Statistics reveal that crypto betting generated about 8.5% of sports betting revenue in 2021 and that crypto bets increased by over 50% between 2022 and 2023. This shows how much cryptocurrencies like Bitcoin, Ethereum, and Litecoin have impacted the gambling industry. It is no surprise, given all the benefits crypto gambling platforms offer, such as a secure, anonymous, and convenient way to gamble.

However, crypto gambling isn’t a walk in the park. As with any form of gambling, it requires having a solid strategy to improve your chances of success. In this article, we’ll explore some of the top crypto gambling strategies recommended by Bitedge.

Choosing the Right Crypto Wallet and Exchange

Before you can start gambling with cryptocurrencies, you’ll need to have a secure crypto wallet for storing your coins and a crypto exchange platform trading cryptocurrencies. 

There are many crypto wallet options available (such as Trust, Exodus, and MetaMask) with different features and security levels. You must take the time to conduct due diligence and compare wallets to find one that works for you in terms of security, user experience, and compatibility with the cryptocurrencies you plan to use.

Once you’ve chosen a wallet, follow the instructions carefully to set it up correctly. You need to take all necessary security measures, like creating a strong password, enabling two-factor authentication, and keeping your recovery seed phrase safe. 

Once your wallet is ready, you’ll need to choose a reliable crypto exchange platform like Binance, Coinbase, and Kraken. Each exchange has its procedures and fees, so you need to research properly to choose one that will suit your needs. After signing up and verifying your account, you can buy the desired cryptocurrency using your local currency or other supported payment methods.

Selecting a Reputable Crypto Gambling Platform

Once you’re set to transact in cryptocurrency, you can focus on the betting. Not all crypto-gambling platforms are good options. In fact, there are many scammers out there, so it is important to carry out deep research before signing up for a crypto casino.

According to Bitedge,  a reputable and trustworthy platform must be properly licensed and regulated, have a good reputation among users, and provide reliable customer support. It must also offer competitive odds, various betting markets, strong security measures, and fair gaming practices. Once these requirements are confirmed, you should ensure that the betting site you choose supports the cryptocurrency you plan to use. 

The registration process is typically straightforward. Most sites will request some personal information for verification purposes. Once registered, you can easily deposit funds from your crypto wallet to your gambling account.

Bankroll Management and Responsible Gambling

Bitedge emphasizes bankroll management and responsible gambling practices as some of the most important aspects of successful crypto gambling. 

Before you start placing bets, set a reasonable budget that you can afford to lose. Many crypto gambling platforms also offer safer gambling tools to help promote healthy betting behaviors. These tools may allow you to set daily, weekly, or monthly deposit limits, spending limits, session time reminders, and win/loss limits. Using these tools can help you stay within your budget and maintain control over your gambling habits.

Specific Crypto Gambling Strategies

Aside from the tips above, Bitedge also offers some niche-specific crypto-gambling strategies because what works for sportsbook betting may not work for casino gambling.

Crypto Sportsbook Betting Strategies

Start by researching the teams, players, and current form of the sport or event you plan to bet on. You should also learn about the different types of bets (such as money line, spread, over/under, and prop bets) and how odds are expressed (American, fractional, or decimal). Understanding these will help you identify favorable bets and make informed decisions.

You can also consider having a betting system. For example, with the Martingale or Fibonacci strategies, you adjust your bet sizes based on previous outcomes. However, you must set stop-loss limits to prevent excessive losses when you’re having losing streaks.

Crypto Casino Strategies

Crypto casinos offer various games, from classic table games to slots and dice games. You need to understand the specific rules and strategies for the game you choose to increase your chances of success.

For example, in blackjack, you need to learn card-counting techniques that can give you an edge over the house. In poker, you must master hand rankings and bluffing to improve your chances of winning. For dice games, you need to understand the probabilities and have betting systems.

Another helpful strategy is to take advantage of bonuses and promotions offered by crypto casinos. Many platforms offer welcome bonuses, reload bonuses, and free spins that can boost your bankroll and increase your potential winnings. However, be sure to read and understand the terms and conditions associated with each bonus, as they often have wagering requirements or other restrictions.