it offers assistance in your native language.
Ideally, it will be available around the clock via mediums such as email, phone, live chat and social media platforms like Facebook and Twitter. Look to see if there is information on response times as well.
Transactions and Fees
One of the main benefits of Monero gambling is the speed and lack of fees – and this should be the case with the casino. Check out its terms and conditions to see what its withdrawal times are like and whether it applies fees to transactions. If it does, give it a swerve.
Offers, Promotions, Bonuses
If you like value for money, then you should look for a Monero casino that offers a good selection of Monero bonuses for new and existing players. However, also look to see that the terms attached are fair and the wagering requirements are reasonable.
Often, the sign of a great casino is a good and fair bonus.
Also, check out the game catalogue, look for good games from the best providers and ensure that they are certified as provably fair. There should be a good mix of slots, table games, blockchain-based games and more.
Should You Consider Gambling Online Using Monero
To summarise, here are the main pros and cons of playing at a Monero casino
Deposits and withdrawals are around 5-times faster than BTC
It is completely anonymous, meaning banks can’t see your transactions
More secure than traditional casinos
The value looks likely to rise in the long-term
Still not as widely available as fiat and other cryptocurrencies
Subject to fluctuations and drops in a bear market
Monero Gambling Sites FAQs
Are Monero Gambling Websites Legal?
You will need to check your local laws and regulations to see whether Monero gambling is legal where you live. If it is, make sure you are old enough to gamble and that you are gambling at a casino that has been licensed and regulated in your region.
Can I Gamble Completely Anonymously with Monero?
Yes. One of the biggest benefits of gambling with cryptos and altcoins such as Monero is the anonymity it provides. As such, your gambling transactions cannot be traced by governing bodies or financial institutions. This means that your credit cannot be negatively affected by spending time and money in an online casino.
How Long Do Monero Withdrawals Take?
Monero withdrawals happen in moments- not longer than two minutes. Not only are they a lot quicker than fiat currency withdrawals (which can take days), but they are also 5-times faster than Bitcoin casino withdrawals.
What Cryptos Should I Consider for Online Gambling?
As well as Monero, there are numerous other cryptocurrencies and altcoins that are great for online gambling. Options to consider include Bitcoin, Ethereum, Litecoin, Cardano, Ripple, Dogecoin, Dash and more. All offer faster and cheaper transactions than traditional fiat online casinos.