Bankroll Management When Betting With Bitcoin

Updated by Robin Storm verified symbol on July 12, 2022

Bitcoin is largely used in online casinos, sportsbooks, poker rooms, and more. In fact, there are even new types of gambling options developed exclusively for Bitcoin betting. Using cryptocurrencies as gambling money has become quite convenient, as deposits and withdrawals are lightning-fast and come with low fees. You don't even have to make a deposit in some cases — you can bet directly with your cryptocurrency wallet, meaning you'll only make transactions when playing games.

Simply put, Bitcoin offers a way to improve your gambling experience; however, it also requires you to be more careful with how you spend your money.

This article will first explain how Bitcoin betting works and briefly discuss popular casino games that you can play with BTC. After that, it will offer essential tips to help you manage your bankroll when gambling with BTC and ensure that you always stick to a good wagering strategy.

How Betting With Bitcoin Works

First, let's look at an example of how fiat currency works for gambling. Once you find a fiat casino, you need to open an account and verify it. After that, you need to select a payment option, such as credit card or PayPal, enter the amount you'd like to deposit and wait for the money to arrive. Once the funds are in your balance, you can finally start making bets, claiming bonuses, etc.

Betting with Bitcoin (or any other blockchain-powered digital currency) also starts with selecting a website. However, things may start looking different from exclusively fiat platforms once you pick a site. 

If you opt for a gambling platform that accepts both BTC and fiat payment methods, you may have to go through all the standard verification processes before making your first transaction and placing your first bet. However, if the platform is entirely crypto-oriented, you don't even have to create an account. All you have to do is choose a username and connect your Bitcoin wallet to the platform. In addition, these sites feature maximum security. As a result, you won't have to go through any registration processes, and all the money you win in BTC will go directly to your wallet.

Still, even if you're just using BTC in regular casinos, you'll have several advantages; fast withdrawals are the most important. Namely, fiat withdrawals often take up to several business days to process. Luckily, this doesn't apply to Bitcoin withdrawals, as cryptocurrencies don't have to undergo the same verification.

Benefits of Bitcoin Betting

The main benefits of Bitcoin betting are:

  • Enhanced security
  • Fast deposits and withdrawals
  • Low fees
  • Anonymity (for some online gambling services)
  • Increased bonuses and promotions

Risks of Bitcoin Betting

Unfortunately, Bitcoin has a couple of downsides, which means it also comes with certain risks:

  • BTC is volatile, meaning its value changes all the time.
  • Transactions are immutable — once you make a transaction, it cannot be reversed.
  • Plenty of scam sites don't provide real value for your deposited funds, so choose your Bitcoin casino or sportsbook carefully. 

Most Popular Games to Bet on With Bitcoin

Anything you can bet on with fiat money is probably available for Bitcoin users too. Still, we've decided to make a list of the most popular Bitcoin betting options to give you a better idea.

Bitcoin Slots

Bitcoin slots are relatively new, and they all have one thing in common; they accept Bitcoin and other cryptocurrencies. In addition, many Bitcoin slots are provably fair, which means you can have access to the underlying code for the game and see how it works. Later, we will examine what is meant by provably fair in more detail.

Bitcoin Poker

Poker comes in all forms, especially now that its popularity has exploded worldwide. More and more people are interested in Bitcoin poker, so many casinos and poker sites have decided to introduce Bitcoin and further improve gamblers' online poker experience. 

ve decided to introduce Bitcoin and improve gamblers' online poker experience further. 

Bitcoin Lottery 

Lotteries exist in many countries worldwide, and numerous online gambling companies have introduced their own lottery games, adding many unique twists that attract players around the globe. Needless to say, Bitcoin has improved the online lottery experience, eliminating many unnecessary steps along the way. Nowadays, the Bitcoin lottery plays a significant role in the online gambling industry.

Bitcoin Dice

Bitcoin dice is an entirely new game that has become famous thanks to Bitcoin. It's an extremely simple, provably fair game based on blockchain technology. You just need to pick a number you think will roll (usually between 1 and 100) and wager on whether the dice will be a higher or lower number than that. Once you set your bet, you can just roll the dice and enjoy.

Bitcoin Blackjack

Blackjack is a popular card game available both as an RNG and a live dealer version in online casinos. Many BTC casinos feature several types of blackjack, and you can play each of them using the "digital gold" or other cryptocurrencies.

Bitcoin Roulette

Online casino users can find an array of popular roulette games available for Bitcoin betting. For example, you can play American, European, and French roulette versions with BTC, in addition to newer and non-standard types. Roulette is available both as an RNG and a live dealer game. Moreover, some live roulette games are called auto-roulette since the wheel is streamed live, but there are no dealers.

New Crash Games

Like dice games, crash games became popular as Bitcoin-only games. Naturally, all of them are provably fair. There are several popular types, but all of them follow the same principle — the longer you wait, the higher your wager multiplier becomes. However, the object in crash games will crash randomly, and if you don't click on the button to bail out, you'll lose your bet. On the other hand, if you bail out before the crash, you'll win the amount based on the multiplier that the flying object has reached that moment.

JetX

JetX is a crash type of game developed by SmartSoft Gaming. To play it, you need to enter the amount you want to bet and wait for the jet to take off before it explodes. If you decide to collect before the crash, you'll win the indicated amount of money — it's as simple as that. JetX is available both as a demo and as a real-money version.

