If you’ve considered cryptocurrency as an option in gambling, then you must have come across monero gambling.
Though Monero (XMR) is little known as a cryptocurrency compared to Bitcoin, Litecoin or Dogecoin, it is very popular among gamblers, and it is all thanks to one reason, privacy.
Monero Casinos offer many benefits for gamblers. Even though there are not so many casinos that support Monero as those that support BTC, the former offers superior transaction security and privacy than any digital currency.
Monero is a standout private cryptocurrency launched in April 2014. It is based on proof of work (PoW) algorithm with CryptoNote protocol, using multiple cryptographic tools to achieve ingrained anonymity. It does this using three components, namely;
Monero is easily accessible. You can buy them at a cryptocurrency exchange, or you can trade your BTC for them. Unlike Bitcoin, the currency is fungible, meaning its units are essentially interchangeable.
Every Bitcoin transaction is recorded on the blockchain, which is an open public ledger. The transaction details, including the pseudonym addresses, are open for viewing, so the participant can be traced.
Monero addresses this flaw. Its transactions are private, secure and untraceable. Miners only get the information sufficient enough for them to confirm a transaction.
There are different ways you can buy Monero online. But first, you need to get a Monero wallet to hold them.
Here is a summary of how to buy the currency:
Alternatively, you can first buy Fiat currency like USD, Euros, or sterling pound, or other common cryptos like BTC, LTC, and ETH, and exchange them for Monero. For Bitcoin, it is easier as you can use your credit card even on the BTC ATMs.
Monero’s native features make it different from the other cryptos. While it is difficult to compare it against every other currency that exists, we can compare it to BTC. After all, it is BTC’s protocol that has produced the other major currencies we know today.
Compared to Bitcoin, Monero is very economical with information. The miners get only the details they need to validate transactions.
Monero focuses on fixing the flaws of Bitcoin, with its priority on privacy and safety. It is slowly gaining ground as the staple crypto for casinos because its transactions are private and untraceable. Nobody can know your gambling activities, how much you’ve lost or won.
Fast, cheap and private in every gambler's wish list of an ideal payment system. Most cryptocurrencies have tried to deliver this but so far it is only Monero that has achieved true anonymity.
You stand to enjoy the following benefits if you gamble with Monero;
Both online gambling and digital currencies are disrupters. The emergence of digital currencies has saved the online gambling industry that has had a challenging relationship with payment networks. The legality of online casino remains a grey area in many countries. Many countries have no restrictions on internet gambling but restrict payment processors association with them. But digital currencies are independent of any central governance.
The non-traceability of Monero, though, has made it a haven for illicit trade and the main currency for the dark web. While no law bans it, using the currency requires a little caution.
While both BTC and XMR are both open-sources that operate on the blockchain concept, the latter is privacy-oriented.
Monero intentionally reconfigures the public ledgers of participants' activities to be opaque, making transaction details anonymous by disguising the addresses used by participants. It does this using the concepts of ring signatures, RTC and stealth addresses. These three concepts effectively conceal the identity of the sender, recipient and the amount involved in every transaction.
Being a cryptocurrency, Monero allows fast, inexpensive payments to and from anywhere across the world. The transactions are just done in a few minutes, no check clearing nor multi-day holding periods, as it is the case with wire transfers.
Gone are the days you would wait for your money to reflect in your betting account or wait for your winnings to hit your bank account.
The Monero network is based on an egalitarian concept, all people are equal and deserve equal opportunities. So all withdrawals, regardless of how large the amount is, takes just a few minutes.
With Monero, just like any other digital currency, there are no huge fees or the risk of fraudulent chargebacks. Transactions charges are negligible that you hardly notice.
Though the number of casinos offering XMR as a payment option is not as many as those offering BTC, ETH, and LTC, there is still quite a good number. As the currency continues to gain popularity, many gambling operators will join. As always, only reputable casinos that have a good history are worth your time. Such casinos include:
MoneroDice: Operated by a Monero core team member, the site is the first Monera casino. It set the standards that are now being emulated by the other players. It is safe and provides provably-fair games.
