You already know all about gambling online with your favorite cryptocurrency, but what if you could take it a step further and play with digital assets specifically created for online casino platforms?
In this article, we’ll take you through the realm of crypto gambling tokens – what they are, why they’re turning heads, and why some players are rolling the dice on this innovative intersection of finance, entertainment, and blockchain.
Crypto Gambling Tokens: Explained
Crypto gambling tokens are blockchain-based digital assets created for use at online gambling platforms.
These tokens leverage the transparency, security, and decentralization features of blockchain to provide a trustless and often provably fair gambling experience.
You can acquire these tokens through different means, such as purchasing them on certain cryptocurrency exchanges or earning them through in-game activities on the gambling platform itself.
We reached out to one of our top-rated crypto casinos, BetFury, to ask them about their in-house token, BFG. Here’s how they chose to define crypto casino tokens:
A crypto casino may create its own token, which players mine by playing games or completing specific tasks. These tokens can be used to place bets, receive extra bonuses, or exchange for other casino assets.
BetFury Team, Exclusive Interview
(We’re going to cover BetFury’s token in a moment).
We have the process of tokenization to thank for the existence of casino tokens. Tokenization involves transforming an asset or any valuable item into a digital token, which can be traded on a blockchain platform or utilized as a chip at an online casino.
That’s about the gist of it. Now it’s time to address why people would bother playing with these tokens at all, instead of sticking to tried-and-tested favorites like Bitcoin and Ethereum.
Why Bet with Crypto Casino Tokens?
As you can imagine, using a casino’s native token while playing there brings about a unique set of benefits:
- Reduced Transaction Costs: Gas fees are no joke! You’ll likely pay a noticeable transaction fee when using standard cryptocurrencies. However, crypto gambling tokens, designed for specific platforms, can potentially reduce transaction costs, making the overall experience more cost-effective for players.
- Speedy Transactions: Blockchain transactions are already known for being speedy. But transacting in the casino’s in-house coin may be even faster! Naturally, it depends on which blockchain these coins were built, as well.
- Innovative Features: Gambling tokens often come with unique features enabled by smart contracts. These often include automated rewards and decentralized governance. Often, holding casino coins gives you a say in the platform’s governance – you can vote on upcoming changes.
- Special Games: Sometimes, holding a native casino coin will get you VIP access to special games, tournaments, and rewards.
- Community Engagement: Many gambling crypto tokens are linked to specific communities or projects. Engaging with these tokens not only allows you to participate in casino activities but also connects you with the community, making the online gambling experience a little less lonely.
- Staking: We saved the best for last. Many crypto casinos with in-house tokens give players staking opportunities, where you can earn rewards just by holding or betting with the token in question.
And this is just the tip of the iceberg!
The Drawbacks
Despite the very compelling benefits we’ve covered so far, there are obviously a few downsides to playing primarily in casino tokens instead of more established cryptocurrencies:
Market Volatility: Some utility tokens may be more susceptible to price volatility than established cryptocurrencies like Bitcoin or Ethereum. This volatility can impact the value of the tokens and may lead to unexpected gains or losses for players.
Platform Dependency: The success and value of utility tokens may be closely tied to the success and reliability of the specific gambling platform. If the platform faces issues or struggles, it could negatively affect the value and usability of the associated utility tokens.
What’s the moral of the story? If you’re interested in crypto gambling tokens mostly for the platform-specific rewards (as opposed to investing opportunities) then these drawbacks won’t be so relevant.
If not, ‘traditional’ Bitcoin casino gambling may be your best bet.
The Best Gambling Crypto Tokens in 2024
We could take the easy route and list the most promising casino tokens by market capitalization and investment opportunities, but that’s not really our style.
While value is an important part of crypto gambling tokens’ charm, there’s also something to be said about unique platform-specific perks that playing with certain tokens guarantees.
Enough rambling – here’s our take on some of the best crypto casino tokens you can play with in 2024:
1. RLB Coin – Rollbit Casino
This coin belongs to one of our favorite blockchain casinos to date, Rollbit, and it’s arguably the most successful crypto gambling coin in 2024 (the year is still young, though)!
RLB token made the news lately for migrating from Solana to the Ethereum network. Initially, the coin was created as another reward mechanism for players, but it has by far exceeded Rollbit’s expectations.
