Many Bitcoin gamblers rely heavily on betting progressions for increasing their bankroll while gambling, especially on dicing sites such as Just-Dice and PrimeDice. However, are these common betting progressions effective, and should you consider using them?

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?

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 roulette players on sites such as Bit777, and BitZino. 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.

Bitcoin dice gambling strategies

There are also more unique betting methods that Bitcoin gamblers seem to use, most commonly on Bitcoin dice games. One method that is commonly seen on dice games involves continuously betting your bankroll on 95% odds of winning until it is doubled, then stopping. However, this method doesn’t have anything to fall onto if the gambler loses their bet.

Another gambling method involves betting a hundredth of your bankroll 50 times on 1%, so that if you win, you walk away with profit. If you lose all 50 times, you bet the other 50% of your bankroll on a bet which will return your original bankroll if you win.

Some players will use a similar strategy, where they will bet the same amount at the same odds over and over, until they end up with more than they started with. Some dice sites have a built-in feature to automate bets, with this strategy.

Conclusion

While betting progressions can be attractive and promote themselves as being “easy money” to new gamblers, it is always key to remember that all gambling methods have faults, and that nothing is fool-proof. It is mathematically impossible to have a strategy that makes it possible for you to beat the house. Before clicking that button to bet your Bitcoins, ask yourself if you can afford to lose what you are betting.


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