The Best Tether Casino Sites in 2023

What Is Tether?

First, we’re going to be having a closer look at the company Tether and all of its branches of different cryptocurrencies. USDT is the coin that represents almost all of the market value of Tether. It was launched back in 2014 and is the branch we’ll be covering the most in this review. It is also one of the coins that you’re going to find is accepted in most of the online casinos that support cryptocurrencies.

Tether as a company is based out of Hong Kong and goes under the name “Tether limited”. The company is in fact controlled by the owners of “Bitfinex”, which is one of the bigger crypto exchange platforms. Tether are making “stablecoins”, with USDT being their greatest success. Stablecoin in short means that the cryptocurrency is set to follow another currency, crypto or FIAT normally, and is backed at a 1:1 ratio by money held up in reserves. In USDT’s case, one coin represents one dollar and is set to always have this exact value. Other cryptocurrencies are prone to swings in a similar fashion to the stock market, while USDT is always going to follow the American dollar (USD) and be valued and traded at 1$ for each coin. The currency is hosted on the Ethereum and Bitcoin blockchain and transactions using the coin are done within 10 minutes in most cases.

There has been a couple of controversies regarding the coin and speculation that the coin as a matter of fact is not completely backed by real money reserves, as has been promised. In 2019 there was a statement released that for all of the Tethers that were in circulation they were only backed by cash to the amount of 0.74$ of the expected full 1$. In 2021 a report was published that claimed that for all of the USDT in circulation, only 2.9% of them were backed by USD cash and about 50% were backed by different “economical papers”. Tether has denied most of the claims that the coin is not fully backed and has been dragged through court its fair share over the past years in regards to this. This has resulted in the company being forced to pay fines, although very small in size when comparing them to the current market cap of the coin and the fact that it’s the most traded coin today.

Although there have been voiced concerns, the coin remains the third-largest cryptocurrency in terms of its market cap today and is still bought, sold, and traded more than any other coin.

Tether At Online Casinos

Tether, USDT (US dollar tether) in particular, is one of the most commonly used coins in casinos that accept cryptocurrencies. This is not surprising when we look at the coin's market cap. You’ll find it available in virtually every casino that accepts cryptocurrencies. It holds the benefits of being easier to use than most cryptos since the value of the coin is set, there’s no need to bring out the calculator when calculating a transaction.

On most sites that accept USDT, you can use it to gamble in every game that’s available in the casino's library. The most commonly offered games are slots, table games, and live casino games. There are also options to sports bet using the currency as well as playing games that are designed specifically for the use of Tether.

-Tether slots

-Tether poker

-Tether blackjack

-Tether roulette

Are a couple of examples of games that are made entirely for Tether users. There is generally no limit to what games a crypto casino can make in regards to a coin. USDT is one of the more prominent cryptocurrencies and thus has many options available for the gambler that prefers to use it.

Buying and Storing Tether

When you’re buying and storing Tether there are two channels that are mainly used. The first and the most common way of doing this is through one of the many crypto exchanges. The second, and less commonly used option is to buy and store your Tether using a hardware wallet. Both of the options have their pros and cons.

If you wish to try the first option, you’re gonna have to choose one of the crypto exchanges that are available. Bitfinex, who are the controllers of Tether, is one example of a crypto exchange that could be used. More commonly people buy, sell and trade on Binance which is the exchange that has the daily highest amount of trades, by a good margin. There are many good options for different exchanges and you are not limited to using Binance though.

After you’ve chosen an exchange you generally use FIAT (f.e USD or EUR) money transfers to buy your coins, often with the use of credit cards or bank transfers. The coins purchased are then stored digitally and can be accessed on any desktop through the web browser. In most cases, the exchange will have an app that can be used on your smartphone or tablet. The coins are stored safely and oftentimes protected by “2-step verification”. This could be receiving two different codes at the same time, one as a text message to your phone and another to your email. To complete a transaction both of the codes need to be inserted within a span of a couple of minutes, making it a lot harder for someone to wrongfully access your wallet and move your coins.

The second option which is also the more secure and anonymous choice is to buy and store your tethers on a hardware wallet. A hardware wallet is in most cases a USB device that has been specifically designed to store cryptocurrencies. This device comes with a personal code that is required in order to access your coins. These devices are very secure and there are many cases where the owner of the device has forgotten or lost their passcode, resulting in the loss of the currency stored on the device.