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Top DAI Casinos

DAI is one of the most popular cryptocurrencies that have found a niche in addressing the inherent volatility of digital assets. Belonging to the novel class of cryptocurrencies known as stablecoins, it seeks to offer a relatively stable alternative to popular casino cryptocurrencies.

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In this DAI casino guide, we analyze the advantages it has over fiat currencies, other cryptocurrencies and stablecoins. We will also find out whether or not it meets its claim to stability. Let’s dive right in and discover all there is to know about DAI casinos.

Before we get into the nitty-gritty of DAI casinos, let’s find out first how to get started on a DAI casino. Here are the steps you need to follow:

How to Join on a DAI Casino

How to Join on a DAI Casino
  • Step 1: Choose a Casino

    First, you will need to identify the crypto casinos that support the use of this stablecoin. Once you do this, you can then choose the one that best suits your gaming preferences. Create an account on that platform to start your casino adventure.

    Here are some of the casinos that support DAI:

  • Step 2: Buy and Deposit DAI

    Now that you have an account on a DAI casino, the next thing you need is to get your hands on DAI. 

    One of the easiest ways to buy DAI is through crypto exchanges such as Coinbase Pro, HitBTC and Bittrex. You can then deposit your DAI coin to your chosen crypto casino.

  • Step 3: Claim a Bonus

    Once you’ve made your first deposit, you can now claim your welcome bonus. 

    Depending on how generous the offer is, the bonus might be a great way to familiarize yourself with the casino platform and its games.

  • Step 4: Begin Wagering with DAI

    Once you are done with the bonus, the real fun begins. Dive into the world of DAI wagering and get a firsthand experience of its benefits.

The growth in popularity of DAI has been overwhelming and as one of the only decentralized stablecoins, it’s a great low-volatility token for gamblers. Our team of experts are always on the hunt for new casinos with DAI banking methods and this list is updated each week. Check out the table below for the newest DAI casinos and pick one with a great bonus! If you’re looking to bet with DAI, you’ve come to the right place!

DAI Casino Date Added Rating Review
BC Game 17 Jun 2019 85 Read More
Edgeless 25 Apr 2019 71 Read More
SportX 26 Jun 2019 68 Read More

Top Rated DAI Casinos August, 2020

Expert Reviews
Crypto Banking
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TheBitcoinStrip.com thoroughly reviews the casinos listed on this website as a means to provide accurate and valuable information to its readers. To continue providing free access to the public, this website accepts commission payments from some of the casino operators shown below. However, we do not accept direct payments for casino ratings.

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DAI for Beginners

DAI, like a good number of other stablecoins, is a collateral-backed coin whose value is pegged to that of the US dollar. It is a token based on the ERC-20 protocol, which runs on the Ethereum blockchain. Launched in 2017, it is the brainchild of MakerDAO, and its founder and CEO is known as Rune Christensen. 

There are plenty of features that make DAI stand out from all other stablecoins. Let us take a look at some of them.

Decentralization

One of the most outstanding features of DAI is its decentralization. The DAI token is backed by Ether and has its price stability maintained using smart contracts. As such, it does not rely on any third party.

Rather, its network operates under preset rules that govern the relationship between DAI, ETH and a third token known as Maker (MKR). It is a truly decentralized and trustless stablecoin that can’t be censored.

Crypto-Collateralization

Unlike a majority of stablecoins that are fiat-collateralized, DAI is a crypto-collateralized token. This makes a world of difference because it does not require a company’s word or third-party audits to confirm the existence of a peg. 

Instead, you can confirm the existence of ETH reserves backing up the coin at all times on the publicly visible Ethereum blockchain.

Governance Token (Maker)

As mentioned, DAI’s operations are closely linked to ETH and MKR tokens. You might be familiar with ETH but probably not so much with Maker. Maker is a governance token for DAI created by the Maker Decentralized Autonomous Organization (MakerDAO).

Just like DAI, it is an ERC-20 token. Its holders are in charge of business logic, risk management and other governance roles on the network.

Stablecoin Comparison Table

StablecoinCensorship ResistanceTransaction FeesPeg EffectivenessAdoption by Casinos
DAIResistant to censorshipETH Gas fees for all transactionsModerately effectiveLeast widely adopted
US Dollar Coin (USDC)Not resistant to censorshipNo fees for inbound transactions, Gas fees for outbound transactions, No fees for bank wiresHighly effectiveSecond most widely adopted
Tether (USDT)Not resistant to censorshipNo fees for Tether deposits and withdrawals, 0.1% for fiat withdrawals and depositsFrequently deviatesMost widely adopted
Paxos Standard Token (PAX )Not resistant to censorship0.1% for all deposits and withdrawalsHighly effectiveThird most widely adopted

DAI Stability Mechanism

As a crypto-collateralized stablecoin, DAI maintains its stability courtesy of the backing of Ether. But how is this possible seeing as Ether is itself an unstable cryptocurrency? The stability mechanism for this token is quite high-level but the following explanation should give you a basic understanding of the concept. 

It all makes use of a system known as Collateralized Debt Position (CDP). Anyone who wants to acquire DAI tokens sends ETH to a CDP. In exchange for the ETH, the sender can withdraw DAI. But it’s not as simple as a 1:1 exchange ratio. In order to balance the coin’s price at $1 at all times, it uses an approach known as overcollateralization. 

