Why Skrill or Neteller may be your best bet for BTC gambling on Mega Moolah
Bitcoin's striking rise in price since the start of 2019 might have you feeling pretty good about using some of your BTC to play Mega Moolah.
You have made some profit on your holdings, so why not use some of that profit to fund your online gambling hobby? Before you do though, consider how you will actually make your deposits. A direct BTC deposit might not be the best way to go right now.
You can still play Mega Moolah with BTC by using an online payment system like Skrill or Neteller. Both payment systems support Bitcoin. They also offer a variety of other ways to make online payments.
One of the big advantages of both Skrill and Neteller is that they are accepted payment systems at most online casinos. They both have strong brand recognition and using them is as easy as doing anything else online. All you need is a computer or mobile device and an Internet connection.
Making BTC casino deposits
Before you can make a BTC deposit to play Mega Moolah, you have to find an online casino property that offers the game and accepts your chosen deposit method. Finding sites that offer the Mega Moolah video slot is not that hard. Mega Moolah is easily the most popular video slots ever produced by Microgaming. However, deposit methods are another matter, and finding the best new player deal to play Mega Moolah is neither that easy. That's where MegaMoolah.com can help.
Finding an online casino that accepts Bitcoin directly isn't so easy. Compared to the total number of online casino properties out there, the number that accept direct cryptocurrency deposits is relatively small. They are in the minority to say the least. For example we only have one crypto casino that offers direct BTC deposits.
So what do you do if your favorite casino does not accept BTC directly? You check for other options, including Skrill and Neteller. Chances are that your favorite casino will accept one or the other, if not both. Using Skrill or Neteller instantly gives you a larger selection of casinos to choose from.
Making casino withdrawals
Being able to make a BTC deposit is definitely a good thing. But did you know that BTC withdrawals are generally not as easy? Many of the casinos that accept direct BTC deposits only allow withdrawals through non-BTC means. There is a reason for this.
It is not unusual for Bitcoin casinos to convert BTC deposits into fiat before awarding the depositor the credits necessary to start gambling. They do this to protect their own bottom lines. Running a gambling operation is risky for them too, and they cannot take a chance with cryptocurrency volatility. Makes sense, right?
Knowing that, they are then left to either pay winnings in fiat or to convert fiat back to BTC. Converting back doesn't make sense in that operators have no idea how long it's going to be before you withdraw. And if the price of BTC falls between the time you deposit and the time you withdraw, the casino stands to lose. If the price falls far enough, they could lose pretty big. To avoid all that, some convert BTC to fiat as soon as it is received. They never convert it back.
That means if you are making a direct BTC deposit, it is possible you will not be able to take a direct BTC withdrawal. Though there are exceptions to this rule of course since there are pure BTC casinos out there - however none offer the Mega Moolah.
If you are using Skrill or Neteller as your payment method, it's quite possible that you can withdraw the same way you deposited. Fiat in equals fiat out. But because you can seamlessly convert between currencies on the fly, you can instantly convert your withdrawal to BTC as soon as it is in your account.
Doing business through Skrill or Neteller is a lot like having an airport currency exchange at your disposal - except for the fact that they deal in cryptocurrency as well as fiat. You can buy and sell BTC in an instant. This makes it super convenient to use your BTC to play Mega Moolah and to convert your winnings back to BTC when you withdraw.
Playing when you don't have BTC
You have seen how Skrill and Neteller can be utilized to make deposits at your favorite online casino. But what if you don't have any BTC to work with at the current moment? That's fine. You can still make a fiat deposit. Your gambling doesn't rely on you possessing BTC at any given time.
If you were relying strictly on direct BTC deposits in order to play Mega Moolah, you might find yourself not being able to play because you're out of coin. Sure, you could go and purchase more coin and then make a deposit. But what if BTC is currently on the upswing and you do not want to purchase until prices level off again? You have to find another deposit method to get you through.
Utilizing Skrill or Neteller means you always have a single payment method at your disposal. The only difference is how you fund the deposit. Today you might fund it by converting some of your BTC to fiat. Tomorrow you might want to hold on to your BTC and transfer fiat from your Skrill or Neteller account to your casino account. It's all good.
In short, you do not have to set up multiple payment methods when you use Skrill or Neteller. Just set up that one account and then fund it any way you choose. If that means BTC today and fiat tomorrow, that's fine. The online casino operator doesn't care one way or the other.
Online payment systems are regulated
This next reason for using Skrill or Neteller may not matter to you, depending on your view of regulation. At any rate, here it is: Skrill and Neteller are financial services companies regulated in their given jurisdictions. Most cryptocurrency exchanges are not regulated. That could make a difference to you.
Regulated financial service companies are required by law to do a lot of things to protect consumers. This includes keeping detailed records of transactions, implementing anti-fraud strategies, reporting potential instances of fraud, and so forth. This suggests you enjoy a certain amount of consumer protection when you use a company like Skrill or Neteller.
On the other hand, cryptocurrency exchanges are much more loosely regulated, if they are regulated at all. That probably doesn't mean much in the sense that you don't use an exchange to make an online casino deposit. It does matter if you use the exchange as your means of buying and selling BTC. It matters if you are utilizing your exchange's hot storage to manage your BTC.
The lack of a regulatory framework means that exchange owners have very little legal responsibility to protect the interests and assets of users. You also need to be aware that exchanges are businesses. Their number one purpose is to make money. When you combine a lack of regulation with the need to turn a profit, there is reason to be wary.
This is not to imply you should not buy or sell on an exchange. Nor is it to say that exchanges are bad or are in need of regulation. The point here is simply that, for the purposes of using BTC to play Mega Moolah, you are better off forgoing traditional exchanges and purchasing your BTC from an organization like Neteller or Skrill instead.
Better money management practices
The final point to bring up is that using an online payment system like Skrill or Neteller can help facilitate better money management among people who have trouble keeping track of their transactions. You will not get that same benefit from a direct BTC deposit.
BTC represents a terrific way to transact business outside of the traditional banking sector. There is no argument that this ability is one of the strongest aspects of cryptocurrency. But in order to make use of BTC without losing control of your finances, you have to go to great lengths to record every single transaction and track every single coin you spend.
You have to do the same thing with fiat as well. The benefit of payment systems like Skrill and Neteller is that transactions are automatically recorded for you. You can logon to your account at any time and see a list of every transaction within a given time frame. This includes both fiat and crypto transactions.
You can create and download reports. You can compare your fiat and crypto transactions against your budget. In short, all of the information you need to control your finances within your online payment accounts is available at your fingertips. There is no need to manually record transactions in a paper ledger or computer spreadsheet.
For people who struggle with budgeting and money management, the records and reports capabilities that organizations like Skrill and Neteller bring to the table can be invaluable for managing money. And when you manage your money well, it is easier to practice responsible gambling.
As things currently stand, the best bet for playing Mega Moolah with Bitcoin is to use a service like Skrill or Neteller. That may change in the future, but for now it is what it is. We invite you to consider one of these online payment systems to handle your casino deposits and withdrawals.
Are they really that great?
If you google for Skrill reviews or Neteller reviews, you'll see a lot of bad reviews and comments. Having used both in the past I certainly agree to some of those comments. The support is often horrendous and if you are unlucky the verifying your identification can become a nightmare. The fees are high and while they did offer the handy MasterCard debit card before, they now limit the card deliveries to the European Economic Area countries only. How much of that is due to the EU's AML and KYC regulation, I don't know, but there may be easier options out there - check our Banking page.
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.