The token started out by serving as an entry ticket for Rollbit’s on-site lottery (this is still the case today, among its other uses)!
Stats
You can buy RLB on Rollbit’s platform:
{ “@context”: “http://schema.org”, “@type”: “CollectionPage”, “mainEntity”: { “@type”: “ItemList”, “itemListElement”: [ { “@type”: “ListItem”, “item”: { “@type”: “Review”, “name”: “Rollbit Review”, “itemReviewed”: { “@type”: “Organization”, “name”: “Rollbit” }, “reviewRating”: { “@type”: “Rating”, “bestRating”: “5”, “ratingValue”: “4.2”, “worstRating”: “1” }, “author”: { “@type”: “Organization”, “name”: “Casinos Blockchain” }, “description”: “Is Rollbit a legit crypto casino? We’ll tell you everything you need to know in our experience-based Rollbit review. Games, bonuses, NFTs, sportsbook, and more… “, “keywords”: “rollbit review”, “url”: “https://casinosblockchain.io/rollbit-review/”, “dateModified”: “2024-01-15T10:06:44+00:00”, “datePublished”: “2022-08-30T10:48:58+00:00” }, “position”: “1” } ] } }
2. BFG Coin – BetFury Casino
BetFury Casino’s utility token, BFG, is popular amongst players on the platform – and for good reason! Using this currency on the platform offers unique rewards to players – primarily BFG Staking:
BFG introduces an interesting multi-currency daily drop system designed for all BFG holders. Through staking, you can receive daily payouts just by holding a balance of BFG tokens.
Stats
The coin is based on the BNB Chain, so you can buy it easily on Biswap. More conveniently, though, you can buy BFG directly on BetFury’s using another crypto.
{ “@context”: “http://schema.org”, “@type”: “CollectionPage”, “mainEntity”: { “@type”: “ItemList”, “itemListElement”: [ { “@type”: “ListItem”, “item”: { “@type”: “Review”, “name”: “BetFury Review”, “itemReviewed”: { “@type”: “Organization”, “name”: “BetFury” }, “reviewRating”: { “@type”: “Rating”, “bestRating”: “5”, “ratingValue”: “4.2”, “worstRating”: “1” }, “author”: { “@type”: “Organization”, “name”: “Casinos Blockchain” }, “description”: “Looking for a gambling Dapp with mainstream features? BetFury Casino may be your best choice. Find out why.”, “keywords”: “betfury casino”, “url”: “https://casinosblockchain.io/betfury-casino-review/”, “dateModified”: “2024-01-12T08:36:46+00:00”, “datePublished”: “2021-01-17T14:50:38+00:00” }, “position”: “1” } ] } }
3. EBET Coin – EarnBet Casino
EBET Coin belongs to one of our favorite decentralized gambling sites, EarnBet. It’s based on the Ethereum blockchain and has been in circulation since September 2023.
This coin is known for its volatility, but also for the stack of perks that come along with owning it (particularly if you’re a regular at EarnBet Casino).
Stats
Staking EBET tokens increases your Rakeback Percentage on all EarnBet games.
You can buy this coin on Uniswap, 1inch, and Matcha.
Are Crypto Gambling Tokens Legal?
They’re as legal as any other cryptocurrency out there. Naturally, whether or not you can buy and gamble with cryptos depends on the individual laws of your country or state.
There’s a lot of legal gray area when it comes to cryptocurrencies, and don’t even get us started on crypto gambling taxes again.
We wish we could give you a more definite answer, but the key takeaway is:
If cryptocurrency gambling is legal where you live, then so are crypto gambling tokens.
Final Thoughts
And that’s a wrap on our journey through the realm of crypto gambling tokens!
We’ve covered the ins and outs of three top contenders, unpacked what these tokens are all about, and weighed the pros and cons of using them instead of traditional cryptocurrencies.
In a nutshell, crypto gambling tokens bring a unique mix of excitement and innovation to the online gaming scene. Token-activated rewards are all the buzz, and that doesn’t seem like it’s going to change anytime soon.
But, let’s be real – like any gamble, using these tokens has its risks, so it’s up to you to calculate the potential reward.