In order to access DAI tokens, you need to pay for the DAI and add a stability fee on top. When the value of DAI drops below $1, the governance team increases the fee to increase DAI’s price. This reduces the supply and drives prices up. Similarly, when DAI price surpasses the $1 mark, they reduce the stability fee to make DAI cheaper. In turn, this increases supply and reduces prices.

Note that the governance system is not a centralized institution. Rather, it consists of holders of the MKR token.

DAI Casino Bonuses

At DAI casinos, you will find a wide range of alluring bonuses to keep you coming back for more. Take a look at some of them below. 

No Deposit Bonus

As you can tell from its name, this is a bonus you get to enjoy without having to make any deposit. All you need to do is create an account on a casino. Unfortunately, it is only available on a handful of platforms. With this bonus, you can get a feel of the site without having to commit any funds.

Welcome Bonus

Every DAI casino worth its salt has a welcome bonus. In most cases, this bonus covers the first four or so deposits. It is often a generous bonus package, one that can give you a chance to explore the variety of games on offer.

Periodic/ Seasonal Bonuses

You will often find weekly, monthly and at times, even daily bonus offers. There could also be a range of seasonal offers that can keep things fresh and exciting.

Loyalty Bonuses

Like other businesses, casinos reward loyal clients with various tokens of appreciation. These bonuses can often give you the opportunity to join VIP ranks and go up the ladder over a period of time to access even more benefits.

Top DAI Casino Bonuses

Disclosure
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TheBitcoinStrip.com thoroughly reviews the casinos listed on this website as a means to provide accurate and valuable information to its readers. To continue providing free access to the public, this website accepts commission payments from some of the casino operators shown below. However, we do not accept direct payments for casino ratings.

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Benefits of Using DAI for Betting

Stability

As you can probably tell from the description of DAI as a stablecoin, one of the benefits of using it in casinos has to do with stability. Cryptocurrencies have plenty of benefits to offer punters, but their volatility is a major challenge. 

DAI, on the other hand, has mechanisms in place to maintain a price of $1 at all times. This means you can say goodbye to having your profits turn into losses when crypto prices take a beating.

Notably though, its stability is not so great at the moment. Though the stability mechanism behind this coin is elegantly designed, it has not been working quite as well as intended. It has been hovering below the $1 mark because of an imbalance between supply and demand. 

ETH price has been on the rise, and more traders are opening CDP positions so as to use DAI to buy ETH. While this results in the creation of more DAI, the low demand for the new tokens causes the imbalance. The team is, however, working on a long-term solution to address the issue.

Trust

Since DAI is one of the few decentralized tokens, it operates without the need for a middleman. Thanks to the use of smart contracts, it does not require the intervention of a third party to confirm the existence of collaterals against issued tokens. 

Censorship Resistance

As a decentralized entity that makes use of blockchain technology, smart contracts and a voting system by MKR token holders, DAI is resistant to censorship. It cannot be shut down or in any other way controlled by any entity.

Open

Collateralized stablecoins require third-party audits to keep things in check. However, DAI works on an open and transparent framework. On the public Ethereum blockchain, anyone can confirm its integrity at any time.

Final Thoughts

DAI is a great cryptocurrency for online casinos. As a cryptocurrency, it overcomes the challenges associated with fiat currency services. These include slow transaction processing and high transaction fees.

At the same time, it overcomes the biggest cryptocurrency-related obstacle – volatility. In spite of the fact that its price has been fluctuating recently, it is still relatively stable. This is especially true if you look at the wild fluctuations being experienced in the crypto industry as a whole.

Lastly, it is superior to other stablecoins due to its transparency and decentralization. You can easily verify everything about it on a public ledger.

Other Top Stablecoin Casinos

As you will have gathered from this guide, DAI is not the only stablecoin that can be used at casinos. View the following pages for a list of casinos that offer banking options for other stablecoins.

DAI FAQs

What could cause the price of DAI to surpass or drop below the $1 mark?

There are two main scenarios that could cause price fluctuations in DAI. First, the value of Ether (ETH) could increase or decrease. Second, DAI might trade for more or less than the target price.

Are there any specific DAI casino games?

At the moment, there are no specific DAI games on casinos. As it gains popularity in the industry, we may see the development of such games. But in the meantime, there are good games that you can enjoy when playing at DAI casinos.

Can I make a deposit in DAI and a withdrawal in a different cryptocurrency?

In many cases, casinos will require you to make a withdrawal in the same currency that you used for your deposit.

Published by Nica SJ

Nica SJ

About the author

Nica is an expert cryptocurrency and fintech writer who has worked with several venture-backed tech startups in the US and UK as well as investment companies in London. She currently enjoys researching about bitcoin exchanges and casinos.

Last updated by Nick Hawke on May 15, 2020

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About the editor

Nick is the CEO and founder of The Bitcoin Strip and has reviewed and written about Bitcoin casinos, sportsbooks and poker rooms for 9 years. He first entered the Bitcoin gambling market in 2011 following a widespread closure of poker rooms in the US.
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