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    Bitcoin betting limits

    Bitcoin betting limits

    6/20/2019

    In the vast majority of cases, the minimum and maximum limits in place at Bitcasino will satisfy most individuals who wish to wager with us – from those on a tighter budget to players who describe themselves as high rollers.

    But why do these limits exist in the first place? Shouldn’t bettors be able to deposit however much they want, and then stake accordingly?

    In an ideal world, yes, but there are reasons for bitcoin betting limits, and we will explore those in more detail later in this article.

    Why are there betting limits in place? Well, that’s an easy question to answer: betting sites don’t want to have to pay out hundreds of BTC on a single wager! It is simply not economically viable for them to do so.

    As for lower limits, each casino has a duty to make an operating profit outside of the action that takes place on their tables. That covers the cost of salaries, software, web hosting and all the “behind the scenes” stuff that players tend not to think about.

    Hence the imposition of minimum bet limits, which ensure that a certain amount of cash is flowing into a casino. It’s just basic business sense.

    Maximum effort

    Imagine the scene: you are playing online bitcoin poker and are feeling lucky, and so you place a wager of 100 BTC on a hand.

    Lo and behold, you land a royal flush – what a time to do so! The casino now has the unenviable job of paying out at odds of 50:1, depending on the version of poker you are playing, which equates to roughly 500 BTC – or approximately £35m in cash terms.

    Is that the kind of wager that casinos want to be accepting? Of course not. It would wipe out the vast majority of brands. Hence the implementation of maximum limits when it comes to making a bet.

    That is the basic reasoning behind a maximum bet limit: limiting risk.

    You may have recently read about the shenanigans of Phil Ivey, the professional poker player who won more than $20m playing baccarat at two different casinos: Crockfords in Mayfair, London and Borgata Resort in New Jersey.

    The reason why the WSOP legend was able to win such staggering sums of money was because in both cases, the casinos agreed to increase their normal limits just because they had poker royalty on their premises.

    In the end, it transpires that Ivey and his accomplice, Cheung Yin Sun, were “cheating” by engaging in an act known as edge sorting, which is fairly basic deception but is difficult to spot given the covert tactics the pair used.

    The story has a happy ending for the casino in that the courts have decreed that Ivey must pay back all of the money he won from them, but the truth is that if they hadn’t increased their limits in the first place, then the 40-year-old would not have been able to win such knee-trembling amounts – edge sorting or otherwise.

    Here are three reasons why, in normal circumstances, casinos impose betting limits:

    1. Managing risk

    It would be absolute madness on the part of a casino not to put something of a bet limit on their players. If they didn’t, their risk would be infinite, and they could go out of business with one unfortunate hand on the blackjack table or single turn of the roulette wheel.

    The house has an edge when it comes to their games: we have discussed this in great depth in some of our other blog pieces.

    But remember, this is a small percentage of each hand, and this does not cover for big wins that players enjoy when their luck is in or they implement perfect strategy – the latter being another reason for maximum bet limits.

    2. Perfect strategy

    Ask any casino or sportsbook and they will tell you that there is one type of customer they hate: the “sharp”.

    This is somebody who plays the percentages and looks to minimise the house’s edge in any way they can.

    Think about the card counters in blackjack, those with canny staking strategies in roulette, and those who deploy control shooting in craps.

    The smartest of players find ways to negate the house edge, and these “sharps” are one of the reasons for maximum betting limits: to protect against their clever strategies!

    3. Managing Martingale

    There is a very basic staking strategy used by many casino gamers called the Martingale: this, in short, is where you double your stake after each loss.

    So, a player can start out wagering one unit per hand or spin, and this can increase exponentially through two, four, eight, 16, 32 units and so on should they embark on a losing streak.

    For high rollers who deploy the Martingale technique, think about what that could mean: with four or five consecutive losses, they could be staking huge sums of money per turn.

    Maximum bet limits help to protect casinos from players who look to recoup their losses no matter how much they have to stake to do so.


    Why do betting limits matter?

    In the vast majority of cases, betting limits will not impact upon your enjoyment of your favourite casino games.

    That’s because you won’t wager the significant sums that go beyond the limits imposed by the gaming site.

    The only time when these limits will become something of a consideration is if you are able to land a huge jackpot prize. In this case, the manner in which you receive your payout may change.

    If you win a huge amount – let’s say six figures in real cash terms – you may not be able to receive this all in one lump sum due to the casino’s limits.

    This information can be used by players who know how much of a payout they can receive when they land, say, a 50:1 royal flush at the poker tables. Make sure that your stake allows you to win a huge payout without limitations.

    The other side to this is that casinos will also dictate maximum amounts that you can wager per game. Here’s the key thing that you need to know: these limits tend to differ for each game.

    You should know by now that you can read the full rules and terms & conditions for all of our games in the help section of our website. This will help you to budget accordingly, and understand where those higher and lower limits lie.

    How to get around bet limits

    That sub-heading is slightly misleading, in the sense that there is no way to actually get around the bet limits that are in place.

    However, if you head to a gaming site such as Bitcasino, you at least have plenty of different options suited to a variety of budgets.

    So, while you will see standard versions of roulette, blackjack, poker and all of the other casino games at your disposal, you will see unique variants sitting alongside them in our library.

    You will find “pro” and “high roller” versions of our most popular games, and these feature bigger limits than you would normally enjoy elsewhere. So, this is one way that you can exercise higher bet limits than are traditionally available.

    It is one way that you can circumnavigate the limits imposed by “standard” gameplay, and instead access the stake sizes you want.

    That works both ways. Most gamers assume that limits are exclusive to high rollers who want to fork out princely sums per hand. However, the same is true for players at the opposite end of the spectrum.

    We have a range of games where the minimum stake is as small as five satoshis per hand or spin, which ensures that Bitcasino remains an inclusive site where anyone can have a flutter no matter how big their wallet.

    Low limits, lots of fun

    While we have written at length about limits and how they are designed to control players, the point is that the minimum and maximum spreads at Bitcasino are set in such a way that everyone will be satisfied.

    The lower limit is at an agreeable rate for players operating on a tighter budget, or who want to make their bankroll last as long as possible.

    Our series of Pro and High Roller games ensure that those who enjoy a risk-and-reward approach to casino life are wholly satisfied.

    Of course, there is another way to play that does not take into consideration any bitcoin betting limits that are in place. Many of our casino games are available in free play mode, which means that you can stake as much or as little as you like of your theoretical bankroll. This is a great way to get a feel for each title, practice strategy, and enjoy winning or losing without any risk to your hard-earned cash.

    So, there you have it: yes, there are minimum and maximum betting limits in place at Bitcasino. However, as this article has hopefully explained, these are necessary and not designed to hamper your gaming in any way.

    All you need to do is sit back, relax and play!

    Words: Sean McNulty
    Images: Shutterstock

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