Best Crypto Casinos That Accept Monero (2024)

Monero is an altcoin that has become synonymous with privacy and anonymity. Because of this, it has become incredibly popular in recent years. Fortunately, this popularity has allowed it to spread to many great online casinos as well.

In this article, we will look at all the best online crypto casinos that support Monero. We will also explain how this crypto works, what you should know about it, and whether you should be using it to gamble online.  

History of Monero (XMR)

Monero first appeared on the scene as a concept in 2013 white papers and was officially launched in 2014. Initially called BitMonero, Monero was formed after the community surrounding the coin disagreed on the future development and forked the blockchain.

After this, the new Monero coin XMR quickly became popular thanks to the privacy that it offered compared to that available from other altcoins. Since then, the coin has gained a large following online and has the third biggest development community of all cryptos.

How Monero (XMR) Works

Monero works in almost the exact way that Bitcoin and other popular cryptos operate. This means that it generates blocks that hold multiple transactions. These blocks, after being confirmed, are written to the blockchain-at which time all transactions in the block are confirmed.

To ensure these blocks are secure, each block uses a proof-of-work model. This ensures that every block is verified to be entirely accurate and void of anything that shouldn’t be there before it is accepted into the blockchain. Blocks are written to the chain every two minutes-making transactions relatively quick.

The massive difference between Monero and other cryptos is seen when it comes to transaction tracking on the public blockchain. While other cryptos actively show the details of all transactions-including sending/receiving address and amount-Monero does not.

Known as obfuscate transactions, each transaction that occurs on the Monero blockchain has its origin and destination addresses and transaction amount scrambled and hidden. This means that nobody can possibly trace any transaction on the ledger.

In addition to this, each node (or user) that contributes to the processing of blocks on the blockchain operates with the Dandelion++ protocol. This masks each user’s IP address to ensure that the origin points for the blockchain cannot be traced.

The extent of privacy on the blockchain is so great that the US Internal Revenue Service in 2020 offered a reward of US $625,000 to anyone who can develop a way to trace Monero transactions.

Monero Fees

With transaction fees hitting almost US $20 per transaction in 2018, XMR was certainly not considered an affordable altcoin-at least, not at that time. Since then, the fees of this coin have become virtually non-existent.

In fact, on average, transacting with Monero costs less than US $0.01. This means that you can deposit into your player account or withdraw winnings as often as you like without having to worry too much about service fees.

Monero Wallet Requirements

If you are looking to play using Monero, there is no specific wallet that you will need to get. Instead, any crypto wallet that supports this altcoin can be used.

It is, however, recommended to use a mobile wallet should you perform many transactions in shorter spaces of time. That being said, it is a standard rule that you don’t store larger amounts of Monero-or any cryptocurrency, for that matter-in mobile wallets. For this, cold storage, paper wallets, or hardware wallets are preferred.

Pros of Gambling With Monero (XMR)

Monero offers some pretty great perks that make it worthwhile to gamble with. Some of these include:

Anonymity

If you are someone who would prefer to keep your gambling private, Monero allows you to do this with complete anonymity. Because no transactions can be tracked in any way, you can use this altcoin with casinos that don’t require registration while staying completely private.

Speed

Because blocks are confirmed every two minutes, transactions made on the Monero blockchain are processed and verified pretty quickly. This means that, if your chosen crypto casino doesn’t offer instant deposits, you won’t have to wait long before you can play.

Secure

Like other blockchains, Monero is completely decentralized and is worked on by users from all around the world. However, with Monero the blockchain is possibly even more secure. This is thanks to the IP blocking that each user on the blockchain employs.

This security means that you won’t ever have to worry about any attacks on the blockchain that could affect your Monero.

Cons of Gambling With Monero (XMR)

While Monero certainly has some solid advantages, there are also a few disadvantages to the coin. Some of these are:

Volatility

Like any other crypto, Monero worth is a volatile thing. Because of this, the crypto that you deposit or win today may not be worth the same amount as tomorrow. If the worth increases, it will come as a bonus. However, should the worth decrease, you may lose more than you were hoping to.

Reputation

Sadly, because of the anonymity offered by Monero, it has become known as the currency of many darknet websites-giving one reason to the reward offered by the IRS regarding traceability. Because of this, some people question the future of the coin. However, many others also speak of the long life the coin is likely to enjoy.

Acceptance

Due to its reputation, Monero is not widely accepted anywhere except online. Even online, however, some places don’t deal in XMR. Thankfully, quite a few online crypto casinos do support this altcoin.

Monero (XMR) vs. Other Altcoins Comparison

The table below shows the main differences between the important characteristics of Monero, Bitcoin, and many other popular altcoins:

Monero (XMR) - Conclusion

Monero (XMR) may have a slightly dodgy reputation in terms of where the coin is most often spent. However, looking past this, this altcoin offers one thing that no other really does-complete privacy and anonymity.

This is something that is becoming increasingly valuable in the digital age that we live in today. Add in the fast transaction speeds and almost non-existent service fees and this coin offers almost everything.

Therefore, if you are looking for a decent altcoin to use when gambling online, you should seriously consider Monero.