Category: Betting

There are numerous games offered when walking through the door of any casino. Some offer luck of the draw odds while others take a little more skill to play. Before placing a bet on the table, consider two things. One thing is the skill level, and another is the best odds for winning the game.

Blackjack

Among all the games in the casinos across the country, blackjack has the best odds. The house has an edge of only about one percent in these games. Blackjack only requires players to face off against one player, the dealer. Those that are experienced at blackjack know when to hold, hit, and fold in order to win. Those who do not understand the game quite so well should wait for a slow time at the table and sit down alone with the dealer. This allows for a learning period and the cards speak for themselves. Most dealers will gladly talk new players through the game.

Craps

The game of craps offers the second best odds of winning. This dice game offers players about a 50/50 chance at taking the money. This game can be intimidating at first as well. It looks complicated but just by watching players can quickly notice the premise of the game. The most important thing to remember is that you are only betting on the roll of the dice. There is no real skill needed to play this game.

Roulette

The roulette table is the third highest likely place to win some money. Here players enjoy a simple and relaxed game. The only thing that needs to be done is placing a bet on a number. The dealer spins the wheel and if your number comes up you win. If you bet on only black numbers or only red numbers, you have a 50/50 chance of winning. The highest payout comes if you bet on only one number at 36 to 1.

Slot Games

Slot games are possibly one of the worst odds in any casino. The house usually has a ten percent edge of winning. If you are a person who loves to play slots, there are a few things to remember. If playing a penny machine, odds of winning are higher if you bet the max, usually around fifty cents to a dollar, compared to playing only the minimum. Also, one dollar and five dollar slots pay out better than penny machines.

Keno

This is another game that is offered in many casinos. Again, no skill is needed as it is pure luck that takes home the winnings. In 2001, The Wizard of Odds, a casino odds professional researcher, did a survey. The survey showed returns for the keno games played in Las Vegas were around 65 to 85 percent. This means that the house took the money 20 to 35 percent of the time. This makes keno another undesirable place to put down any bets.

Before sitting down to bet, review which games have the best odds. Some games are pure luck, while other involve a little bit of skill. If looking to try your luck place your bets at a video poker or slot machine. When looking to use some skill

If you’ve never been to the casino, it can be intimidating the first time you try to make a bet. Learning how to bet is pretty simple, and the dealer of any game will teach you. The rules are different for every game though, so it helps to have some idea before you head to the table. Knowing how to make bets is easy, and once you know how, you’ll feel much more relaxed.

Slots

Slots are perhaps the simplest game at the casino to play, which is why they are also the most popular. Making a bet is as simple as buying a can of soda from a pop machine. Pick your machine, and then put your money in the dollar bill slot. The number of credits will light up based on the denomination of the machine you choose. If you put a twenty in a dollar machine, you’ll have twenty credits. Choose how many credits you want to bet at a time, or just press the maximum bet button. The reels will spin, and if you win, the machine makes noise or light up.

Blackjack

Blackjack is another popular game, and it’s pretty easy to make your bet. Choose a seat at the table. Each seat has a circle or square, which is where you’ll place your bet. Give the dealer your cash and he’ll exchange it for chips. There is a minimum and maximum bet allowed, and as long as you stay in between, you can bet any amount. Put your chips in the designated area, and wait for the cards to be dealt. Once the dealer has laid down the first card on the table, you can’t change your mind, so make your bet carefully.

Roulette

Roulette seems like a complicated game, but it’s actually pretty easy. The dealer spins the wheel, and a ball lands on a number. You’re betting on which number the ball will land on, but you don’t necessarily have to guess a number. You can place an inside bet, which is to guess a number or group of numbers. These pay the most money; the way to win the most money is to place your bet on the exact number that hits. If you want to gamble that the ball will land on black or red, or even or odd, these are called outside bets. They pay 2 to 1 if you win. It usually only takes a few spins to get it.

Poker

There are different kinds of poker in the casino, and betting for each one is different. For most games, you’ll need to place an ante on the table, and then you place more when you call each hand. For tournaments, you’ll need to buy in with cash before the game starts. You’ll play with casino chips for each game, and once you’ve place your bet, you can’t change your mind. The dealer will explain how to place bets for each individual game.

