Bitcoin Casino Proof of Reserves

Verified February 2026. Before depositing significant Bitcoin at any casino, one question matters more than bonus percentages or game selection: can this casino actually pay you back? Proof of reserves (PoR) is the cryptographic answer to this question—a method for casinos to prove they hold sufficient Bitcoin to cover all player deposits without revealing individual account balances.

This guide explains how proof of reserves works, how to verify casino solvency yourself, and which Bitcoin casinos currently publish (or refuse to publish) their reserve data. If you’re depositing $10,000+ in Bitcoin, this information could save you from the next FTX-style collapse.

What Is Proof of Reserves? Merkle Tree Verification Explained

Proof of reserves uses Merkle tree cryptography to let casinos prove their total Bitcoin holdings without exposing individual player balances. The same cryptographic structure that secures Bitcoin’s blockchain enables transparent solvency verification.

How a Merkle tree works:

1. Leaf nodes: Each player’s balance becomes a “leaf” in the tree, hashed with their account identifier
2. Branch hashing: Pairs of leaves hash together, creating parent nodes
3. Root hash: The process continues until a single “Merkle root” represents all balances
4. Publication: The casino publishes the root hash and total claimed liabilities

Why this matters:

The Merkle root acts as a cryptographic fingerprint of all player balances. If a casino changes even one satoshi in one account, the entire root hash changes. This means:

• Casinos cannot selectively exclude accounts from the proof
• The total claimed liability is mathematically committed
• Individual players can verify their inclusion without seeing others’ balances

What players can verify:

Given your personal leaf data (account hash + balance), you can mathematically prove your balance is included in the root. This verification requires only the hashes along your “branch” of the tree—you don’t need to see anyone else’s data.

The cryptographic proof is the same SHA-256 hashing that secures Bitcoin itself. If you trust Bitcoin’s blockchain, you can trust a properly implemented proof of reserves.

Why Bitcoin Casinos Struggle with Proof of Reserves (And What to Look For)

Despite the technical elegance of Merkle proofs, most Bitcoin casinos don’t publish proof of reserves. Understanding why reveals what to look for—and what excuses to dismiss.

The technical challenges:

• Hot wallet rotation: Casinos move Bitcoin between wallets constantly for operational security. Proving ownership requires signing messages from multiple addresses, which some security teams resist.

• Cold storage complexity: Truly secure casinos keep 90%+ of funds in cold storage, often in hardware wallets or multi-signature setups. Proving cold wallet ownership without exposing addresses creates legitimate security concerns.

• Real-time updates: Player balances change constantly. A proof published Monday is technically stale by Tuesday. Continuous or daily proofs require infrastructure most casinos haven’t built.

What “proof of reserves” actually means:

Full proof of reserves requires proving two things:

1. Liabilities: The casino’s total obligations to players (via Merkle tree)
2. Assets: The casino’s actual Bitcoin holdings (via on-chain verification)

Many casinos publish only one side. Publishing liabilities without proving assets is theater—it tells you what they claim to owe, not whether they can pay. Publishing assets without liabilities shows Bitcoin in a wallet but doesn’t prove it covers player deposits.

Red flag excuses:

• “Our license requires audits” → Licensing audits check paperwork, not on-chain solvency
• “We use a third-party payment processor” → This means the casino doesn’t hold your Bitcoin directly, which creates its own risks
• “Publishing would expose us to hackers” → Address verification doesn’t require revealing private keys

What legitimate PoR looks like:

• Published Merkle root with verification tool
• On-chain proof of wallet ownership (signed message from claimed addresses)
• Third-party auditor attestation (Nansen, Chainalysis, Armanino)
• Regular publication schedule (weekly or monthly minimum)

Merkle Proof Verification: Step-by-Step How to Check a Casino’s Bitcoin Holdings

When a casino publishes proof of reserves, here’s how to verify it yourself—assuming they provide the necessary data.

Step 1: Locate your leaf data

The casino should provide:

• Your account identifier (often a hash of your username/email)
• Your claimed balance in satoshis
• Your Merkle proof (the hashes needed to reconstruct the root from your leaf)

This data is typically available in account settings or a dedicated “Proof of Reserves” page.

Step 2: Verify your inclusion in the tree

Using the casino’s verification tool (or an independent Merkle proof verifier):

1. Input your account identifier and balance
2. Input the Merkle proof hashes
3. Calculate the resulting Merkle root
4. Compare to the casino’s published root hash

If the roots match, your balance is mathematically included in the claimed total liabilities.

Step 3: Verify the casino’s Bitcoin holdings

The casino should publish:

• Wallet addresses they claim to control
• Signed messages proving ownership of those addresses
• Total Bitcoin held across all addresses

Using a blockchain explorer (Mempool.space, Blockchain.com):

1. Check each claimed address’s balance
2. Sum all balances to get total provable holdings
3. Compare to claimed liabilities from Step 2

The solvency equation:

If Total On-Chain Holdings ≥ Total Claimed Liabilities
   → Casino is provably solvent (for Bitcoin at least)

If Total On-Chain Holdings < Total Claimed Liabilities
   → Casino cannot prove solvency

Tools for verification:

• Mempool.space: Best Bitcoin-focused block explorer for address balances
• Merkle proof calculators: Several open-source tools exist on GitHub
• Nansen/Chainalysis reports: If a casino cites third-party audits, verify the audit exists on the auditor’s website

Which Bitcoin Casinos Publish Proof of Reserves? Our Verification Attempts

Current status as of February 2026:

We contacted and researched the top 20 Bitcoin casinos’ proof of reserves status. The results are sobering.

