Home Insights & Advice Why many people prefer to stay anonymous while betting

Why many people prefer to stay anonymous while betting

by John Saunders
8th Sep 21 3:56 pm

There has been a significant rise in the use of cryptocurrencies for anonymous sports betting and anonymous casino betting. The first cryptocurrency was Bitcoin which started in 2009. In recent years, it has been possible to make online purchases using Bitcoin and other cryptocurrencies and it was inevitable that the online gaming industry would latch on to this.

Many gamblers prefer anonymity

When players register with a sports betting website or an online casino, they are usually asked to provide many personal details. This makes a lot of players nervous. They have heard of data breaches occurring where a lot of personal information is stolen.

In addition to this, there are a lot of players that just don’t want to leave a digital footprint every time that they gamble. They prefer to play at an online casino without verification that accepts cryptocurrency for deposits.

The problem with all of this is that it is an obligation for online sports books and casinos to comply with the “know your customer” (KYC) regulations. Some sites are taking a risk when they do not follow these rules.

What exactly is an anonymous casino?

There is a big clue in the title here. You will not be asked to enter any of your personal details to register with this kind of casino. Not only that, but if they accept cryptocurrencies for deposits and withdrawals then all of your transactions will be anonymous as well.

Real anonymity can only happen with the use of cryptocurrency. This cannot be the case if you want to use regular fiat currency such as US Dollars, Euros or GB Pounds for your betting transactions. When fiat currency is used, you have to provide your personal information. Money laundering can be a big problem with gambling sites.

What you need to look out for with anonymous gambling sites

If you see an anonymous sports betting site or casino then you need to be sure that they have a valid operating license. Unfortunately, there are a lot of online casinos that are operating without a license for example. They have the same look and feel as a licensed casino and will usually have similar casino games.

When a casino has a license, they must respond to any disputes that you may have with them. If they don’t respond, you are within your rights to report them to the licensing authority. An unlicensed casino has no higher authority to report to so they can basically do whatever they want. There have been reports of unlicensed casinos not paying out winnings for example.

It is essential that you find out if the anonymous site will process withdrawals in cryptocurrency. Some will only allow you to do this using fiat currency which means that you will have to provide sensitive details to enable this.

How do you bet with cryptocurrency?

If you do not hold any cryptocurrency then you will need to obtain some. There are exchanges online that will convert standard fiat currencies into cryptocurrencies. As an alternative, there are a number of ATMs in operation today that will make the exchange for you.

In order to hold any cryptocurrency, you will need a crypto wallet. Online crypto wallets are usually available for free from the exchanges where you converted your fiat currency to crypto. A safer form of crypto wallet is one that works without the need for an Internet connection. You can purchase these in the form of USB memory sticks.

How do you make a Crypto deposit at anonymous sites?

The first thing that you need to decide is how much you want to deposit. If you hold this amount in a crypto wallet then you can navigate to the cashier page of an anonymous site that accepts cryptocurrencies and make a deposit.

To make it easy for players and the anonymous sites, they will often convert your crypto deposit into recognisable fiat currency. You can then place your bets in Euros or dollars or whatever your preference is.

 

Please play responsibly. For more information and advice visit www.begambleaware.org

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