Keno

This easy to play game is popular in the casino because it’s slow paced and kind of relaxing. It’s often played in casino restaurants where waiters will place bets for you. The premise is simple. You’re given a card with 80 numbers. You choose 20 that you hope will be drawn randomly using balls that are similar to bingo balls. There are different types of bets. Similar to roulette, you can choose groups of numbers to win less money. In a straight bet, the more numbers you guess correctly, the more you win.

Betting can be intimidating until you learn how it’s done. It’s different for all games, and the dealer will help you or advise you if necessary. It’s never a good idea to attempt a game when you don’t know what you’re doing. Some games can be fast paced, and you can easily lose if you don’t know how to play.

One of the most important aspects of gambling is known as money management. Although it cannot increase your odds of winning, it can significantly impact your gambling experience. All successful gamblers have control of their finances. They do not allow the casino to manipulate emotional responses when it comes to their money.

Gambling Bankroll

You should always have a set amount of money that is exclusively for gambling. This should be recreational money that is not needed for living expenses. You should put this money in a separate account and gradually add to it as extra money becomes available.The amount of money for each gambling trip should be predetermined before you arrive at the casino. Divide that amount into session bankrolls. A session bankroll is a small fraction of your overall bankroll. This protects you from losing a large portion of your bankroll at any one time.

Gambling Log

Every time you gamble, you should keep a detailed log or journal for each session that you play. There are two main reasons for this. First, when it comes time to file your taxes, it is important to have a detailed account of your gambling results. If you are audited, the IRS will expect you to have this information. Secondly, you can’t manage your gambling money if you don’t have an accurate account of how you are doing. You need to know the results of every session so you can adjust your wagers accordingly.

Limit Gambling Session Time

Gambling can be fun and intoxicating, but it can also be mentally draining. One of the biggest mistakes recreational gamblers make is gambling too long. You should never gamble for more than two hours at a time. Your mind becomes fatigued and the decision making process becomes altered. You begin making poor choices. Make sure to take at least a 15-30 minute break after every two hour gambling session.

Pocket Gambling Bank

A recent innovation has made it much easier for gamblers to remain disciplined when it comes to managing their money in a casino. There are small steel banks, about the size of a credit card but thicker, that enable you to slide your winnings into the bank. Once your money is inside the bank, you cannot access it because the keys are to be left at home. Once you are home, you use the keys to unlock the gambling safe to retrieve the money. These pocket sized banks keep gamblers from losing all of their previous winnings back to the casino.

No Access to Additional Funds

Once you set a gambling bankroll for your casino visit, you should not have access to additional funds for gambling. Each gambling session should have a fixed amount of money that can be used. If that money is lost, the session is over and no more gambling should occur until the next session. If the entire trip bankroll has been lost, no more gambling should occur until the next visit to the casino. Taking out more money is not an option. Credit cards, debit cards, or any other source of funds, should remain at home where the money cannot be accessed while in the casino environment.

You cannot be a successful gambler over the long term if you do not utilize money management techniques. There is no gambling without money, and there is no money without money management. These five methods will help you stay in control of your finances when you gamble.

There are common mistakes made by many gamblers in casinos. Many of these mistakes result in greater financial loss for the player. Avoiding these errors can help gamblers keep more of their money. These aren’t tactical decisions as much as they are creating the right mindset. It’s easy to get caught up in the moment when you are gambling. These lapses in judgment can have a negative impact on your entire gambling experience.

Playing with “House Money”

Many gamblers refer to their winnings as the casino’s money or “house money.” This mentality can be dangerous. Gamblers that view their winnings as “house money,” run the risk of creating a false sense of security. It relieves the burdens of losing money. Suddenly, they have this “free” money and their gambling behavior becomes reckless. They feel there are no consequences if the money is lost because it really was never theirs. This thinking is flawed. Once you take possession of winnings it is your money. Casinos want you to feel like it’s their money so you will give it right back to them. Do not deviate from your gambling strategies because you are winning. Your goal is to leave the casino with more money than you came with. You can’t do that if you make poor choices because you falsely believe your gambling with “house money.”

