How to get a profit from Bitcoin gambling
We might be stating the obvious here, but we’re going to say it regardless – gambling is a risky business.
So, why do we still do it, even with the odds stacked against us? Well, it’s rather simple; gambling is exciting! Besides, who doesn’t like beating the odds?
In fact, what if we told you that you can have fun and make a profit at the same time?
To stay true to our word, we’ve prepared several tips and tricks that will teach you how to make a profit at Bitcoin gambling sites.
Tip 1: Practice bankroll management
Bankroll management is the bread and butter for wise casino players.
It is one of the simplest yet most effective strategies you can easily implement in your routine, which is guaranteed to help you make a profit when gambling with Bitcoin, or any other currency, for that matter.
So, what exactly is bankroll management and how does it work?
Simply Put:
Bankroll management is a long-term gambling strategy designed to minimize your losses, help you stay in the game longer, and make a profit.
Even though bankroll management is most often used among poker players, you can practice bankroll management whenever you are playing any casino game.
If you want to learn more, you can check out our guide to casino bankroll management, which also deals with solid strategies like the Kelly Criterion.
Tip 2: Pay attention to RTP
Just like bankroll management, the Return-to-Player percentage (RTP) is something a lot of players often overlook.
But did you know that RTP can help you earn more than you usually do, especially if you’re an avid slot player? Worst case scenario, it can at least help you win back some of the money you spent on gambling.
RTP?
The term RTP stands for Return to Player and it signifies the amount you are expected to win back for every $100 spent.
For example, if you are playing a video slot with an RTP of 97%, you are expected to win back $97 for every $100 you spend, while $3 is how casinos remain profitable.
Understanding RTP
The house always wins in the long run, and a little bit of luck goes a long way.
RTP is measured over hundreds of thousands (if not millions) of spins. So, technically, if you start a gaming session with $1,000 and you spin the reels of a slot with an RTP of 99% million times, you should, mathematically, end up with $990 in your account.
But what happens if you spin the reels ten times or a hundred times? Does that mean you are guaranteed to “win” $97 for every $100 you bet, losing $3 in the process?
Of course not!
The outcome of every spin is completely random and depends entirely on luck. If you are unlucky, you can end up losing your entire bankroll. On the other hand, with a little bit of luck, you can win five or even ten spins in a row.
Are the odds against you? Yeah, to a degree. Can you beat the odds and make a profit? Absolutely!
Even though luck plays a major role, sometimes, it doesn’t hurt to play smart, so we recommend that you always play games with a high RTP.
RTP can vary from one game type to another. For example, jackpot slots are notorious for having lower than average RTP, while offering the opportunity to win once-in-a-lifetime jackpots. Conversely, provably fair Bitcoin games are well-known for having extremely high RTPs.
Casinos like BC.Game and Stake are home to dozens of provably fair titles, most of which come with extremely high RTP. For example, BC.Game’s beloved Bitcoin Crash rendition:
This is just one of many fantastic original and provably fair game variations out there for you to explore.
However, before you dive in, one thing you should remember is that the RTP can also vary from one casino to another and that the same game by the same provider may have a different RTP at a different casino.
Fair and transparent casinos that are licensed by reputable governing bodies, such as the Malta Gaming Authority, UK Gambling Commission, or the Curacao Gaming Control Board must display the house edge or the RTP of every game publicly.
So, make sure to access the game’s pay table and double-check its RTP before you start playing.
Tip 3: Don’t put stock in casino myths
Casino myths are all over the web, promising you easy ways to make money playing casino games or sports betting.
Unfortunately, players trying to find how to get a profit from Bitcoin gambling are extra susceptible to these myths. However, if winning was that simple, wouldn’t all of us be swimming in cash by now?
No matter what anyone tells you, casino games boil down to luck and luck alone.
Casino games like poker are considered games of skill. The better you are at poker, the higher your chances of beating other players and making a profit.
However, most casino table games are all about luck, so even though strategies like the Martingale strategy, d’Alembert’s system, and Fibonacci’s trading strategy make sense on paper, they are unlikely to net you a fortune.
Another thing you should be wary of when playing casino games is the gambler’s fallacy.
By definition, a gambler’s fallacy is a belief that an event that occurred multiple times in the past is less likely to occur in the future.
Take a look at the game of roulette, for example.
The chance of a roulette ball landing on red or black is roughly 48% for either color. If a ball lands, let’s say, seven times in a row on red, the odds are it will most likely land on black on the next spin, right?
Nope!
No matter how unlikely it may seem that the ball will land on red for the eighth time in a row, the odds of it happening didn’t change because it landed on red seven times before that – they are the same with each spin, which is 48% in our case.
With all of that in mind, try not to fall prey to false promises, foolproof strategies, or even gambling superstitions. Gambling is all about luck, so focus on having fun and rely on methods that actually work.
The good news is that we’ve got a special Bitcoin gambling strategies guide to help you on your way.
Tip 4: Watch out for fees
Fees are the bane of every casino player out there. Hardly anything is more tiresome than winning big and having to part with a chunk of your earnings because the of fees.
The good news is that:
- Most crypto casinos do not charge handling fees on deposits or withdrawals – it’s just gas fees you need to worry about.
- You can choose cryptocurrencies with lower gas fees, like Litecoin or Ripple.
Some casinos, like BC.Game, offer free withdrawals when you reach certain VIP levels, sweetening the deal further.
Limits can also be pesky, especially if you want to make frequent, small deposits or withdrawals.
Our guide to transaction limits will offer some more context, but for now, here are casinos with the most approachable transaction limits:
Top Bitcoin casinos with great limits
Final thoughts
The best way to make a profit is to take small wins whenever you can.
Bankroll management, high RTP games, and going feeless aren’t going to make you millions, but each of these methods has a proven track record.
Unlike many other guides that promise riches and tell stories about questionable strategies, we decided to focus on methods that actually work.
With that in mind, remember that gambling is meant to be a form of entertainment, so try your best to have fun along the way and avoid chasing losses.
More importantly, make sure you gamble responsibly and never exceed your bankroll limit or spend more than you can afford.
