How To Earn Money With Bitcoin Games Of Skill
Luck Vs. Skill
Is it possible to earn Bitcoin by playing Bitcoin games, even in the long term as a potential job? The short answer is yes, the longer answer is that it's complicated.
It's important to separate out two very distinct types of games, however. There are Bitcoin games that are based on luck and games that are based on skill. By and large, most games that are skill based games will require you to play in a player vs player (PVP) type environment to outsmart your opponents with a better strategy. If you do this in a sustained way over a long enough duration, you'll start to win money. And you can continue making money this way pretty much forever as long as you continue to do a better job than your opponents and the game ecosystem continues to live on.
To determine the difference, most casino games where everything is left to chance you will not be able to win in the long run unless you are very lucky. In the short term, however, anything is possible. The more common examples of this include many normal casino games like roulette wheels and slot games in the live atmosphere or Bitcoin Dice in the online gambling world. However there are a whole host of games that you can pick from that with adequate skill and strategy, where you can over come the house edge and start to win, even in the long run to make a career path out of it.
Bitcoin Skill Based Games
There are many different types of games that you can specialize in. Each may appeal to a different type of player. Perhaps even multiple game types may appeal to you. The important point is to make sure that you have a very sound and solid strategy, one that is simply better than your opponents. This often can require a lot of study and work into a particular game type to understand it very well which can make learning many game types at a high level difficult by diluting your intellectual resources. Nonetheless, the most common types of Bitcoin games that you can possibly earn money at are as follows:
- Bitcoin Poker
- Bitcoin Sports Betting
- Bitcoin Novelty Games
Each of these games have their own pros and cons which we will get to shortly. But if you are talented at any one of these particular game types, the important thing to keep in mind is that you can win long term once you over come the house edge or rake and the opposing skill of your opponents.
There are many variants of poker out there and there are many ways to approach becoming a professional poker player. Poker has been a long standing game with it's huge growth in popularity in the online scene ever since Chris Moneymaker won the WSOP in 2003 for $2.5 million by qualifying through a satellite entry of only $86. A truly incredible and inspiring story that created a tidal wave of new blood that would then flow into the online poker universe.
With online poker, everything was well and good, mostly, until Black Friday came around and put a complete ban on online poker by the US Government starting April 15th, 2011. This was the start of many governments around the world clamping down on the freedoms and rights of people to engage in the fun and victimless activity of playing a simple card game. Part of the difficulty formerly and certainly after Black Friday of playing online poker had to do largely with the ability of websites to process payments for both deposits and withdrawals.
This has spurred the development and market demand for Bitcoin poker. Bitcoin poker has been able to provide several perks for it's users between quick, fast and reliable deposits and withdrawals to, in some cases, cheaper fees with better promotions and access to higher quality poker games.
And as we mentioned in the professional poker player article recently posted on MintDice, a huge part about becoming a winning and successful poker player has everything to do with playing against weak competition and maximizing your gains when possible be that through study or even through cheaper house rake or higher reward bonuses. And these types of online casino perks tend to happen more frequently when websites are cheaper to run, which tends to be the case for Bitcoin poker games with their reduced payment frictions relative to their fiat-based counterparts.
All in all, Bitcoin poker is an absolutely fantastic way to live a dream lifestyle as an advantage player gambler. It will give you the opportunity to travel the world and scale up to make even millions of dollars per year in winnings if you are good and successful enough. But it will take a lot of disciplined work and study to be able to get there. Plan on hundreds, if not thousands of hours of study and practice to consider yourself a proper poker player and soon enough you'll be a successful student of the game if you want to go down this career path.
Bitcoin Sports Betting
Similar to poker, there are a multitude of ways to approach Bitcoin sports betting. You can gain very fast information about player injuries, player dynamics, coaching decisions, player transfers or a whole slew of ways to calibrate a teams true odds relative to the odds that are posted on a sports book website. You can also take a deep dive in to more niche sports be that more obscure sports like table tennis or more obscure teams in common sports like Latin American soccer teams. By understanding these markets better and more efficiently than the bookmakers can create and sports bettors that place their bets, you will start to win money over time.
It is commonly touted, truly, that a good sports bettor will tend to make an ROI of 2-5% per bet per game. This means that if you were to place $1,000 per bet and place an average of 10 bets per day, you could expect, very roughly, $350 per day in winnings. This daily profit will be subjected to a large amount of variance that will come in the territory of any gambling games where you will have both losing days and winning days, but on average, you will come out ahead over time if you execute everything properly and have a sound strategy.
