Crypto betting games have become increasingly popular as a way to have fun and potentially make money using cryptocurrencies. Many of these games run on the blockchain, allowing for transparency and trustless operation.
What are crypto betting games?
Crypto betting games are online games where you can wager cryptocurrencies like Bitcoin and Ethereum to win more crypto. Some examples of these games are:
• Crypto dice – You bet on the outcome of a dice roll
• Prediction markets – You bet on the outcome of real-world events
• Sport betting – You bet on sporting outcomes like football matches
• Slot machines and roulette – Traditional casino games ported to blockchain
Many of these games operate on the blockchain, providing transparency into the random number generation and ensuring fair operation. Players deposit crypto into smart contracts which hold the funds and distribute winnings automatically according to the game rules.
Also read: Importance of Crypto Guest Posting
Popular crypto betting games:
- Etheroll (Ethereum dice)
- FunFair (Ethereum casino games)
- Prism (Ethereum dice and slots)
- Augur (Prediction market platform)
- Bitcasino.io (Casino games like roulette and slots)
How to play crypto betting games:
Follow these steps to get started playing a crypto betting game:
- Choose a reputable platform
- Sign up and go through KYC checks if required
- Deposit the crypto you want to bet with
- Understand the rules and betting options for the specific game
- Determine your strategy – how much to bet, when to quit
- Place your bets!
- Withdraw any winnings
Also read : What Is Crypto Gaming?
Tips to increase your chances of winning:
- Play games with higher house edges like dice over slots and roulette
- Place larger bets when your odds are more favorable
- Set a budget and stick to it
- Take regular wins and don’t chase losses
Risks and things to consider:
- You can lose all the funds you deposit
- Some platforms have been reported to be scammy
- You are exposed to cryptocurrency price volatility
- You may become addicted – gamble responsibly
The house edge
• The house edge: Most crypto betting games have a built-in advantage for the platform, known as the house edge. This means you have less than a 50% chance of winning any given bet, so the platform makes money over time. The house edge ranges from 1-5% for dice games to 5-30% for casino games like slots and roulette.
• Volatility: Even games with a small house edge can experience streaks of losses that wipe out your bankroll quickly. Set limits to control your risk.
• Anonymity: Since crypto transactions are pseudonymous, players can participate more anonymously than with traditional betting platforms. However, KYC checks may still be required to withdraw large amounts.
• Smart contracts: The use of smart contracts to hold funds and distribute winnings adds transparency and ensures winnings are paid out automatically according to the rules. However, smart contracts cannot be changed if buggy.
• Security: As with all things crypto, security is paramount. Only use reputable platforms with a good track record and good reviews. Keep your crypto keys secure.
• Addiction potential: As with all forms of gambling, crypto betting can become an addiction for some people. Only spend what you can afford to lose and set time and budget limits.
• Taxes: Winnings from crypto betting games may be subject to capital gains taxes in your jurisdiction. You’ll need to track your deposits, bets, and withdrawals for tax reporting.
• New niche: Crypto betting is still a fairly new niche within the gambling industry. Expect more innovation and game options in the future.
What are some reputable platforms for crypto betting?
• Etheroll – One of the oldest and most trusted platforms for Ethereum dice betting. Has a low house edge of around 1.5%.
• FunFair – Allows for casino-style games like roulette and blackjack on the Ethereum blockchain. House edge ranges from 2-7%.
• Augur – A prediction market platform where you can bet on the outcome of real-world events using REP tokens. Has a decent reputation.
• Roobet – Offers crypto versions of traditional casino games like slots, roulette and blackjack. Requires KYC but has a good reputation.
• Cloudbet – One of the largest crypto sportsbooks, allowing betting on sports outcomes with Bitcoin. Has been around since 2013.
• Bitstarz – A popular Bitcoin casino with over 3000 casino games including slots, table games and live dealer options. Requires KYC.
• Bitcoin.com casino – Runs on the Bitcoin Cash blockchain and offers dice, slots and other casino games. Requires KYC and has a mostly positive reputation.
• 1xBit – Another large crypto sportsbook focusing on esports and traditional sports betting with Bitcoin. Requires KYC but is largely trusted.
When choosing a platform, do your research, read reviews, check forums and trust your instincts. Only deposit small amounts at first until you’ve built trust. And remember – only spend what you can afford to lose.
Crypto betting is the process of betting on esports or other events with cryptocurrencies. It allows bettors to place their wagers using cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
bet with crypto, you need a crypto betting site or betting exchange. You deposit funds in the form of cryptocurrency into your account. When you place a bet, the site locks your wager in your account. If you win, you will be paid out in the corresponding cryptocurrency.
– Anonymity: Crypto betting offers more anonymity since you don’t have to provide personal information.
– Speed: Deposits and withdrawals are often faster with crypto than fiat currency.
– Lower fees: Crypto transactions typically have lower fees than card payments.
– Accessibility: Crypto betting sites are accessible worldwide.
The main cryptocurrencies used for betting are Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Tether, EOS, and more recently Dogecoin. However, Bitcoin is the most popular choice.
The legality of crypto betting varies depending on the jurisdiction. In some countries like the US, crypto betting itself is legal but highly unregulated. However, individual states may have their own gambling laws. Bettors must check the legality in their specific region.
Litecoin typically has the lowest transaction fees for crypto betting, around $0.20 to $0.50 per transaction. Bitcoin fees tend to be higher, averaging around $2 to $5 per transaction. Ethereum and other altcoins generally have higher fees than Litecoin and Bitcoin.
In theory, yes you can make money by winning bets that pay higher odds than the probability of an outcome. However, most bettors lose money over time due to the house edge, variance and psychological factors. Only a small percentage of bettors actually profit consistently.