Things you should know before you gamble
Gambling operators make money from gamblers
This is a statement of the obvious, but it is worth remembering that legalized gambling continues to be one of the big growth industries internationally because gambling operators make money – and lots of it – from the people who bet – like you and me. For example, in Australia revenue from gambling more than doubled over the last ten years with losses now totaling over AU$12billion per year.
There are simply no bets that you can expect to win with over a long period of time. Gambling is like going to the movies. You are paying for an entertainment experience. You are paying to have fun. The only difference is that the price is not fixed for each session.
Every bet you make with a gambling operator – casino, bookmaker or club – has a ‘house edge’ in favor of the operator. The house edge is usually between 1% and 20%. That is, you as a player have a disadvantage compared to the operator.
Look for the smallest house edge
The box in this section shows you just why it pays to choose games with a lower house edge. In general, casinos give a lower house edge for games that:
Have lower maximum pay outs. Games with big jackpots like Keno tend to have a higher house edge.
Are more complex to play. For example, games like blackjack and craps. However, the lower house edge is only there for those who play wisely.
I would strongly recommend that you take the time to learn at least basic strategy if you are going to spend any time playing blackjack. This may bring the house edge down to below 1.5%.
How the difference in house edge affects your losses
With a house edge of 15% – like electronic gaming machines in Australia
If the house edge is 15%, after every $100 you bet, you can expect to have $85 returned to you. The operator can expect to keep the other $15 (15%). This is the expectation for every single ligaz888 bet. As you can see, with such a house edge, you can expect your $100 to shrink very quickly.
With a house edge of 15%, you could expect your $100 to shrink to just under $20 after 10 rounds of betting, if you bet all your money right from the start and bet all you had at every round. With the same house edge of 15% you could expect to have $85 left if you bet $10 only on each of the ten rounds of betting.
With a house edge of 2.7% – like single zero roulette
The equivalent amounts starting with $100 and with a house edge of 2.7% are $76 for betting all each time and just over $97 for betting $10 each time over 10 rounds.
So, choose the games with the lowest edge, if you want to play for longer and lose less.