Common Dogecoin Gambling Mistakes (That Cost Players Money)

Introduction

If you are reading this, you probably know that there are many online casinos that accept cryptocurrencies, such as Dogecoin, for gaming. At doge casinos, transactions are fast, and the bets look smaller compared to fiat currencies, like USD or EUR, which makes players think that they are not wagering that much.

Although they work similarly to traditional payment methods (credit cards or bank transfers), there are risks associated with Doge casinos, as well as other crypto casinos.

Have no fear, because the risks aren’t manipulated algorithms or games (if you are playing on the legit platforms), but are things that you have some type of control over; therefore, not to make mistakes as other players do.

In this guide, we explain the most common doge gambling mistakes and give you tips on how to avoid losing money unreasonably at doge casinos.

What Mistakes Can You Make in Doge Gambling

In online gaming, there are some general mistakes that people make, such as playing at non-regulated platforms or not playing responsibly, but Doge casinos have different risks due to cryptocurrency specifics, which will empty your wallet before you blink an eye. That is why it’s important to know what to expect.

We have gathered the top 5 most common mistakes that players make during doge gambling:

• Ignoring Doge currency’s volatility: Like many other cryptocurrencies, Dogecoin has volatility, which means the value of the currency can fluctuate during the day. For example, if this morning 1 Dogecoin equaled 0.10 USD, in the evening it might be equivalent to 0.093 USD. While this does not sound like a big deal, this can make a huge difference when you deposit $500 equivalent in Doge, but the price drops later, and you might be left with lower value despite winning and being able to withdraw smaller amounts. In this case, you can either wait for the doge’s value to go up again or accept lower values. Of course, the opposite also happens when you deposit $500 equivalent and Doge’s price goes up, you would have even higher wins, but don’t forget that it is gambling, so wins are not guaranteed. Consider this as 2 types of gambling, including the casino and crypto. If you’re still unsure how payouts are calculated when using Dogecoin, we recommend reading our detailed guide, “Dogecoin Betting Odds: How Odds Work + How Payouts Are Calculated”, where we break down how odds convert into real winnings and what that means when Doge’s value fluctuates.

• Misunderstand withdrawal fees: Many players have heard of “fast withdrawals with cryptocurrencies”, but some don’t understand how withdrawals work with crypto. Doge casinos might have different withdrawal fees, which can affect your total payout if you withdraw small amounts. For example, if you withdraw 500 Doge and the fee is 50 Doge, you will lose 10% of your wins, but if you withdraw 5,000 Doge, you will lose 1%. However, don’t forget that before you accumulate 5,000 Doge or higher amounts, the value of it might change; therefore, there is another factor to consider.

• Treating bonuses like free money: Because doge’s value is often below 1 USD, bonuses might seem larger than they actually are, which leads some players to deposit more to unlock the bonus. These offers are not free and easy to claim, because they have wagering requirements of 40x, which is very high, and sometimes there are winning and withdrawal limits.

• Overbetting due to low coin value: If you read everything by this point, you may have already guessed why overbetting happens with doge gambling. Due to the fact that Doge’s value is low compared to USD or many other fiat currencies, each round might feel like a few cents are at risk only, but when playing thousands of rounds, the loss is not a few cents anymore. Players also increase the bet size and forget about how much doge they actually have in their balance, which leads to overbetting and losing money “unexpectedly”. 

How is Dogecoin Different from Bitcoin or Ethereum

Dogecoin is a cryptocurrency like Bitcoin and Ethereum, though less popular and widespread than they are. Unlike them, it was not made to be used like a financial asset, but it’s made for fast and low-cost transactions.

Bitcoin and Ethereum have strong positions on the market and are more trusted among people compared to other cryptocurrencies, including Dogecoin. That is why the price of Doge can be affected easily by social media or other small changes.

Another thing is that gambling with Dogecoin makes losses feel smaller than they actually are, because the value of Dogecoin in general is low. While BTC and ETH have the value of thousands of US dollars, the losses feel real and way more massive.

If you lose 0.1 doge in gambling, you may not feel anything, but if you lose 0.1 bitcoin, it really damages your wallet and leaves you frustrated. Though numbers are the same, the value and the difference behind them are thousands of dollars.

Gambling with Dogecoin: How to Play Responsibly

Although you might be tired of hearing about responsible play, it’s necessary for your own good and to control your balance. Follow these tips during doge gambling:

• Check Doge’s value compared to your country’s currency when you deposit and withdraw money.
• Don’t place fixed bets of 100 Doge, for example. Instead, set regular percentages of your balance to control your betting and win better.
• Set time and deposit limits before you actually play. This way, you won’t overbet and can actually look back soon and see how much time and money you’ve already spent.
• Plan withdrawals according to the doge’s value and to avoid unnecessary fees.
• Play on licensed platforms and only when it’s legal in your country. Read terms and conditions before agreeing to anything, especially bonuses.

Pros and Cons of Doge Gambling

Pros

• Faster transactions compared to other currencies.
• Easy to purchase due to its low value, unlike BTC and ETH.
• Lower fees compared to BTC or fiat currencies.
• Accepted in various crypto casinos.

Cons

• Very volatile, which affects the bigger wins.
• Easy to overbet because of small amounts. 
• Risk of ending up at unregulated doge casinos or breaking your country’s law.

FAQ