Crypto gambling has seen remarkable growth over the past few years, but the last two years have produced some truly exceptional results. In fact, crypto gambling hit an amazing new high just over a year ago, in December 2023, when a player playing Alchemy Gaming’s Wheel of Fortune turned a $50 crypto bet into one of the biggest jackpots in the history of crypto gambling, $42 million. “At first I thought it was a mistake,” the winner, who chose to remain anonymous, said, “but when it sank in that I’d won more than 40 million dollars, I was running around the room shouting and celebrating.” While 2024 didn’t have quite the same massive wins, it racked up plenty of excitement. In one instance, a player with the handle kid cashed out $465,000 on TrustDice in October, the game’s biggest win of the year.
That, of course, is the dream for anyone who enjoys crypto gambling. Winning big is the potential payoff that makes the highs and lows of crypto gaming worthwhile. But you don’t have to leave winning big entirely up to chance. There are some proven strategies that will help you to make more informed decisions in crypto casinos so you can stand a better chance of parlaying your bankroll into a win.
In this article, we’ll examine seven key strategies that will help you to become a more informed crypto gambler and maximize your chances of walking away with more than you entered with. Of course, no strategy and no online article can guarantee a win, let alone a big win. But these strategies will show you how to think logically about crypto gaming to make informed decisions about how to wager your money to maximize your chances or a payout.
1. Bankroll Management
The first strategy to help you become a more effective gambler may not be the most glamorous or feel like the biggest secret, but it is one of the most useful: bankroll management. By keeping careful track of your money and watching when you’re up, when you’re down, and how much you are willing to risk, you can make smarter strategic choices about how to wager.
- Stick to a budget. First, it’s important that you set a budget and stick to it. One of the biggest problems that gamblers face is the temptation to send good money after bad and try to recoup losses by wagering progressively more. That’s a recipe for compounding losses. Instead, decide before you begin how much you are willing to lose. That should be your budget for your gaming session. Never bet more than you are willing to lose.
- Portion out your budget. You should not wager your whole bankroll all at once in the hope of hitting it big. Instead, you should divide your budget into smaller pots that you can use for individual gaming sessions or specific wagers. This will help you to pace out your play and will also make it more likely that you will hit a hot streak and be able to stop on a profitable note.
- Create betting units. One way to portion out your budget effectively is to create betting units, fixed amounts (say, between 1 and 5% of your budget) that you will use for each wager. This way, you won’t lose all your money on any given bet and will have money in reserve should you hit a losing streak.
2. Patronize Provably Fair Games
A second strategy to help you become a more effective gambler is to be sure that you are making your wagers on games that are provably fair. There is, unfortunately, a significant risk that you will come across casinos that are either scams or that rig their games so that gamblers aren’t able to win the biggest prizes. That’s why the most reputable casinos use provably fair games to help reassure patrons that the games they play are fair and that the casino is on the up-and-up.
- Verify the fairness of games you patronize. Provably fair games utilize blockchain technology to ensure that patrons are able to verify the fair play in a game. When you play a provably fair game, you are provided with a unique identifier keyed to the randomly generated outcome of the game, so when you have made a wager and played, you can compare your identifier to the original one in the game to ensure that the game was played fairly and you received the correct outcome.
- Choose transparent games. As a gambler, it’s in your best interest to choose provably fair games that utilize transparency so you can be sure that your wager goes to games that give you a fair chance of winning—and winning big. Provably fair games allow you to verify that there is a real shot of coming away with a big prize.
3. Understand the Odds
Gambling runs on math. While the outcome of any given game may be random, the outcome over the course of all the games played each day is easy for casinos to calculate. That’s because games are designed to ensure that the casino takes in a little bit more money than it pays out, so over time it will always turn a profit, even if it has a few big payouts here and there. Understanding how this works can help you to make smarter bets when you wager.
- The house has an edge. The casino always has a little bit of an edge in every game. Consider, for example, a roulette wheel: The wheel is half black and half red, so if you bet black you’ll win 50% of the time, right? Wrong. The two green spaces on the wheel mean that betting on black is always just a little less than 50%, so those few times it hits green will tip the overall odds to the house. Every game has a built in advantage like that. As a gambler, it’s important to choose the games that have the lowest edge for the house to help maximize your chances of winning. Blackjack is typically the game with the lowest house edge.
- Research payouts. Be sure to read the rules, terms, and conditions to find out how each game pays out. Some, for example, might offer higher payouts but lower odds of winning, while others might do the opposite and give you a higher chance of winning but lower payouts.
4. Use Bonuses and Promotions Wisely
One of the ways casinos encourage players to bet more is to provide bonuses and promotions that they treat as though they were “free” money. But nothing in a casino comes free. Many bonuses have strings attached that can create problems for players later on. Always read the terms and conditions to ensure you understand how you can use your bonuses and when you can cash out. For instance, many bonuses are tied to restrictive betting requirements that may require you to bet your bonus repeatedly before you can cash out—or may even funnel any winnings from bonuses back into the bonus so it requires still more bets before it can be withdrawn as cash.
5. Master Traditional Betting Strategies
There is an art to betting, and over the centuries, gamblers have perfected a number of strategies designed to help mitigate losses and promote winning—strategies that are more than just random wagers. Three of the most popular betting strategies are:
- The Martingale strategy. This involves doubling a bet after every loss to try to make back lost money. However, this strategy requires large amounts of capital and a high tolerance for risk.
- The Paroli strategy. The opposite of the Martingale Strategy, this option involves doubling a bet after a win to take advantage of a winning streak.
- The Flat Betting strategy. This approach involves betting the same amount every time, regardless of wins or losses. This is the most conservative approach.
6. Focus on High Return-to-Player Games
"Return-to-Player" (RTP) refers to how much of the money wagered on a game is returned to the players. Each game has a different amount, but some of the highest RTP games are slots, which can return as much as 98% of the money wagered back to the players. When a game has a high RTP, it is more favorable to the player, so over time you will stand a better chance of winning back most of your money or even making more than you wagered. By choosing the highest RTP games, you can increase the odds that you will win and even make a profit while gaming.
7. Use Crypto's Built-In Advantages
Crypto offers some advantages that gamers can use to their benefit. For instance, crypto prices tend to be volatile, so timing your deposits and withdrawals strategically can help you to get a bit more value for your investment. Additionally, many casinos offer special bonuses for using specific cryptocurrencies. This can help grow your bankroll and give you additional opportunities to win.