5 Ways to Maximize Your Crypto Gambling Experience
In this article we provide some basic (and not so basic) tips on how to help you get the most out of your crypto casino deposit and gameplay experience.
5 Ways to Maximize Your Crypto Gambling Experience
For most of us, crypto gambling is just a fun hobby that we needn’t take too seriously. After all, most players are just looking to have some fun, pass some time, and perhaps strike a big win in the process. However, there are some basic factors that can be taken into consideration before placing any bets in order to help maximize casino winnings and chances of success. After all, who doesn’t want to be able to win a little bit extra while doing some casual gambling?
Below we go through a list of things to be aware of before conducting any sort of crypto gambling, whether you are in to slots, card games, sports betting, or anything else. While some of this knowledge may seem common to you, there is probably at least one or two items in this list that you did not necessarily know about.
First and Foremost: Find a Trusted Casino
This is perhaps the most important step you can take towards having a positive and/or profitable crypto gambling experience. A bitcoin casino’s games can be fun, their bonuses can be compelling, and they can have what appears to be an extremely well-designed site. However, if they don’t process your cashout requests, resolve issues you have with them, or simply empty your balance overnight, it can all be quite a disheartening experience. This can be avoided by only entrusting your coins with reputable operators. Here are a few basic tips for finding a casino that is worthy of your crypto:
- Only deposit coins at well-known casinos. Casinos that have been in business for a long time survive because they get the basics right. They have good customer service, fast deposit and withdrawal times, and a history of strong security. Don’t be too quickly drawn in by the incredible bonuses, promotions or game selection of a brand new casino without a prior history, as it could simply be baiting you to deposit your coins.
- Check to see if the casino is licensed. The possession of a license means a bitcoin casino is willing to comply with standards set forth by a license provider. While it isn’t a guarantee everything will go perfect with that casino, it does mean they are contractually obligated to perform certain requirements. Licensed casinos often display their licensing information somewhere on their home page, usually at the bottom of the page.
- Check the internet for user complaints. While every decent crypto operation of note will have at least a few unhappy customers, the main thing that separates a good casino from a bad one is how well they deal with their complaints. Bad casinos will either ignore complaints or lock users out of their account for complaining. Good casinos will almost always respond to the complaint and work with their users to resolve their issues. Researching complaints about a casino on the web and reading their responses or how they handled an issue helps to establish how willing they will be to work with their customers.
Card and Table Games: Find Games with a Lower House Edge
Some casinos will offer a dizzying array of different card and table games from which to choose, frequently offering several different variations on the same game. The difference in the house edge between these variations can be quite substantial, and picking the variant with the lowest house edge can do wonders in terms of helping you to save your BTC. By doing a quick Google search for the name of the game you are playing plus the term “house edge,” perhaps comparing a few variants against one another, you can potentially do yourself some major favors in terms of maximizing your potential payouts, and thus profits.
Taking roulette for example, the house edge is 2.7% for European Roulette and 5.26% for American Roulette. This is because American Roulette has an extra space in its roulette wheel, providing two 0’s (a 0 and 00) as opposed to the single 0 found on a European roulette wheel. Thus the house edge for American Roulette is almost twice that of what it is for European Roulette. Ergo, it is always recommended to play at a European (also known as French) Roulette game instead of an American Roulette, as the American version offers no competitive advantage.
Similarly with blackjack, there is a difference between the house edges of European and American Blackjack. In this case, the American version of the game usually has a lower house edge as the dealer always flips their hidden up if it is a face card and they are showing an ace. This saves the player from having to guess if the dealer possibly has a blackjack, spending money on insurance, splits or doubles, and thus lowering the house edge. American Blackjack rules are thus more friendly to the player and flexible in regards to the options available. Players can surrender when their hands are not ideal, and they can double down on any hand while splitting hands with few restrictions.
Slots Games: Research RTPs
RTP, an abbreviation for Return to Player, is a frequently cited statistic for slots games which represents the average percentage of total funds bet that are returned to the player after a significant number of spins. For example, if a slot has an RTP of 95%, it means that on average, $100 worth of spins will return $95 in payouts. However, this will not always happen due to a statistical property called variance. When variance happens in the positive direction, slots players will make more profits than statistically suggested.
