I've lost thousands on Bovada. Even when I win some money back, I make the mistake of continuing to play. One thing I’ve noticed is that just before you rank up in their tier system, you’re likely to win a substantial amount.
At first, the wins were smaller - about $1K before the first rank-up. The next level brought in around $5-10K. After that, I won about $20K, and the following rank-up hit $50K. Now, the only step left is the Hall of Fame tier, but that would require depositing about $25K.
I’ve withdrawn money before, but there’s a limit - $15K every 15 minutes. Each time, you need a new Bitcoin address. To do that, use blockchain as an intermediary to generate new addresses, then transfer the funds to your wallet. Without an intermediary, services like Cash App, Uphold, and others might detect the gambling activity and close your account.