How to Avoid Scams in Crypto Gambling: Red Flags and Safe Practices

Crypto gambling has become the most popular form of online casino. The benefits that the crypto casino offers have made it a more attractive option than traditional online gambling. These benefits have attracted millions of daily users who wager billions of worth of cryptocurrencies every day. 

That said, the players are not the only ones drawn to this platform. Yes, scammers and cheaters disguised as crypto casinos are drawn to this multi-billion-dollar industry, trying to take advantage of players and users when they are not careful.

As a result, it is more important than ever for players to understand and avoid scams in crypto gambling. Keeping that in mind, we have prepared this blog to help you learn about the red flags and safe practices so you can enjoy the best gambling experience.

Understanding Crypto Gambling Scams

There are thousands of crypto casino platforms that solely operate to exploit players. They scam cryptocurrency players or collect personal information for various purposes. That said, the ways these platforms cheat you out of your money are getting more creative. Here are some of the most common crypto gambling scams that you should be careful of. 

• Fake Casinos: Scammers often create entire websites designed to resemble legitimate casinos. However, once you deposit your cryptocurrency to play, it will disappear. That said, they may also let you play, and if you lose, they will accept more deposits; however, once you win any game, you will likely not hear from them again. 
• Rigged Games: Another common way of scamming is rigged games. Although these games seem fair, they might be programmed to make you lose. Likewise, be cautious of platforms that initially let you win to establish a rapport, only to end up losing more while chasing a win. 
• Withdrawal Scams: These scams occur when casinos accept deposits but deny or delay withdrawals indefinitely. This can happen with any unregistered platforms. 
• Phishing & Fake Apps: There are sites or apps that appear to be authentic casino games. However, these platforms are fake mobile apps or websites that steal your login or wallet details. It usually occurs when you use unreliable links. 
• Ponzi Gambling Platforms: Ponzi gambling platforms are sites that offer you an investment opportunity in casino profits that turn out to be pyramid schemes. You may earn initially, but lose in the long run.

How to Avoid Crypto Gambling Scams

Crypto gambling offers a great opportunity to earn while playing games. However, with the introduction of improved features, integrations, and innovations, there is a significant risk that scammers will exploit unsuspecting users. You need to be very careful with these platforms to protect your assets, and here are some of the most effective ways to do so.

Research the Platform

The first and most effective way you can avoid scammers in crypto gambling is by doing thorough research about the platform. Before making any deposits, always check for reviews of the site or app on reputable sources, such as Reddit or other forums. You can also check for licensing and regulation information on the site, as well as details about the casino platform.  You should also verify the legitimacy of the platform by looking for HTTPS encryption (indicated by the padlock icon in your browser) and carefully checking the domain. Sometimes, you might conduct research on a platform and end up on a fake site or app that has the same name and interface. Be aware that scammers can create similar platforms using fake or slightly misspelled URLs. For instance, platforms like BC.GAME, BitStarz, Stake, Wild.io, Spirit Casino and BetFury have proper licenses and regulations.

Be Wary of Unrealistic Bonuses

One of the most common ways players fall victim to scams is by being lured into huge bonuses or guaranteed wins. Never trust any platform just because it promises big wins without any backing. You must understand that if the offer seems too good to be true, it probably is. 

Avoid playing with such platforms. After all, everyone is trying to make money, and why would anyone give away free money? Legitimate casinos offer rewards and bonuses too; however, they are realistic, and more importantly, they are real. That said, these rewards also come with wager requirements, which are achievable but challenging to some extent.

Read More: Claiming Casino Bonuses: Mistakes That Could Cost You Money

Don’t Share Sensitive Information

If any crypto casino platform asks you for personal and sensitive information, it might be a wise idea to walk away from these casinos. For instance, never share information such as your crypto wallet's private keys, passwords, one-time passwords (OTPs), or two-factor authentication codes. Authentic platforms will never ask for your private keys.

Beware of Unsolicited Contact

When playing crypto casino games, it is always a better idea to choose a platform through research rather than relying on referrals from unknown connections. For instance, you might get invitations via email, social media, or messaging apps to join a casino. Be very cautious about these so-called representatives, as these invitations are often phishing attempts designed to obtain your personal information and sometimes prompt you to make a deposit for games.

Don’t Fall for Pressure Tactics

If the crypto casino or the representatives are pressuring you to make a deposit, it is usually a scam. For instance, they may urge you to make the deposit for the welcome bonus or rewards by stating that the offer is going to end or that there are limited seats available to claim these rewards. Walk away from these sites and protect your assets.

Don’t Pay for Recovery Services

If you have become a victim of a scam, do not pay more money to anyone who claims to be a recovery service, as they are eyeing to scam you twice. They will charge some advance fees for the recovery. It is impossible to recover your funds, which means these “recovery scams” are trying to get you a second time. Oftentimes, these recovery services are tied to the fake casino.

Use Reputable Wallets and Exchanges

Even if you play and win rewards and winnings from a legitimate crypto casino, you will still have chances of losing your assets to new or unverified wallets. These wallets are often featured on ads, banners, and unreliable websites. Only use well-established crypto wallets and exchanges to manage your funds.  You can choose a wallet type based on your gaming needs and risk tolerance. For instance, your gaming needs may determine whether you should opt for a cold wallet or a hot wallet. 

Read More: How to Spot a Rigged Casino – Red Flags to Watch Out For

Enable Multi-Factor Authentication (MFA)

Implementing multifactor authentication or engaging with platforms with MFA integration is one of the simplest ways to avoid scams in a crypto casino. However, this feature is often overlooked until it is too late.  This feature adds an extra layer of security to your gaming accounts. This means your game and funds are safer than without any security feature integration. Most platforms already have two-factor or multifactor authentication. However, if your platform does not have these features, consider implementing these safety protocols on your own. 

Be Aware of the Risks of Peer-to-Peer (P2P) Trading

Sometimes, the scammers can be someone you assume to be another player or a crypto user. Therefore, if you are engaging in or planning to trade crypto directly with others via platforms like Telegram or peer-to-peer (P2P) trading platforms, you must exercise extreme caution. The sites are known to be hotspots for scammers. 

It is advisable not to deal with a random individual; however, if you have no other option, take a moment to verify their trade history, ratings, and reviews. Be cautious of scammers who often pose as legitimate traders to steal funds.

Be Cautious of Online Dating and Crypto

As funny and unrealistic as it might sound, crypto gambling scams are happening via online dating. Online dating, crypto casinos, and gambling; these terms may not seem like they fit together, but romance scams involving crypto are on the rise. So, if someone you meet on a dating site or app tries to convince you to invest in a crypto gambling opportunity, it’s almost certainly a scam. Block them and stay safe.

Read More: Are Risk-Free Bets Truly Risk-Free? A Complete Analysis

Conclusion 

In conclusion, there has been a rise in fraud and scams in crypto gambling casinos. Although there are many benefits of this platform as compared to the traditional system, the risk associated with cheating and fraudulent activities is limiting players from enjoying the best online gambling experience. 

That said, you do not have to worry about these issues much. If you are careful enough, you can avoid most of these issues without even noticing. If you understand the red flags and safe practices, you can enjoy the games and potentially win big.

However, if you do not want to do any research and just enjoy the casino, we’ve got you covered. You can visit CasinoMeerkat and play on any platform listed on the site. To add a cherry on top, you will get some of the best welcome bonuses and other rewards for playing at CasinoMeerkat.