Let’s be honest: Most gamblers lose money in the long run. There’s no getting around that fact when the casino bakes in a house edge to every single one of their games.
Add crypto into the mix, and you’ve got a whole new set of risks and rewards to think about: volatile coin prices, shady operators, and the challenge of keeping your crypto secure.
That being said, there are absolutely ways to limit the damage, and perhaps even win in the short term! If you’re looking to sign-up at a crypto casino for the first time, here’s everything you need to know to make the fun last as long as possible.
1) Protect your crypto with a secure wallet.
This goes without saying, but you definitely need somewhere safe to store your crypto. This not only makes transactions at crypto casinos smoother, but it keeps you from waking up one day to find the casino vanished with your balance.
While no legitimate casino will confiscate your crypto, it’s still better to be safe than sorry. A crypto wallet is a far better place to store your coins long-term than a casino account.
Not sure how to get started with a crypto wallet? Luckily for you, we have a guide to show you exactly how to pick a secure wallet to start gambling safely.
2) Choose a trustworthy crypto casino.
Picking a crypto casino to play at goes beyond finding one that accepts your cryptocurrency of choice. Sure, if you’re a holder of XRP, then Step 1 is indeed to find a casino that accepts Ripple in the first place. But it goes deeper than that: you need to make sure you’ll be treated fairly at said crypto casino.
The crypto market can unfortunately attract some shady operators. From unfair RNGs to denying withdrawals, you must be aware that these platforms exist. At LuckyHat, we do our very best to not only verify that the casino’s license is legitimate, but also scan through player reviews and complaints, so you can play with peace of mind.
If you’re concerned about fairness within the games themselves, select a casino with Provably Fair games to ease your anxiety. Thankfully, these are extremely common nowadays at crypto casinos, and there are incredibly fun and viral Provably Fair games. Games such as Crash, Dice, Plinko, Mines, and even certain slots often get this label, meaning the outcomes are verifiably random.
3) Read the fine print.
There’s nothing worse than receiving your welcome bonus and coming to the shocking realization that you must wager it 40 times in 48 hours before it becomes withdrawable. While wagering requirements in and of themselves aren’t necessarily a bad thing (virtually every crypto casino has them), it’s the fine print that separates a good bonus from a bad one.
Some crypto casinos have downright unfair terms & conditions, such as confiscating money from accounts that have been inactive for a certain amount of time. Others might limit the number of withdrawals you can make per week.
The sportsbook terms & conditions are important, too. These differ from bookmaker to bookmaker. For example, if a tennis player retires (unable to complete a match due to injury), some sportsbooks will grade bets on the injured player as a loss, and pay out bets on the opposing player as a winner. Other books, such as BC.Game, will void (i.e. return your money) all bets for and against this player.
4) Take advantage of casino promotions.
I’m not just talking about the welcome bonus. Crypto casinos will often give you free spins or free sports bets. Don’t ignore these! These are risk-free chances to add to your bankroll.
For example, if you’re given a $10 bonus sports bet, use it wisely! In fact, the math says to use it on a longshot to maximize expected value. This is because the sportsbook (usually) doesn’t return your stake if you win the bonus bet. I suggest cooking up a 6-leg parlay or using it on a 10-to-1 underdog rather than a heavy favourite. After all, who doesn’t love a free lottery ticket?
Cashback is also a common promotion at crypto casinos. This means the casino gives you a small percentage of your losses back every so often. It may not seem like much, but it effectively lowers the house edge of every game you play!
5) Understand the game you’re playing.
If you don’t know how to play Crash, I wouldn’t suggest learning by throwing 20% of your bankroll on a single bet ‘just to see how it works.’ Either bet the minimum, or take some time to do some research before jumping in by reading about it here!
Not all casino games are based solely on randomness, either. Blackjack is a perfect example of this, where your decisions impact the house edge. Knowing the table rules and memorizing basic strategy can cut that edge down drastically. Or better yet, nothing’s stopping you from printing out a blackjack Perfect Strategy Chart and having it beside you as you play.
The same goes for sports betting. You probably shouldn’t be placing a bet on the Detroit Lions -9.5 if you don’t even know what a point spread is or the basic rules of American football.
6) Keep an eye on the crypto market.
Remember: At a crypto casino, you’re gambling with a volatile asset. The value of your coin is constantly changing.
If Bitcoin is soaring, and you have some BTC sitting in your crypto casino account, consider withdrawing. Its value is high, and it’s probably not the time to accidentally gamble it away. On the other hand, if the market is tanking, the last thing you want to do is chase losses and get rinsed twice: once by the market, and once by the house.
It’s important to regularly check the price of your crypto coin to stay in the loop. On BC.Game, you can track the live trading price of every common cryptocurrency by the second!
7) Control your spending before it controls you.
It’s cliché for a reason: bankroll management is a must. When it comes to casino games, the roulette wheel has no memory. Just because Black has hit 10 times in a row doesn’t mean Red is ‘due.’ Betting on Red like it’s free rent money is how you end up broke, not rich.
If you’re trying to make money sports betting, here’s an important concept: You will lose bets, and that’s okay. Even the most successful sports bettors on the planet lose around 45% of bets. What keeps them successful is discipline: staying loyal to their unit sizes and not chasing losses.
Consider Responsible Gambling tools like Bet Limits and Loss Limits. The former limits the maximum amount you can bet at once, while the latter won’t let you lose more than your specified amount over a given period of time. There’s no shame in using these, and they genuinely work.
8) View it as a form of entertainment.
Because that’s precisely what gambling is: a form of entertainment. Treat it the same way you’d treat spending money on a night at the movie theater or a concert.
If you hold some extra crypto that you’d be okay with losing, and you want to put it to use, then playing at a crypto casino can be an incredibly fun way to do so. The fun stops when you start playing to make money.
Conclusion
Gambling with crypto is simple when you know what to expect. Not much can go wrong when you pick a trustworthy casino, understand the games, and view it as entertainment.
If you need help choosing where to play, we’ve got comprehensive reviews, provably fair picks, great bonuses, and tools like our Roulette Simulator & Calculator at LuckyHat to keep you playing smart.
2. Verify the trustworthiness and reputation of the site.
3. Stay in the know (read the terms & conditions and understand the games you’re playing).