There are many cryptocurrency gambling websites that offer users the possibility to earn internal tokens. These tokens can be received in many different ways. For example, players can get rewarded with tokens in promotions, through mining, or while playing games at the online crypto casino.
But what are these crypto gambling internal tokens all about? What can you use them for? In some cases, you will be able to stake them and earn larger profits. Some casinos would also let you withdraw these tokens to external wallets and also crypto exchanges. Are these tokens worth anything?
In the next sections, we cover all the information you should have about crypto gambling internal tokens, how they work and whether they are profitable for regular players.
🧐 Why do Crypto casinos and sportsbooks offer internal tokens?
Online crypto casinos are searching for new and innovative ways to attract users to their platforms. There are many options to do so, but they have found a great way to attract the interest of crypto enthusiasts. We are talking about native crypto tokens that can be used in the casino and offer users discounts, prizes, and more.
There are many ways in which users can start relying on those tokens. Casinos are using them as a reward in different promotions, allowing the management team to create a wider range of promos and distribute new tokens to users.
Moreover, if casino players believe that the platform that they are using could continue to attract new players in the future, then there is also a possibility for token holders to support the casino.
This is a great marketing strategy that has been used by online crypto casinos to attract users that are interested in virtual currencies. At the same time, those players that prefer traditional payment methods could have the first contact with digital assets and capture the attention of a large number of players from all over the world.
There are different types of gambling tokens and not all crypto casinos let users get access to them in the same way. We get into the details of how to get internal gambling tokens in the next section.
👉 How to get internal gambling tokens?
Let’s say that you have been attracted to an online casino because they offered internal gambling tokens to users. How do you get these tokens and how can you use them? Every casino will have a different way to give these tokens away to users. Everything depends on the type of digital asset that they have created and the goal of the casino behind launching a native crypto token.
Some crypto casinos will pay promo prizes using these tokens. Users would then be engaged in different promotions and get rewarded with unique gambling tokens. In some online casinos, users would then be able to stake these coins and use them to play real money games. These are some of the most advanced functionalities of these tokens released by crypto gambling sites.
Another way to earn these tokens is by playing casino games with real money. Usually, casinos will reward you with a certain amount of tokens every time you cross a betting threshold. In some cases, per each dollar you gamble in real money games, you receive an x amount of gambling tokens.
You can already see which is the strategy of the online crypto casino here. The more you play, the larger the rewards you get, but also the larger the money you put at risk. Let’s look at the positive thing. If you play real money games and you win, then you get rewarded with tokens, which makes your winning look even better.
Now, if you were not lucky enough to win, at least you have the tokens that the online casino shared with you that can then be used to earn rewards or play other games.
⚙️ How does casino token staking work?
One of the most interesting functionalities of casino tokens is that they let players stake the coins and earn rewards. Staking is a very common term in the cryptocurrency industry. Staking means that you can get passive income on your coins if you just lock them for a certain amount of time.
This is one of the ways in which online casino can share their profits with token holders. If you are not a crypto gambling internal token holder, then you would not be able to participate in staking activities. This is why it is important to make sure that you hold these tokens if you believe in the casino platform.
These dividends or payments would then be credited to users’ accounts and used to play games, and, in some cases, withdraw the funds to an external wallet. In some crypto casinos, users can also sell their tokens for other digital currencies. Nonetheless, each casino decides how they build its own token economy.
There are also some staking options that you should take into consideration. Some casinos might offer flexible staking. That means that you would be able to unstake your coins at any moment and continue to use them without any problems. Other casinos, instead, would prefer to offer you fixed-term staking, meaning that you would not be able to unstake your tokens until the fixing period expires.
Finally, some other platforms could offer both options. It is up to you to decide how you hold your coins and which are the staking options that you choose in order to handle them and maximize your rewards.
💰 How much can you earn by staking native casino tokens?
The main question that we make is how much can we earn if we stake native casino tokens? This is a very important question as it would give us a clear idea of what to expect from each casino and which of these tokens will offer users the best rewards.
Players that bet large amounts of money can earn a large number of internal tokens. Indeed, they would realize that they are now holders of a virtual currency that has a certain value and that could be used to earn even larger rewards through staking. Large players would then be highly benefited by playing at these online casinos. In some cases, the rewards could add up to several dollars a day.
It is worth pointing out that users should not expect to earn large amounts of money by staking native casino tokens. These tokens are great to encourage users and players to create an account, deposit funds, and start playing. Nonetheless, they are not the best option for users that want to earn rewards by staking virtual currencies.
The rewards that you can get can be compared to those rewards that you can get when you use a cryptocurrency faucet. Usually, these rewards are enough to attract people, but not enough to create a large and prosperous community around these tokens.
Furthermore, if you are a cryptocurrency enthusiast and you are searching for tokens that you can stake and earn rewards with, then you should try to check somewhere else. There are different altcoins in the market that have been designed for users to stake and that offer better rewards.
Finally, you should also know that users that hold large amounts of these native casino tokens could eventually see that the price of the token moves higher. This could be very positive for those users that speculate in the crypto industry.
↔️ Is there a way to exchange gambling tokens for other Crypto?
In some cases, players will be able to exchange gambling tokens for other cryptocurrencies. This can happen only if the casino allows for it. But how to know that? Some tokens might be listed on popular cryptocurrency exchanges. Exchanges are trading platforms that let users buy, sell and trade different virtual currencies.
