How to be a smart gambler
“There’s no such thing as a smart gambler” said my partner sagely over breakfast one day. I beg to disagree. In fact smart play is what differentiates the big winners from the big losers, whatever the size of your bank roll. So what is playing smart? Isn’t gambling nothing more than a game of chance? Well, although lady luck certainly has a hand in your chances of hitting a big win, by playing smart you can increase the odds in your favour.
1. The Golden Rule - never gamble with what you can’t afford to lose.
Yes it’s probably a no brainer but never gamble with money you can’t afford to lose. That includes the mortgage and rent money, bill money and anything else you may need for your day to day living expenses. Gambling is meant to be fun and its no fun if you are constantly worrying that you are about to lose the roof over your head or that your utilities are about to be cut off. Yes you may strike it lucky and hit that big one, but the chances are also that you won’t. This also applies to borrowing money to gamble - just don’t. Luckily many banks now routinely decline credit cards for gambling transactions so the temptation isn’t as high as it used to be but if you are borrowing money to gamble then it is likely that you are a problem gambler. If you suspect this may apply to you, seek help from one of the many organisations which help with gambling addiction.
2. Don’t chase losses.
Almost everyone who has ever gambled is probably guilty of this at one point or another. The temptation to give it one more spin or one more turn of the cards is overwhelming at times, often with the mistaken belief that a win is “overdue”. This ability to imbue the slot reels or cards with some sort of “memory” is unique to the unsavvy gambler, each spin or turn of the cards is a random event and it makes no difference what has happened before to the outcome of each hand. An often quoted example is if you flip a coin ten times and heads turns up each time then most people will bet on tails believing it to be overdue. In actual fact, the odds of the next flip turning up heads is just as equal as it always was - the coin has no memory. To take this example further, some people would actually bet on heads believing the coin to be weighted or some sort of sleight of hand going on. This is probably more logical than actually believing tails to be due!
3. Understand Variance
Following on from the coin flip example earlier, variance explains how likely you are to deviate from the house edge. In a random coin game over the long term you would probably expect tails to come up approximately 50% of the time and heads to come up 50% of the time. In this game the variance would be very low as there are only two possible outcomes and each of these are expected to turn up 50% of the time. If however you were to take a high variance game such as the lottery with a 14 million to one chance of winning the big prize and a 1 in 32 chance of winning any prize, your chances of busting your bankroll before getting any sort of return on your money are very high indeed. You can use this same principle to choose the games which you play in the casino. Low variance games include table games, whereas slots, video poker, keno and bingo are all high variance. To complicate matters further, slot games all have difference variances, but often casinos will indicate the variance of the slot - RTG casinos for example do this. A high variance slot will hit less often for bigger amounts, but you will need a reasonably big bankroll in order to take advantage of this. Jackpot slots are all high variance. Lower variance slots will hit more regularly for smaller amounts.
4. Maximise your bankroll by choosing bonuses carefully.
The gambling industry is a competitive one and like any competitive industry casinos need to offer attractive bonuses and promotions in order to stand out. For the gambler, this is generally a good thing, but be ever mindful of the saying there is no such thing as a free lunch. Always, but always read the small print on any bonus or promotion you accept - be aware of the wagering requirements, any excluded games and worst of all any maximum cash out restrictions which may apply. Promotions run hand in hand with game variance - slots player usually get the most generous bonuses because the house edge is highest, whereas table game players will receive lower bonuses. Bonuses and promotions can be a minefield and some players choose not to accept them at all, however they can and do boost your bankroll nicely. Take a screenshot of the terms and conditions of any bonus you accept in case of a dispute later on.
5. Shop Around
If a supermarket consistently offered lower prices and better products than your regular store then you would switch, right? So why stick with a casino which isn’t offering you great value for money and a winning experience. Casinos all too often get complacent with regular players and fail to offer them the rewards and incentives offered to new players. The old adage “it is easier to keep an existing customer than find a new one” seems to miss the marketing departments of some casinos. Whereas comp programs are there to build loyalty, most casinos do not offer attractive enough comps in order to keep a players loyalty. Check out Casinovamp.com for the newest and best online casinos, the latest bonus offers and promotions, and gambling industry news. Smart play starts here!
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