There’s obvious a difference if you play in a casino or own it. If you play you might be lucky a few times, but in the long run you’re losing the more you play casino games. If you’d own a casino you might have huge swings on a daily basis. But in the long run you will make money! – I know this is very obvious, but it’s important to keep this in mind regarding the following gambling “opportunities” for the blockchain.

For example there are some projects that pay dividends and put you in a spot where you can act like a casino owner and just collect your earnings: Take your EOS dividends every 24 hours at EOS Win

Well but always think about that every gambling website will also try to get less or more of your money in the long run, that‘s their business! A good example for that is BetDice. They try to get you coming to their site continually with the „lucky draw“ promotion: If you log in and press the button you will get at least 0.0005 and can win up to 50 EOS every hour! So most of the people coming there will probably play on the site when checking for the promotion — at least once in a while. The winning chance of only 1:10.000 makes this a really nice thought advertising promotion.

So always keep that in mind when gambling and especially if you think „I have an edge“ in some game. Usually it can‘t be true in casino games! In the gambling world there usually are no winners in casino games. But that doesn’t mean you can’t be successful at Poker or Betting. These two are different. 

Poker has almost always a fee (rake) on the house, but your success depends on the other players. The rake does get even less and less the higher you play. So if you’re good and playing at high stakes for lots of money you pay almost no rake. Most likely there are probably only like 10% of all poker players winning players and from that only a short percentage considerably “worth” — also sometimes including high swings. So it’s not at all impossible to make money with poker, but you gotta really like it and it’s work in a way!

Betting is beatable, but very hard, especially sports betting. I don’t know exactly but I think it’s far less than 5% of all people who bet on sports that can call their winnings considerable. So betting on sports can in theory be possible, but it’s very hard and also usually even more work than Poker!

Casino games are not beatable in the long term. That means by playing them you will lose money the longer you play them! These are for example: Roulette, Blackjack, any kind of dice games, any kind of casino card game, slot machines, … basically every single game that is shown to you in a casino.

Try not to get confused: Horse racing for example is betting. But a horse race simulator involving real money is probably a casino game and likely having a house edge. There’s also lots of poker casino games like video poker. This can help learning some basic poker rules but overall it’s a casino games and has a negative expected value because of the house edge.

However, Poker, Betting and Casino Games DO have one thing altogether in common: On a single event (one night at the casino for example) there’re huge swings depending on the risk and amount of money you invest in. For example: You can lose with A,A vs K,K on a preflop all in at Poker and you may hit this one lucky number on the roulette table once in a while in the casino. Or your bet on the football team might win or lose you something on that one event.

And in the end this is what this industry is and only should be about: Having a good time while having the chance of winning money. Also in the end if you don’t do any of gambling to just make money with it — but rather play responsible for fun — I think it’s probably the best choice in the long run for most people anyway!

For people who know this already it’s no big news at all. But for those who may hear about all of that the first time it might be hopefully a useful short introduction in the crypto gambling world.

Always gamble responsible and never bet more than you can afford!

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Responses

  1. Zeus69

    Thanks Infusion, I suppose investing in certain crypto is gambling in its own rights, but the return is inevitable if patient and choose the right project. Gambling at a casino is very daunting, from a smile to a cry within in minutes or a scream of joy if you happen to hit it big on the very few occasions, I steer away from gambling personally.
    Great article, keep it up and thank you.
    Regards,
    Mark (Zeus69)

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  2. CryptosDecrypted

    Interesting article Infosion. Yep, always remember the edge is with the house, even with blockchain gambling ‘something’ will likely tip the odds against the average player walking away richer than they came in (in the long-run). I would also add, that if you choose to gamble with your crypto try to ensure you are not using ‘investment funds’. If you are….then consider that every EOS you gamble should return x20 or more because that’s a fair long-term value assessment of EOS over a 3-5 year horizon (just my opinion of course).

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    1. Infosion Post author

      That’s very true yes! Especially bankroll management for gambling, for your investments in a whole and how much money you allow yourself to gamble/trade/”work” with (which is seperated from your long term investments) is probably another really important subject to cover.
      Also good point to keep in mind with the 20x, that’s really also to consider when wagering bets – with the price of EOS being so relatively low at the moment.
      Thanks for your input!

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