Investing your Bitcoin on gambling platformsBitcoin is a form of virtual currency that has taken the world by storm in the less than 10 years of its existence. Bitcoin is truly a currency for the people and by the people as it is not regulated by any central banking authority, any country, or any other third-party entity. A Bitcoin can either be “mined,” bought, traded, or stored in a wallet just like any other currency. It is the advent of Bitcoin that has also brought about the lucrative world of online Bitcoin gambling.
The basics of Bitcoin gamblingBitcoin gambling is a rapidly growing business that has online gamblers always coming back for more. There are Bitcoin gamblers making serious money over the internet; the numbers are staggering to say the least! Consider this: over US $1 million is wagered everyday across the various Bitcoin casinos that have mushroomed over the years. The reason these casinos are thriving is because there are investors in Bitcoin gambling who are making an average profit of $10,000 in a single day. This amounts to $70,000 in a week and $3,650,000 annually! Now those numbers are definitely worthy of attention! Before we get into the details of Bitcoin gambling and how you can profit from it, here are some terms you need to familiarize yourself with:
Bankroll - This is the size of the casino’s bank. The bankroll is the number of Bitcoins that is available for the gamblers to try to win.
House edge - This is the advantage (in percentage terms) that a casino has over the players. In popular casinos, the house edge can range from 0.8-2.0%. House edge can be thought of as the cost of the bet.
Variance - This is a mechanism behind the gambling. Variance is a measure of the high and low behavior of gambling. A larger difference between the high and low yields a larger variance. Negative variance means there are a greater number of winners or that the house is losing and positive variance means that there are a greater number of losers or that the house is winning.
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Negative variance means there are a greater number of winners or that the house is losing and positive variance means that there are a greater number of losers or that the house is winning.
EV - This is what really matters when it comes to investing in Bitcoin gambling websites. EV stands for expected value and is a metric for how much the casino is expected to make based on its past track record.