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The surging popularity of cryptocurrencies in the iGaming community can be explained by the benefits these payment solutions bring to the table. Compared to fiat, or traditional payment methods, cryptos boast:
- Faster transaction speeds
- Lower fees
- More flexible limits
- Enhanced safety
What’s more, the anonymous nature of cryptocurrency transactions makes them ideally suited for Aussie pokie players who want to stay under the radar and avoid government interference.
Making crypto transactions in online pokie sites may prove a tricky task for novices, so we decided to assemble a guide that will help you learn the ropes. Read on!
Best Australian Online Crypto Pokies Sites
Over the last few years, the number of crypto pokie sites in Australia has skyrocketed. Given the sheer number of options available and the minimal variance in quality between operators, it could be challenging for a rookie to cherry-pick the finest options.
Rather than going through the time-consuming selection process on your own, you can take the easy route and pick the sites featured on the list below.
Our industry specialists have vetted these brands to ensure that you get the absolute best gaming experience.
Are Crypto Pokie Sites Legal in Australia?
As of 2017, cryptocurrencies have been deemed legal by the Australian Government in accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006. The legislation declares cryptocurrencies as property, making them subject to the Capital Gains Tax.
In May 2019, the Australian Securities and Investment Commission updated its regulatory requirements for crypto trading and initial coin offerings.
All of this goes to show that the country has taken a progressive approach to cryptocurrencies and made an effort to provide a clear framework for crypto users going forward.
It also indicates that Australia-based individuals can transfer cryptocurrencies to and from pokie sites legally.
That said, crypto gambling winnings are considered viable income and are therefore taxable. Therefore, we recommend that you seek advice from a lawyer or an expert in the matter before signing up with a crypto pokie casino.
How to Make Crypto Transactions on Pokie Sites
To get started with crypto casinos, you’ll have to take a few extra steps to set everything up.
For starters, you must buy the coins using fiat money. This can be done at crypto exchanges like:
- Kraken
- Coinbase
- Binance
Once you purchase your desired cryptocurrency, you’ll need to install a digital wallet on which to store it. You can think of it as a crypto bank account.
The wallet can be installed on various devices, including desktop, Android, and iOS-powered phones.
The highest-rated crypto wallet platforms include:
- Copay
- Exodus
- Coinbase
- Breadwallet
Advantages of Using Cryptocurrencies in Pokie Websites
As great as cryptos are, they’re not without their deficiencies. Still, the pros far outweigh the drawbacks, as you’re about to find out.
Safety
The underlying blockchain technology that powers cryptocurrencies works in such a way that sensitive data is completely secured.
Futhermore, it’s next to impossible for someone to access your personal and financial details.
Privacy
Cryptocurrencies provide a level of anonymity that fiat payment methods cannot match.
Since a decentralized ledger manages them, cryptos facilitate transactions without intermediaries, such as banks.
Put differently, you don’t have to share your payment information with third parties when making payments, making your transactions more private and safe.
Speed
Cryptos are the fastest payment methods you’ll find in online casinos, and it’s not even close.
Cashouts via cryptocurrencies are processed within 48 hours, which is a far cry from the withdrawal turnaround time of the other methods.
Flexibility
Compared to traditional banking options like bank wire, credit cards, and e-wallets, cryptocurrencies allow for much higher deposit and withdrawal limits.
This is particularly beneficial for high-stakes players who often transfer huge sums on and off casino sites.
Low fees
Another great thing about using cryptos for casino transactions are low fees.
While it’s customary for gambling operators to charge commission fees for withdrawals, this isn’t the case with Aussie crypto casinos.
Disadvantages of Using Cryptocurrencies in Pokie Sites
Although cryptos offer many benefits, they also come with a couple of drawbacks that you should be aware of:
Heavily Taxed
As we previously mentioned, crypto gambling winnings are taxable as per the latest regulations. On average, taxes paid for crypto services are about 20% of your winnings.
Furthermore, your identity could be compromised in the process of paying these taxes because you have to identify yourself to the Australian taxation office.
Highly volatile
Bitcoin, Ethereum, Litecoin, and other cryptocurrencies are very unstable.
The value of these coins can fluctuate dramatically, which means that you may lose your gains rapidly on a bad day.
Availability
Cryptocurrencies are gaining momentum in the gambling industry, but they’re still not as prevalent as traditional payment methods.
Even if you manage to find a crypto-friendly casino, it will probably have only a handful of coins on offer.
How to Deposit on an Australian Pokie Site Using Cryptocurrencies
The initial steps required to get started with crypto transactions could take a little time. Once you purchase the coins and establish a digital wallet, it’s all smooth sailing.
Here’s what you have to do to deposit funds in a crypto pokies site in Australia:
- Buy crypto coins in an exchange
- Set up a digital wallet
- Go to the pokie site and create an account
- Navigate to the cashier page and select your chosen cryptocurrency from the list.
- Copy the pokie site’s crypto wallet address and paste it into your wallet’s send field — type in the amount you want to deposit.
- Hit confirm. The funds should reach your pokie account within minutes.
How to Withdraw Using Cryptocurrencies
For withdrawals, you’ll follow a similar process, although you won’t have to go through the first two steps. Here’s the entire process in a nutshell:
Log into your pokie account
Go to the cashier and click on the withdrawal tab.
elect your cryptocurrency.
Provide your crypto wallet address and enter the amount you want to cash out.
Confirm the transaction
Depending on the pokie site’s turnaround time, the funds should be in your crypto wallet within two days at the most.
Final Thoughts
The world of cryptocurrencies is still new, and we’ve only begun to tap into its true potential. At this pace, it’s only a matter of time before the iGaming industry fully embraces cryptos and starts adding new coins to the mix.
When you think about it, cryptocurrencies are an ideal banking option for every Aussie pokie fan. They provide boosted levels of safety and anonymity, boast lightning-fast transaction speeds, and offer high deposit and withdrawal limits.
Assuming that this is something you might be interested in, it’s time to find yourself a fitting crypto casino. The good news is that you won’t have to look far — all the best options are already featured on this page.
