From what we have learned over the years, Bitcoin-focused gambling sites are fast becoming the go-to website for bettors. The thrills and added features that these platforms often provide have boosted their ratings such that it has become fashionable to accept Bitcoin or allow players to bet with crypto.
Unsurprisingly, this trend has forced crypto gambling websites to be more competitive even as they continue to evolve to remain in the thick of things. One of such platforms that have managed to remain relevant is OneHash. The betting website is one of the few market players that has found a balance between mutual betting and Bitcoin. In this guide, we will explore the workings of OneHash, highlight some of its strong suits and unravel its drawbacks.
OneHash was launched in 2014 as one of the few world’s mutual betting websites that makes use of Bitcoin. The platform explains that it has combined the mutual betting model with blockchain architecture to improve the transparency and fairness of games. In other words, OneHash thrives not just because of its Bitcoin affiliation but also as a result of its decision to adopt a user-centric system.
What Is Mutual betting?
Mutual betting is safe, and it allows you to stake freely without algorithms or the use of machines to automatically verify them. Here, all bets are placed in a pool, and the payoff odds are determined by distributing the pooled funds among winning bets.
What Are The Advantages Mutual Betting Has Over Algorithm-based Betting?
OneHash’s mutual betting system allows bettors to place bets on a pool, then each bet is placed under a winning multiplier until there is a closure of the pool. Whatever the outcome might be, winners split the pool in proportion to the contribution made by their side.
In contrast to this system, most betting platforms use algorithms to set odds. While this algorithm-based alternative does not pose major risks to users, some players prefer the mutual betting model because it is more intense.
Some consider mutual betting a better model because it preserves the human factor while ensuring that the games are insusceptible to manipulations. Odds are not fixed by a computer but by the number of participants and their betting decision. On the downside, winnings depend on the size of the betting pools. Therefore, the more people participate in the game, the higher the possibility of earning more. If this is the case, the lack of betting traffic can significantly reduce the attractiveness of such games.
Due to the strengths and limitations of mutual betting, it is widely used as a gambling technique for horse racing, greyhound racing, and sports betting.
OneHash’s Game collection
As noted earlier, one of the contributing factors to OneHash’s success is its mutual betting system. This model has helped it build a good rep in the esports betting market. You can bet on one of OneHash's esports games and win close to 0.5 BTC. Sports enthusiasts can bet on the sports events or opt for the virtual sports section. Interestingly, players can also bet on other popular events like an award show.
Another popular type of game on Onehash is Dice, where you can stake, roll and get your wins. It is safe and reliable because it is being controlled by humans rather than machines. Then there is a provably fair collection which according to OneHash consists of games that comes with blockchain-enhanced transparency. Some of the names you will find in the provably fair section are Minesweeper, Moon, Goals, Highstriker, and Slots.
While mutual betting seems to be OneHash’s major selling point, the platform appears to have expanded its gaming collection beyond the mutual betting world. At the time of writing this review, OneHash hosted over 600 casino games, with slots accounting for a large share. The website features an array of table games, live poker, card games, bingo, and even lotteries.
OneHash’s Supported Cryptocurrencies
The use of Bitcoin on this website cannot be overemphasized as you can place them as a stake on any of the games being played. However, unlike the majority of crypto betting platforms, OneHash only accepts Bitcoin. In other words, withdrawals and deposits can only be facilitated with a Bitcoin wallet. While some believe that this policy is restrictive, OneHash argues that its Bitcoin-focused betting model remains one of the reasons they are still in business.
What Are The Supported Countries?
According to the website's terms and conditions, OneHash is regulated by Curacao authorities. However, the platform is available globally with no specific location or country blacklisted. While this is a given, OneHash expects users to carry out due diligence to understand the regulatory standpoint of their countries in matters relating to gambling and Bitcoin before using the website.
Does OneHash Impose KYC?
Since OneHash is a regulated betting website, it is no surprise that it complies with KYC and AML requirements. Therefore, the betting platform may request additional information or documents to confirm your identity before you can create an account or withdraw winnings. OneHash goes as far as imposing a wagering requirement on all deposits to deter illegal entities from using its platform as a mixer or a money-laundering channel.
