Chaotic semiconductor lasers have been proven attractive for fast random bit generation. To follow this strategy, simple robust systems and a systematic approach determining the required dynamical properties and most suitable conditions for this application are needed. We show that dynamics of a single mode laser with polarization-rotated feedback are optimal for random bit generation when characterized simultaneously by a broad power spectrum and low autocorrelation. We observe that successful random bit generation also is sensitive to digitization and postprocessing procedures. Applying the identified criteria, we achieve fast random bit generation rates (up to 4 Gbit/s) with minimal postprocessing.