The formula to calculate RTP is described as follows:
RTP = total amount of funds returned to players divided by total amount of funds bet by players.
- The total amount of funds bet by players refers to the net total of each bet per spin for a specific amount of time (usually 30 days time, or one calendar month).
- The total amount of funds returned to player refers to the net amount won over the same period of time.
Performing this type of calculation usually involves combining the payouts of several thousand spins along with the total amount bet across these spins. The inverse of a slot’s RTP is also its house edge, which means that when a slot machine has an advertised RTP of 96%, the casino has a house edge of 4%. Because all casinos exist to make profits, there is no such thing as a crypto slot game with an RTP of 100% or higher. There are some slots games that come pretty close to this, however, which makes their players much more likely to encounter positive variance and net profits.
It is recommended to be on the lookout for slots that have an RTP of 96% or higher, as 96% is pretty standard for a bitcoin slots game. Slots above this mark are considered to have “high returns.” Slots below 96% are accordingly “low return” slots. This RTP information can usually be found from a simple Google search. Just search for the name of slot game and add the words “bitcoin slots” and “RTP.” Serious gamblers would say that one should never play a slots game in the first place, but if you do, you might as well check its RTP to see if you are getting a relatively fair shake before getting started.
Sportsbooks: Value Betting
While it may be fun to casually bet on and root for a home team, there is serious money to be made in bitcoin sportsbook through the strategy of “value betting.” At its basest definition, a value bet is a bet where the probability of a given outcome is higher than the bookmaker odds are reflecting. The idea is that by value betting you will can place bets that have a higher chance of winning than inferred by the bookmaker’s odds. This means that when applied correctly it becomes possible to have an edge over the bookmaker in the long term.
The hard part is determining what value is and where it lies. It is possible to extract useful information about potential value just through watching sports, being a keen observer and building some insight into what is presented in each event / game / match. Here are a few simple suggestions to help hone in on finding value in sporting competitions:
- Pick one sport, league or niche and specialize on learning the ins and outs of that particular sport.
- Develop a system of proper money management, never allowing yourself to place bets that are too big, and starting out with small stakes.
- Keep track of your bets so you can maintain a tabulated score of your wins and losses, preferably in something like an Excel spreadsheet.
- Place only single bets (no parlays or other combinations).
- Avoid measuring your success in terms of days or weeks, which means giving yourself and your bets enough time to get rid of the “luck factor.”
- Don’t get stuck on one sportsbook: shop around between different books for the best odds.
- Don’t get into habits of expecting a win after a losing streak, or a loss after a winning streak, as such streaks happen to even the best of bettors.
Dice, Bust and Crash Games: Find Provably Fair Games
A game that is provably fair is one whose outcome has been predetermined by a cryptographic function that can be verified by the player, meaning its results are transparent and the game or casino cannot cheat the player. This wasn’t really an option before the advent of Bitcoin, and dice, bust and crash games with any sort of reputation all use provably fair systems. Anybody can verify that the result of such a game is provably fair as long as they have access to 3 pieces of information:
- Server seed: revealed by the gambling site after a bet has concluded
- Client seed: customizable (player-defined) string of characters
- Nonce: number that represents which bet was made in a sequence of bets; increases by 1 after each bet
The outcome of every dice roll (or “bust,” or “crash”) is generated by combining these 3 variables. The server seed cannot be revealed until after all bets have been conducted. This is because if the player had access to it ahead of time, it would then be possible for them to calculate the outcome of every dice roll before they ever placed a bet. For a more detailed explanation on how the dynamics of provably fair work, click here to read an extended explanation of the subject.
In summary, it never hurts to learn as much as you can about something before getting involved with it, and this especially applies with crypto casino gambling as your money is on the line. Of course, you should only gamble with what you can afford to lose, and we recommend never taking it too seriously. Having said that, you’ll want to equip yourself with as much knowledge as possible to give yourself an upper-hand, which will ultimately make your crypto gambling experience all the more entertaining and/or worthwhile.