The following are the top 10 crypto gambling tips you should know about to prepare yourself and your crypto portfolio for 2022 and 2023. Follow these tips and you’ll be able to jump into cryptocurrency gambling with both feet, or at least with both crypto wallets.
1) Pick the Right Casino
Many casinos are popping up all over the world, but not all of them are right for you. It is important to do your research before spending money on any crypto casinos, as it can be difficult to recoup losses. Here are some questions to ask yourself when choosing a casino:
-Do I want a site that accepts cryptocurrency?
-What is my country’s gambling regulation like?
-Are there enough games to keep me entertained?
-Is customer service available in my native language and time zone?
-Can I withdraw funds easily or am I limited by withdrawal fees and limits?
If you have answered yes to all these questions, then the casino is most likely the right one for you.
2) Do Your Research
When it comes to crypto gambling, there is a lot of misinformation. For example, many people believe that cryptocurrencies are illegal and should not be used in gambling. While this may have been true in the past, times have changed and cryptocurrencies are now legal in most countries. The first thing you need to do when researching crypto gambling is understand what types of crypto it is compatible with. Some popular currencies include Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). It’s important to do your research because not all currencies are compatible with every casino site.
According to Coinmarketcap, Bitcoin has the highest market capitalization of any digital currency as well as being the largest by trading volume.
3) Check the Casino’s License
If you’re looking to gamble on the blockchain and want your funds to be safe, it’s important to make sure the casino you’re playing at is licensed. A lot of people overlook this step or don’t know what questions to ask when selecting a casino, but it’s one of the most important things you can do in order to protect yourself.
In some jurisdictions, casinos are required by law to disclose whether they have been licensed or not. If they haven’t been licensed and are using cryptocurrency as a payment method, then there’s a chance your funds could get lost if something goes wrong with the casino.
What should I look for when deciding if a casino is regulated?
For starters, check out their website and see if they mention anything about licensing or regulation. You may also want to try searching through the gambling regulatory body in your jurisdiction, which will tell you if any licenses have been issued to that particular casino. Many jurisdictions require casinos to display information regarding their licenses prominently on the homepage of their website, so take advantage of those features where available!
Another thing you’ll want to keep an eye out for is whether or not the casino has gaming licenses from various regions. Some countries may only allow bets within its borders while others allow betting from anywhere around the world (just like sports betting). Remember: just because a country allows online gambling doesn’t mean that every site that operates within its borders does too!
4) Understand the House Edge
The house edge is one of the biggest reasons why casinos make money. It’s also the reason most gamblers lose. The house edge is a risk that you take when playing, and it’s typically expressed as a percentage. A typical game, like blackjack, has an average house edge of 0.5% (1 in 200). That means that if you play 100 hands at $10 each, you’ll have lost $2 on average ($200 total). House edges can vary widely – 3% on roulette and up to 20% on some slot machines.
Understanding the house edge will help you plan your gambling funds and stakes.
5) Consider the Bonus Offers
Crypto casinos offer bonuses and promotions to attract new players. Some of the most common are:
-Welcome Bonuses: The first deposit a player makes they get a bonus.
-No Deposit Bonus: A casino will award you with a match of your next deposit in free coins.
-Loyalty Points: You earn points by playing or betting and redeem them for rewards.
-Tournaments: Players can compete against one another for cash prizes and the chance to become an online celebrity.
6) Manage Your Bankroll
Managing your bankroll is one of the most important aspects of gambling. Use the following advice to help you manage your bankroll better and increase your chances of winning.
a) Always play with a set amount of money that you can afford to lose. You may not be able to afford it all at once, so play in smaller chunks until you have enough money saved up that you can comfortably afford to lose it all if necessary.
b) Set limits on how much you will gamble per day or week.
c) Avoid chasing losses by staying within the limits that you set for yourself before playing again.
7) Set Limits
Many people are just starting out with cryptocurrency and gambling and don’t know how to set limits. For example, if you decide to wager all your money on the next hand of blackjack, you need to set a limit of how much you are willing to lose before stopping. If you keep gambling without setting limits, it is likely that all your money will be lost very quickly.
8) Be Wary of Progressive Jackpots
One of the most crucial pieces of information you should know before playing a crypto gambling game is that it may be impossible to cash out your winnings. Progressive jackpots are jackpots that encourage you to leave your jackpot winnings for a rollover. Be wary of progressive jackpots, as they can quickly turn your small winnings into huge losses.
9) Know When to Walk Away
This may be the most important advice on this list. If you’re not making any money, are playing with borrowed money and can’t afford a loss, or feel like you’re gambling more than you want to, then it’s time to walk away from your crypto casino.
10) Have Fun!
With more and more games and gambling sites going crypto, you need to keep in mind that the purpose of gambling is entertainment. So ensure you have fun and enjoy yourself.