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The rapid push forward towards digitalization led to the global acceptance of crypto and blockchain technology in every industry, including online gambling. This means that nowadays, there are plenty of crypto casinos that allow you to gamble with some of the most popular currencies like Bitcoin.
Even though this new technology only changed the payment system in casinos, you are still required to learn more about it in order to maximize your profits.
At first sight, gambling with fiat and cryptocurrencies might look almost identical, but there is a big difference even though all of the games are the same. Just because cryptocurrencies are very popular at the moment, they are now the most desired way of betting in online casinos due to the many benefits they offer when people bet on sports with Bitcoins, for example.
If you ask any professional gambler, which is the best way to increase your chances of walking away with a profit, they will tell you it is your bankroll management strategy. We all know that the house has a mathematical advantage over the player, and in the long term, the house always wins.
However, the goal while playing casino games is to manage your profits in a way that you walk away with more money than you came in.
This got us wondering, what are the best ways to manage your BTC casino profits, and does it require complex bankroll management? Let’s find out.
Flat Stacking Model
The biggest and most common mistake that people make in the casino is that they constantly raise and decrease their bets based on if they win or lose. For example, if someone managed to win substantial money in BTC, in most cases he/she will raise the betting amount on the next bet.
This is not a good long-term strategy and can exhaust your budget very fast. Therefore, most experts go for the flat stacking model.
This model sets up a percentage of the entire budget that they must follow regardless of their wins or losses. For example, most experts set a flat stacking model of 5% of their entire budget per bet, and they follow this strategy and never extend their hand in betting.
Consider Volatility
One of the biggest disadvantages of crypto gambling is the volatility of the most popular currencies like Bitcoin. This means that you might buy in at a very high price, make some profits, and when the time comes to cash in the profits, the price might drop causing you to lose all the money you’ve made playing casino games.
That is why it is important to consider the volatility of cryptocurrencies. So, the next time you make a profit in a casino game, you can transfer your crypto to an exchange where you can convert it into stable coins if you think the price will drop.
However, if you are in for the long run and believe that cryptocurrencies will be the future of the world’s finances, the short-term price volatility shouldn’t matter to you.
Staking is Always a Good Option
Since cryptocurrencies are very popular at the moment, there are a lot of organizations and even some casinos that offer staking on crypto. This allows you to lock a certain amount of Bitcoin for some period of time where you’ll earn interest.
This is perfect if you make some profits while playing casino games where you can allocate a portion of your gambling budget in order to earn interest passively.
Know When to Quit
One of the biggest mistakes that people make while gambling in crypto casinos is not knowing when to quit. After winning some crypto in a casino, the wise choice will be to walk away and call it a day, but most people reinvest their profits ending up losing all the money that they’ve made.
So, the best thing to do is to set profit goals before you enter an online crypto casino. For example, if you set a profit goal of $200, once you reach that amount of money in BTC, it is time to walk away and lock in the profits.
Keep Track of Your Wins and Losses
The only way to know if you are making some profits in an online casino is to track how much money you’ve earned and how much money you’ve spent. Winning $1000 in Bitcoin sounds great, but it doesn’t mean that you are profitable if you invested $2000 in the past couple of days.
So, tracking your win/loss record is a great way to manage your bankroll and find out if you are profitable. Knowing where you stand at all times can seriously impact your gambling strategy allowing you to carefully plan your next move.
Choose the Best Odd Game
Every game in a casino gives the house a mathematical advantage, but not every game comes with the same odds. This is why you need to choose a game that gives you a fair chance of making some profits.
This is also a good idea if you won a substantial amount of BTC in a casino game, where you should allocate your budget to a different game that provides you with better chance of winning.