Updated: January 3, 2023
Best Bitcoin Gambling Strategies
Cryptocurrencies are all the hype, and blockchain-based gambling has never been trendier, but let’s face it: there is, arguably, a degree of risk to both activities.
Mix the two, add a dash of inexperience and a pinch of carelessness, and you have in your hands a recipe for disaster. Want to boost your luck? You’ve come to the right place! We brought together the best Bitcoin gambling strategies that actually work… and we’ll tell you all about them.
Safest Bitcoin Casinos
Throughout this article, you will learn about:
- Risk assessment
- The importance of staying informed
- Choosing the right casino (spoiler alert: our Bitcoin gambling site reviews are a great place to start)
- Optimizing your Bitcoin bonuses
- Playing responsibly
We can’t guarantee that you will win every spin. Instead, our tips and tricks should prepare you for sudden currency crashes or long-term devaluations.
What if your coin disappears from the market? While we hope you never have to face such a dramatic situation, our Bitcoin gambling strategies should also help you out in that scenario.
Understand The Risks: #1 Bitcoin Gambling Strategy
When you place a bet on a match or play a single round on a slot machine, you’re taking a leap of faith: you are trading some of your money for the chance to earn even more. You’re also accepting that you might lose. In other words, there is an inherent risk to your transaction.
Most forms of investment, including cryptocurrency trading, work similarly. When you buy Bitcoin, you’re choosing to risk your funds in the hopes of increasing them. Trading is, in many ways, a gamble.
When gambling with Bitcoin, you’re combining both risks:
- You’re betting the coin will increase in value; AND
- You’re betting that you will win your bet
Now that you understand this, you can decide if and when you should invest in Bitcoin gambling. In the end, it’s all a matter of risk-reward assessment: are the odds favorable enough to compensate for your bet?
Bitcoin Gambling Tip!
Knowing statistics like the house edge and the related Return to Player percentage will help you assess the risk of your bets!
This Bitcoin gambling strategy of risk assessment is also valid when gambling with other cryptocurrencies, although with some important nuances.
Lesser-known altcoins are often a riskier option since they have fewer backers and less institutional support than more established coins. However, they may require a smaller investment, thus lower initial risk. What’s more, gambling with altcoins you already have can be a smart decision: you may not want to risk losing your hard-earned Bitcoin
Overall, the safest option for gambling is probably a stablecoin like Tether, which is pegged to the US Dollar and is, consequently, less likely to devalue. It’s also important to use the right Bitcoin wallet if you do choose to play with the coin – not all wallets are created equally safe, plus some have ridiculously high fees.
Stay Informed: Why Bitcoin Gambling Strategies Aren’t Just For “Pros”
Most Bitcoin gambling strategies have a bad rep, and for a good reason – for the most part, they’re not effective.
Let’s face it: whether you’re doing your best maximizing your Bitcoin blackjack strategies or backing the favorite with a “sure” sports bet, luck always plays a role.
However, some strategies can help you minimize your risk. Tips like choosing European Roulettes (which have more favorable odds) or comparing odds between websites are sensible and shouldn’t be discarded.
Since cryptocurrencies are volatile, you should also take currency-related information into account:
- Learn about currency fluctuations.
- Keep an eye on market trends.
- Always know how much your currency is worth.
You should also speak to your casino’s customer support team and learn about their policy if your coin crashes or is suddenly discontinued.
While this advice may not be necessary if you gamble with an established coin, it’s particularly relevant if you’re investing in house-specific tokens and more obscure coins.
Pick The Right Casino
There’s a reason why we’ve written extensively about how important it is to be picky when choosing a cryptocurrency casino: it’s one of the best Bitcoin gambling strategies there is.
While there are some bad actors out there, depositing your Bitcoin into a gambling website doesn’t have to be a blind leap of faith: if you play your cards right, you can more or less guarantee your Bitcoin is safe.
Here are three simple steps that can help you play safely at Bitcoin casinos:
- Licensed Casinos: Ideally, you should always prefer casinos with a gambling license. Gambling regulators supervise them, and you can appeal to them if you believe the casino has acted wrongly. If the casino is unlicensed, you don’t have this protection.
- Game Variety: Another indicator of a casino’s safety is if it features games from known providers. Brands such as NetEnt and Microgaming have a reputation to withhold and don’t want to be associated with scams. What’s more, their games are certified by independent testing labs, which ensure they are random and fair.
- Provably Fair Games: You can go a step further and play games that are guaranteed to be fair, using a decentralized system of checks that let you validate the outcome of every round yourself. Since these games rely on the blockchain to operate, provably fair games are mostly confined to blockchain casinos.
CHOOSE THE RIGHT CASINO
You can find a comprehensive list of reputable casinos on our homepage and learn more about each brand with our reviews!
However, it’s not all about reputation. You should also pick brands that support multiple currencies and even fiat payments. This way, you can easily convert your winnings into other coins or even fiat money if something goes awry.
Optimize Your Bonuses: An Ofter Overlooked Bitcoin Gambling Strategy
There are many different types of promotions at cryptocurrency casinos, but they all have one thing in common: they are a great way to get more value for your Bitcoin.
