It should be obvious that we are big fans of bitcoin gambling here at Coinbet.com. But we are also fans of doing it responsibly. We urge you to practice responsible gambling regardless of the online casino you are playing at or the currency you choose to play with. Gamble responsibly, even with bitcoin.
We mention this because there is a temptation to look at cryptocurrencies like bitcoin as not being 'real' money. Cryptocurrency is certainly a lot different than its fiat counterparts, but it is still real in the sense that it has monetary value. You used fiat currency to buy your bitcoin, so all the coin you own is still worth something. That makes it real.
You can be as irresponsible as you want with Monopoly money or those chocolate coins you got as a kid. You must treat bitcoin differently. It has real value represented by the fiat currency you used to buy it. So treat it just like paper money when it comes time to gamble.
Here are some responsible gambling tips designed to get you pointed you in the right direction:
1. Set a loss amount before you start
Before every gambling session, set a loss amount. What is a loss amount? It is an amount of money you are willing to lose. More importantly, it is an amount that you can afford to lose. Remember that gambling is a leisure activity designed purely for your entertainment. It is not intended as a means by which you make a living or get rich.
Setting a loss amount creates at target that tells you when you should stop. So here's the deal: you cannot just set a loss amount and then ignore it. Once you reach that amount, you must stop gambling. Turn off the computer or phone and go find something else to do.
A good way to help enforce your loss limit is to deposit only that amount at the start of each session. Once it's gone, it's gone. You find something else to do rather than making another deposit.
2. Don't play to win back your losses
A lot of people who have trouble with gambling discover that things start to go south the minute they make the decision to try to win back what they've lost. Such a strategy is always a losing proposition. The fact is, gambling is not designed to make you rich. Gambling is a business opportunity designed to generate profit for casino owners.
We would never try to dissuade you from enjoying the pleasure of online gambling. However, it's time for a reality check. Are you familiar with the RTP associated with video slot machines? RTP is an acronym for 'return to player'. The reason you've never seen an RTP of 100% or more is because it simply doesn't exist.
Play any casino game long enough and you are going to lose. The RTP dictates it. So continuing to play in order to recoup your losses is not likely to work. Even worse, it is likely to lead to more losses. So just don't do it.
3. Take breaks when you're winning
Despite gambling being designed to favor the house, there are going to be those times when you do win. Do yourself a favor and take a break when that happens. Break when you win enough to cover your initial deposit. Break when you win enough to exceed your deposit.
Taking a break gives you a chance to step back and assess where you are financially. Smart gamblers break long enough to withdraw their profits so as to return their bankrolls to the original amount. This protects their winnings rather than risking them to future losses.
4. Pay attention to how long you play
Another problem people run into is not paying attention to the clock. It is very easy to get lost in the excitement and adrenaline of a great casino game only to discover that hours have passed. This is a great way to find yourself pursuing obsessive behavior that you may not be able to stop at some point down the road.
A good rule of thumb is to play for no longer than an hour per day. Some online casinos have built-in timers to warn players when they reach that limit. You could have a lower or higher limit; it is entirely up to you. Just pay attention to the clock. Make a decision that you're not going to exceed a certain amount of time regardless of whether you are winning or losing.
5. Forget the strategies and formulas
Gambling is built entirely around chance. Despite everything you have read online, very few casino games can be tilted in your favor by employing a certain strategy or formula. The only time strategies are effective is when you are playing poker games against other gamblers. Games played against the house remove any and all strategy from the equation. It is all about the luck of the draw.
Here's the point: don't rely on a specific strategy or formula to make you a winner. Do not go searching for a new strategy to recoup the losses you suffered by playing your previous strategy. Accept the fact that online gambling is based on pure chance. Adopting this mindset will make losing easier and winning a lot more fun.
6. Be aware of your emotional state
As previously mentioned, gambling is intended to be entertainment. It should by no means control your decisions. If you find yourself in an emotional state that makes you feel like you have to win to make life right again, you may be in the danger zone of gambling addiction. That is the time to stop and seek help.
Beware of your own emotional state before, during, and after you play. If you feel like you're losing control of your emotions with every spin of the roulette wheel, back away. If you are constantly feeling the up and down emotions that come with a roller coaster gambling session, back away.
Experts also recommend not gambling when you are experiencing negative emotions. For example, do not run to the slot machines to get out your frustrations after having an argument with your partner. Don't turn to gambling to help you deal with depression or stress. Gambling should never be a solution to those negative emotions you are feeling. If it is, you could be on the road to problem gambling.
7. Balance gambling with other hobbies
We will be the first to admit that online gambling is a lot of fun. There is nothing quite like an entertaining game such as MegaMoolah.com that offers at least a couple of shots at the mega jackpot worth millions. But what kinds of things, other than online gambling, entertain you? What kinds of things are you passionate about? Those other things should get at least an equal amount of your time and attention. Do not spend all your leisure time playing video slots or trying to beat the house at blackjack.
Some people are really into pro sports. If that's you, pick your favorite sport and spend some time studying it. Choose a team you can follow as your favorite. Time spent watching matches or studying statistics is time you will not be spending money at the gambling tables.
Maybe you are more of an outdoor person. That's great. There are plenty of things to do outdoors year-round. Or perhaps you're into art, music, crafts, DIY projects, etc. Whatever makes you happy is fine. Spend as much time doing those one or two things as you do gambling.
8. Don't mix gambling with drinking or drugs
Finally, do not mix gambling with drinking or drugs. We cannot say this strongly enough. Do not ever drink or take drugs while you are making bets. Alcohol and drugs impair your judgment, so they make it more difficult for you to think clearly. That's not what you need when you're gambling. You need a clear head. You need to be able to stick to your loss limit and watch the clock.
Mixing drugs and alcohol with online gambling is a recipe for disaster. If you are the kind of person who has trouble with compulsive behavior, combining these three activities could cause serious problems. So again, do not ever drink or take drugs while you are gambling.
Responsible gambling in summary
So, how do we wrap all this up? Perhaps the best way is to encourage you to take the time to do a bit of online research. Get to know what it truly means to gamble responsibly before you sit down for your next session of MegaMoolah.com or another slot. There are plenty of online resources explaining responsible gambling, gambling addiction, and other related topics.
We are definitely big fans of bitcoin gambling here at Coinbet.com. But we believe in gambling responsibly. As long as you are able to practice a bit of self-control, there's no reason you can't have a ton of fun playing your favorite casino games. If you cannot manage to gamble responsibly, you are better off not doing it at all.