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The Rise of Cryptocurrency at South African Online Casinos 2023

Written by

Katlego Modise
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The African continent has perhaps surprisingly demonstrated its more than readiness to embrace cryptocurrencies and according to recent reports, has one of the world’s highest adoption rates. Between July 2020 and July 2021, African countries showed a 1,200% increase in the value of crypto transactions, receiving nearly $105.6 billion worth of digital money.

Cryptocurrencies, of which the most common is Bitcoin, exist only in digital spaces. Although wild fluctuations in value have discouraged many people from buying into them, they are considered to be safe and secure, with all information and records of transactions stored on the blockchain, making it a good choice for gamers. 

In the online gambling context, crypto has also seen a massive uptake, with the global value of online gambling using crypto set to reach $90 billion by 2024.

Woman holding bitcoin

What Are Crypto Casinos And How Do They Work?

There are a number of crypto-only online casinos whilst others accept crypto alongside regular currencies. There is no real advantage to either model, the choice being entirely yours. Crypto casinos in South Africa generally offer the same range of gaming options as traditional online casinos, and they operate in exactly the same way. As long as you have a crypto wallet, you can deposit into your chosen casino account and proceed to play. 

Higher RTP Rates

In the online gambling world, removing banking entities from the equation makes the use of cryptocurrency attractive for both casinos and gamblers alike. Crypto casinos are often more profitable than traditional gaming sites due to there being fewer financial regulations in the crypto sector. Without the necessity for bank card authorizations, and with lower transaction fees, these casinos are able to offer higher RTP rates and to offer more bonuses.

In addition, the popularity of crypto casinos lies in the guarantee of player anonymity. Trading on the blockchain eliminates paper trails, bank or credit card statements as no personal information is linked to crypto transactions. 

The use of blockchain technology, for the casinos, means that games and sites are almost impossible to hack, providing additional security for both casinos and gamers.

Are Crypto Casinos Legit?

The legality of both crypto and online gambling in South Africa resides in a grey area of unregulated activity, meaning crypto gaming is neither officially allowed nor prohibited. Whilst the SA Reserve Bank allows for the trade in crypto assets, there has been no specific legislation passed in respect of buying and selling.

This effectively means that crypto casinos are unregulated, although some well-respected gambling jurisdictions are issuing licences to gambling operations that accept Bitcoin and other crypto currencies, and so it is important to choose one of these licenced casinos if you are looking to place your bets in crypto.

Best Bitcoin Casinos for South Africans

How Do Crypto Casinos Make Money?

Crypto casinos’ business model is exactly the same as that of traditional online casinos. They make money by taking a percentage of customers’ winnings, deducting their share before paying out. They take a share of the total pot in collective games, for example in poker (anything between 2-10%). 

Still, when the player is ‘against the house’ for example, playing slots, casinos run software on blockchain systems that is designed to calculate the house’s percentage of players’ stakes. The proliferation of new crypto casinos would suggest that it is equally, if not more, profitable operating in the digital currency environment than in traditional currencies.

How Do I Withdraw Money From A Crypto Casino Account?

In the same way players use their crypto wallet to deposit money into a casino account, the reverse process allows for easy withdrawal. Both transactions are often quicker than through traditional financial routes. 

It is worth noting that some crypto casinos have lower deposit and withdrawal limits than other online casinos, so players need to be aware of this in the event that they score a big win!  

Top Crypto Casinos In South Africa

Before playing on any online casino, it’s worth doing research to check for the most reliable and reputable sites. Recommendations from other players who have used a specific site and have reviewed their experience can be extremely helpful. When choosing a crypto casino, it’s important that it’s licenced in a recognized jurisdiction and is regulated. Many crypto https://www.playcasino.co.za/monthly-casino-promotions on sign up and have higher than usual RTP rates, so it’s also worth shopping around for the best deals. 

Some of the top sites amongst South African players include Betplay.io, Bitstarz, Cloudbet, Fortune Jack and mBit, but there are others worth looking at.

Above all, in a new and rapidly growing sector, players should be sure they are playing on safe and secure sites, and that they take every precaution to protect themselves and their money, whatever form it may take.

Katlego Modise

Katlego ModiseVerified

Sportsbook Content Manager & iGaming Industry Reporter

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Katlego Modise is a South African sports enthusiast turned sports betting writer. With years of experience analyzing teams, studying trends, and placing strategic wagers on sports like soccer, cricket, and rugby, he's earned a trusted reputation in the industry. He’s no stranger to the world of online casinos either, adding roulette devotee and online poker aficionado to his repertoire. When not writing or betting, Katlego enjoys traveling and volunteering to mentor young athletes at a local sports academy.

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