While they always give you an advantage, an ace up your sleeve, it’s important to optimize them so they can give you even more bang for your buck.
This Bitcoin gambling strategy (which you can apply to most other coins) is quite simple:
- Use bonuses when the currency is over-valued
- Play with real money when the currency is under-valued
If the market is going through a healthy stage, then any bonuses you can get your hands on are simply even more valuable. What’s more, you are not risking your highly-valuable coin when wagering bonus money!
This is true for traditional deposit bonuses that give you a certain amount of coins based on how much you invested in the casino, but also for other rewards like no-deposit bonuses and even cashbacks.
The following casinos have very generous promotions that you can take advantage of when the market is on a high:
Although we normally don’t recommend them because they give out very limited amounts of coin, Bitcoin faucets may also be worthwhile if the market is really strong:
One Bitcoin gambling strategy that we can confidently recommend for every type of player is never to chase losses.
Playing at Bitcoin casinos can be fun and rewarding. We wouldn’t be here otherwise. However, losses are a part of any gambler’s experience, alongside thrilling victories.
Learning to accept those defeats is fundamental for any gambler. Similarly, you should also know to quit when you’re ahead.
KNOW WHEN TO STOP
Whether you’re on a winning streak or down on your luck, you should never play above your limits!
If you feel like you are gambling more than what you can afford, don’t be afraid to reach out for help. Institutions such as BeGambleAware can give you a helping hand if you think you may have an issue.
You can also investigate your casino’s responsible gambling policy. Reputable casinos often provide you a set of gambling control tools, such as betting and deposit limits. Use them without shame: they’re there for a reason.
There is no failproof Bitcoin gambling strategy for a reason. If there were a 100% effective way to win money at casinos.. well, gambling sites would go bankrupt! They wouldn’t be a business anymore, because the strategy would make them unprofitable.
So, since the casino business is alive and growing, what does that tell you? That nobody can guarantee wins!
However, using a bankroll optimization strategy or learning all the ropes of your favorite game (especially if said game is blackjack), is a great way to improve your luck. We hope our article helped with some insider tips – and, if it did, why not try them out at one of our favorite casinos:
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March 10, 2021Bitcasino pioneers Fiat-to-Bitcoin conversion
Big news for every casino enthusiast out there. Bitcasino.io is providing their users with the ability to directly convert fiat money (Euro or Dollar) into Bitcoin. This is the first time an online casino has implemented this kind of conversion service that eliminates the need of going through an exchange. This has been made possible through a […]
June 23, 2020FunFair will revamp licenses for Blockchain gaming
Funfair technology looking for licenses by regulators As we all know by now, everything related to online gambling is ripe for disruption and improvement, specially with the emergence of blockchain technology. Many projects know this and are trying to setup their “start-up” in the business using the technology behind cryptocurrencies like Bitcoin to take advantage […]
January 3, 2023Would Gambling Tokens Benefit More from Bitcoin Cash?
As we’ve previously covered, gambling is to blockchain what fish is to water. The advantages of bringing these two together are plenty and clear to see. However, due to the incipient nature of the technology, there are still some hurdles to overcome in order to make blockchain and cryptocurrencies the perfect environment for gambling, including sports betting, […]
January 3, 2023Overwhelming blockchain casino club to raise $1 billion in Macau
Macau, known as one of the world’s top destinations for gambling, is about to further raise its game as an international company is working on a billion-dollar ICO to build the world’s first ever blockchain-based casino gaming club in the island. Wide Rich Global Company, an investment venture based on Malta (yet another blockchain-friendly island), announced their […]
February 7, 2023Provably Fair Casinos – What Is It? Does It Really Work?
Provably fair casinos have revolutionized online gambling. The concept removes even the possibility of a rigged result. With provably fair games, you can verify the authenticity of each bet you place. This means the casino can’t manipulate the outcome – either by design, or because the result is verifiable. Provably fair games are available on […]
January 3, 2023Isle of Man reaffirms its leadership by launching new blockchain office and sandbox
The Isle of Man, a jurisdiction with one the world’s most advanced legal frameworks for cryptocurrency and iGaming, is launching a new Blockchain Office and regulatory sandbox to cater to the relinquished billionaire blockchain market. As reported by FSTech, the office will be dedicated to facilitating communication between regulators and companies in the sector, enabling the industry to flourish in […]
March 10, 2021Fishing Master – TRON Gambling Dapp Review
Fishing Master is a blockchain gambling game, and in fact, one of the most popular DApps – decentralized applications – on the Tron platform overall, with an average of 2.3k daily users as of February 2019, according to DappRadar. Its simple gameplay is based on casting a fishing rod in order to receive a random amount […]
March 10, 2021Malta Blockchain Summit 2018
Malta has cemented itself as the “Blockchain Island” by now given its very friendly approach toward blockchain related businesses. Binance and OKEx are major players in the game who have announced their relocation to Malta. To capitalize on this momentum, Malta’s Blockchain Summit is set to take place on 1-2 November on St. Julian’s InterContinental […]