The cryptocurrency prices have taken a beating in the last few months, but that doesn’t translate to lower bonuses with the online casinos. To combat the declining prices of popular cryptos such as Bitcoin and LTC, the Red Stag casino just announced an increase of their bonus offers for players who fund their accounts using any of those famous cryptocurrencies.
For those who have always preferred to use crypto when depositing at the casinos, the recent decline of their prices across the board have left them wondering if using fiat may be the better choice. Bitcoin has long been the preferred choice for the online casino websites to transact with their customers, due to its speed, reliability and low transaction fees, and have offered special promotions to those customers for theirs who choose to use it as a funding option.
But with prices of major cryptos in a downward slide over the past few months, those bonuses may not look like the great deal they once were. To combat this disparity between crypto and fiat, some online casinos are cranking up both the number of Bitcoin bonuses available, as well as their size.
The recent news from Red Stag casino is case in point. The popular online casino just alerted us that they have made the decision to increase their Bitcoin and other cryptocurrency bonuses, publishing two new offers.
First, the usual 400% bonus for BTC, BTH, and LTC deposits has now been increased to 500% for new players, and can be claimed for up to $5,000 worth. This marks a $1,000 increase over their previous offer. The bonus code for this promotion is “CTYPTO500” for those wishing to claim.
Their second offer comes with code “RICHBTC370” and applies to the customer’s first Bitcoin deposit. Those cashing in on the offer can get 370% match bonus (up to $740) and enjoy an additional 170 Spins on Triple Paradise Riches video slot machine. Both this and the previous bonus have a 30x wagering requirement.
As you can see, despite the lower price of Bitcoin, Ethereum, LiteCoin and other popular crypto-currencies, the gaming companies remain committed to these banking options. The ever increasing cost of processing fiat transactions, paired with the slower speed and higher fraud, make Bitcoin and others the better choice, regardless of what many consider a temporary lull of those markets.
But it hasn’t been all great for those crypto adopters and we can only imagine how the online casinos feel themselves when they look at their balance sheets. Since setting an all-time high of over $67,000 in the fourth quarter of last year, Bitcoin has been on a downward trend. Hovering just below $20,000 for most of the month, it appears that BTC has found a stable home in the mid $19K range, at least for now.
The prices of all other cryptocurrencies have followed a similar pattern and the increase of the casino bonuses has been long overdue. For a while now, the fiat (i.e. dollars, pounds, euro, etc.) bonuses have looked like the better deal, especially when one could assess the risk of their crypto declining in value, as well. While these new promotions won’t bring back the value of Bitcoin and the like, it makes up for the disparity of the banking bonuses. And while we haven’t seen many casinos following suit, yet, we fully expect that by next month more casinos will increase their crypto bonuses to match up with Red Stag and others.