Bitcoin gambling bots and automated scripts are commonly used to bet on dice and casino games. However, they are not all as perfect as they seem.
Many dice players prefer using gambling scripts and bots to bet BTC. It is possible to roll the dice using strategies that would be time-consuming if done manually. For example, a player could place thousands of bets at 1000x in the hopes that they get lucky and win a large sum of BTC.
These scripts are especially popular on Bitcoin dice sites. Many players on these sites use their own software, such as Just-Dice bots to make rolls. On other sites, like PrimeDice and GGDice, there is an automatic betting function built into the website.
Bitcoin gambling scripts can be risky
Some inexperienced gamblers believe that using a script is a surefire way to make profit. Actually, it is not. If you make thousands of dice rolls very quickly, you could lose a significant portion of your bankroll in just seconds.
Many bitcoin gambling bots have not been thoroughly tested before being shared with the community. Bugs in the code could cause you to lose money if the software places a bet that you did not select. This could happen even in games like poker, where there may seem to be a low risk.
Some bitcoin gambling scripts are designed by fraudsters to steal your BTC. They may log in to your casino account and withdraw your funds to the thief’s address. To stop this from happening, you should only use open source gambling scripts, and thoroughly review the code prior to use.
You may find software advertised on forums or chatrooms, that claim to have extraordinary features. The author may claim that the software is guaranteed to make you money, with a secret strategy. This is mathematically impossible. These are usually attempts to install malware on your computer, or trick you into paying money for a non-existing bot.
Bitcoin gambling bots will lose in the long run
When gambling, it is possible for the player to win in the short term. However, the house will always win in the long run, because the house edge ensures that the casino can make profit.
By using a bot to make hundreds, or even thousands of bets, you are likely to lose over time. You will lose even faster if you use a script to follow a risky Bitcoin betting strategy like the martingale.
When selecting a Bitcoin gambling script, you should make sure it is open source. It would be possible to make modifications to the script. If the software is not open source, you will not be able to easily review the code. Closed source bots could contain malware, or code to steal Bitcoins from you.
It is a good idea to look for a bot that will stop betting if you have lost a specified amount of Bitcoin.
Setting a limit is a good way to protect yourself from further losses if you run into a losing streak.
You should not gamble money that you cannot afford to lose. Remember that Bitcoin gambling is only entertainment and it should not be used as a source of income.