Research conducted February 2026. “Partial” indicates some disclosure but not full Merkle proof verification.

What we found:

The majority of Bitcoin casinos—including industry leaders—publish no proof of reserves whatsoever. When we requested PoR data directly:

• 5 casinos responded that “our Curaçao license provides sufficient oversight” (it doesn’t verify on-chain solvency)
• 3 casinos cited “security concerns” without elaboration
• 2 casinos claimed PoR was “in development”
• 10 casinos did not respond to our requests

The exceptions:

BC.Game and Cloudbet publish wallet addresses they claim to control, allowing partial asset verification. However, neither publishes a full Merkle proof of liabilities, meaning you cannot verify that the published assets actually cover all player deposits.

This is the uncomfortable reality: even the most reputable Bitcoin casinos operate on trust, not cryptographic proof.

Proof of Reserves vs Casino Licensing: Two Different Trust Mechanisms

Casino licenses and proof of reserves serve different purposes. Many players conflate them—assuming an MGA or Curaçao license means financial solvency. It doesn’t.

What casino licenses verify:

• Legal incorporation and ownership documentation
• Anti-money laundering compliance procedures
• Responsible gambling policy implementation
• Technical security audits (site security, not solvency)
• Player complaint resolution processes

Licensing authorities check that casinos follow rules. They do not verify that casinos hold sufficient funds to pay all players simultaneously.

What proof of reserves verifies:

• On-chain Bitcoin holdings exceed player liabilities
• Mathematical proof via cryptographic commitment
• Real-time or near-real-time solvency status

The gap:

A fully licensed casino can be completely insolvent. The license doesn’t prevent:

• Misappropriating player deposits for operational expenses
• Gambling with player funds on other platforms
• Executive fraud or embezzlement

FTX was licensed and audited. So was Celsius. Both were proven insolvent only after collapse.

Why both matter:

Licensing provides legal recourse if something goes wrong—you can file complaints with Malta’s Gaming Authority or pursue legal action. Proof of reserves prevents things from going wrong in the first place by ensuring the money exists.

For high-roller players in Malta or other regulated jurisdictions, an MGA license provides some protection. But it’s not proof of solvency. The cryptographic verification is what proves your Bitcoin exists.

Third-Party Auditors: Nansen, Chainalysis, and What Their Casino Reports Cover

Some casinos cite third-party audits as proof of solvency. Understanding what these audits actually cover helps separate marketing claims from genuine verification.

Nansen:

Nansen is an on-chain analytics firm that labels and tracks cryptocurrency addresses. A “Nansen audit” typically means:

• Nansen has labeled the casino’s wallet addresses
• Nansen tracks inflows/outflows from those addresses
• Nansen may provide periodic balance attestations

What Nansen does NOT verify:

• That labeled addresses are actually controlled by the casino
• That total holdings cover all player liabilities
• Individual player balance inclusion (no Merkle verification)

Chainalysis:

Chainalysis focuses on compliance and investigation tools. A Chainalysis relationship typically means:

• The casino uses Chainalysis for AML/KYC compliance
• Deposit addresses may be screened for sanctioned sources
• Withdrawal patterns may be monitored for suspicious activity

What Chainalysis does NOT verify:

• Solvency or proof of reserves
• Casino ownership of specific addresses
• Player liability coverage

Armanino (defunct for crypto):

Armanino previously provided attestation services for crypto exchanges, including FTX. After FTX’s collapse revealed limitations in their audit methodology, Armanino exited the crypto attestation business entirely.

The honest assessment:

Third-party auditors provide valuable compliance services, but none currently offer the continuous, cryptographically-verified proof of reserves that players deserve. When a casino says “we’re audited by Chainalysis,” they mean compliance monitoring, not solvency verification.

Red Flags: Signs a Casino Cannot Prove Its Reserves

Beyond whether a casino publishes proof of reserves, certain behavioral patterns suggest solvency problems.

Withdrawal delays at scale:

Normal: 10-minute Bitcoin withdrawals under $50,000 Concerning: Consistent 24-48 hour delays for withdrawals over $10,000 Red flag: “VIP approval required” for standard withdrawal amounts

Casinos with healthy reserves process withdrawals automatically. Manual review for large withdrawals often indicates insufficient hot wallet liquidity or worse.

Changing withdrawal policies:

If a casino suddenly introduces:

• Lower maximum withdrawal limits
• New verification requirements for existing players
• “Processing delays due to high volume” that persist for weeks

These changes may indicate liquidity problems requiring operational changes to slow outflows.

Complaints about large withdrawals:

Check Bitcoin gambling forums and review sites. Patterns of complaints specifically about large withdrawal processing—while small withdrawals work fine—suggest the casino may not have sufficient reserves to honor all balances simultaneously.

Refusing PoR requests:

Any casino can implement proof of reserves within weeks using open-source tools. When casinos actively refuse or indefinitely delay PoR implementation, consider why:

• They may have legitimate security concerns (rare, usually addressable)
• They may lack the technical capability (concerning for a crypto casino)
• They may not want players to know their solvency status (very concerning)

What to do with this information:

If you identify red flags:

1. Withdraw existing balances immediately
2. Avoid depositing additional funds
3. Diversify across multiple casinos rather than concentrating risk
4. Prefer casinos that at least publish wallet addresses over those that disclose nothing

For high-roller strategies and withdrawal limit information, see our Bitcoin high-roller guide.

This guide will be updated as casinos implement or disclose proof of reserves data. If your preferred casino has published PoR that we haven’t covered, contact us with verification links.