Learn the Lingo: A Guide to Bitcoin Betting Online

15/11/2021 | Categories: Gambling Guides | Published by: Joe | Last updated: 05/01/2024

What is Betting Lingo, and Do I Need to Learn It?

New online casino players may at times feel as though they are at a disadvantage. Not only may they not fully understand the games they are betting on, or the strategy behind them, they might not know what is being said. Like most industries, the betting world has its own terminology and vocabulary. Getting a little insight and perspective can work wonders to boost your confidence and make you feel like a part of the online crypto gambling family.

Here at BTCGOSU, we’ve got the definitive guide to help you become familiar with some of these terms. Of course, there are simply too many terms to list them all here. Instead, we aim to help you get acquainted with some of the most popular ones in each genre. Let’s begin.

Slot Sayings

Most casino players wager on slots, so let’s start there. There are five key terms we’ve identified that are used frequently. Before betting on any slot games, be sure that you are at least familiar with these:

RTP: Equates to Return to Player, and it means how much of each bet the casino puts back into the winnable pot. The higher the percentage, the better.
Volatility: Also known as Variance or Risk, this tells you how frequently you will likely win. Too low, and you’ll win regular but with smaller prizes. Too high, and it’ll be ages till you score a prize, but when you do, it will be a whopper.
Scatter: This symbol counts anywhere it lands on the reels, not just on paylines. It will often trigger a free spin bonus.
Multiplier: This is a term used to describe an instant cash prize. For instance, your bet or winnings may be magnified by the figure. It is often shown as a number either preceded or proceeded by “X”.
Progressive Jackpot: This is a term used to describe the type of prize that can be won. Progressives are uncapped, meaning they rise with each new bet and can reach heights worth millions of credits.

Table Games Terminology

If you prefer to play table games, and many do, then you should learn a lot more terminology. Each game has its own jargon (and plenty of it), but some appear no matter where you prefer roulette, blackjack, baccarat, or other games. We’d listed seven of the key terms for you below:

Ante: This is the name of your starting bet. It will go into a dedicated spot on the table.
House Edge: This term is the opposite of RTP (see above) and states how much of each bet the casino will keep. The lower the edge, the better it is for you.
Push: This occurs when there is a tie between you and the dealer. In most cases, your bet will be returned.
Variant: Not to be confused with variance, this term is used to describe a type of game. For instance, American, European, and French are all roulette variants.
Basic Strategy: Some games, such as blackjack, have a chart that will tell you the best move to make in each game, based on the hands available. This is often known as Basic Strategy.
Fold: A basic decision that you can choose to make in some games, such as poker. Folding means that you surrender your hand. This equates to “Surrender” in blackjack, where you may get half of your bet back.
Natural: A term used to describe any perfect hand. For instance, a 21 in blackjack, or an 8 or 9 in baccarat.

Lovely Live Dealer Lingo

Players who want a crack at the most realistic and authentic table games will undoubtedly appreciate learning a bit of live dealer lingo. Fortunately, most of the terminology used for live casino games is the same as those listed above. However, we’ve got a few more to add to your arsenal, and they include things like:

Betting Window: Because you’re betting alongside other players, there will be a “window” during which you can bet and when you can’t.
Hot/Cold Numbers: These are essentially useless pieces of information given to players to “help” them bet. They include the most frequently (hot) and infrequently (cold) occurring numbers or hands.
Squeeze: A term used solely for baccarat. Here, players can digitally touch the cards to mimic the Asian habit of physically squeezing or touching the cards.
Shoe: The name of the cardholder/shuffle device. Multiple decks form a shoe. If you hear the term “manual” or “automatic” shoe, this refers to whether the dealer shuffles and takes cards or whether they are automatically shuffled and provided to them.
Insurance: A type of side bet you can make in blackjack. If the dealer has 21, you will win a payout of 2:1 even if you lose the hand.

