Responsible Crypto Betting: Tips and Resources for Safe Gambling

Responsible crypto betting works just like other forms of responsible gambling. One difference is safe cryptocurrency gambling is easier because blockchain technology offers a few protections that other payment methods don’t offer. Still, gambling addiction with crypto payments happens — whatever the safeguards that crypto offers.

Thus, it pays to read through responsible betting tips, whether you deposit using crypto units or credit cards. Spotting the signs of addiction is important. Setting limits when crypto betting is the first line of defense while getting help when needed is key. With that in mind, let’s discuss responsible betting with cryptocurrency.

Key Takeaways:

  • Responsible crypto betting involves setting clear limits, understanding the risks, and knowing when to stop.
  • Recognizing the signs of gambling addiction is crucial for early intervention and recovery.
  • Self-exclusion tools and support networks are valuable resources for managing betting habits.
  • Maintaining a healthy balance and prioritizing well-being are key to responsible gambling.

How do I gamble responsibly with cryptocurrency?

Several techniques and processes help players gamble responsibly with crypto. Players need to understand the risks when they gamble and learn when to stop, whether the session goes well or doesn’t. Once they spot signs of trouble, players must spot clear limits on their gaming activities. Maintaining a balance when playing is the key.

Responsible gambling starts with learning the odds of the game. Next, it requires bankroll management techniques that help set proper bet sizes, limit losing sessions, and lock in winnings when the player gets lucky. It includes setting limits on gaming activities, while using self-exclusion tools if a player cannot control their habits once betting starts.

Just as important is creating a network of friends and experts to quell one’s compulsive urges. The National Council on Problem Gambling, Gamblers Anonymous, and Gam-Anon all help players and their loved ones. All three have helplines, expert advice, and local meetings of people affected by problem gambling.

The vast bulk of gamblers are considered “recreational” or casual gamblers. These people view a casino as a form of entertainment or a hobby. They don’t chase losses and view a losing session as an entertainment cost. Win or lose, they go home with a satisfying experience.

Certain people are problem gamblers. Their gaming activities might start out as recreational, but they cannot step away from the game the way others do. Instead, they chase losses or expect a lucky streak to be endless. They don’t walk away until they face a distressing amount of loss.

For these people, it’s important to recognize the signs of gambling addiction. Here is how to do just that.

Recognizing Signs of Addiction

Recognizing signs of addiction is a huge step towards recovery. Gamblers should learn to self-assess and seek help if needed. The 5th Edition of the Diagnostic and Statistical Manual of Mental Disorders, usually referred to as DSM-5, is the current standard used by the American Psychiatric Association.

The DSM-5 offers tips for spotting “gambling disorder” based on nine criteria. If at least four of the criteria are experienced within 12 months, a person can be said to have exhibited problem gambling. When 4-5 criteria are met, the person has a mild gambling disorder. If 6-7 criteria are met, the person has a moderate gambling disorder. With 8-9 criteria, the condition is severe. The person can be said to have progressed from problem gambling to pathological gambling.

Many of the nine factors are classic signs of addiction in people. Here are the nine criteria.

Nine Signs of Gambling Disorder

  1. Has made multiple attempts to limit, stop, or control their gambling activities in the past.
  2. Must gamble with increasing amounts of money to get the desired thrill or adrenaline rush.
  3. Tends to gamble when they feel distressed. “Distressed” can be defined as feeling depressed, anxious, guilty, or helpless.
  4. Is irritable or restless when limiting their amount of gambling.
  5. After losing money, plans a trip the next day to win back their lost cash. This is called “chasing one’s losses.” In a crypto casino, it would mean planning a gambling session the next day to get even.
  6. Is often preoccupied with gambling. Tends to ruminate on gambling. Examples include planning their next bet, thinking at length about past gaming experiences, or trying to get money for the next gambling trip (or online session.)
  7. Lies to friends and loved ones to conceal their level of gambling. Attempts to conceal the scope of gambling is a tacit admission that it’s a problem.
  8. Relies on others to fund their gambling activities. Problem gambling creates a desperate financial situation, leading to the problem gambler to borrowing or stealing money from others.
  9. Has jeopardized a job, educational opportunity, or relationship due to gambling. This involves investments of time or money in gambling when the person’s focus should be their job, education, or personal relationships.

When self-diagnosing one’s gambling habits, people should determine whether these behaviors are tied to problem gambling or some other situation. For instance, if it is due to a natural chemical imbalance, then the gambler might suffer from bipolar disorder instead.

A key way to gamble responsibly is to set limits on your hobby.

Setting Limits on Gambling

Setting financial limits on your gambling is important. So is setting time limits on your gaming sessions. The best crypto casinos offer tools that help people self-regulate their gaming habits.

Using Self-exclusion Tools

Self-exclusion is a key tool offered by betting platforms to control problem gambling. It is a way to ban oneself from land-based casinos and gambling sites, and it works as well for crypto casinos as any site. The idea behind self-exclusion laws is to help problem gamblers limit their activity at a time when they’re acting more rationally.

Problem gambling happens when adrenaline, passion, the thrill of the hunt (chasing losses), and pride take over. Yet people have a calmer side away from the gaming tables, when they can exclude themselves from gambling when one’s demons take over.

People will encounter several levels of self-exclusion, so let’s go over them.

