Gambling with Solana: Pros and Cons

Fast Transactions

The Solana network can handle thousands of transactions per second. With a testing maximum of 65,000 TPS and a real-world speed of 5,000 TPS, it is one of the fastest casino payment methods. Comparatively, its biggest competitor, Bitcoin, processes around 7 transactions per second, and Ethereum processes between 15 and 30 transactions per second.

In addition, all crypto casino deposits and withdrawals in SOL are processed immediately. Solana's block time is under 1 second, whereas Ethereum’s is 12 seconds. At the same time, the Bitcoin network has a 10-minute block time.

This means that casino players will have an obstacle-free experience and instant payments. Even on bank holidays or weekends, payments and withdrawals should be completed without delay. Simply put, Solana’s speed makes it a better option than traditional banking methods or ETH and BTC.

Low Fees

The second but equally important aspect of Solana is its cost-efficiency. Compared to BTC or ETH, SOL offers considerably lower transaction fees. In 2024, the average fee for a SOL transaction was $0.005. Ethereum's average fee was $20, while Bitcoin transactions could cost between $5 and $6. This difference is far from negligible, as it means that budget-conscious and small-deposit players will get the most for their money with SOL.

Global Access

Solana is a global decentralised network that allows players to send and receive SOL from anywhere in the world any time. Its borderless nature allows players to access and play in international crypto casinos, which benefits not only players looking for a greater variety of casinos but also frequent travellers.

Exclusive Promotions

Many Solana casinos offer bonuses, including free spins, cashback, reload bonuses and high-roller perks. For example, Stake.com offers a 200% up to $1,000 welcome bonus suitable for SOL deposits. Some sites even run promotions specifically for Solana deposits.

Privacy

Privacy is closely associated with crypto casinos. Solana's blockchain is public, but the transactions are pseudonymous and linked to cryptographic addresses unrelated to the holder's identity. Moreover, crypto casinos, especially decentralised apps, do not require KYC verification. These no KYC casinos are perfect for players who want to maintain complete anonymity in their online gambling activities, especially in an era of such invasions of privacy.

Accessibility

Compared to BTC or ETH, SOL is less represented at online casinos. Some sites that support it are Stake Casino and BC.Game Casino, but other popular casinos have yet to include it. Therefore, players who only use SOL might not have many options to choose from.

Volatility

One of Solana's most significant downsides is its price volatility. SOL, like many cryptos, is highly volatile. In 2021, the price increased by more than 11,000%, then dropped by 94% in 2022. In 2023, the price rebounded 10 times. These fluctuations mean that the value of your funds can change, and you can end up losing money even if you win while playing crypto casino games.

Network Congestion

Although it has a higher TPS, Solana still has a history of network congestion and outages, which are disruptive for online casino players. In 2021, the network went down for 17 hours after a high number of transactions. In February 2023, it also suffered a 19-hour outage. Outages mean transactions aren't being processed, preventing players from depositing and cashing out.

Security Risks

The core of the blockchain has never been compromised. However, some Solana-based platforms have been exploited. In February 2022, the Wormhole Bridge was hacked, resulting in the loss of $320 million worth of crypto. The Solana-based Mango Market was also exploited for $100 million. Although these are not online casinos, the security risks remain. Moreover, Solana has some typical crypto risks and requires additional caution.