Cryptocurrency has been all the craze the past year and online casinos accepting Tether are becoming more commonplace. Many people see crypto as a murky, semi-risky investment. There’s no guarantee that it will stick around, and people are wary to spend their money on a currency that’s highly unregulated.
But Tether (USDT) is taking the benefits of cryptocurrencies and pairing them with the stable nature of fiat currencies. This makes Tether a great option for new crypto users, as well as people who want a more secure way to gamble online. Check out the top Tether Casinos below.
In this article, we’ll go into detail about how Tether works, as well as how you can use it to make deposits at your favorite online casinos.
What Is Tether?
Tether is a cryptocurrency that’s meant to mirror the value of the US Dollar across blockchains. The issuer sends equal amounts of Tether based on deposits of USD, so it can be used as a 1:1 conversion mechanism.
The team at Tether consists of a handful of people who have expertise in software, finance, and law. They’re led by Reeve Collins, an American entrepreneur and former Goldman Sachs trader.
Tether is known as a Stablecoin, and is classified as a fiat currency. It varies from other cryptocurrencies because where Bitcoin, Ethereum, and Litecoin fluctuate in value, Tether’s price is locked in at $1 per token.
Unlink other cryptos, Tether isn’t used as an investment, but more as a virtual form of cash. For this reason, Tether is ideal for online gambling. The value remains constant, and it provides the extra security of blockchain-based currencies.
How Does Tether Work?
Tether claims that each of its tokens issued on the Bitcoin and Ethereum blockchains via the Omni Layer Protocol are backed by actual USD deposits in company-owned bank accounts. When a customer wants to withdraw tethers from circulation, they can provide Tether with an account number for another currency (US dollar, euro etc.) for a valid bank. Then, Tether sends an equal amount of USDT back to the customer’s account as a withdrawal request via the same blockchain it was created from.
In traditional finance, it’s pretty easy to go buy US Dollars with your euro in the form of a bank transfer. The complexity in cryptocurrencies is that the same process can’t be done since exchanges don’t always allow direct withdrawals and deposits for fiat currencies. Tether’s goal is to make it easier by creating a “proxy” for USD on blockchains.
Tether Compared to Other Banking Methods
For a long time, online casinos only accepted traditional banking methods like Visa, Mastercard, and bank transfers. But as technology improved, they started to offer e-wallets and cryptocurrency options, which are much faster and more secure than using your card or bank account.
But Tether brings a whole new method of banking to the online gambling world, and it might be the future of internet transactions. Here’s how Tether compares to other popular banking methods.
Tether vs. Other Cryptocurrencies
What people love about crypto is they’re fast, secure, and often have low fees. What scares people is that crypto is such a volatile market. Bitcoin might be worth $60k one day and $45k the next.
Tether assuages those fears by maintaining a constant price. For online gamblers who withdrawal their funds as crypto, this can be both a blessing and a curse. You won’t be able to make more money off your winnings if the price per coin increases (because Tether won’t increase), but you’re also safe from price failures.
There are a few different Tether coins you can use for online transactions, but the average transaction time is about five minutes. Compared to Bitcoin’s 60+ minute wait time, Tether certainly wins in that category.
However, some other popular currencies like XRP and Dash offer much faster transaction times, but are still subject to market conditions that can alter the price day-to-day.
Tether vs. Credit/Debit Cards and Bank Transfers
If you’re withdrawing directly from your bank account, it usually takes three to five business days for the money to process. This is because traditional banks need to ensure that funds are available at each step of the transaction before they send out your payment. Tether transactions are much faster than getting a wire transfer or using a credit card, but it’s still much slower than cryptocurrency options.
Tether uses Blockchain technology to ensure that transactions are secure because each transaction is recorded in the public ledger. This means that no one can withdraw money from your account without your permission, and no one can access your personal information.
With traditional methods of banking, you don’t need any verification to withdraw money. However, with cryptocurrencies and Tether you do need a higher level of verification before you can withdraw your funds.
For example, if you try and get your money out using your credit card or debit card, the casino will have to verify the transaction with your bank, which leaves a sticky paper trail. Tether’s network not only speeds up the process but grants users a level of anonymity in their transactions.
Tether vs. E-Wallets
Traditional e-Wallets work on the same principle as Tether. You can deposit funds into them, then transfer that balance to any other e-wallet or person on their network (such as a casino). However, traditional e-wallets impose fees for transactions, which can bite into your cash supply.
However, Tether transactions done using Tether tokens are free. Withdrawing to a different fiat currency does impose a small 0.1% fee, which is nothing compared to the 2.5% to 3% fees that Skrill and PayPal might charge.
Choosing an online casino isn’t a fast process unless you know what you’re looking for. There are many areas to consider when looking for a legit Tether casino.
Each of the casinos we recommend has been vetted using these criteria, and we detail each area a bit more in-depth below so you can do your own research too!
Reputation
An online casino’s reputation is what makes them, in all honesty. The best online casinos are officially licensed by a gaming authority, such as the Panama Gaming Control Board or Curacao Gaming Authority.
