Crypto Casinos giving away No Deposit Bonuses
With crypto casinos now experiencing ongoing demand from within the gambling community, more and more operators are entering the market in an attempt to entice new customers to their platform. Although in comparison to traditional fiat casinos the amount of sign up bonuses are limited, there are still a couple of crypto casinos that have offers to choose from. The reason this is not more wide-spread is because crypto casinos prefer to offer other, long term advantages such as industry low house-edges. This guide will provide an overview of the no deposit bonuses available, how they work and where you can obtain them.
What is a sign up bonus?
A sign up bonus is a way for online casinos to market their services to potential new customers. In effect, the casino will offer the player an incentive, in return for them opening an account. Obviously in the long run, offering free bets, spins or gaming credits is not a sustainable business model, however the strategy behind this is that the player will continue to use the casino’s services once the bonus has been used. No deposit bonuses allow a new customer to sign up to a casino without having to initially fund their account. The casino will credit the new account and subsequently provide the player with an opportunity to test out the games without having to risk their own money.
There are often undesirable terms and conditions attached to such a promotion, such as an unrealistic turnover requirement before a withdrawal can be made. However, it is not impossible for players to walk away a winner, and even if they are not, it hasn’t cost them any money.
Why crypto casinos may struggle to offer no deposit bonuses
In response to the centralisation of the online gambling industry, crypto casinos have revolutionized the end-to-end gaming experience. Traditionally, fiat money casinos will require players to supply obscene amounts of personal data, such as their full name, address, date of birth and more. To ensure that operators remain compliant with gambling regulations and licensing conditions, internal risk departments must then engage in an identity verification programme, which will most commonly involve the player having to provide sensitive documents such as a passport, a bank statement and a copy of their debit or credit card. Notwithstanding the vast regulatory burden that this puts on the player, such risk controls cost traditional casinos substantial resources in terms of human capital and internal verification systems.
Nevertheless, as such controls do not exist within the crypto casino space, operators can avoid these costs and in return, offer players ultra-low house edges. This makes crypto casinos far more competitive for the player long-term, which is one of the many reasons why more and more players are switching formats. However, this has ultimately meant that there are limited opportunities for crypto casinos to offer no deposit bonuses, as they have instead opted to implement a business model that intents on keeping players on their books in the long run, rather than enticing those who are looking for a one of betting experience.
Are there any crypto casinos that offer no deposit bonuses?
Although this article has thus far explained that no deposit bonuses within the crypto casino sector are a scarce commodity, there are actually a couple of operators that have still decided to offer them. One casino that has engaged in such a promotion is BitStarz. By simply creating an account, new customers can take full advantage of 20 free spins upon registration. As the name suggests, BitStarz specialise exclusively in bitcoin (BTC) deposits. The terms and conditions assigned to the no deposit bonus is that maximum winnings resulting from the free spins cannot exceed 5mBTC. Furthermore, the fine print states that prior to any withdrawals being made, the customer must wager 40 times the bonus awarded, as well as transfer the equivalent of 20 EUR/GBP/USD.
All things considered, these terms are reasonable, as the player is not accustomed to risking any of their own money. Either the player manages to meet the terms and ends up a winner (subsequently having to making a deposit, which can then be withdrawn anyway), or the free spins results in no winnings and the player has not lost any real money. Moreover, this also allows the player to test out the gaming platform prior to making a long-term commitment. Although far less established than BitStarz, another crypto casino offering a no deposit bonus is Bob Casino. Also accepting bitcoin as a payment method, Bob Casino offers new customers 10 free spins after creating an account. Upon reading the terms of the promotion, various jurisdictions are excluded from offer, so it well worth checking this before you sign up. The maximum winnings afforded to the promotion is the bitcoin equivalent of 50 Euros.
In reality, choosing a crypto casino that is right for you will depend on a number of factors, such as the fixed house-edge, choice of games or the type of cryptocurrency accepted. However, there is certainly no harm in trying out a casino that offers a no deposit bonus, as you essentially have nothing to lose.
Although the terms and conditions often make it highly unlikely that you will walk way a winner, there is always a chance that you could. If it turns out that you don’t make a profit from your free spins, there is also the chance that you end up staying with the casino anyway, as you might like the games that they offer. It is well worth checking back on a regular basis to find out if any new casinos entering the market decide to offer a no deposit bonus, as the market is changing on a daily basis.