7 Things to Consider Before Placing a Bet in a Bitcoin Casino - Coindoo
bitcoin casino

7 Things to Consider Before Placing a Bet in a Bitcoin Casino

Editorial Team Avatar
Jan 24, 2019
5 min reading time

The cult of gambling has changed drastically and it won’t be an exaggeration to conclude that online crypto casinos are the future of gambling. Bitcoin Casinos are now popular enough to attract a considerable number of people. But before you enter the world of virtual gambling, it is very important to know and judge the factors that affect the outcome. Keep reading to know about the factors you need to consider before placing a bet.

1) Previous Reviews

The Internet is a space that discriminates none and because of this, anyone can create a portal for online gambling. It becomes hard to determine if the online casino is genuine or not. User reviews can help to find this to a great extent. Make sure you check them before placing a bet, especially before placing the bigger ones. The reviews are very resourceful as they help in molding the decision of the person who is planning to place a bet.

Sometimes the ratings are not credible enough because of the people’s bias. People who lose a bet tend to give bad ratings and reviews. We know that this point is contradictory in itself, but that’s the undeniable truth!

2) Proper Knowledge

This is the advice which applies to all sorts of gambling. Any bet, be it a huge sum of money or a negligible lump, it’s always a risky thing. The entire thing relies exclusively on luck. But here is one thing, relying completely on luck isn’t a smart move to make. At least one should have the basic knowledge to make calculative moves and guesses. Especially when you are a newbie, try learning the mechanism with baby-steps.

Bitcoin Casinos do not only accept Bitcoin as a mode of payment but also, consider taking other cryptocurrencies like Ethereum, Litecoin, Dogecoin etc. Many accept US dollars too. Different bitcoin casinos have a different pace of the payouts. Always figure the payout speed, before placing a bet at a bitcasino as they affect the value of winnings.

3) Legality of the Play

Not all countries allow the bitcasinos to operate. In some countries, Online gambling websites aren’t allowed to operate, wherein some, the government doesn’t even allow people to be a participant as a player. If your country allows participation, do have a look at the tax regulations on Cryptocurrency as they always differ from country to country.

4) Willingness

Many times it happens that you are lured to invest more than had to. The reason behind it could be a bonus offer or something that appears to give a better outcome. The programming of the software is done in a way that better the offers the people get, the chances at winning automatically reduces. Be wise, placing a bet must be the decision that is yours and not influenced by someone else. Don’t increase the bet, if you aren’t comfortable. Never invest in the bets you aren’t comfortable with. Find some other game or another bitcasino that suits your choice. Forcing yourself to place higher bets will fetch nothing but guilt in the end.

5) Security of the Platform

Online Casinos are in the process of evolution. Therefore, it is taking time to establish it as a regulated functional body. With the course of time, regulations are being imposed to make bitcasinos become a safer ground for gambling. The usual casinos have licenses that assert some degree of legal protection. The same way, genuine Bitcoin casinos enlist their business licenses on their websites to promote transparency. The licenses cannot be the sole proof as they can be false too, so you need to make sure that the claims made are authentic.

Beyond this aspect of security, better check if the site itself is safe. To check this, one can look up to SL encryption and certificate of trust.

6) The Winning Chances

The rules of online gambling are same as the traditional one. There is the probability to win and to lose. The format of the game might differ but the core idea remains the same. The house edge is the deciding element of the wins. A higher house edge always leaves the players with lower winning chances, whereas when the house edge is low, players have a good chance of winning.

If you are keen on playing specific games and higher house edge doesn’t bother you, you can keep up with the regular discourse. If winning bitcoins is all you care about, try staying away from sites with higher house edges and play games that have a fair edge on you. Bitcoin Casinos offer much lower house edges than the traditional ones. The odds might differ depending on the type of game and casino you opt for.

7) Offers and Bonuses

Offers and Bonuses are promotional schemes that aim at alluring more customers. The websites gain more players and the players get better offers. The competition in the market helps these bitcoin casinos in the long run. The Bonuses and Offers include free spins without depositing of funds, bonus spins at certain occasions etc. The play is the same, but the chances at winning get low or payouts are automatically reduced to balance the entire transaction.

What do you take into consideration when placing a bet? Please comment below.

* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
Press Releases