The basics of bankroll management with crypto
It’s one thing to get the basics of cryptocurrency gambling with our
crypto casino guide, and something else to actually wager your own funds. So here are the key things to keep in mind when it comes to keeping your bankroll in check:
| What to do |
Example |
| Set a budget |
Giving yourself the equivalent of $10 in crypto to spend on online gambling each day |
| Gamble for entertainment only |
Set aside a set amount of money that you don’t mind losing |
| Don’t chase after your losses |
Sign out of your gambling site account once you’ve lost as much you’re willing to |
| Use the responsible gambling tools |
Apply limits to your deposits, losses, wagering and time spent gambling |
| Take a break |
Give yourself a cooling-off period for a day, a week or even longer |
| Get expert help |
Most decent gambling sites have links to responsible gambling organisations that you can use to get expert help in self-assessment and so on |
Step by step guide for managing your crypto bankroll
Here is a quick walkthrough guide of what you could do to keep your crypto balance in check when gambling online:
-
Plan how much you are willing to lose each day
-
Log into your account with the crypto gambling site in question
-
Navigate to the responsible gambling tools section
-
Select the Loss Limits option
-
Enter in the maximum amount you are willing to lose
-
Submit your request
By doing this, you simply won’t be able to play anymore once you’ve hit that maximum loss threshold. This will ensure that you don’t chase after any losses and only play with money that you don’t mind losing. If you can’t find a responsible gambling section on the casino you’re using, that’s a site you should probably avoid. Our guide on
how to identify a trustworthy casino
has more on this.
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Keeping your cryptocurrencies safe when gambling online
Not only will you have to keep your own gameplay under control, but your cryptocurrencies will also require some extra special care and attention. Here are some of the key ways to do this:
Use secure wallets
Always opt to use the crypto wallets that prioritise security over convenience. This usually means using a cold wallet which is kept separate from the internet.
Keep track of your payments
There won’t be any going back once you’ve submitted your crypto payment, so keep a log of all of your transactions and make a note of
how long does a crypto deposit take. This way you’ll have a document of your payments to support any claims with the gambling site in question.
Be careful with these bankroll management systems
There are plenty of misleading guides online about how some supposed bankroll management systems can help you cut your losses and boost your wins. Most of these should be treated with extreme caution, but it’s only fair that we have a brief discussion of them so that you are at least aware:
This is where you are expected to double your bet after every loss. The theory here is that doing so will eventually mean that you get a win big enough to cover those previous losses. However, such a system only works if that win emerges which might not actually happen.
This system is similar to the Martingale system, only that you add and subtract units after losses and wins. So if you lost with $5, you would then add a dollar to make it $6 for your next stake. Conversely, if you won, you’d take away a dollar to make it $4 for your next stake. It’s a system that suffers from the same false premise that a big win is going to come up sooner or later.
The Fibonacci sequence is a series of numbers that occur in the natural world and where each new number is the sum of the two before it. It runs as follows: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55 and so on. Here you will be expected to increase your bet size to the next number of the Fibonacci sequence, while a win will cause you to move two steps back down the sequence. Again, using such a sequence could quickly wipe out your entire bankroll if you hit a nasty losing streak.
Pros and cons of using bankroll management with crypto
It should hopefully be fairly obvious as to why we are advocating that you play it safe when it comes to using crypto for online gambling. But just in case you are unsure, here are the main pros and cons of doing so:
Pros and Cons
- Stop your losses from becoming too severe
- Spend a sensible amount of time wagering
- Keep perspective on your betting and gaming
- Make your funds last longer
- None that we can think of
Be responsible with your bankroll when crypto gambling
We’ve shown you that it’s easy to take some simple steps to ensure that you always play it safe when using crypto for online gambling. From doing things like setting your budgets and using the deposit limits to picking secure wallets and trusted gambling sites, it should all add up to giving you a safe way to play.
Above all, it’s about
gambling responsibly
at all times, and making sure that you play at a trustworthy casino that can take good care of your funds. So as long as you don’t forget that, you can hit any of the links to the crypto gambling sites featured in the banners of this page, register your account and start playing within your means.
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Bankroll management with crypto FAQ
📜 Is crypto gambling legal?
It depends on where you are based as each country has its own gambling laws and they may even have specific restrictions on the use of cryptocurrencies. So check with the online gambling regulators where you are based to see what you can and cannot do.
🔞 How old do you have to be to gamble with crypto?
Again, it depends on where you are based and which gambling site you are using. Most crypto gambling sites will only accept customers aged 18 years and older, although this age limit might rise up to 21 years in some cases.
🏆 Which are the best crypto gambling sites?
We’ve handpicked the best crypto gambling sites in the banners of this page so that you can quickly get a great place to wager online. Remember that we’ll be adding all of the
new crypto betting sites
that come on the scene, so be sure to check back regularly.
💰 Are there any free crypto gambling sites?
Not really, as you will nearly always have to make a deposit of your own money before you can wager or bet. While some free bet promos and no deposit bonuses emerge occasionally, they tend to come with fairly tricky wagering conditions.