Aviator

Developed by Spribe in January 2019, Aviator has quickly become a popular crash game among Bitcoin gamblers. Its gameplay is almost identical to other crash games, except it's visually different, as designers decided to go with a minimalist approach.

Chicken Mini-Game

Developed by Upgaming, Chicken isn't a standard crash game. In it, you'll find 25 covered dishes with chicken and bones in them. After placing the bet, you need to uncover the dishes one by one. You'll continue increasing your bet as long as you're getting chicken. You can "chicken out" whenever you want and take your prize. However, if you uncover bones, your bet is lost.

Bitcoin Sports Betting

If online casinos aren't your thing and you consider yourself more of a sports fan, you can find a wide array of Bitcoin sportsbooks online. Essentially, Bitcoin sports betting deposits and withdrawals follow the same principles as casino crypto transactions — the only difference is that you'll bet on sports competitions rather than play casino games.

Bitcoin Esports Betting

Esports betting is a term used for wagering on video game competitions. This activity has seen a massive increase over the last couple of years, ever since Bitcoin and other cryptocurrencies started getting wider attention. Therefore, the combination of the two was inevitable.

Find all the types of bitcoin games

Top 5 Tips for Managing Your Bitcoin Bankroll on Crypto Gambling Sites

Once you obtain BTC and decide to test your luck on Bitcoin gambling sites, it's important to consider some factors that will help you manage your bankroll correctly. Consequently, you'll have the best possible gambling experience, even if you're not on a winning streak.

Decide on Your Starting Betting Balance

Bitcoin allows you to bet as little and as much as you want. Therefore, you can easily get carried away and spend your entire BTC savings on a single round. It's essential to determine your balance before betting and stick to it. It should be the amount you can afford to lose without significantly affecting you. If you spend your credit, just stop your session and come back another day.

Choose a Trusted Crypto Casino or Sportsbook

There are hundreds of BTC gambling platforms out there, which is why you need to learn which ones to avoid. For instance, you should always check the standard features, such as security, bonuses, and customer support. Still, it's also essential to see whether the website offers provably fair games and what the betting rules are.

Provably Fair Games

Provably fair games are transparent. This means everyone can explore their underlying code and see how it affects the outcome. In other words, you can check whether the game is fair or not, which is the kind of transparency you often wouldn't come across in traditional online casino games.

Understand Betting Rules

Many new games are easy to play, but they still have some rules you need to explore before making your first bet. Ideally, you should play the game for free first (if possible). Free play won't give you real prizes, but you'll gain an in-depth understanding of the game. Then, once you feel confident enough, you can switch to real cash and play for Bitcoin, Litecoin, Ethereum, or even fiat currencies, if they a

Claim Promotions

All online gambling sites offer bonuses and promotions for new and returning players. These offers can undoubtedly improve your gambling experience. However, they can also be misleading from time to time, as inexperienced players sometimes spend more than they can afford to claim a bigger bonus.

So, you should learn more about a promotion's terms and conditions and pay attention to expiration periods, wagering requirements, and more. Finally, make sure you are reasonable with the amount you deposit when claiming a deposit bonus.

Keep Track of Your Wins and Losses

The difference between successful and unsuccessful gamblers is that the former always know how much they have spent and won. If you don't keep these records, you'll get carried away and spend much more than you have, which can lead to many unwanted situations, including developing a gambling problem.

Know When to Stop and Withdraw Your Winnings

Gambling should be enjoyed and not viewed as a source of income. Therefore, never try to chase losses or ride the wave of success — the chances are you'll lose everything. Always set your win and loss limits upfront and know when to stop and withdraw money to your BTC wallet.

Our Final Thoughts

To sum up, bankroll management is an essential aspect of online gambling. It helps us stay in control of our wins and losses, thereby allowing us to have a more enjoyable gambling experience. Such an attitude has become more relevant than ever, as Bitcoin allows more freedom with deposits, withdrawal, and betting limits — and more freedom comes with more responsibility.

FAQ

Is it better to bet with Bitcoin on gambling sites?

It's a matter of personal preference. Although some players enjoy the benefits of betting with BTC, others do not like the cryptocurrency's volatility and prefer playing games using fiat payment methods.

How much of my BTC bankroll should I spend?

You should always bet between 2% and 5% of your bankroll set for the playing session.

How can I manage my BTC bankroll when betting?

There are plenty of great bankroll management strategies used by many BTC gamblers, such as Martingale, Reverse Martingale, D'Alembert, Fibonacci, and more.

How do I gamble with Bitcoins?

Find an online casino, sportsbook, or poker platform from our list above and connect your wallet to start gambling.

How can I control my spending limit when betting with crypto?

Many online crypto-gambling platforms can help you place a limit on your transactions and bets. In addition to that, you should take our bankroll management tips and tricks into account and use some management strategies. 

What is considered proper BTC bankroll management?

There isn't a single proper bankroll management strategy devised exclusively for BTC. All systems that work on fiat currencies can be applied to BTC — just make sure to use common sense and not get carried away by emotions when making bets.

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Robin Storm
Robin Storm verified symbol Author
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Always on the lookout for the best online casinos and their latest offerings, Robin works hard to make gambling fun and worry-free for all the players. His years of experience working in the industry provides. If he’s not trying out new casinos and playing slots, Robin enjoys testing new recipes and listening to the latest hits. He is very passionate about being able to play casino games in a relaxed and fun way and he is enthusiastic to share in his articles on how to play at casinos and avoid all the hassle.
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