Gambling to Escape

There are far too many gamblers that go to the casino to escape. Yes, gambling is a form of entertainment, and entertainment is a way to escape the rigors of ever day life. However, if you go to the casino in an attempt to escape reality, there is a good possibility you will be unhappy with the results. A casino is not a good place to forget about rational thought. You must maintain some level of discipline so you can enjoy yourself without sustaining a financial loss that you cannot afford.

“Chasing Losses”

Another example of gamblers altering their behavior based on results is “chasing losses.” This can be the most devastating behavior of all. There are gamblers that cannot handle the reality of losing money. Whenever they begin to lose, they start “chasing” their losses. They increase their wagers in an attempt to quickly regain the money they have lost. If the losses continue, the problem compounds itself. They begin a rapid descent into financial ruin. If you cannot handle financial loss and find yourself “chasing” your losses, do not gamble. Even highly skilled advantage gamblers know that losing sessions are inevitable. Once again, do not alter your betting levels to try and recoup losses.

A proper mindset is very important in a casino environment. These mistakes are repeated over and over by millions of gamblers around the world. Avoiding these mistakes will not guarantee you success, but it will hopefully keep you from heavy financial loss.

There is a group of gamblers known as “advantage gamblers” or “advantage players” (AP’s) that only gamble when the odds are in their favor. Most casino games are designed to have a “house advantage.” That means the mathematical odds are in the favor of the casino. This is why casinos are so profitable. Advantage gamblers find opportunities where they can turn the odds in their favor and beat certain casino games. This is not viable on all casino games and it certainly isn’t easy, but it is possible. Here are some of the more common ways that AP’s gain an advantage over the casinos.

Blackjack

Blackjack is probably the most notorious of the positive expectation games in the casino. There have been many books written, and movies made, about advantage card counters. These players use a system of counting cards, betting, and game selection, that enables them to gain an advantage. This system removes the house advantage and puts the odds in favor of the player. Card counting takes some time to master and can be difficult to implement in the casino environment. See: Learn more about blackjack card counting.

Sports Betting

The casinos do have a built-in advantage in sports gambling. The edge comes from the vigorish or “vig.” This is a 10 percent bonus that is paid to the casino. It’s almost like a tax for being able to place a wager. A 10 percent disadvantage is difficult to beat, but there are sports gamblers that can find certain wagers that put the odds in their favor. The odds, or “line,” given by casinos in sporting events are not fixed mathematical odds. Although the “lines” are often statistically based, there is a certain element of subjectivity that advantage gamblers look to exploit. They find weaknesses in the “lines” and use those weaknesses to negate the “vig.”

Video Poker

Many people think of video poker as a game similar to slot machines. While it is played on a similar machine, video poker can be played with skill. In fact, if the correct game is played with mathematical certainty, the player can have the advantage over the casino. Advantage video poker players only play what are known as positive expectation games. These games can be played with a payback percentage over 100 percent. They will also use casino “comps” and rewards to further their advantage. See: Learn how to play perfect video poker.

Poker

The biggest difference between poker, and the rest of the games mentioned, is that poker is played against other players. The casinos are guaranteed a percentage of the pot known as “the rake.” Players are competing against one another, not against the casino. In order to have the advantage at the poker table, you only have to be better than those around you. Of all the games, poker probably has the most opportunities for those who aspire to be advantage gamblers.

Horse Racing

Betting on horses can be done with an advantage. Similar to betting on sports, AP’s “handicap” horse races to quantify and predict the outcome. There is a fairly significant advantage built-in to the odds of each race. Horse racing is difficult to beat, but there have been a select few who have been successful over a long period of time.

Other Games

There are other games and techniques that can be played with an advantage in specific situations. For instance, edge sorting in baccarat and other card games, hole-carding in various casino card games, card counting side bets, and shuffle tracking, can be played with an advantage. Most of these techniques are not common knowledge among the general public and are only used by a very small percentage of gamblers.

There are certain casino games that can be played with a statistical advantage. Advantage gambling often requires a great deal of skill and knowledge, but it is possible in certain situations. Most casino games are heavily weighted in favor of the house, but there are a few situations where advantage players can put the odds in their favor.