SatoshiDICE: This is one of the pioneers of crypto gambling, hitting the road with Bitcoin gambling games as early as 2012.
FortuneJack: If it is not offered at FortuneJack, then definitely the crypto is not worth your trouble. The casino is renowned for offering the best there's in the world of crypto gambling. From top-notch provably fair games to innovative payment solutions. Find your space in the casino and start gambling with Monero.
Crypto-Games: From Blackjack to video poker, Crypto-Games allows you to wager with Monero on your favourite casino games. As always with blockchain support platforms, the games are provably fair, so you can always check the randomness of every result.
LuckGames: Did you know you could gamble at a casino without ever registering? Yes, at LuckGames you can wager on games and get instantly paid at your XMR wallet without ever creating an account.
Safedice: With a low 0.5% house edge, Safedice would be a good place to start your Monero gambling foray. Enjoy instant provably fair games, auto betting, and auto bets.
1xBit: If you love sports betting, then 1XBit ensures that you are not locked out of Monero gambling. It offers a wide variety of sports & esports! You also get to enjoy XMR bonuses.
Betcoin Sports: Stands out as the best live betting solution offering Monero with over 200 markets on each event. It offers all types of games including football (soccer), Tennis, American Football, Baseball Basketball, Hockey and many more.
Depositing money in a Monero Casino Account is simple. Here is how it is done:
Once done, it will only take a few minutes to reflect on your account balance and you’re ready to rumble!
Trusted crypto casinos that support Monero deposits like FortuneJack provide provably fair games. Truly, it is this feature that has made digital currencies a favourite of many gamblers.
With Provably Fair games, the result and the game information is provided for both parties to check the game’s accuracy. What’s more, you can also check for the timestamps to ensure sure the game took place at the actual time and all the essential parameters defining the result were met.
Four components of the game namely the seeds, signatures, the hash (encrypted data) and outcome are essential in carrying out this exercise.
You can check the game’s fairness using the casino’s website or copy this information and check it with third-party providers.
If the hash corresponds with the outcome, then the result would be obtained proving that the game data is legit as it wasn’t manipulated by anyone
Many popular online casino games like baccarat, slots, bingo, and keno are also provided by monera casinos. All the casino games are available online are also available on Monero casinos. The only difference is the currency with which you wager.
Some of the common Monera casino games include:
Monero Dice is the most popular game. You want to choose the best casino that gives you a good house edge. There are casinos which offer a house edge of less than 1%.
Blackjack is by most popular casino game. Monera casino allows you to play the skill game with an instant payout option.
Monero Roulette: Roulette is among the most demanded games in the casino because of the thrill and fascination that it brings. Spin the wheel and win Monero in provably fair roulette with many betting options.
Video Poker: Just like other online casinos, Monera-supporting casinos provide video poker where you can enjoy a variety of variations and enjoy crazy bonuses.
The best, and perhaps, the best way to gamble with Monero is on-chain.
On-chain gambling doesn’t require you to set up an account with your casino. So you don’t need the casino to hold your money. You only send the wager amount and the wins are directly sent to your wallet.
The casinos care about their players just as they care for themselves, so finding a site with complete anonymity might be a challenge. However, the best legitimate site, which we highly recommend, particularly those that exclusively target cryptocurrency players, value the privacy of their users. They, therefore, strike a delicate balance between satisfying their customers and abiding by the law.
Other than legality and customer security and privacy, the following factors also play a key role in ranking monero casinos:
The game package: A fantastic package of games in different variations keep customers coming back for more.
Provably fair games: The ability to check the result guarantees transparency and accountability, which increase trust.
Quick Payouts: Players want their winnings as soon as they have won them. A faster payout increases the ranking of a casino.
Other factors such as bonus, progressive jackpots, giveaways, and other promotions, also greatly impact on the rankings.
Cryptos are not only an investment tool or decentralized payment solutions, but they also provide a secure and fun platform to gamble. But Monero delivers the blockchain’s promise of complete anonymity. As you enjoy your Monero gambling the unwritten rule of gambling, never spend more than you can afford, will always apply. If you play smart, you will be thrilling, it'll be a lot of fun and you guarantee your chances of winning.