Crypto Slots Sites: Are they legit?

When choosing a slot site to join, it is always safest to side with sites that are fully licensed and regulated by a professional body that is in charge of all forms of gambling – try playing Jungle Jim El Dorado slot. In the UK it is the UK Gambling Commission that sets the standards that all casinos must meet if they want to legally operate online or in the country in general. It is no easy feat to get a UK gambling license and casinos must meet certain criteria that also help to keep customers safe.

This means that if potential punters join a slot site that has the blessing of the UK Gambling Commission to operate in the UK, then they can relax in the knowledge that certain perks come with licensed and regulated casinos.

For example, all casinos operating in the UK legally have to keep player funds separate from casino operating funds. This means that if the casino goes bust, customer funds remain intact and untouched. The opposite applies to unlicensed venues because if they go out of business, customer cash usually disappears with the casino.

Cryptocurrencies Explained

Cryptocurrencies have been making mainstream news headlines for some years. Cryptocurrencies can be used to pay for services or purchase goods like standard cash. The currency is invisible and only leaves behind a digital footprint after every transaction. Blockchains, which are computer software that is used by a network of computers, are used to log each transaction. Since there is no physical form to this currency, it cannot be lost or stolen, and no bank accounts are needed to hold these currencies. Bitcoins are the most famous of all the 2200 different Cryptocurrencies that are traded publicly.

Gambling and Cryptocurrencies

The success of the gambling industry has mostly been down to the fact that it embraces new technology quickly and always has one eye on possible future developments, this is how it stays ahead in the business world. The surge in the use of Cryptocurrencies globally has not gone unnoticed by the gambling industry. Bitcoin has made a major comeback after a slump in recent years, in 2020 alone, its value grew 229%.

Bitcoin is now a recognized payment method in over 200 casinos worldwide and these casinos are licensed and regulated by the relevant authority in each territory. The payments are peer to peer, which means there is no middleman such as a bank, to deal with. In the UK there are very few slot sites that accept Cryptocurrencies and even fewer that deal exclusively with these currencies. However, the few that do accept Cryptocurrencies are famous betting brands which mean that they are fully licensed and regulated and legitimate operations.

Final Thoughts

There are still some Crypto slot sites around the world that are not fully licensed and regulated by a recognized regulatory body and this can mean that customers put themselves at risk by playing at these establishments. However, this could soon become a thing of the past as licensed and regulated casinos embrace Cryptocurrencies making unlicensed Crypto slot sites redundant.