However, not all crypto tokens released by projects will be listed by exchanges. Indeed, some of these tokens might not appear on these platforms. Exchanges must be sure of the reliability of the tokens they list and whether the casino that issued these tokens is not just a scam.
Some other online cryptocurrency gambling platforms would let you exchange the coins directly on their website. That means that you will not have to go through a cryptocurrency exchange to convert your crypto gambling internal tokens into cash, you would be able to directly use the website’s services without leaving the casino.
There is also a possibility of not being able to exchange your coins or withdraw them. This would not be ideal considering that there will be fewer use cases for players. Hence, it is definitely important for players that are interested in these types of tokens to analyze which are the proposals offered by each of the casinos that have native tokens.
It would be ideal to choose an online crypto casino that offers rewards in native tokens and that would let users do what they want with them. The larger the possibilities for users, the better it would also be for the online casino.
⭐ Most popular Crypto gambling tokens
There are several online casinos that are currently letting users earn native tokens while they play. These casinos include Betfury, Chips.gg, Fairspin, and Trustdice, among others. Therefore, on each of these platforms, you will be able to get rewarded with crypto gambling internal tokens.
Betfury BFG token
Betfury is offering users a token called BFG token that was released on top of the Binance Smart Chain (BSC) ecosystem. This virtual currency has a total supply of 5 billion BFG and it lets users enjoy an enhanced experience while playing on this online casino.
Thanks to its unique mining solution, users will receive BFG tokens every time they place bets on the platform. Then, those users that believe in the long-term ability of this platform to offer unique solutions to players, would be able to stake it and earn rewards.
Rewards given to BFG satakers will come from the platform’s profits. To earn these rewards, BFG holders will have to stake the coins in the so-called “Staking Pool.” In this way, they would be part of the community receiving profits from the online casino.
At the moment, users can trade this virtual currency using the decentralized cryptocurrency exchange called BiSwap. It is possible to exchange this currency for a wide range of other digital assets in a matter of seconds. Therefore, users have the possibility to use it not only for staking purposes but also to buy other digital assets.
There are also many other use cases for these tokens. Players can use BFG tokens to play different games and slots. Therefore, users will be able to mine, stake, trade, and use BFG on Betfury and also other external platforms in the cryptocurrency industry.
Chips.gg CHIP token
CHIP is the token offered by Chips.gg to users. This is a loyalty token that was created by this online platform to reward users. Players can use CHIP tokens for wagering on this platform, which would give many more hours of a fun experience to gamblers.
This token can also be locked in a vault and receive rewards for the funds that are stored in that vault. But how does the vault work for Chips.gg’s users? This is basically the staking mechanism that has been put in place by this online gambling platform.
Thanks to the Vault, users can earn early rewards. Basically, Chips.gg accumulates the profits that it makes into a vault’s pool and it distributes every single day a certain percentage of that pool to players that hold and stake CHIP tokens. The larger the number of tokens that you stake, the larger the rewards that you get on a daily basis from the vault. The rewards can also change according to the number of users staking CHIP tokens.
Users that play on this platform will receive CHIP tokens depending on the amount of funds bet and the difficulty of the online casino. The difficulty refers to an automated system that makes it more difficult for users to get rewarded CHIP tokens for every 1 million CHIP tokens rewarded.
Fairspin TFS token
The TFS token is the virtual currency native to the Fairspin gambling platform that rewards users for playing. This play-to-earn token was released many years ago and it became one of the largest casino-backed tokens in the cryptocurrency industry.
The goal of this casino was to introduce “profitable mechanics into the user experience.” That means that users would be able to enjoy different benefits linked to holding and using TFS tokens on this platform.
Players can play a wide range of exciting games and get tokenized cashback for every single bet that they make. Additionally, there is a possibility for users to earn rewards if they lock their coins (staking). This is possible thanks to the casino’s “hold to earn” program.
Users can select a holding period that ranges between 4 hours and 3 days, and receive rewards for the coins that they stake on this platform. The larger the deposited funds, the larger the rewards that you will get as a user. The platform will be sharing its profits with users through this hold-to-earn program.
Interested players can trade these tokens using decentralized exchanges. At the moment, it is possible to trade TFS tokens using PancakeSwap and UniSwap, two of the largest swapping platforms in the cryptocurrency market. In the future, there could be new functionalities added to this virtual currency.
Trustdice TXT token
We finally have Trustdice TXT tokens. These are tokens that users get rewarded every single time that they make a bet. You will earn Claim Points for every bet you make and you can then transform your Claim Points into TXT every day.
This is a great way for the crypto gambling platform to incentivize players to continue playing. Users that received TXT will be able to stake these tokens and receive daily rewards. That means that users will receive a small part of the profits made by the online casino in the form of TXT tokens.
At the same time, the payments on your staked TXT tokens will be processed daily. Therefore, the process is quite simple. You have to play at Trustdice, claim your rewards, and stake your TXT tokens to continue earning.
It is worth pointing out that the TXT tokens can be purchased and sold using the Uniswap cryptocurrency decentralized exchange. This shows that speculators can also play at Trustdice and wait for the price of this virtual currency to move higher in order to get rewarded even more.
This approach to a crypto gambling internal token is quite similar to the approach that other platforms have followed. Our previous examples show that the more a user play, the larger the rewards and the possibilities that the casino then offers to that user.