These licenses indicate that the casino has undergone rigorous testing and complies with all gambling standards.
When the gaming control agency has deemed the casino legitimate, they’ll issue a seal of authenticity, which the casino will display on their website. You can usually find these seals in the footer of their site or on their legal page.
Site Security
In today’s digital age, being protected online is of the utmost importance, especially when you’re dealing with personal and banking information. That’s why all good real money online casinos will employ some kind of site protection. Often, this comes in the fork of SSL encryption. This locks your info behind a 128- to 256-bit encryption, making it nearly impossible to assess.
In addition, casinos will subcontract security agencies like Cloudfare Inc. or GlobalSign to ensure their site is free from security loopholes or breaches.
Banking Methods
While you might prefer to use Tether for all your online gambling transactions, it’s always good to know that the casino has other banking methods available. Who knows, you might like a different crypto better in six months, and you don’t want to change casinos just because yours doesn’t accept your new method.
Plus, online casinos that offer big-name banking options like Mastercard or PayPal are often individually examined by those companies. After all, PayPal doesn’t want to put its name on a site known for scamming people or having unfair gaming practices.
Customer Service
While customer service is often overlooked, it’s one of the most important aspects of a casino’s day-to-day operations. Stuff happens, and if you ever have issue depositing funds or losing connection to your account, you’ll want a customer service team that’s available around the clock.
Live chat widgets have become an industry standard at this point, and they’re your best option to get an issue resolved quickly. Other options for contacting the casino can include email support or phone hotlines.
Games and Promotions
Most people start and stop here when looking at online casinos. Afterall, games and bonuses are the most exciting parts of signing up with an online casino.
You’ll want to find a gambling site that has plenty of gaming options, everything from slot games to live dealer blackjack tables.
Plus, every online casino offers some kind of bonus for signing up, even if it’s just free slot machine spins. But just because the casino’s bonus is massive, it doesn’t mean that they’ll actually pay out your winnings. At the end of the day, you’ll want an online casino that has multiple banking options, a license, and exceptional customer service in addition to great bonuses and games.
Making a Deposit With Tether at a Crypto Casino
Step 1: Sign Up With a Cryptocurrency Exchange
Exchanges are online platforms you can use to buy, sell, and trade cryptocurrency. Some good options are Coinbase, Binance, Gamini, and Kraken. To sign up for an account, you’ll have to provide your:
- Name
- Email address
- Physical address
- SSN
- State-issued ID or driver’s license
Once you’ve provided all these details, your account might take a few hours to become verified.
Step 2: Buy Tether and Store It
Buying Tether is very simple compared to other cryptocurrencies because the price remains the same no matter the market conditions. Simply input your amount in USD and you’ll receive the same amount in Tether. Once you’ve bought some USDT, you’ll need a place to store it. This is where cryptocurrency wallets come in handy.
They allow you a secure place to keep your crypto, as well as a way to complete online transactions. Each wallet has a unique ID code that will be used to deposit or withdraw funds. Most crypto exchanges have built-in wallet features, or you could use a third-party wallet like Exodus or Mycelium.
Step 3: Login to your online casino and make a deposit
Navigate to the cashier or banking page and click deposit. Choose Tether as your method, and enter your wallet ID. Your funds will appear in your gambling account within a few moments. You’re all set! Get ready to gamble!
Why Choose Tether?
- Tether is much faster than other cryptocurrencies and traditional banking methods, with about a five-minute transaction time.
- Tether has very low fees for transactions. Most transactions are free, and at most you’ll pay a 0.1% fee.
- Tether provides heightened levels of security because of the nature of it’s blockchain technology.
- Tether is a stablecoin, which means your funds won’t increase or decreased based on market fluctuations.
Tether Casino FAQ
If you’re still looking for more information about Tether casinos or how it all works, please check out the following list of frequently asked questions and answers. If your question isn’t answered below, please contact us anytime and we will do our best to answer any question you have.
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Will Tether’s Price Ever Change?
Tether is directly linked to the value of the US dollar, so unless the dollar increases or decreases in value, Tether’s price will remain constant. Inflation might have an effect on Tether, but it’s far less volatile than other cryptocurrencies.
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If Tether Is a Fiat Currency, Why Is It Better Than Using Cash?
Tether pairs the benefits of cryptocurrency—fast transaction speeds, low fees, more anonymity—with a stable, fiat-style currency. This protects users from losing money due to market conditions while providing a better money-moving tool.
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What Are the Alternatives To Tether?
If you’re looking for a crypto similar to Tether, you can try USD Coin (USDC). This crypto is also linked to the US dollar, but it runs on the Ethereum blockchain. Other good cryptocurrencies that aren’t stablecoins include Stellar, XRP, Dash, and Litecoin. All have fast transaction speeds and low fees.
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Are Tether Casinos Safe?
As long as you choose an online casino that has a license and a secure site, you’ll be in good hands. Plus, by using Tether as a deposit method provides you an extra level of security.