Before the bitcoin bubble blew up, most of us didn’t even hear of Crypto investments, but now, everyone’s talking about it. It’s just that people are no longer relying on a single source of income, and they’re looking for multiple streams, where they don’t have to put more effort to make quick bucks. One of them that I mentioned before is crypto investments. We’ve read stories about how some became millionaires and some lost everything. Either way, this didn’t stop people from investing in it.
More and more YouTube channels are growing and claiming that they could guide people on wise investments in crypto, and at the same time, some channels are also covering the scams behind it. It’s a huge mess, I guess. Anyways, besides crypto investments, can you think of any other passive income sources? umm… the so-called skill-based games, isn’t it? Yes. Even before the bitcoins, the internet was flooded with various ways to make money, and one of them has become widely popular is the skill-based games segment. Confused? Have you played Dream11, Teen Patti, etc.? Yup, they come under skill-based games. Not just them, most of the casino/gambling apps come under this.
If you explore Dream11 or RummyCircle, you will know that all of them use the same communication that they’re skill-based games. These games resemble the physical casinos and yet, they don’t have the same taboo as the physical ones. At one point, there were wide marketing campaigns on how people have become millionaires on Dream11, Rummy Circle, etc. and that led to users signing up and participating in them. Ring any bells? It’s the same logic as Crypto investments, but at least, in some games, it’s based on your skills. Even in a licensed online casino, which has both slot machines as well as card games, you’ll rely mostly on luck whereas skill-based games don’t necessarily rely on pure luck. For example, in fantasy sports, you rely on your knowledge about that particular sport and your wisdom, and a bit of instinct can increase your chances of not getting huge losses, but on crypto investments, you have got neither. Some people say it’s similar to stock market trading, but they don’t realize that cryptocurrency is highly volatile, and odds are always not in your favor.
So, before you invest in crypto, think through it and then make a decision. It’s not always like you buy when it’s low, wait till it gets high, but wait a bit further to see if it can reach higher, only to realize that it gets even lower. So, it’s not wise to invest in something that has no control at all. Same as in casino slots, where you keep your cash at stake and spin it till you beat the odds, but does it has anything to do with your skills? No, right? No wonder that mechanism is widely used to provide you with discount coupons and some cashback. Remember the spin the wheel on Amazon, and the jackpot/mega rewards in the Cred app? Ever heard of someone claiming that they won, besides some coupons? I’ll leave that for you to figure out.
Besides Fantasy Sports, the other interesting skill-based gaming apps have mini-games that you’ve already played, but not with money. Gaming apps like MPL and Paytm first games are widely popular. In addition to fantasy sports, these apps also allow users to win money by playing games such as Ludo, Poker, Arcade games, etc., which most people are already used to. The interesting part here is, that these gaming apps also claim that they’re skill-based as fantasy sports is one of their offerings. This strategy has been adopted in various apps now. You can observe it even on popular online casino websites as well.
So, the general confusion here is to which one to choose? And here are some best-practice methods to help you get a great start.
Do Your Research
The choice of gaming platform is undoubtedly one of the most crucial you can make. Considering it’s your first time, you’ll likely have plenty of incentives. After all, many gaming platforms offer all sorts of first-time incentives to sweeten the deal. While it’s easy to get tempted by the best deals, it might not necessarily be fantastic in the long run.
Fortunately, you aren’t alone in the search. All you have to do is look up review sites/forums/Reddit that tell you precisely which platform can be a good start. After all, it has to be a platform you can trust with your money, as you will be making transactions in and out.
Take Your Time to Learn
The trouble with having barely any experience is you’re more vulnerable to rookie mistakes. Whether it’s Rummy or Poker, each has different odds, and each gaming platform will have different house advantages based on the game. The house advantage is when the odds are tipped to the favor of that particular app (the house).
Not every game will have such an advantage, but you’ll still have to research to find which one fits you best. If you’re a fan of the more skill-based play, you can try the various card games available. Try to play for free, learn how you can play, start investing with a minimum budget, and then scale up. Even if you had experience in real-life playing rummy/poker, it may only give you a certain advantage but not the whole. So, don’t just rush, take your time to learn, and then invest.
Making a Profit can Take Time
Nobody steps into skill-based gaming apps expecting to lose. With so many people trying their luck, it’s crucial to stay calm and collected, primarily due to so many factors being dependent on luck. You can only do so much to help your odds with games — the rest is up to your discipline.
A rule of thumb is not to let your frustration push you into unnecessary losses. A losing streak doesn’t feel great, but you’ll have plenty of opportunities to do better another day.
So, as a first-timer, it’s a good idea to watch plenty of videos and practice as much as you can. That said, you should always have a long-term strategy. A casual approach is fantastic, provided you pace yourself and stay passionate.