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Cryptocurrency Gambling Guide

If you’ve played roulette in a casino before, you’ll notice that it is one game that you depend mainly on luck to win something. In fact, when the croupier spins the wheel, the fate of the outcome depends on where the ball rests. Cryptocurrency roulette makes it possible to enjoy the excitement of the game in the comfort of your home while betting with cryptocurrencies instead of fiat.

In this crypto roulette guide, we’ll learn the basics of the game, the advantages it has over playing with fiat, and some strategies you can employ while playing the game.

Roulette Games Explained

Roulette as a name for the game was derived from the French word that means little wheel. The wheel consists of a disc that is marked with numbers from 0-36. The disc is alternately colored red and black. These features give the bettors options of betting which yield returns based on the probability of the event occurring.

For instance, a player can bet on the ball resting on a particular number. Such bets have high rewards because the possibility of scoring that number is low. The bettors can also bet on the ball resting on red or black. This would have lower payoff since there is 50-50 chance of scoring either color.

In playing the game, players can wager before and sometimes after the wheel has been spinned by the croupier. The wheel is spinned in one direction while the ball moves in the opposite direction. Air resistance and gravity eventually slows the wheel and the ball causing the ball to drop into a groove of a number.

Bettors can bet that the number is high (19-36) or low (1-18). They can also bet that the spin would yield an odd number or even number or any other combination of group of numbers.

Roulette Rules

After the winning number or numbers are determined by the roulette, the dealer uses a marker known as a dolly to place on the winning number on the table. This signifies that no more bets should be placed. This also means that placed bets cannot be changed or collected. After determining the winning Inside and Outside bets, the dealer uses their rake to sweep away the bets of the losers. The marker or dolly can be removed after payments have been made.

Most of the other rules associated with roulettes are only applicable to the physical casino. For the cryptocurrency roulette, these security-related rules meant to avoid cheating do not apply since you are playing at the comfort of your home or with your computer or mobile device. The important thing to note is that after the spinning of the wheel, you can’t change your bets. Also, remember that there are maximum and minimum bets depending on the casino you’re using.

Types of Roulette Games

There are two main variants of the game. The European or French-style roulette has a single zero. The pockets in which the ball rests are 37 while the American style wheel has 38 pockets because it features double zeros.

Strategies Players Adopt

There are several strategies that players traditionally adopt in playing roulette games. These strategies can also be used to play the online-based crypto roulette.

Types of Bets

There are two ways to bet on the roulette. These are Inside bets and Outside bets.

Inside Bets

This is when the player bets that the ball will rest on a specific number. As expected, the payoff for Inside bets is high since the bettor has low probability of winning.

Outside Bets

In this type of bet, the player bets on wider range of numbers such as betting low or high. In essence, the player can bet that the ball would rest on an odd number or even number. They can also bet on it resting on red or black pockets of the wheel or even a range of numbers such as the low or high. The payoff for this type of bet is lower than Inside bets.

Playing Roulette with Cryptocurrency

You’re obviously wondering how to start playing roulette with crypto. That’s simple enough.

Get a Wallet

Cryptocurrencies are stored in digital wallets, just like the way you keep some of your money in a wallet you move around with. You need to decide on the specific virtual currency you want to play the game of roulette with. Then download a wallet that supports that cryptocurrency. Better still, use a wallet that supports many crypto in case you need to buy more.

There are several types of wallets. Some can be downloaded on your devices such as a computer or phone. While there are some that are based on their own devices such as hardware wallets. Hardware wallets and paper wallets are safer and should be used to store huge amounts of cryptocurrencies. But for your gambling need, a device based wallet or an online wallet should serve.

Buy Digital Currency

There are many exchanges where you can buy digital currencies of your choice. These exchanges have their own wallets where the coins you bought are stored. It’s not very safe to leave your coins with the exchange because you’re not really in control of the keys to the fund. This is why you should transfer your cryptocurrency to the wallet you own after purchasing them from the exchange.

Which Cryptocurrencies to Buy

It is important to know that not all cryptocurrencies can be used for gambling. Betting sites mostly support a limited number of these coins, so you should buy a virtual currency that you’re sure that the casino you’re planning to play your games at has provision for. The most popular coins used in online gambling sites are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and others.

Choose a Cryptocurrency Casino

As we have already learned, choose a crypto casino that supports the coin you have. There are other criteria that you should use in choosing a casino. We shall see these later on in this post. Sign up with the betting site that you have chosen.

Make Deposit

You can now deposit the volume of coins you want to use for betting on the roulette game. The funds you deposited may reflect in fiat such as USD or Euro. It may also reflect in cryptocurrency or both fiat and crypto. The funds you deposited in the casino wallet is what you’ll use for playing games on the site.

Start Playing

You can now start playing crypto-based roulette or any other game with your coins in the casino wallet.

What are the Pros and Cons of Playing Roulette with Crypto?

Cryptocurrencies have become the favorite means of payment for the online gambling industry. This is not surprising because there are many benefits associated with its use. We shall briefly learn about its merits and demerits.

Advantages of Using Cryptocurrencies in Gambling

Fast Transactions

The transactions made on crypto networks are fast and trackable. Unlike some payment platforms that require days to confirm, cryptocurrency networks collectively give a nod to payments made on them when nodes approve of it thrice. This makes it possible for the player or casino to access the sent fund quickly.

