Before the dawn of cryptocurrency casinos, players worldwide would have to spend days waiting for their withdrawals to be processed. In fact, this continues to be the case with most of the market’s fiat-only gambling platforms, due to the inherent reliance on third-party payment processors.
Reducing payment friction through crypto gambling
On the other hand, crypto casinos reduce payment frictions, thereby facilitating quicker deposits and withdrawals. Due to the implementation of automated smart contracts that execute payouts when prompted, digital currency casinos can process withdrawals instantly. This is also aided through the means of blockchain technology, as payments are normally settled on a peer-to-peer basis without requiring help from third parties. It’s worth pointing out that not many crypto casinos rely on smart contracts and blockchain technology as part of their operations, but some are actively trying to popularize this use case.
Based on these aspects, many of today’s cryptocurrency casinos advertise instant withdrawals, but is this always the case? Not exactly. Despite advertising instant payments, some casinos may have time-consuming procedures or may fail to utilize automated payment settlement services, causing delays.
Withdrawal times classification
Before we get down to the list of Bitcoin casinos, it is important to clarify what does the term "instant" implies:
- Generally, any withdrawal that’s processed within a timeframe of 10 minutes can be classed as instant
- Casinos that handle withdrawals in 10 to 30 minutes are nearly instant
- Processing that does not exceed one hour can be classed as fast
As such, wait times above the one-hour threshold should never be advertised as instantaneous.
Readers must bear in mind that this classification refers solely to payment processing on the casino’s backend and the payment terminal. Blockchain confirmation times are bound to further delay payments, but casinos have no control over block creation times. To reduce blockchain confirmation times, consider wagering via highly-scalable cryptos, unlike Bitcoin.
So here is the list of reputable Bitcoin casinos sorted by withdrawal speed:
- 15 custom provably fair games
- hundreds of games from licensed providers added in the recent update
- 100+ coins accepted
- betting on sports
- loyalty program (cash bonuses for every regular player)
- perfect mobile version
Stake
Instant
- huge amount of games from top providers
- 9 coins accepted and usual currency
- one of the most innovative crypto-casinos
TrueFlip
Instant
- Bitcoin, Ethereum, Litecoin and TRON
- about 2000 of games from licensed providers
- perfect mobile version
- first licensed Bitcoin casino
- "tournaments" feature was added
Bitcasino
Instant
- 6 cryptos and 6 usual currencies
- thousands of games from licensed providers
- active players chat
- live dealer games
mBit
Instant
- multiple coins
- one of the first in the industry
- no registration required
BitcoinGames
Instant
- mutual betting on sports (player vs player)
- several custom casino games
- awesome mobile version
- betting on special events (Oscar, elections, etc.)
OneHash
Nearly instant
- hundreds of games from licensed providers
- 5 cryptos and usual currency
- top casino 2017/2018 AskGamblers awards
BitStarz
Nearly instant
- 6 cryptos and fiat accepted
- hundreds of games from licensed providers
- established in 2013
BetChain
Nearly instant
- 5 cryptocurrencies
- nice VIP-program
- awesome mobile version
- many games with jackpot
7Bit
Fast enough
- Bitcoin, Ethereum and Bitcoin Cash
- sportsbook
- founded in 2013
- hundreds of casino games from licensed providers
CloudBet
Fast enough
- Bitcoin only
- sportsbetting oriented
- several custom casino games
- best Bitcoin poker in the industry
Nitrogen
Fast enough
- 40 coins accepted
- 8 custom provably fair games
- works since 2014
- micro-bets and faucet
CryptoGames
Fast enough
- 6 cryptos accepted
- great promos and events
- live dealer games
- hunderds of casino games from licensed providers
CryptoWild
Fast enough
- 9 cryptocurrencies
- hundreds of games from licensed providers
- betting on sports
- live dealer games
FortuneJack
Fast enoughFactors that affect cashout processing times
Withdrawal amounts
Most casinos keep a significant percentage of their bankroll in cold storage. In doing so, they reduce cyber-attack risks that can lead to bankruptcy. Because of this, large withdrawals generally entail manual approval from an administrator. Hot wallets normally hold a limited portion of the bankroll, just enough to fund day-to-day operations and standard withdrawals. Cryptocurrency exchanges employ similar storage strategies to aid fund security.
Identity verification
Contrary to popular belief, cryptocurrency casinos must also comply with regulatory frameworks. With this being said, numerous licensing jurisdictions require casinos to carry out know-your-customer (KYC) procedures in the case of large withdrawals to prevent illegal financing, money laundering, and other criminal offenses. KYC procedures are normally prompted when withdrawing the equivalent of a few thousand USD, depending on the regulatory policies the casino abides by.
Preventing bonus abuse by new players
Welcome bonuses are designed to attract new users through lucrative rewards. However, they normally appeal to two categories - genuine users and bonus abusers. The latter are well-known for employing a series of shady tactics to extract bonuses without being interested in the casino itself. To counteract such exploits, casinos have introduced minimum wagering requirements. Security departments are also known for verifying the gambling activity of new users, prior to permitting withdrawals. Whitelisting normally happens behind the scenes, so it’s seldomly visible to players.
Exceeding the casino’s coin reserves
Casinos can virtually support any and all digital currencies. While most limit their support to a couple of coins and tokens, a gambling platform can easily run out of a specific coin. For instance, assume that a user deposited 200 TRX, yet managed to win 50,000 TRX. If this coin is scarcely used, the casino may not have sufficient TRX-based reserves to process the withdrawal. Consequently, the platform will have to manually exchange tokens to fulfil the withdrawal request, thereby causing delays.
Lack of automated payment processing
Some casinos lack the technical resources required to facilitate instant withdrawals. In such cases, albeit rare, an administrator manually processes all withdrawal requests.
Bottom line
To wrap things up, instant deposits and withdrawals build dynamic gambling experiences that are well-appreciated by users worldwide. Crypto casino enthusiasts should rest assured, as withdrawal delays may occur, especially in the presence of the factors highlighted above. A delay does not necessarily imply that players are being scammed. Nonetheless, if a casino proves unresponsive and fails to process withdrawals for a prolonged time frame, it’s best to escalate things further.
