Playing at a casino is one of the most underestimated pastimes in the world. Many people think that casino play is purely based on luck.
These people could not be more wrong if they tried. While there is an element of luck to playing at a casino, there is also a large amount of skill involved. The elements that the player has in their own control can be manipulated in a number of ways to make a game more or, in some cases, less likely to go your way.
Investing has much of the same factors surrounding it. Many people feel that doing well in investments, and certainly crypto investments, is completely down to luck. While some people who got rich from the Bitcoin boom in 2017 were lucky, there were also a lot of people who had followed the market and had a good idea that something along those lines was going to happen.
There is a lot that gamblers and investors can learn from each other. Both gambling and investing require a sharp mind and the ability to subtly evolve your strategy on the fly. But what are the specifics that they can learn?
When entering a casino, one of the first things that you should be aware of is how you use your bankroll. Many people will set a unit price when they first enter a casino – for example, $10 – and stick to it no matter how well or how bad they do. However, many investors change their unit price on the fly.
By using a percentage of your bankroll to decide the unit price, it means that the more successful you are, the higher your unit will be. It also means that if you are on a bad run, your unit price will be lower. If you are playing using a betting strategy, then keeping your unit price the same is sometimes vital to how the strategy works. Games such as blackjack and roulette often have betting strategies in place that require a standard unit price.
However, there are casino betting strategies that use the Kelly Criterion to decide on the unit price. This is slightly more advanced than just having a flat percentage and uses a mathematical formula to decide on your total bet each time, rather than using units that can hinder what you do. Very few strategies use the Kelly Criterion in casinos due to how long it takes to work out. However, using it when deciding on a level of investment can offer huge benefits in the long term. This is an aspect that could benefit crypto traders in the long term if they decide to move away from using straight percentages to work out investment amounts.
Research your choices
When investing, the very best traders will spend a great deal of time researching where the best crypto is to place their money. They will also dedicate their time to finding out the best time to do it. This is something that many players at a casino don’t do. Often, they just choose a game that they enjoy and then will start playing it.
In order to make money when playing at a casino, choosing your favourite game to play is not always the right choice. Take video slots, for example. When comparing them to how a trader looks at cryptos, your favourite slot might not be the right choice for you to play. If there is a slot that you do not like as much, but it has a 3% better RTP, then it makes sense to play that one instead. No trader on the market would invest in a crypto that had a 3% worse chance of turning a profit. If you are playing to make money, then it makes sense to think like a trader.
Be willing to diversify
Many traders look to diversify their portfolio when they can. This allows them to have a range of different holdings. It also means that if one fails, they will have backups to cover any shortfalls. Casino players tend not to do this. A lot of players will choose a game and then stick to it, not just on that specific visit, but on every visit. This can often be detrimental to their play.
What many people do not realise is that every game at a casino can be taken as a single event. This means that in terms of probability, if you lost the last game, then it has no bearing on your chances of winning or losing the next game. However, there is a psychological element in play that can make diversification of your casino games a good idea.
If you are on a bad run, then it can lead you to make bad decisions in terms of your bankroll management, your decision-making in the game, or even how you decide to place your wagers. All of this can lead to your bad run continuing and you losing all of your bankroll. By diversifying your games if you go on a bad run, you will be able to clear your head when you change game and see it as a new start. This can often lead to a clearer head and reduce the chances of bad decisions impacting on your success.
The best Bitcoin casino
In order to find out if using investment tips will improve your casino play, it makes sense to do it at the best Bitcoin casino on the internet. With more games than you could ever wish for as well as the ability to play with a number of different cryptos, Bitcasino is the only choice worth considering.
No matter what games you like to play, here at Bitcasino, we have a wide range from which to choose. We ensure that it is easy to make your deposits and lightning fast to make your withdrawals. Make sure that you choose the leading Bitcoin casino around when choosing your online casino.
Words: Sean McNulty