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With cryptocurrencies becoming more common in the online gambling space, Neo has taken the initiative to join the ranks of tokens available to the iGaming scene more actively. As expected from a cryptocurrency, Neo comes with tons of excellent benefits that can push online casino fans towards a much better gaming experience! Since the method is slowly reintroducing itself to this world, it’s not too widespread yet. Despite this, taking the time to find a venue supporting this payment option might be worth the trouble! If any of this caught your attention, stick around as we answer the question – why use Neo as your payment method in online casinos?

About Neo

Neo might not have started with the most original idea, but it certainly lacked no ambition! Founded in early 2014 as Antshares, it hoped to take the best parts of blockchain tech and smart contracts and merge them to create an unbeatable digital asset management system! In a way, the cryptocurrency has succeeded in its goals. While it still has a long way to go before it reaches the peak performance it hopes to achieve, it’s improved immensely over the year, reaching its third and most powerful update yet in 2018.

As we already mentioned, Neo doesn’t stand out from most other digital currencies. It operates on a decentralized proof of stake Byzantine fault-tolerant mechanism, which is somewhat of a step up from some other cryptos. Neo has a few features that keep it afloat, and its excellent support for developers is one of them. In its essence, Neo works around tools that can help developers efficiently launch and use smart contract applications on its blockchain. While this generally might not be a big deal to casual users like online casino players, it helps the coin’s sustainability.

An interesting thing about this currency is that it works with a native Neo token technology to generate GAS tokens instantly. These tokens are independent assets on the Neo blockchain network, which are usually used to pay fees related to Neo transactions. As we already mentioned briefly, this cryptocurrency is no stranger to the online gambling scene. It’s been used as an online casino payment method from the start, although it’s not seen too much attention. Its star has been on the rise lately, so with more casinos taking it on, things are starting to change in that regard.

Getting Started with It

Using Neo can be a blessing and a curse. Since the payment method is a cryptocurrency, it comes with a unique set of issues that don’t usually affect other payment services like gift cards and eWallets. Of course, we’re talking about the discourse surrounding crypto worldwide! Depending on your location, using this service as a payment method can be illegal. Owning any of it, in general, could be banned as well! The laws surrounding cryptocurrencies are muddy in most countries, so before you decide on using this option, make sure to check if crypto and crypto gambling is allowed in your area. 

If crypto and crypto gambling get the green light in your country, you can start looking into ways to obtain some Neo. Unfortunately, this process can be somewhat of a hassle. Since Neo is in direct competition with Ethereum, it’s not a viable option on many of the crypto exchanges people frequent. Even popular platforms like eToro and Coinbase, exchanges that support a myriad of crypto options, tend not to trade this currency. The one bright spot here is that Binance does support Neo! Currently, this is one of the best options you have available.

Before you can get your hands on the token, you’ll need to set up an account with Binance or a different crypto exchange where Neo is a viable option. Of course, this means following a similar sign-up process on these platforms that can require personal information. Since these platforms operate similarly to stock brokerages, they need this information for tax purposes.

If the whole process of using an exchange seems like a bit too much work, you can opt-in for the crypto wallet alternative. This method is an excellent option for players that don’t want to get into the crypto trading aspect of things. Of course, you’ll still need to go through the trouble of obtaining the tokens through an exchange, you can just store them in your wallet for safekeeping. Crypto wallets tend to be less prone to risks of hacking, so if you’re not going to be trading your coins anyway, you might as well keep them better protected.

When you finally become the proud owner of Neo, you can subsequently use the crypto tokens it generates to make purchases across a variety of different shops and services. The process doesn’t differ from using any other crypto, as it’s facilitated by a crypto wallet in most cases. Essentially, all you need to do is fill out the recipient's crypto address or use the QR Code feature, if available, to make things go even smoother, and enter the desired amount you want to send. Confirm the transaction, and you’re done!

How to Make a Deposit with Neo at an Online Casino

Online casino deposits with Neo Gas aren’t that different from any other deposits made with the cryptocurrency. Of course, it’s worth noting that some operators can make the process a bit more inconvenient than necessary. Before we get into how this can happen, here’s how things usually work:

  1. Search for the Neo or Neo GAS option in the list of accepted casino deposit methods
  2. Tap the icon and enter the required information in the pop-up (or scan the QR code)
  3. Confirm the payment
  4. The money should arrive on your account nearly instantly!

