Martingale

A common Bitcoin gambling strategy is the Martingale method. It’s also the betting progression that seems to result in the most incidents of losing entire bankrolls. The concept is simple enough – you choose a bet that will return your bet doubled if you win, and you start to bet. If you win, you go back to your original wager. If you lose, you double your bet, so that when you eventually win you’ll have made your original wager in profit. To someone who isn’t experienced with probability, the plan seems fool-proof. After all, what’s the chance of you losing 10 times in a row?

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However, the reason the Martingale method commonly bankrupts gamblers is that the chance of you losing at any one given time doesn’t change, assuming you haven’t changed the game you’re playing. If you’re flipping a completely fair coin and it lands on heads 10 times in a row, while that event is unlikely, the chance for you to flip a head next time is still 50%. Also, the amount you must bet in order to win back your original wager increases exponentially, as you lose. If you start with 0.01 BTC, and you lose ten times, do you really want to risk hundreds of dollars to win back that 0.01 BTC? Many gamblers who use this method forget this, and as a result they don’t realize that it’s possible to lose it all until it’s too late. However, the Martingale method can be an enjoyable Bitcoin betting strategy, when in the hands of one who understands this.

Paroli

Another common betting progression is the Paroli system, which rather than decreasing the wager on a win like the Martingale method, increases the wager after a win. This method may be used by some Bitcoin dice players on sites such as Primedice. It involves doubling your wager after a win, and resetting it back to your original wager after a loss, and after 3 consecutive wins, going back to your original wager. The Paroli method can work well for gamblers who prefer low risk, and consistent small wins. However, it also isn’t foolproof, as it can still fall prey to sudden losses after doubling bets or loss streaks.

There are a number of emerging online casinos that accept Bitcoin or cryptocoins. These game such as Bitcoin Dice Game, by their very nature, tend to depend much more on luck than skill. But playing the odds and calculating probabilities are definitely skills which can help you win these games. Using a classic probability dice calculator is a useful tool.