Can You Actually Make Money From A Casino?

I'm starting a new series where I will document my journey of answering this question. Is it possible to make consistent money from a crypto casino?

If you've explored how to earn crypto, odds are you've come across a site that rewards you for viewing PTC ads. This is where you get paid to click on an ad and view it for a defined amount of time.

For me, that site is cointiply.com. Most of the money I've earned has been from installing apps and games, but I'll view ads sometimes to find new crypto-related things.

I had seen an ad for luckyfish.io a few times without doing anything, but one day my curiosity got the best of me. Anyone who says that marketing doesn't work is lying to themselves. I checked out the site, mainly looking for poker stuff, but why I stuck around was something different. It was the Dice Classic game.

I'd come across some videos on lbry.tv (think YouTube with crypto rewards) featuring a different site with the same game, so I wanted to look into this dice game a little more.

Here's how the game works. You bet whether the next roll of the dice is going to be above or below a specified number. The smaller the group of numbers that you're betting on, the higher the payout will be

Here's an example.

If you want to get 2 times you bet, you are hoping that the next roll is going to be above 50.50. So if you bet 1 satoshi, you get paid 1 satoshi in profit. Now, this isn't a betting strategy that's going to work in the long run because you have a 49.50% chance to win. Roll enough times, and you'll end up on the losing end.

This got me curious. Is there a betting strategy that could make consistent money in the long run?

My initial research found a strategy called the Martingale Strategy. How it works applies to our above scenario. What you do is double your bet every time you lose and reset to your initial bet every time you win. Now let me share an example.

You bet 1 satoshi and lose. Your next bet will be 2 satoshis. If you lose that roll, you will bet 4 satoshis. You repeat this process until you win. The plan with strategy is that you eventually recoup your losses with the follow-up roll. Then you go back to betting 1 satoshi and profit 1 satoshi when you win. Check out the chart below to see what it looks like.

If you follow this series, you'll find out if this strategy works and the other strategies I'm testing out. The goal is to find a betting strategy that consistently makes money over a long enough time.