Best Cryptocurrency Gambling Practices You Need to Know (And Why They Work)

Published: May 7, 2024 | Last Updated: May 7, 2024

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

Cryptocurrency gambling has become very huge in recent times and with that, we have seen new practices, and more effective betting strategies develop. Here in this article, we are going to look at some of the best crypto gambling practices for better long-term results.

best crypto gambling practices

When gamers think of bitcoin gambling, they want only the best sites for it that not only offer a variety of games with massive jackpots but also provide great customer support. Bitcoin is a decentralized digital cryptocurrency that allows for secure peer-to-peer transactions without the need for intermediaries like banks, serving as the optimal currency for gambling websites. Transactions are verified and recorded on a public distributed ledger called a blockchain.

Given that, a crypto casino is a platform that offers swift transparent transactions via blockchain and supports various devices. Such platforms leverage the anonymity, low fees, and borderless nature of cryptocurrencies to provide a seamless crypto-friendly gambling experience to users around the world.

Choosing Trustworthy Crypto Casinos

Choosing a trustworthy crypto casino out of many out there might sound difficult at first, but it only requires you to perform straightforward due diligence. Look at the site’s history, its customer assistance reviews, and what other real players think of it. All of this can be easily found with a small Google search, and by visiting gambling forums where players share their experiences.

A site that’s been around for a while, and one that has a good social media presence with engaging accounts is a great indicator of a credible crypto casino. Of course, bad and biased reviews will also exist about a site that is ruled to be trustworthy by consensus. But as you conduct more research, you’ll be easily able to recognize this.

This is the most important process before you start gambling with your crypto and something that no player should ignore. This precautionary measure is without a doubt one of the best online gambling practices.

Playing Games with Higher House Edge

When it comes to online casinos, they usually provide a higher house edge compared to their physical counterparts. Brick-and-mortar casinos have a lot going on, operators of the establishments pay bills for more electricity, and manage a bigger staff & more which ends up costing them. Most of these expenses are absent or are very low for online casinos which allows them to license a large number of games along with giving a higher house edge.

What’s house edge? House edge is an odds advantage that a casino has over a player, it’s a mathematical likelihood of the casino winning more. However, this concept works over time meaning casinos aim to make profits from betting volume rather than from a single game.

Online crypto casinos tend to have a higher house edge on the games they provide, this also varies from game to game. For instance, slots will have a different house edge than Slots or Poker, this variety makes it easier for players to find the game with only the highest house edge a casino has to offer.

Make sure you always go through the description of games and play “Free-Play” variants of them to understand them better. This is crucial for making informed decisions and it will always work in the long term.

Taking Advantage of Promotions & Bonuses

Most cryptocurrency casinos, the best ones of course – provide bonuses to first-time players. This is done by the platform matching your deposit amount by a certain percentage. Bonuses earned on cryptocurrency deposits are usually much higher than those of traditional credit card deposits.

Some platforms may offer occasional bonuses to existing players as well. Always keep an eye on these promotions as they will give you additional funds that you can gamble with. It’s important to note that there is always a rollover requirement before you can withdraw bonuses to your crypto wallet.

Setting A Limit for Yourself

Never be tempted to play more than you can afford, set a limit for yourself, and take occasional breaks from gambling to keep your mind fresh. This way you will always get a refreshing experience and enhance your decision-making skills.

It goes without saying that you should always manage your bankroll in a manner that best fits your financial situation. This strategy is not limited to online gambling but also extends to video games with micro-transactions.

Defining your gaming budget beforehand is the healthiest approach for making profits in crypto gambling in the long term. Small losses are inevitable, but you can easily offset them if you practice responsibly gambling.

Understanding the Demographic and Socioeconomic Profiles of Other Players

Gamblers come from a variety of backgrounds, and different age-groups and have widely varying socioeconomic profiles. This is why you should never compare how much you spend

to match with other players. It should be purely based on how much you can afford.

Understanding this will not only give you insight into the gaming behavior of players but also further improve your ability to make informed decisions.

Bigger poker games of Texas Hold’em and tournaments are examples of this diversity which attracts all these players. This is where a player’s understanding of the game, skill level, and ability to strategic play is most useful.

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Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

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