At some casinos, you might need to inquire with Customer Support to check the availability of this method. They might offer it, but you’ll need to request the information on how to deposit with it directly. While this can be a hassle, the operator’s Customer Support Team is usually by your side guiding you through the entire process.

How to Make a Withdrawal with It?

It is possible to withdraw at online casinos with Neo. When this process comes into play, we have some bad news and some good news. The bad news, just like depositing, withdrawing can sometimes be more complicated than it needs to be. While most of the time you can withdraw through the cashier section, in some cases, you might have to contact Customer Support to initiate the withdrawal. The good news, withdrawing with this method is insanely fast! Since it is a cryptocurrency, the processing time attached to this option is nearly non-existent.

Applicable Fees

Fees aren’t something you’ll encounter too often when using Neo. Of course, this doesn’t mean they aren’t associated with this cryptocurrency at all.

Something players should watch for when dealing with crypto like this one is the maintenance fees from crypto wallets and crypto exchanges. While not all of these services charge fees for transactions or general usage, many do. On top of that, these fans are often automatic, so you might not even notice you’re missing small chunks of currency from time to time. Be mindful of this when choosing how and where you store your crypto and check if your preferred service comes with additional charges.

Accepted and Restricted Countries

As we’ve already mentioned a few times throughout this text, crypto and crypto gambling is a complex topic that never fails to stir up drama. Because of its novelty, volatility, and associated practices, it comes with different rules in different locations across the globe.

To give you an idea of the polarity connected to crypto, we’ll list a few countries with differing crypto laws. China, Turkey, Russia, Egypt, Bangladesh, and North Macedonia implement heavy restrictions for crypto usage or ban cryptocurrencies altogether. Depending on how often these restrictive measures are enforced, you might end up in deep trouble if you use crypto. In contrast, Germany, Finland, Malta, the US, El Salvador, and many others don’t have specific laws that ban cryptocurrency or have legalized its use.

Something to always keep in mind when dealing with crypto and crypto gfambling is it can differ drastically from one country to the next. It’s best to keep informed on the current situation and check on the legality of Neo and other cryptocurrencies on a country-to-country basis.

Available Currencies

Since Neo is a currency itself, there’s not much to say here when the act of depositing and withdrawing with the method is in question. What you might want to know more about is what currencies are accepted in Neo crypto exchanges.

Since several crypto exchanges support Neo, you’ll find a varied list of accepted currencies depending on the option you choose. Generally, these exchanges accept popular crypto options Bitcoin, Litecoin, Ethereum, Dogecoin, Bitcoin Cash, and more. Widespread currencies like the US dollar, euro, British pound and Canadian dollar are also typically viable options. In most cases, you should be able to buy Neo with these currencies without having to pay anything. Unfortunately, some conversion charges may apply when using other unlisted ones.

Customer Service and Support

Since Neo isn’t your traditional payment method, there’s no Customer Support option to offer help in a pinch. While a direct Customer Care channel to the currency is impossible to find, there are a few alternatives you can try. Mainly, if you’re having trouble storing or using the currency, contacting the exchange or crypto wallet service you’re using is a good idea. If your issue arises during casino transactions, you can get in touch with the operator’s Customer Support Team, if available.

Neo payment method fees and facts
Countries restricted from using Neo Canada
Link to terms & conditions https://neo.org/
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FAQs

Is Neo legal in my country?

The legality of Neo and other cryptocurrencies is directly tied to your location. Since crypto laws depend on the country you’re in, you can tell if the currency is legal in your area by searching official government websites.

Is using Neo safe?

Generally, yes. As long as you use trustworthy crypto exchanges and eWallet services, your crypto should be safe and sound. Of course, you should keep in mind that crypto scams and hacks aren’t a rarity these days, so be mindful when dealing with cryptocurrencies.

How long until my withdrawal arrives?

Neo withdrawals are instant! The only waiting time you might experience is from the operator you’re visiting.

Can I avoid fees when depositing or withdrawing?

The only way to avoid feed when using Neo is to find a crypto storage service that doesn’t charge a fee, along with a casino that shares the same sentiment. Unfortunately, both are somewhat rare.

Can I cancel my Neo withdrawal?

While this can generally depend on the online casino you play in, the answer is usually yes. As long as the casino hasn’t processed the transfer, you should be able to cancel your Neo withdrawal.
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