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Casino Gambling Strategy - The Basis Behind
"Quitting While Your Ahead"
In my last tip about betting on the wrong shooter in craps, you
may recall me mentioning that the House makes its money whenever
players win bets, rather than when they lose. I know this sounds
impossible; However, mathematically speaking, this statement could
not be further from the truth.
Although the specific techniques that casinos use to give
themselves an advantage over the player (the House Edge) will vary,
the common factor of all these techniques is that the amount of
winnings the casino offers is less than the risk a player is willing
to take. Of course, if you get lucky, you can walk away with an
unusual amount of profit despite the House Edge. But if you're like
most people and your wins and losses conform to mathematical laws of
probability, you will walk away a loser.
Here is how the casino makes money when you win. It's like
playing a 50/50 coin toss with your buddy. You agree to pay your
buddy $1 every time he wins, but he only agrees to pay you $0.90
when you win. He still pays you when you win. It's just less than
what you have to cough up when he wins.
It's pretty easy to see that the House is going to earn profit
when you lose a bet. So yes, figuratively speaking the House earns
money when you lose. However, that earned money is just as good as
gone if the House doesn't protect itself when the player wins. And
it protects itself by paying less money than what the player is
willing to pay/risk. How's that for a happy ending.
I don't mean to sound pessimistic or anything, but that's the
reality of the situation folks. The longer you play, the closer your
betting wins and losses will conform to this probability. That's
exactly why you always hear people say to quit while you are ahead.
If you are ahead, consider yourself lucky, or at least consider
yourself on one side of the probability scale, because you will
eventually come to the other side of the probability scale. And
depending on how deep your luck runs and how skillful of a player
you are, just how far that scale tips is anybody's guess. That's the
Bet a couple more times and you could earn another $50 bucks.
Stick around and you could dig yourself in a hole. This is why skill
and strategy are an important part of the equation. It helps to
minimize the House Edge, because yes, it fluctuates. Knowing when to
quit and take breaks is excellent advice and every gambler should
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