Global Reach

Anyone can use cryptocurrencies from anywhere they are located. The primary requirement is access to Internet connection. This makes these cryptocurrencies out of control by any government or entity. The implication of this is that even if a jurisdiction doesn’t tolerate gambling, its citizens who Iike betting can still play games by using crypto and avoiding their national currencies.

No Third-Party Interruption

Digital currencies are fully autonomous. The holders are in control of their funds because no third party services are required to own and spend the coins.

Huge Bonuses

Casino owners encourage the use of cryptocurrencies in gambling by offering huge bonuses. These bonuses come in form of welcome packages and free spins. The funds saved in commissions by casinos are channeled towards attracting more players to use crypto.

Low Fees

Another feature of virtual currencies that makes them desirable for use is low fees. Unlike some payment methods that charge commissions based on percentage of the funds being sent. Some cryptocurrency network fees are near zero while there are zero fee networks. Most fees charged for sending and receiving funds on crypto networks are so low they could be considered negligible irrespective of the amount being sent. The only exception to this is when some networks are clogged up due to high demand and traffic.

Transaction Anonymity

There are several cryptocurrencies that are anonymous. This means that there is no way of tracking the sender of the funds. This works perfectly for players who want their privacy and identities preserved. Digital currencies such as Monero, Dash, Bytecoin, PIVX and many others ensure that a player can send and receive transactions anonymously. There are others that are pseudo-anonymous. These can conceal the identity of the player to a certain level but wouldn’t resist blockchain analysis. Coins such as bitcoin, ethereum, litecoin and ripple fall under this category.

Disadvantages of Using Cryptocurrencies in Gambling

These are some of the setbacks associated with using crypto in gambling.

Volatility

The coin market is a volatile one. The prices of digital currencies can vary widely within a short period of time. So keeping your funds in cryptocurrency can get them devalued or appreciated depending on the direction of the market.

Risk of Hacking

Hackers target crypto wallets, especially those that contain a substantial volume of funds. This is the reason why you should never leave the bulk of the funds you own in exchanges.

Network Congestion Delays

Although this happens very rarely, it does occur, leaving users’ funds inaccessible or causing transaction fees to rise astronomically.

What Roulette Games are Available for Cryptocurrency?

The European and the American types of roulette can be played online with cryptocurrency. The main difference is in the two zeros of the American wheel which gives the player a little more edge than in the one zero European roulette.

How to Choose the Best Cryptocurrency Roulette Casino

Speed of Deposits and Withdrawals

It should be easy to make deposits and withdrawals from the casino you choose to play your games at. Good crypto casinos reflect your deposits in your gaming account after a few network confirmations. Withdrawals should also be quick without requiring any form of identification protocols.

Good Customer Support

The customer help desk is an integral part of the operations of a casino. If there is an issue during the use of the site, the player should have a ready channel to receive assistance in solving the problem. A good support system consists:

  • Quick communication channels such as live chat.
  • An efficient support team that knows their job.

Availability of Welcome Bonuses for Table games

Bonuses give the player the opportunity to play without spending their own money. Be sure to check that this is available and can be claimed after you sign up. Sometimes some terms associated with this bonuses make it difficult for players to claim them. Read these terms to know if it’s something you can use.

Regular Promotions for Roulette players

Promotions are a regular feature of online betting sites. They help to attract new players and keep regular customers. Promotions and contests are what big casinos are known for. If the casino has a large community around it, Jackpots would be huge.

Antecedence of the Casino

Read reviews about the cryptocurrency casino you’re planning to sign up for. This will enable you to know what experiences their patrons have had while using it. This is a good way to avoid becoming a victim of unscrupulous casinos that cheat players.

Cryptocurrency Roulette FAQ

Is it legal to play crypto roulette?

This depends on your jurisdictions. Many countries permit their citizens to gamble on any sites on the internet. However, there are countries with strict gambling laws. You should check your local laws to know what’s obtainable. Also check the gambling site you’re about signing up with to make sure that citizens from your country are welcomed to play on their site.

Will I pay taxes on my winnings?

This also depends on your jurisdiction and the tax laws guiding your country. Some countries view cryptocurrencies as commodities. Many others have no regulatory framework regarding them.

Is live roulette available for cryptocurrency?

Live games in which the player watches the dealer spin the wheel via high-quality camera is increasingly becoming popular. If you’re the sociable type that wants to play with real people from the comfort of your home, you can opt for crypto live games. There are many sites that offer this feature.

Are cryptocurrency games safe to play?

This depends on the crypto casino that you chose to play with. Some casinos have not been strictly audited by independent third party services such as (e-Commerce Online Gaming Regulation and Assurance (eCOGRA). You should look out for the sign that a gambling site has been properly audited. Bear in mind that fraudulent casinos can clone reputable websites.

Why don’t casinos permit playing roulette with bonus funds?

Roulette has a comparative low house edge. This is why most cryptocurrency casinos don’t want you to play it with free funds.

Conclusion

Crypto roulette gives the player a wide range of betting options. It’s betting limit is low so anyone can play this game.

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