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Crypto Casino Withdrawals

Which chain costs what, how long each takes, and the value that goes on the tax return.

BankingIndependent review2 min read

Crypto Casino Withdrawals
Photo: Eric Kilby from Somerville, MA, USA, CC BY-SA 2.0, via Wikimedia Commons
Priya AnandPayments and state regulationUpdated 2 min readFact-checked against operator terms

Crypto casino withdrawals are actually two systems working together: the operator's cashier rules and the blockchain's fee and confirmation schedule. A player raced to cash out may not realise that their favourite casino’s payout fee and speed depend on what network the transaction runs on, which means even well-received coins like Bitcoin can feel painfully slow when the casino pushes through the Bitcoin network.

Where a US crypto withdrawal actually lands

Ranked on the size of the welcome package, the cashier and how long the operator has served US players. We earn a commission when you sign up — it never changes the order.

  1. 1Las Atlantis logoLas Atlantis280% up to $2,800 on each of first 5 deposits (up to $14,000)Crypto cashierServing US players since 2020Claim offerRead our review
  2. 2BetUS logoBetUS250% up to $5,000Crypto cashierSportsbookServing US players since 1994Claim offerRead our review
  3. 3Red Dog logoRed Dog200% up to $8,000 over 4 depositsCrypto cashierServing US players since 2019Claim offerRead our review
  4. 4SuperSlots logoSuperSlots400% up to $4,000Crypto cashier100 free spinsServing US players since 2020Claim offerRead our review
  5. 5Bovada logoBovada125% up to $3,750 across your first three depositsCrypto cashierSportsbookPoker roomServing US players since 2011Claim offerRead our review
  6. 6Cafe logoCafe300% up to $2,000 + 150 free spins over three daysCrypto cashier150 free spinsServing US players since 2016Claim offerRead our review
  7. 7El Royale logoEl Royale230% match on first depositCrypto cashierServing US players since 2020Claim offerRead our review
  8. 8MyBookie logoMyBookie200% up to $1,500Crypto cashierSportsbookServing US players since 2014Claim offerRead our review
  9. 9BetOnline logoBetOnline100 free spins + 50% up to $250 in sports free betsCrypto cashierSportsbookPoker roomServing US players since 2001Claim offerRead our review
  10. 10Ignition logoIgnition300% up to $3,000 split between casino and pokerCrypto cashierPoker roomServing US players since 2016Claim offerRead our review

Like all crypto trading, the IRS rules apply: the amount of income to declare for winnings is the amount of U.S. dollars the coins were worth in the moment they arrived in your wallet. Some crypto casinos pass those fees through to you, instead of swallowing them or renting clearance to move transactions faster. A casino review of Thrill says the platform's 0.00001571 BTC fee for Bitcoin withdrawals was actually only the network cost. Ethereum had no fee at all at the time of that review, but a guide lists average ETH fees at an attention-getting $0.80–$10, with Litecoin, at $0.01–$0.05, a lot more wallet-friendly at the time of writing.

It's important to know exactly what's running on which chain. BTC, ETH, Litecoin and Dogecoin are what site SportsGambler lists average withdrawal times for, with BTC and ETH both turning out at a typically casino-welcome 5–30 minutes. Dogecoin ran in behind Litecoin at 5–15 minutes. Litecoin was the quickest, written as a 2–10 minute window. The chain level differences count. The player community can aim for a quicker withdrawal game by putting their tokens on the chain where their casino allows Lightning or sidechain allocations or faster processing.

Crypto Casino Withdrawals
Photo: Eric Kilby from Somerville, MA, USA, CC BY-SA 2.0, via Wikimedia Commons

One strategy is to withdraw to a external wallet or exchange. Since the IRS allows you to record transactions that go off-blockchain charts, a casino player can withdraw to a dark wallet, then sell at whatever rate the broker deals at, so long as the trade immediately moves the fiat back onto their own long-term wallet. Managing withdrawals carefully can help optimize timing and fees. The IRS has the last word on top-level year-end transfers. While some operators do sell crypto assets to cover the network fees, as is the case when fiat transactions are sent, the IRS says those transactions are viewed by the IRS as personal income with the same tax treatment. So depositing winnings released from a casino is treated like deposit into a bank account, while withdrawing adds to the almost-too-rare occasions when the IRS considers fair market value as its baseline.