Top 7 Mistakes New Crypto Gamblers Make (and How to Avoid Them)

Crypto casinos are growing at an unprecedented rate, and it is attracting millions of players from across the world. Crypto gambling has become the go-to platform for old players as well as new crypto gamblers. Intrigued by the promise of instant deposits, anonymous play, and unique bonus opportunities, it’s no wonder thousands of players are trying their luck with crypto casinos. However, the new gamblers often get too excited and forget about mistakes, which can cost a lot of money. 

At Casino Meerkat, we’ve reviewed countless crypto casinos, spoken to experienced players, and seen the patterns that separate smart gamblers from the ones who burn through their bankrolls too quickly. Based on the insights, we have prepared this guide to help you understand the biggest mistakes new crypto gamblers make and, more importantly, how you can avoid them.

Not Researching the Casino’s Legitimacy

New crypto casino platforms are introduced every other day, and most of them come with a promise of great welcome bonuses and deposit rewards. That said, many casinos operate without a license and are not regulated by gaming authorities. Moreover, many platforms are known to manipulate the odds and have a great in-house advantage using algorithms and programs. Furthermore, there is also the risk of casinos disappearing when a player loads their account. 

In any of these cases, you cannot get back your crypto as these transactions are irreversible. Moreover, since they operate without a license or regulation, there is no legal recourse. 

So, players need to play only on those casinos that have a license from a well-known regulatory body. For instance, players can engage with any platforms which has a license under the Malta Gaming Authority (MGA) or Curaçao eGaming. That said, there can be some nation-specific or state-specific regulatory bodies that are also safe to play on. 

Before depositing, confirm the license is valid, not just displayed. You can verify the certificate through the regulator’s website. 

Here is a pro tip: check for audit seals from firms like eCOGRA or iTech Labs.

Ignoring the Game’s House Edge and RTP

Every casino game has an in-house edge, which gives a slight advantage to the casino. Likewise, there is another element in online casinos called RTP or Return to Player, which is the percentage of odds a player has to recoup their money over a specified period. Knowing these statistics and learning how to understand them when playing can help you maximize your chances of winning. For instance, choosing a game with a higher RTP gives you a better chance of winning. 

However, if you decide to or unknowingly ignore these concepts, then you are at risk of losing more assets. Many new gamblers ignore these metrics, drawn instead to flashy slots or influencer recommendations, only to find their bankroll draining faster than expected. 

Moreover, always look for the provably fair technology. This algorithm ensures that the game results are random and unbiased. Always review a game’s paytable or info section to find its RTP and avoid games with poor returns.

Mismanaging Bankroll

Managing bankroll is one of the most important yet overlooked things new crypto gamblers make when they are just starting the journey of the online crypto casino. Ask any experienced players, and they will all suggest you pay extra attention to the bankroll. 

When you lose track of your bankroll, understand that you are on the track to emptying your wallet. It is too common among first-time players. How is this common? Well, most new players often bet large amounts early, chase sudden wins, or gamble with funds meant for essentials. 

Moreover, new players also tend to play with their emotions. Emotional betting can come whether you are winning or losing. For instance, think of it in this way: emotional betting, either overconfidence after a win or desperation after a loss, can spiral into repeated deposits.

So what should new players do in these conditions? For starters, it is always recommended to play with a limited and preset budget and never go beyond that. They can do this by calculating how many games they can play with their cryptocurrency. However, players can still get lost on the track. In such a case, it might be a wise idea to take help from casino apps whenever possible.

Overlooking Security Practices

Crypto gambling is one of the most secure means of online gambling. Its speed and anonymity attract hundreds of thousands of new players regularly. However, the players are not the only ones who are attracted by these features. The cybercriminals and scammers are also attracted to these platforms. 

Usually, new players directly use exchange wallets for making the deposit, which makes them very susceptible to hacks and scams, especially if the casino has already been compromised. Likewise, some players access the platform from public wi-fi, which can make them more prone to data leaks. Not using 2FA is also another major avoidable mistake common among new gamblers. 

Moreover, a huge number of new gamblers fall victim to phishing scams that mimic legitimate casinos to steal their credentials or private keys. 

New players can avoid these common issues by treating their crypto wallets as their banking apps. For instance, not using the crypto casino apps/ website and the crypto wallets should be common knowledge for the players. Likewise, using two-factor authentication (2FA) can be one of the simplest yet effective ways to keep hackers and scammers at bay. Lastly, not sharing personal information on any platform can be a major way to protect yourself in a seemingly risky industry.

Chasing Losses

It is unavoidable that at some stage losses will be incurred, and chasing them is a pitfall that may result in even more losses. This emotional state urges the players to bet larger amounts with the hopes of recovering their losses as soon as possible. In crypto casinos, the risk is further increased due to the volatility of the coins. When you lose, the real-world value of your loss can escalate with the dip of the market during the time you are playing. 

Chasing losses obscures clarity of vision, making it entertaining, resulting in desperation and a possible bankroll wipeout. The most effective ones are to play to lose and not to think it is a shame, to have a set budget, and walk out when you have reached your limit. 

Taking a break will help you gain a broader perspective and avoid making any rash decisions. Your main goal should not be recouping money but having sustainable entertainment.

Ignoring Bonus Terms and Conditions

Large crypto casino bonuses are tempting, but unless you read the fine print, they can trap you into limited play. Typical bonus terms and conditions traps that new players fall for are high payback levels, for instance, 30x the bonus, low expiry times, and possibly being limited to playing games that you do not like. 

Many of the players take bonuses without fully understanding that they need to risk far more to withdraw the money. Check in detail the terms of the bonuses before you claim them. Seek sensible wagering needs-20x or fewer are a fair move-and ascertain that your favourite games are included. 

Never use a promotion that will reduce your flexibility or that makes cashing out challenging. A good bonus should supplement your approach, but not lead your bankroll around the cycle of perpetual betting.

Not Understanding Crypto Violatility, Transaction Fees and Times

One of the most common and biggest mistakes when it comes to online gambling using cryptocurrencies is a complete misunderstanding of the level of volatility within that given market. The price of cryptocurrencies can surge in a moment and be valueless in an instant, especially the new blockchain projects and networks with less adoption and real-life utility. 

Of course, some cryptocurrencies plunge into chaos at times due to great price fluctuation: Bitcoin and Ethereum immediately come to mind. The value of such jarring swings could hit both your deposits and winnings quite hard.

This volatility means that you could win a lot in a game and then lose a substantial amount of value before you can withdraw or convert that money back to fiat currency. In other words, crypto can drop in value as easily as it rises, and those using it to gamble should either be prepared for such fluctuations or quickly turn wins into more stable assets.

Read More: Top Crypto Gambling Strategies for Slots, Poker, and Dice

Conclusion

The bottom line is that the crypto gambling industry is flourishing, and new crypto gamblers are coming in every day. That said, there are many things a new crypto gambler should be careful about. They are prone to many avoidable mistakes, which can cost them big. 

Falling victim to such mistakes can significantly impact your gambling experience and your wallet. However, if you take the right precautions, crypto casinos can be a safe, engaging, and potentially rewarding hobby.

If you are a new player and want to engage in a safe platform, visit Casino Meerkat and play in crypto casinos like BC.GAME, BitStarz, Stake, Wild.io, and SpiritCasino.