Has anyone here ever made money gambling with BTC?

[avw1982]

I won in total 2 btc. not that bad

i see that its easy to win bitcoin on gambling. im going to buy some and try it

you must play for fun. If you win, is even better.

[funtotry]

I won in total 2 btc. not that bad

i see that its easy to win bitcoin on gambling. im going to buy some and try it

you must play for fun. If you win, is even better.

The problem with playing for fun though, is that to have fun in gambling you have to make a deposit and therefore have the chance to lose money. Fun is much better in other way like video games or sports, because to have fun there you don't have to blow all your money on it.

[BTCreward]

I have played sometimes on dice sites and its always a fun even though its very hard to win some money against the house edge, I have lost around 0.25 btc if i remember correctly

[funtotry]

I have played sometimes on dice sites and its always a fun even though its very hard to win some money against the house edge, I have lost around 0.25 btc if i remember correctly

Well house edge is usually around 1 or 2% and therefore if you make all equal bets 100 times you should be winning about 48 or 49 of those bets. So losing 0.25 btc is quite unlucky, but if you had 25 btc then you would be exactly statistically correct in the amount you lost. You probably just deposited 0.25 and just lot it though.

[Bardman]

I have played sometimes on dice sites and its always a fun even though its very hard to win some money against the house edge, I have lost around 0.25 btc if i remember correctly

Well house edge is usually around 1 or 2% and therefore if you make all equal bets 100 times you should be winning about 48 or 49 of those bets. So losing 0.25 btc is quite unlucky, but if you had 25 btc then you would be exactly statistically correct in the amount you lost. You probably just deposited 0.25 and just lot it though.

Well your assumptions are really wrong since no one plays like that, no one bets equally all the time. Everyone uses some sort of strategy and any strategy makes you lose more money than betting the same bet over and over

[funtotry]

I have played sometimes on dice sites and its always a fun even though its very hard to win some money against the house edge, I have lost around 0.25 btc if i remember correctly

Well house edge is usually around 1 or 2% and therefore if you make all equal bets 100 times you should be winning about 48 or 49 of those bets. So losing 0.25 btc is quite unlucky, but if you had 25 btc then you would be exactly statistically correct in the amount you lost. You probably just deposited 0.25 and just lot it though.

Well your assumptions are really wrong since no one plays like that, no one bets equally all the time. Everyone uses some sort of strategy and any strategy makes you lose more money than betting the same bet over and over

Yes of course but the average payout is 98% so that means the average person will lose 2%, but its usually you win or you lose it all

[Minnlo]

I have played sometimes on dice sites and its always a fun even though its very hard to win some money against the house edge, I have lost around 0.25 btc if i remember correctly

Well house edge is usually around 1 or 2% and therefore if you make all equal bets 100 times you should be winning about 48 or 49 of those bets. So losing 0.25 btc is quite unlucky, but if you had 25 btc then you would be exactly statistically correct in the amount you lost. You probably just deposited 0.25 and just lot it though.

Well your assumptions are really wrong since no one plays like that, no one bets equally all the time. Everyone uses some sort of strategy and any strategy makes you lose more money than betting the same bet over and over

The calculation is still the same, no matter if you are using some special strategy.
If you wager a total of 100 btc on a 1% edge site, you should expect to lose 1 btc in total on average.

[Bardman]

I have played sometimes on dice sites and its always a fun even though its very hard to win some money against the house edge, I have lost around 0.25 btc if i remember correctly

Well house edge is usually around 1 or 2% and therefore if you make all equal bets 100 times you should be winning about 48 or 49 of those bets. So losing 0.25 btc is quite unlucky, but if you had 25 btc then you would be exactly statistically correct in the amount you lost. You probably just deposited 0.25 and just lot it though.

Well your assumptions are really wrong since no one plays like that, no one bets equally all the time. Everyone uses some sort of strategy and any strategy makes you lose more money than betting the same bet over and over

The calculation is still the same, no matter if you are using some special strategy.
If you wager a total of 100 btc on a 1% edge site, you should expect to lose 1 btc in total on average.

You telling me its the same to use martingale at lets say 0.001 base bet and bet 0.001 bets all the time? 

After 1.000 bets with a 1% house edge with static bets you would lose 10 bets and win 990 so you are loosing 0.01 total, using martingale at 49% would be different, depending on your bankroll of course but for example loosing 10 times in a row with martingale is 0.1% chance wich is 1 in 1.000 so that would mean that every 1.000 bets you would lose 10 times in a row, you would lose 0.85 ~ with martingale at the 10th bet so its not the same

[Shogen]

I have played sometimes on dice sites and its always a fun even though its very hard to win some money against the house edge, I have lost around 0.25 btc if i remember correctly

Well house edge is usually around 1 or 2% and therefore if you make all equal bets 100 times you should be winning about 48 or 49 of those bets. So losing 0.25 btc is quite unlucky, but if you had 25 btc then you would be exactly statistically correct in the amount you lost. You probably just deposited 0.25 and just lot it though.

Well your assumptions are really wrong since no one plays like that, no one bets equally all the time. Everyone uses some sort of strategy and any strategy makes you lose more money than betting the same bet over and over

The calculation is still the same, no matter if you are using some special strategy.
If you wager a total of 100 btc on a 1% edge site, you should expect to lose 1 btc in total on average.

You telling me its the same to use martingale at lets say 0.001 base bet and bet 0.001 bets all the time? 

