Bitcoin casinos are a world of their own. But with the recent bullish run BTC has seen, and the currency hitting north of $57,000 at the time of reporting, how is it possible for BTC casinos to offer bonuses as big as 1, 5 or even 7 BTC?
The examples for such bonuses are many and time has proven that crypto bonuses are genuine and granted to individuals to do with as they please, provided that the associated wagering requirements are met.
But why would Winz Casino giveaway 1 BTC, worth almost $60,000 at today's rate, or 1xBit extend as much as $399,000 or the equivalent of 7 BTC more or less?
It all makes sense in Bitcoin casinos
It doesn't matter if Bitcoin is worth $1,000 or $100,000. The CGN-approved gaming sites are going to stick to their guns as bonuses are a proven way to engage with players, bring new people to play, and ultimately guarantee that people are having a fun, enjoyable and slightly extended stay.
The logic goes that casinos only care for having more people play, as statistically, the house will always win. This doesn't mean that you have to lose too much for this to happen, thanks to the Random Number Generators (RNG) which puts the medium return at 97%.
In other words, on every 1 BTC you bet, you will be getting around 0.97 BTC back. This is at least in theory. You can of course win big. Winz Casino's recent winner managed to hit a $25,704 off a single slot spin, but still got the 1 BTC reward promised at the end of the Level 1 Mining Challenge.
So, you stand a real chance to beat the RNG, which is where you get your incentive to claim a 7 BTC bonus. Of course, there is something else.
To claim BTC, you have to deposit BTC
Bonuses are not exactly “free money”. They are certainly extra money you can use, but to release them you would need to complete the wagering requirements first. This is where the 97% RNG's come in.
More importantly, before you can claim a big chunk of BTC bonus, you have to deposit a big chunk of money yourself. It's a trade-off and casinos are taking a chance on you winning less, although this is just that – a chance.
The house edge is always there, so you have to consider this when picking games to play. Beware, that bonuses will be harder to “clear and release” if you chose to play less chancy and more skill-focused games, such as roulette.
There are some other bonuses too. FortuneJack and BitStarz have no deposit free spins which are yours for the taking upon registering.
Are BTC bonuses worth it then?
It's important to understand that bonuses, whether they are awarded in Bitcoin or FIAT, are just a way to engage with the casino, extend your gaming session and have a bit of fun.
Bonuses work for both sides because they serve their intended purpose. You cannot withdraw the amount before wagering it the pre-determined number of times, which gives casinos their small but potent edge.
Does this mean bonuses are not worthwhile? We think they are worth every bit of BTC you spend on them. You just have to be doing so fully aware of all the facts. When you know how bonuses work, you can see why 7 BTC as a casino welcome bonus is not too much at all.