Bookmakers will typically set a vig-line around what they view as the true odds behind any sporting event. If the book makers think an event, be that either a win/loss or some proposition type bet is 50% to win, they will allow you to book action against this bet but they will only pay out not at a 2x win but at a 1.90x win, for example. This is the built in house edge to sports betting that makes the casinos money. Therefore, you will need to win this bet at least 52.5% of the time just to break even and start winning prediction bets like this at least 55% of the time in the long term to start winning big and to really make it as a professional sports bettor.
Similar to Bitcoin poker, Bitcoin sports betting also has it's advantages over the fiat market. There are notorious liquidity problems and payment processor problems all over the online sports book industry. Bitcoin is one of the systems that is used to help circumvent the transaction-fee heavy and overdrawn system to make it cheaper for everyone involved. This can mean getting better odds on games or better promotional aspects for your bets which in turn will always mean more dollars put back into your pocket. And with razor thin edges of 3% ROI per game as an example, every single little bit helps. Finding just the every so slightly better Bitcoin betting platforms or rewards given out will make a huge difference to you making more money to continue your profession as a professional sports gambler for the long run rather than getting unlucky in the short run.
Bitcoin Novelty Games
Any game that is truly winnable in the long term will often have to be a PvP game that is casino/house commissioned based, often known as rake, similar to poker. Some games that are in theory winnable, like Blackjack, are not sustainable since casinos, online or offline, would not tolerate winning Blackjack players for very long before they would booted from their facility since casinos can't afford to lose money like this.
In PvP environments though, everyone wins. The casino gets their share of the profit by implementing a house edge or rake of some sort, winning players can make a career out of being what is known as an "advantage player" by outsmarting their opponents and recreational players can simply have fun by engaging in a skillful activity with the hope and prayer of striking it rich.
PvP Bitcoin novelty games tend to be fairly underdeveloped since many games of skill these days are very vulnerable to be prone to AI attacks. By having an AI bot simply play on behalf of human players and play the game perfectly, this eliminates any fair play for humans and can make otherwise winnable games very much unwinnable. The most notable example of a game type like this would be chess. By botting chess, machines can completely destroy humans at the game of chess, even the very best players in the world, which makes for a very uninteresting game to play or watch, let alone bet on.
Nonetheless, there are a few game types that either do exist or will exist that are both fun to play and can potentially lead to large winnings. Most notable in the Bitcoin community are what are known as the Bitcoin crash games. It must be stated that only the Bitcoin crash games with the PvP modifier like the one on MintDice are the ones that are beatable. If it is simply a Bitcoin crash game with no PvP modifier then you won't fare much better playing that game than a provably fair Bitcoin slots game for instance. You will still have the potential to win, but likely not in the long term.
There are other games being developed in the space and this is more relevant to the Bitcoin community than other fiat-based games because by reducing the costs in overhead, this means that innovation in this space can occur allowing new games to come to fruition that were formerly impossible to spread. There are some pioneers of these types of activities in the crypto games and blockchain games space. MintDice is also paving the way in the PvP environment with it's releases of Castle Royale and Pyramid, both slated for release in 2021. You will ultimately have to do some of your own research with the plethora of options out there as they come and go to decide which are truly beatable and what strategy you can develop to win at these games.
Last Things To Consider
The important thing about skill gaming is that in the end it all comes down to sample size. By playing a large volume of games, you will reduce your variance and start to ensure winning over time if you are indeed superior to your competition. Secondly, you need to consider if you want to specialize in one specific game type and go particularly hard in any particular segment of the Bitcoin skill gaming market or be a jack of all trades type and take the high value shots at Bitcoin poker, sports betting or games like MintDice's Castle Royale.
By putting in proper volume, you will start to gain an hourly wage. And by increasing your talent at your game(s) of specialization and increasing the amount of games you play and the games' buy-ins, you will start to increase your hourly and yearly take home pay. This can start to lead to lavish lifestyles of freedom that you may have dreamed of where you can set your own hours, work from anywhere in the world and continually strive to improve.
Don't take any of that last paragraph lightly, however. That will take a lot of work and dedication to your craft of choice. But with the hard work, dedication, talent and proper study, you can rise to the top and start earning a lot of Bitcoin through something as fun and entertaining as Bitcoin skill gaming. Best of luck to you adventurer!