Guidelines on How to Gamble with Bitcoins Safely [BitJack21 Blog]

[Andrew Bitcoiner]

There have been a whole slew of new bitcoin gambling sites lately.  With such an expanding marketplace, it is wise to keep a number of things in mind before playing a new game that catches your eye.
 
1) Is the website established?

Before sending a site your bitcoins you should ask yourself, is anyone using this site? Does the website have users that love it?  Check to see how long they have been making posts and announcements.  You can also do a quick check on the bitcoin forums at...

https://bitjack21.com/blog/2011/09/17/guidelines-on-how-to-gamble-with-bitcoins-safely/

[Mods: Permission is granted to post the rest of the article on the forum if you want to make it a sticky]

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[Jonathan Ryan Owens]

Great article, Andrew.

I like to be able to withdraw quickly. When a game owner does manual withdrawals, like how Seals With Clubs and Btcontilt do it, it can be hours, days or perhaps you'll NEVER see your bitcoins show up.

Everyone should receive immediate withdrawals on 6 confirmations. There is no excuse for manual withdrawals if you want to grow, gain trust and succeed, game hosts.

In my case, both Btcontilt and Seals with clubs hosts have ignored my withdrawal requests. (frankly, the fact that it just sat there for 12 hours is not ok, but thanks for sending it along). It's ok, I'm not complaining - keep them, weaver and freemoney. You proved to me and others in the forums, that more professional operators need to take your place.

Instead of working together, a lot of you 'game owners' of competing games just act unprofessional with each other, and there's a lack of cooperation with a lot of you. Too bad.

A lot of you game hosts are going to be pushed out soon.

Regards,
Jonathan

[Jonathan Ryan Owens]

There is no way to gamble safely that is why it is called gambling you pay your money or bitcoin in this case you take your chances, sometimes you win most times you lose...

There's skill involved in many of these games, and yes, it's true - you can't discount luck.

Still, if you're going to gamble in the first place, you should trust and feel comfortable with the site you're playing on.

I'm not sure if the legal / jurisdictional points that Andrew made in his article are all that relevant yet, except perhaps for Sport Betting (a whole different beast), but once Bitcoin based gambling gains a larger market, it's possible that there could be (distant future) a time when some US and UK based sites get shut down by authorities. Then again, Bitcoin isn't exactly money..

Still, it's a good idea for game operators to register and host in countries that allow online gambling.

Regards,
Jonathan

[mindphlux]

I think this should be made a sticky, because this is a very important part of (bitcoin) gambling. Especially with Bitcoin Sites, there is currently no way of knowing if a site is a scam or not. For all we know, it could be gone tomorrow.

Most sites do not even publish details on the RNG Implementation. For all you know, they could be manipulating the numbers they feed to you for their favor. This is a very serious issue, I think.

-mindphlux