Dice Guide 101

06/06/2020 | Categories: Gambling Guides | Published by: BTCGOSU | Last updated: 01/04/2022

Dice is definitely one of the most popular gambling games in the Bitcoin / Crypto community. There are a ton of dice gambling games out there and some of them can have a lot of different settings which might seem confusing to newcomers. Today we are going to talk about Dice games, what they are and how to play them.

So, what is Dice?

Gambling dice games are fairly simple, players can choose their bet size and odds, and the casinos will automatically calculate your payout based on the odds and bet size you have chosen. Players can also choose if they want to roll over or under the numbers calculated by the casino.

Gambling games with dice will usually offer players a few common settings like x2, /2 in order to automatically multiply or divide your bet by 2. Other common settings are the ‘min bet’ and ‘max bet’ buttons.

The rules are simple, you pick the numbers you want the dice to fall in, and the payout will depend on the likelihood the dice has to fall into one of those numbers. You can set the initial betting amount to as low as 1 Satoshi, this bet can also be called a ‘wager’. Whether you lose or win, the game will reset to the start where you can customize your settings again or stop playing.

What is the provably fair system?

Bitcoin and Crypto gambling casinos have been using the provably fair system which allows players to check if they are getting cheated. The system can be a bit complicated to understand but most casinos offer their own simple verifier and players can check their bets/rolls inside the casino. Keep in mind that some casinos might claim to be using a provably fair system when they aren’t so make sure to do your research.

Strategies

It’s really important to understand that all strategies will lose in the long term, the house edge prevents players from winning in the long term, that doesn’t mean you can’t win though. Some strategies are in fact better than others. It’s also more fun to be able to bet 100 times and not just once.

There are a few classic strategies like Martingale, widely used by gambling players because it is very easy to understand and apply. The strategy involves betting twice the initial amount every loss so that when the player wins, he recovers all losses and profits from the last bet. This strategy is quite slow, however, because most Bitcoin dice websites offer an automatic betting option, players can use martingale and bet thousands of times in minutes.

Why do strategies fail? The House Edge

Mathematically a player will always lose in the long term, however, this doesn’t mean he can’t win. Some players might start losing, some might start winning, it’s important to know when to quit, the most common tip in gambling is quitting while you are ahead. So why can’t you win in the long term? As mentioned above, the house edge is what prevents players from winning.

The house edge is defined as ‘the casino’s average profit from a player’s bet’, basically it means that casinos have a small advantage overall. The house edge of most dice games is 1% which means that if you are betting with $100, you are expected to lose 1$. When a player is betting on 50% odds, he isn’t getting back his initial bet two times, he is getting back a bit less and that’s what the house edge does.

Playing for free

It is indeed possible to play for free, most Bitcoin gambling websites offer something called a ‘faucet’ which is essentially free coins. Users can claim their coins from the faucet and play with them freely, most casinos will even allow the players to withdraw their winnings without any kind of rollover requirement.

Investing in the house edge

There is a much better way to profit from dice gambling sites, investing. Some Bitcoin dice sites offer the ability to invest in their house edge. Casinos will share their profit with you up to 50-70% and Casinos like Crypto.Games allow players to deposit coins and invest them into their bankrolls. Keep in mind that this investment has a positive EV (expected value) but can still fail in the short term due to lucky streaks from players.

It is generally a more profitable investment than gambling but not many crypto casinos are offering this option.

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