Surprisingly, users can play some of the featured betting games without creating a OneHash account.
Deposit And Withdrawals
Since OneHash supports only Bitcoin, you will have to own Bitcoin beforehand to deposit funds in your OneHash wallet. Alternatively, the website allows users to use third-party infrastructure to exchange their altcoins to Bitcoin. However, this feature is not available for withdrawals. In essence, the only accepted payment method on the withdrawal side is Bitcoin.
Although there is no minimum deposit limit, you cannot store an amount exceeding 10 BTC on your wallet at any given time. On the withdrawal side, the lowest you can withdraw is 1mBTC while there is no maximum withdrawal limit. As expected, the deposit and withdrawal fees reflect the fees charged on the Bitcoin network. Also, the website processes all withdrawals manually and instantly, especially when there are no extra AML checks required.
OneHash employed a sleek and simple user interface to ensure that users have no difficulty with navigation. Likewise, the decision to sport a dark grey background is commendable. Most importantly, the responsiveness of the website and its featured games helps improve users' experience significantly. It is also worth mentioning here that OneHash allows users to test games before wagering, depositing funds, or even opening an account. This makes it a lot easier to understand the games and their rules beforehand.
Bonus And Promotions
Unlike most betting platforms, OneHash only offers bonuses when new users make their first deposits. Notably, this bonus system is unlike anything we have encountered as OneHash offers a 100% bonus of up to 1 BTC on first deposits and unconventional wagering requirements. Make sure you read the fine print to grasp the conditions for earning bonuses.
Also, note that the platform offers users faucet funds whenever their account balance is zero. However, it is impossible to withdraw winnings made from such funds. We believe that this faucet is designed to keep users on the platform even when they are out of funds.
OneHash seems to take customer support seriously. The platform offers 24/7 support via live chat. With this, users can get in touch with customer representatives around the clock, especially when their queries require instant responses. To supplement this channel, OneHash also offers email support. However, apart from the general FAQ page and beginners’ tutorial page on the website, OneHash does not provide detailed insight into the workings of the platform.
What Are The Pros And Cons Of Onehash?
After exploring the workings of OneHash, we went further to compile its strengths and weaknesses. Below are some of the factors that you should consider before using OneHash
The Pros Of Onehash
It utilizes a mutual betting model
As discussed earlier, OneHash is one of the few mutual betting Bitcoin platforms available today. Therefore, it is ideal for players that yearn for the gaming intensity that comes from combining Bitcoin and an unconventional betting system.
OneHash features provably fair games
It is commendable that OneHash capitalized on the added blockchain functionalities that come with being a crypto-focused gambling site. In particular, the website houses a selection of provably fair games. Without any doubt, this makes OneHash an ideal option for those who prefer transparent and blockchain-verifiable games.
It features a wide array of games
Since it markets itself as a mutual betting website, OneHash could have restricted its gaming collection to esports. However, in what seems like an attempt to attract a broad audience, the platform now features over 700 game titles. Apart from esports collections, you can play a wide range of casino games, including slots, card games, and live poker. It is also worth mentioning that OneHash provides lottery games.
The website offers 24/7 customer support
It is always a good sight when websites go all out to provide 24/7 customer support. In the case of OneHash, this is possible thanks to the implementation of a live chat feature. As such, users can log complaints to pertinent issues and receive quick responses from customer representatives.
OneHash offers a quality user experience
Simplicity and responsiveness are two key factors to consider when choosing gambling websites. And so, it is commendable that OneHash has left no stone unturned in its quest to provide a quality gaming and gambling experience to users.
What Are The Cons Of Onehash?
It features only a Bitcoin payment method
Undoubtedly, there are positives to take away from OneHash’s decision to restrict its payment system to Bitcoin. However, it is common knowledge that this is a potential barrier for players, most especially those who are not familiar with Bitcoin or who would rather use altcoins. Although there is an option to exchange altcoins to Bitcoin via a third-party solution, this option comes with extra fees.