The world of online gambling welcomed cryptocurrencies with open arms. Their appeal is understandable – crypto is both convenient and profitable.
For example, there is no need to use a credit card or go through any other bank-related formalities. You can simply use your crypto coins to deposit funds in your account or withdrawal winnings in a matter of seconds.
Even better, your earnings could grow further if the crypto market goes up. Tempting, right?
Unfortunately, for many, cryptocurrencies seem simply too volatile and unpredictable. Their prices constantly change, and it’s hard to say which way they will go.
This is where Tether comes in.
The world’s most popular stablecoin, USDT is pegged to the US dollar. You don’t have to worry about the price of Tether going up or down – it will always be worth $1.
Understandably, this makes it a great choice for online gambling. You can deposit USDT in your account, play your favorite games, and cash out without having to worry about the value of your coins.
With the rise of Tether casinos, we decided to outline all the pros and cons of gambling with this cryptocurrency.
The Advantages of Using Tether for Online Gambling
Here are all the benefits of USDT for casino and sports betting aficionados:
Price Stability
As we already talked about, the main perk of using Tether is that it’s a stablecoin. Unlike Bitcoin or Ethereum, its value doesn’t change much.
You can be sure that 1 USDT will always be worth $1.
This is great news for gamblers. When you deposit Tether in your account, you know exactly how much you have to play with. You don’t have to worry about the price of the coin going up or down and losing (or gaining) money in the process.
Quick and Easy Transactions
Another great thing about Tether is that it’s still just as convenient as all other cryptocurrencies. Transactions happen in a matter of seconds (of course, this does depend on how busy the network is) and there are minimal fees involved.
Plus, you don’t have to go through any bank-related formalities, which is always a bonus.
Beginner-Friendly
Since USDT’s value is pegged to the dollar, it’s a stellar choice for those who are new to the world of cryptocurrencies. You don’t have to worry about the volatile prices or the complex jargon. You can simply use Tether in the same way you would use regular money.
Better House Edges
Crypto casinos have far lower operational costs than regular casinos. With lower overhead, they can offer players better house edges and higher RTP rates. So, if you’re looking to make the most bang for your buck, cryptocurrency gambling is definitely the way to go.
With Tether, you get the best of both worlds. You can enjoy all the advantages of cryptocurrency gambling without having to worry about volatile prices.
More Games (Including Unique Options)
As crypto casinos grow, so do the number of games they offer. Nowadays, you can find everything from slots and table games to live dealer games and sports betting. Plus, cryptocurrency gambling has introduced us to some one-of-a-kind gaming options.
Try your luck at Crash, for example, a fast-paced game inspired by the movements of the real crypto market. Or, go back in time, with the nostalgia-inducing, arcade-inspired Plinko game. The options are endless.
Increased Privacy and Anonymity
Cryptocurrency is also an excellent option for those who value their privacy. Crypto casinos generally ask for less personal information than regular gambling sites. In some cases, all you need is a username and password (although you can still be asked to confirm your location and identity).
Keep in mind that this increased anonymity doesn’t mean you’re completely hidden. Crypto transactions can still be traced back to your wallet address.
The Disadvantages of Using Tether for Online Gambling
Even with all of those perks, there are also some disadvantages to using Tether for online gambling. Here are some things that you should keep in mind:
- Tether is a new(er) project, so it is not as widely accepted as some of the other options out there. You will find far more casinos that offer Bitcoin or Ethereum, for example.
- Tether is not yet a decentralized asset. It is managed by a single entity, which can be a big turn-off for some, especially blockchain purists. If the company behind Tether were to go under, your funds could be at risk, so be aware of that, too.
- There has been one major controversy affecting USDT already. Last year, they were fined $41 million for “making untrue or misleading statements”. Tether, it turned out, wasn’t 100% backed by USD deposits, as they had claimed.
Final Thoughts
Tether offers a generally solid option for online gambling. It is fast, relatively cheap, and stable. Tether is also rather easy to convert to other assets, including Bitcoin, should you ever need to do so.
The downsides are that it is still a relatively new option, and it is not a decentralized asset. If you are okay with those things, though, Tether could be a great crypto that gives you both stability and the ability to gamble online with lower house edges.