Crypto Catchphrases and More

Of course, the reason you’ve joined us is likely that you want to bet with cryptocurrencies online. There are hundreds of terms used when it comes to cryptocurrencies, and you need to become familiar with those. However, there are a few crypto gambling terms you can look up and learn, too, and these include:

Address: Basically, the key that belongs to either your crypto wallet or the casinos.
BTC-friendly: This means that you can wager on the games using bitcoin. In short, your deposits won’t be converted into fiat for gameplay. Note that the BTC part can be substituted for another cryptocurrency, such as LTC, ETH, and others.
Faucet: A term used to refer to the promotion of sorts. Like a tap, it drips free cryptocurrency every time you sign or complete a task, giving you a little extra bonus to play with.
CoinsPaid: A popular crypto payment method regularly found at bitcoin casinos and beyond.
Provably Fair: Refers to a certificate that ensures that a crypto casino’s games are RNG certified, fair, and trustworthy.

Sports Betting Soundbites

Even the crypto sports betting world has a few key terms you might want to read up on. If betting on the footy or the horses is your forte, here are a few sports betting terms you can take to the bank, including…

Odds-On: A term used to describe the favorite in an event. They will often pay out very little as they have short odds.
Short/Long: These describe the odds of a selection. Short odds won’t pay out much but are likely to result in a win, while long odds aren’t likely to occur but have sizeable payouts.
Accumulator: Also known as ACCAs, these allow you to place several bets on the same ticket. The prizes from your first bet form the stake for the second, and so on. In this manner, you can magnify your winnings, but you’ll need to get most (if not all) of your bets correct.
Arbitrage: A betting system where you will try and cover the bet by wagering on all its possible outcomes. This is frowned upon at most crypto sportsbooks.
Fixed Odds: Odds that stay the same once a wager has been made. They won’t be altered no matter what happens in the market.
Each Way: Two bets in one. The first is on a team or a horse to win. The other is on a team or horse to “Place” or finish within so-many positions. The terms vary from site to site, and each-way bets are commonly found in horse racing bets above all other sports.
Live Bet: Also known as In-Play, these bets can be placed after a game has started. The odds will fluctuate based on what is happening on the field, and you may be able to watch the game live at your bookmaker.
Handicap: A method of ensuring fairness between a heavy favorite and an underdog, primarily done by requiring the favorite to score more goals or points than usual to bag a win.
Straight-Up: A straightforward bet, also known as a Moneyline or To Win bet, on one side/team, horse, or player to win outright.

Key Casino Words to Note

Finally, let us end with some basic casino terminology that will prove handy irrespective of the game you wish to play. Regardless of which crypto casino you choose to join, it is always worth remembering terms such as…

KYC: Known as the Know Your Customer step, this process requires you to hand over identification documents to protect against identity fraud, money laundering and underage gambling.
SSL: This stands for Secure Socket Layer is a type of encryption used by casinos to protect your data and theirs.
High Roller: A high roller (or Whale) is someone who likes to splash the cash on games, perhaps with big stakes or by wagering regularly. Naturally, a bettor who keeps the purse strings shut is known as a Low Roller.
Wagering Requirements: Also referred to by some as Rollover or Playthrough Rates, these state how many times you’ll have to wager bonus funds before you can withdraw.
Responsible Gambling: This term refers to a collection of tools and policies that a bitcoin casino has in place to help keep you safe, including deposit and wager caps.
Rogue/Blacklisted: Casinos referred to by these names should be avoided at all costs. They are unsafe to play at.
Lobby: The name of the casino’s homepage, or the first page you encounter when you sign in to your account.
Studio: Also known as a Software Provider or Developer, this refers to the name of the company behind the games at a casino.
RNG: Random Number Generators are used to ensure fairness in games. They randomly simulate a spin, a dice roll, or a hand to ensure that you can’t cheat the game. Casinos may talk of their games being RNG-certified to ensure fair play.

Of course, there are hundreds of other terms out there, but you will pick those up as you play. By learning the key ones listed above, you can rest assured that you’ll feel more comfortable betting at our top recommended bitcoin casinos.