Table of Contents:
Introduction to the Problematics of Successful Gambling
Be Wise — Think Twice: the Most Useful Approach to Casino Gambling
The Inevitable House Advantage
Variance as Another Word for Luck
The House Edge
OK, but How to Play Casino Games for Longer?
Every gambler expects to win, and everybody wishes to win all the time. Unfortunately, it is simply not possible, as the foundation of games of chance is randomness. Randomness is the general principle that, on the one hand, makes all individuals equal but lacks predictability on the other.
Randomness gives people a cause to think that they can win tremendous amounts of money without making an effort. While unreasonable expectations are infamous for leading to disappointment, the key to having a great time at a casino is always to remember that you can either win or lose and yet still have a pleasant experience for the money spent.
Your success in casino games hinges less on being lucky than on being acquainted with the rules and concepts behind them, and being thoroughly conversant with the strategies and tactics that allow one to play with confidence and a fair chance of getting a helluva lot of cash.
There are a few crucial concepts to learn about casino gambling. Without this knowledge, you will always stay a newbie and never gain anything serious from gambling. So let us highlight them all.
This is the very first thing to understand. Usually, the odds give some advantage to the casino (also called “house”) — it is generally known as the term “house advantage”, or — in some cases — “edge”. This is because the casino works to make a profit, and wagering is their commodity.
The casino sets the rules and payoffs on each of the betting games it offers. Then, to guarantee a profit margin, it establishes a commission on every bet. So the longer a gambler plays, the more money goes to the casino.
For example, if the house takes 20 cents of payoffs, then, if your payroll was $100 at the beginning and you bet $1 every time, following a thousandth bet, you would get nothing but zero even if you have won half of these tries.
Notice that your negative expectation here is considered 10%.
Here is another well-known concept called “fluctuation”. This concept tells that the fewer attempts you make, the more the outcome depends on luck. A good example is a coin, which has two sides, and the probability of landing each one is 50%.
In reality, if the number of tries is low — say, 10 — the coin might show any of its sides twice or as many as nine times. So let us imagine now that the betting deal is just the same as the previous example.
In this scenario, your 10% disadvantage is eliminated, and the outcome turns out to be very dependent on luck. In other words, short-term fluctuations, according to the law of averages, remove the threat of the negative expectation that exists when the number of tries is considerable.
The size of your bankroll and the chosen playstyle will define your connection to the edge and luck. You can take the entire bankroll to lay it down in just one play — say, bet it on red when playing roulette. It is an excellent way to get a large injection of adrenaline into your blood — you might get twice the money you had or nothing.
A less dramatic way will be to split your money into two rolls to place two bets. Thus you can:
- Double the money
- Lose the money
- Break even
Finally, if you split your money into ten units to make the same number of bets, you have even more possible outcomes: the three mentioned above plus two additional ones — somewhat winning or losing. And here you should remember about the house advantage.
Most people like to entertain themselves at a casino for as long as possible. But what can one do about this terrible house advantage? Here is some info on how to play casino games as long as you wish:
Try risking the most money in games having the lowest edge. For example, you might consider craps and blackjack
Make good use of casino promotions
Good bets always have a 5% or less house advantage rate, but beating the odds takes skill and some practice. If you spend just an hour learning strategies, you will be many years ahead of those visiting casinos only to profit from the industry without putting any effort into it.
Almost all casinos offer a typical set of games, yet choosing games for betting can be pretty confusing for newcomers. Here are some standard options for everybody to consider:
- Select slots or games to play when relaxed and cool-headed, especially if you are not ready to dive deep into some games' overcomplicated rules
- Never opt for table games, particularly for ones such as blackjack and craps if you are a novice at gambling — these games will be a severe challenge for you. Although they are very popular with gamblers and offer noticeably lower house edges, they require you to really understand what you are doing
- Never hesitate to ask the dealer about everything you need to know. If they try to avoid giving answers, just leave for another place
As you can see, gambling offers plenty of opportunities to apply your intellectual potential and entertain yourself in a fun and venturesome style. Everyone wishing to earn a fortune must try to catch their fortune, and Leon might just be the best place for you to hit your first jackpot.