How to Deposit
Log in or sign up to an LTC casino.
Head to the casino’s Cashier or Banking section, click on ‘Deposits’, and choose ‘Litecoin’ as your method of choice. Keep in mind that this may be under ‘Cryptocurrencies’ or even an option mentioned under cryptocurrency wallets (like CoinsPaid).
The casino will then give you its address, which is known as a public wallet number (PWN). This will be made up of jumbled-up letters and numbers. Make sure you copy this before the next step.
Go to your cryptocurrency wallet and set up a transfer. Next, paste the PWN, input the amount of Litecoin you’d like to transfer, and confirm your transaction.
If you have enough funds in your account, your transfer should be completed in around 20 minutes. Once credited, you can start playing casino games immediately.
Withdrawing With Litecoin
So your newest Litecoin gambling session turned you into a winner – congratulations! It’s now time to withdraw your funds and we promise it’s just as easy:
How to Withdraw
Go to the Cashier or Banking section of your LTC casino, and click on ‘Withdrawals’.
Find ‘Litecoin’ on the list, keeping in mind it may be under ‘Cryptocurrencies’ or even cryptocurrency wallets. Click on it.
Input the amount you’d like to withdraw followed by your public wallet number. Once done, confirm the withdrawal.
Wait for the funds to come through. With Litecoin, this should happen within a few minutes, but, with some casinos, it can take up to 24 hours.
Are There Any Litecoin Fees?
Litecoin casinos do not charge players any fees for depositing or withdrawing funds in LTC rather than in another currency.
Although Litecoin itself comes with some fees, they are admittedly quite low. As any cryptocurrency whose transfers are conducted over Blockchain technology, there are network fees involved that vary depending on how busy the network is at a given time.
Other fees might be charged by your cryptocurrency wallet (usually a percentage of how much you will be transferring) or by online casinos if they convert your Litecoin into a fiat currency.
Having said that, even with all these numbers combined, you are looking at a fee that is of a couple of pounds/dollars/euro – which is barely significant compared to how much you are transferring.
But, as always, do check the terms and conditions of your cryptocurrency wallet and your LTC casino of choice to make sure you are securing a good deal.
Pros & Cons of Litecoin Casinos
Advantages of Using Litecoin to Gamble
Faster Withdrawals: Litecoin is not affiliated with any banks or entities – transactions are done through a decentralised network of computers that doesn’t differentiate between working or off days. For that reason, cryptocurrency transactions tend to be faster than those made using traditional payment methods.
Better Bonuses: Gambling sites that accept cryptocurrencies have come to realise that such payment methods actually save them a lot of time and money. For that reason, many LTC casinos tend to give out bigger bonuses than when signing up using a fiat currency.
Lower Fees: Fees for LTC transactions are a fraction of the price you’d pay for the majority of traditional payment methods, as well as some other cryptocurrencies, including Bitcoin. The difference may be of just a few cents, but it all adds up!
Security: By using blockchain technology, which is one of the safest networks in the existence, you are actually adding an extra, heavy layer of security to those of the casino. This means that your money is even less likely to be stolen.
Privacy: All Litecoin transactions are anonymous as they carry a public wallet number rather than your details. This doesn’t mean that authorities can’t find out it’s you, but for all intents and purposes, other people certainly won’t.
Disadvantages of Using Litecoin to Gamble
Not Accepted at All Casinos: While the number of casinos that accept LTC is on the increase, they are still not a majority.
Licensing: Some cryptocurrency casinos, including LTC gambling sites, are not properly licensed – meaning that by joining them you could be putting yourself and your money at risk. For that reason, it is imperative that you only join a casino that is reputable. We have done the research for you, and have listed numerous legal and licensed LTC casinos above.
Loss of Value: Cryptocurrencies can be incredibly volatile, and their worth may fluctuate greatly from one day to another. This may lead some players to worry that what they are depositing may not be worth much for long.
Playing Currency: Most sites that accept deposits in LTC do not allow players to play using LTC. This could imply that you will need to use a cryptocurrency wallet through which you can pay in LTC but the casino receives your funds in fiat money, or else for the casino to exchange it itself. Either way, the exchange rate may not always be favourable.
Pros and Cons of Using Litecoin at a Glance
PROS
Withdrawals tend to be faster
Bonuses tend to be larger
Lower fees than most other payment methods
Better security
Anonymous transactions
CONS
Not accepted by all casinos
Increased risk of joining an unlicensed casino
LTC may lose value due to market changes
Casinos may exchange LTC to fiat money
Litecoin vs Bitcoin & Other Cryptocurrencies
You may be wondering – is Litecoin any different from other cryptocurrencies? Does it offer any significant advantages when used for gambling purposes?
When we compare Litecoin to other cryptocurrencies, we’re looking at aspects such as security, speed of transfer, fees and global coverage.
With that said, here are the main bullet points to remember:
Litecoin vs. Bitcoin
Let’s start with the similarities: Bitcoin and Litecoin are both decentralised cryptocurrencies that use blockchain technology to record, authenticate and process transfers. They can both be purchased and mined; and can both be used to gamble in one way or another.
So far, so good. But what about the differences?
Well, Litecoin was invented to solve two supposedly major issues that Bitcoin has: the cost of each transaction, and how long each transaction takes to be effected.
Did You Know?DID YOU KNOW?
Litecoin transactions are four times faster than those of Bitcoin, clocking in at around 2.5 minutes on average (though a more realistic number is 20 minutes as opposed to Bitcoin’s one hour).
But, there is one major flaw in all this. For Litecoin transactions to be faster, they use a new type of algorithm called Scrypt, which is not as secure as the SHA-256 algorithm used by Bitcoin.
Moreover, the difference in the fees ($0.0024 for Litecoin vs $0.68 for Bitcoin) is noticeable only for people transferring a small amount of cryptocurrencies.
Lastly, there is a set amount of Bitcoin that can ever be mined, while there isn’t such a cap for Litecoin and, as it stands today, Bitcoin is still the number one cryptocurrency by market cap.
While Litecoin gambling is certainly on the rise, it’s still not as popular as Bitcoin gambling, and many games developers are creating BTC-specific games.
Litecoin vs. Bitcoin Cash
For those who are new to Bitcoin Cash, this altcoin was achieved through a hard fork in the Bitcoin software.
Bitcoin Cash’s aim was to give users faster transaction times, with cheaper transaction fees, and more importantly, few if any confirmations on the network.
But how does Bitcoin Cash compare to Litecoin?
Well, they both promote themselves as having faster and cheaper transactions than Bitcoin, and in both cases it is true. However:
BCH has higher a hashrate, which means that its network is more secure;
BCH and LTC have more or less the same transaction fee, but Litecoin’s tends to fluctuate while BCH has always remained stable.
Alternatives to Litecoin Casinos
Litecoin gambling may not be your cup of tea, and that’s perfectly fine. There are many other payment methods you can use to play a variety of casino games. Here are the most popular.
Different Payment Methods
Cryptocurrencies
Debit or Credit Card
E-Wallets
Direct Bank Transfer
Digital Wallets
eCheck
Trustly
paysafecard
Summary – Is it Worth Playing at Litecoin Casinos?
If what you’re after is a cheaper, faster and confidential gambling experience that rivals traditional banking and Bitcoin transfers, Litecoin casinos will be right up your alley.
In 2022, the number of licensed websites offering Litecoin gambling is on the rise – many of them will connect you directly to your wallet for easy deposits and withdrawals and not force you to exchange to fiat currency if you don’t want to.
Lastly, Litecoin casinos will connect you to the same games you know and love from a traditional casino, ranging from online slots to live dealer roulette.