Gambling in Vegas – Know Your Edges, Create Your Edges and Know When to Quit

It’s never easy to butt heads with a big business and come out on top, much less an entire city! Here are some key things to keep in mind before blowing that wad at the tables:Color Psychology in Online Casino Games Design | Fashionisers¬©

1. Know the edges. Casinos make huge profits every year, sometimes by edges as small as half-a-percent! Gambling is all about consistently making good decisions that benefit you in the long run. A normal, no-bonus blackjack table is generally where a casino has the smallest edges game slot online. With a proper system, you can flip it over to your side of the odds. (Many systems are available, but they are essentially all the same – any system is better than none at all. Personally, I would recommend 2%2B2 publishing for your gambling needs; particularly any book by David Sklanksy or Mason Malmuth.) Card counting is a whole different story and not what I’m talking about. While not illegal, casinos reserve the right to throw you out on your heinie for counting cards (well).

2. Create your edges. Poker has gained a lot of popularity in recent years, and one reason is that poker is a game where your edge equals the difference between your skill and your opponents. There is definitely some luck thrown in the mix for drama, but in the long run, consistently making better decisions than your opponents does provide you with a bona-fide, mathematical edge. Again, 2%2B2 has some great books, and many sites have free forums for strategy discussion.

3. Know when to quit. Many people throw around the term money-management without really knowing what it means. Sometimes it is a good idea to stop if you are losing, simply for psychological reasons. But remember – this is the long run we’re concerned with, which means that the next hand you play, whether it’s now or five years from now, is still the next hand. Mathematically, it doesn’t matter when it happens. That being said, gambling addiction is a serious issue and the signs shouldn’t be ignored. If you can’t stand leaving when down, and consistently end up worse by staying longer than you should, be honest with yourself about what you’re really doing. There’s a questionnaire available online at Gamblers Anonymous if you think you or someone you know might have a problem.

Gambling can be a lucrative and enjoyable way to rake in some cash. Be prepared with a little research, and by setting aside a reasonable limit for your losses. See you at the tables!

Many people will dismiss trading as mere gambling. Let’s examine a definition of gambling (from dictionary.com): To bet on an uncertain outcome, to take a risk in the hope of gaining an advantage or benefit. No trader can know what the outcome of a trade will be before it is complete. All traders have losing trades, but that risk is weighed against the expectation of greater winning trades. So, how is trading any different from gambling?

Trading futures is a zero sum game – for every buyer of a contract there must be a seller. When a futures contract expires, effectively what happens is that the losers pay out to the winners. It is often quoted that 90% of traders lose, which leaves only 10% of traders as consistent winners. What, then, separates the winners from the losers?

I would suggest that the 90% of traders that lose in the markets are those for which trading is just another form of gambling whereas for the winning 10% it is a business. How can this be? A simple analogy is with a casino. The players in a casino are gambling but the casino is a business. Why? Because the casino has a positive expectancy on all of it’s games which means the players must have a negative expectancy. Take a simple bet on red or black in roulette. The casino will pay out even money but, with the addition of a zero (or 2 if your really unlucky!) means the probability of winning for the player is just 18/37 or 48.65%. So the expectancy for the player is:

We are all familiar with the card games in casinos for gambling reasons because of the exposure they have been getting in recent times. Today, poker games are now being shown on national television. The World Series of Poker is one of the biggest events today and is seen by millions of people all over the world. With the type of exposure it is getting today, it is very rare to find someone who does not know the basic rules, as well as know how to play poker.

Another popular gambling card game is blackjack. The simplicity of the game is what makes it very popular. The concept of the game is to get as close to 21 without going over. If you can add, you can play this game. Another reason why this game has gained popularity in casinos is because, statistically, the probability of winning a hand of blackjack is higher than most of the other games available in casinos.

Ideally, only adults over the age of 21, who can legally enter casinos, are the only ones gambling. However, with the gaining popularity of these games reaching everyone, people of all ages today are now gambling. Children today are playing these gambling card games over the Internet. There are many different websites that specialize in these types of games. Even though these sites do not use real money, it teaches children how to gamble. When they can legally gamble, they already know how to do it. Gambling is very addicting; therefore exposing these young children to these types of activities is probably not a good idea.

 

 

It’s never easy to butt heads with a big business and come out on top, much less an entire city! Here are some key things to keep in mind before blowing that wad at the tables: 1. Know the edges. Casinos make huge profits every year, sometimes by edges as small as half-a-percent! Gambling is…

It’s never easy to butt heads with a big business and come out on top, much less an entire city! Here are some key things to keep in mind before blowing that wad at the tables: 1. Know the edges. Casinos make huge profits every year, sometimes by edges as small as half-a-percent! Gambling is…

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