After 1.000 bets with a 1% house edge with static bets you would lose 10 bets and win 990 so you are loosing 0.01 total, using martingale at 49% would be different, depending on your bankroll of course but for example loosing 10 times in a row with martingale is 0.1% chance wich is 1 in 1.000 so that would mean that every 1.000 bets you would lose 10 times in a row, you would lose 0.85 ~ with martingale at the 10th bet so its not the same

Statistically speaking, it is even worse to play with martingale. As you are going to wager a lot more bitcoin with martingale, the EV is more negative.

With martingale, you will need to play lots of many bets to get your balance growing slowly, and the chance of hitting a long series of losses goes up as you keep playing.

Edit: fixed typo.

[funtotry]

I have played sometimes on dice sites and its always a fun even though its very hard to win some money against the house edge, I have lost around 0.25 btc if i remember correctly

Well house edge is usually around 1 or 2% and therefore if you make all equal bets 100 times you should be winning about 48 or 49 of those bets. So losing 0.25 btc is quite unlucky, but if you had 25 btc then you would be exactly statistically correct in the amount you lost. You probably just deposited 0.25 and just lot it though.

Well your assumptions are really wrong since no one plays like that, no one bets equally all the time. Everyone uses some sort of strategy and any strategy makes you lose more money than betting the same bet over and over

The calculation is still the same, no matter if you are using some special strategy.
If you wager a total of 100 btc on a 1% edge site, you should expect to lose 1 btc in total on average.

You telling me its the same to use martingale at lets say 0.001 base bet and bet 0.001 bets all the time? 

After 1.000 bets with a 1% house edge with static bets you would lose 10 bets and win 990 so you are loosing 0.01 total, using martingale at 49% would be different, depending on your bankroll of course but for example loosing 10 times in a row with martingale is 0.1% chance wich is 1 in 1.000 so that would mean that every 1.000 bets you would lose 10 times in a row, you would lose 0.85 ~ with martingale at the 10th bet so its not the same

Statically speaking, it is even worse to play with martingale. As you are going to wager a lot more bitcoin with martingale, the EV is more negative.

With martingale, you will need to play lots of many bets to get your balance growing slowly, and the chance of hitting a long series of losses goes up as you keep playing.

Also with martingale you still have the 1% house edge on each of your 2x bets, meaning that sometimes you might hit a losing streak a bit longer than you should have. And yes the longer you go the more the house edge will affect you.

[Slark]

Has anyone here ever made money gambling with BTC?

Do you mean the admin of the gambling site or the "player" ? Only a few people has made a lot of money on the gambling the site , but all know that at the end is only a question of luck (and the site will win at 99% of the times).

I mean the player. I am doing this because I am tired of seeing posts like "I can't repay my loan for a few days because I lost .xxx BTC gambling", etc. I am trying to show people just how easy it is to lose money gambling, and hard to win.

So you are asking about gambling and winning just because you hate gambling and you think it is root of all evil. A rigged game of poor chances where you are always losing? While it is really game of luck most of the time, you can win pretty often. But if you are playing more and more it means you will automatically lose more too. That is the reason for all people complaining about their bad luck or they saying that casino is not honest with their games.

[tspacepilot]

Clearly there are some here who have made money gambling but the law of averages basically rules and since the odds are stacked against the players then it's sure that more of us have lost money than made money.  I don't track my own statistics very closely (since I'm a small stakes player and I just play for fun and distraction) but I tend to think that I've basically broken even.

[superSTAR777]

Gambling always brings loss but sometimes luck makes it profit

[funtotry]

Clearly there are some here who have made money gambling but the law of averages basically rules and since the odds are stacked against the players then it's sure that more of us have lost money than made money.  I don't track my own statistics very closely (since I'm a small stakes player and I just play for fun and distraction) but I tend to think that I've basically broken even.

Also usually most gamblers don't like to call even, we must win back our money. So its usually lost it all or actually won the first bet....

[networthsigns]

Gambling always brings loss but sometimes luck makes it profit

Pretty much sums it up although it is luck and it is also your run a mean how the law of averages will follow you from game to game and what you class as luck is more than likely your averages catching up. Example, we play flip the coin heads or tails i flip you pick heads and 10 times in a row it is tails, we keep going and after say 100 spins it has averaged itself out to roughly 50/50 because we have gave it enough time to. Everything that is provably fair will avarage out in the end but then you take into account the house edge and that is where it creates so many losers everywhere

[birdcat90]

I didn't know this about the 50 btc Moneypot guy wow. My luck playing on their site has always been awful 

same with me...i even got 10 red streaks on below 2x pay out

but i believe that moneypot is fair tough...only my luck is not good at that time

[picolo]

I didn't know this about the 50 btc Moneypot guy wow. My luck playing on their site has always been awful 

For each guy that is very unlucky there must be a guy that is very lucky.

[MasterYii]

gambling is a business lol.

you are there to lose so others can have some wins and the house becomes a broker that wins each small %.

[alimaridho11]

Gambling is about lost, gambling is lost forever.
you can win if you are not greedy enough

[thebitcoinquiz.com]

I didn't know this about the 50 btc Moneypot guy wow. My luck playing on their site has always been awful 

For each guy that is very unlucky there must be a guy that is very lucky.

Not exactly. This would have been true if there was no house edge.
So for every 100people, there are 49.5 people who are lucky and 50.5 who are unlucky(talking about gambling with 1% house edge).