  • 3-Month Ban: A common self-exclusion limit is three months, though one month or six months are common minimum self-bans.
  • 1-Year Exclusion: The next level up is one year. For one year, you simply cannot log in to the site or make a bet.
  • 5-Year Limit: Another common limit is five years, where you cannot enter casinos or sign in to websites for that length of time.
  • Lifetime Ban: The ultimate self-exclusion. Once you self-ban for a lifetime, the site will never let you play there again.

Setting Limits at Crypto Betting Sites

Gambling sites also have less severe responsible gambling tools. Many sportsbooks and casinos allow players to set limits on specific types of activities: deposits, spending (betting), losses, time spent on the site, and maximum single wagers. In most cases, players can set limits on a daily, weekly, or monthly basis.

Here’s a quick rundown of the most common limits available:

  • Deposit Limit: Set a daily, weekly, or monthly limit on how much you can deposit in a set time.
  • Spend Limit: Set a similar maximum amount you can bet in a given time.
  • Loss Limit: Like the other two, limit how much you can lose over a specific time.
  • Max Single Wager Limit: To stop yourself from chasing losses, you set a limit on the size of any single wager.
  • Time Limit: Set the maximum amount of time you spend on a site in a day, a week, or a month. For instance, a daily limit might be 30 minutes or an hour.

Keep in mind these limits cannot be reversed in the short term. If you set a monthly limit, you cannot reverse the decision once your problem gambling reappears. You have to wait until the end of the month to set new limits.

How do I set limits for cryptocurrency betting?

The best crypto casinos allow players to set self-limits in their preferences. Sign in to your account, visit your “Settings” or “Preferences” page. This is usually listed in the top-right of the homepage (and most pages.) Once on the settings page, find “Limits” or “Set Limits” among the options.

You’ll find settings for limits involving deposits, single bet sizes, total bet amounts, and time spent on the website. These usually allow players to set daily, weekly, and monthly limits for each option. Also, players can set a time-out for temporary bans on playing or self-exclude themselves. Self-exclusion tends to be longer times, such as a 1-year, 5-year, or lifetime self-ban.

That’s how you set limits at crypto casinos that can’t be reversed. Once you set a limit, you’ll need to wait until the time period is finished before you can set new limits.

Finding Support: Provide information on support networks and professional help for gambling addiction.

No matter your connection to problem gambling, you can find a support network. Most state gambling regulators have hotlines that help players find counseling and resources. The National Counsel on Problem Gambling also has resources for those dealing with problem gambling. Gamblers Anonymous is a 12-step program for compulsive gamblers with open and closed meetings in most parts of the country.

Gam-Anon is a program for the family members and loved ones of problem gamblers. Gambling addiction has an emotional, psychological, and financial effect on more than the gambler. For those who need answers, expert advice, and emotional support, Gam-Anon has its own set of meetings.

What are the best resources for crypto gambling addiction?

Gamblers Anonymous (GA) has good resources for problem gamblers. GA has meetings in most major cities, while often having them in midsized towns and cities as well. You’ll find closed meetings that only include problem gamblers. You’ll also find open meetings that accept compulsive gamblers, plus their friends and loved ones.

Gamblers Anonymous has hotlines for people who are dealing with the effects of compulsive gambling. People can call the National Problem Gambling Helpline at 1-800-522-4700 to speak with a trained counselor about your issues. Visit the NPGH’s nationwide help page to find a player’s forum by US state.

Gam-Anon sets up meetings for the family, friends, and loved ones of problem gamblers. Visit the directory to connect with others who deal with the fallout of problem gambling.

Maintaining Balance

Of course, most resources are geared for problem gamblers. The key issues is maintaining a healthy balance between gambling and other life activities. Here are tips for limiting your gambling sessions, while maintain the outlook that life has many great things besides gambling.

  • Gamble Socially: Don’t gamble when alone. Only gamble when you’re with friends, family, or social groups.
  • No Mind Altering Substances: Don’t gamble when you’ve been drinking or taking drugs. Have a clear mind when you enter the casino or play online.
  • No Negative Feelings: Don’t visit the casino when you’re dealing with negative emotions or life issues. Don’t gamble when you’re angry, depressed, grieving, or under stress.
  • Have Work-Life Balance: Nurture other hobbies besides gambling. Read novels or start gardening. Start running, hiking, or cycling. Find other activities that take your mind away from gambling.
  • Never Chase Losses: If you have losses, try not to obsess over those losses. Remember that the law of averages doesn’t exist, so losing yesterday doesn’t make it more likely you’ll win today.
  • The House Always Win: Be mindful that the casino almost always wins. A house edge exists, so over time, you can expect to lose money.
  • Pure Entertainment: View gambling as entertainment — not a profession and not a part of your inner identity. View gambling losses like entertainment expenses, like paying for a ticket to a concert or sporting event.
  • Use Bankroll Management: Use bankroll management to calculate a bankroll, then bet based on 1% to 3% of that bankroll. Also, set losses limits and win goals, which limits gaming sessions. Loss limits keep you from chasing losses, while win goals lock in winnings when you get lucky.

Conclusion

Responsible betting with crypto requires a player to embrace several techniques and resources. It means recreational gambling at crypto casinos using bankroll management, understanding the risks, spotting the signs of problem gambling, setting responsible limits on betting, and seeking help if nothing else works.

Bookmark this page as a way to self-check the state of your gambling. If you can say you’re a casual gambler, then you’re in control. If you can’t, then use the resources highlighted on this page to get counseling and support for your compulsive behavior. Whatever it takes, please gamble responsibly.