The truth behind gambling is that, in the long run, the house always wins. But there are those who still manage to profit. Read this article to find out how you can make money gambling.
Gambling: How to Make a Profit
Here’s a fact for you: the gambling business is worth $400 billion. Here’s another fact: that is so because all the games are set up in such a way that, in the long run, casinos always win. Maybe this will come as a shock, but casino owners are not charitable Samaritans who wish to hand over their wealth to any passerby who’s got nothing to do.
But on the other side, this shouldn’t discourage you. Let’s face it, $400 billion is a hell of a lot of money. Professional gamblers have succeeded in making a living out of it. Time and time again, they manage to win money and win big, at that. Why wouldn’t you be one of them? Before we go into which games you should play, let’s discuss where you should do it.
Should You Gamble Online?
Aside from the obvious convenience that comes with playing on the Internet instead of going to a casino, there are other, more tangible advantages as well. For example, let’s take a look at the most common casino game out there — slot machines.
Return to Player is a percentage which tells you how much a certain slot will pay up in the long term. Basically, it’s the opposite of the house edge. Land-based slots have an RTP between 75–90 percent. On the other hand, online casinos offer slot games which come with RTPs in the 92%–97% range. So if you’re thorough enough in your search, you’ll be able to find games with even higher odds. With this in mind, it’s clear you’ll have more success online.
Additionally, playing poker and other games of skill can be easier if done online. Since you’re not in the same room as your opponents, it’s less stressful, as you don’t have to worry about any tells. This is especially helpful for those bluff-loving poker players who enter a room as if they’ve entered the set of Lock, Stock, and Two Smoking Barrels.
Another benefit to going online are the bonuses online casinos offer. Before joining a casino, you should check out various promotional offers they have. Casinos use bonuses to attract players, and you can profit from claiming free spins and deposit bonuses. You can’t lose money if it’s not yours, right?
Pick the Right Game
If you’re looking to walk away with a greater amount of money than you came with, choosing the right game is key. Your chances of winning vary from one game type to the other. For example, lottery games like keno and bingo have the most disadvantageous house edges. Keno’s the worst in this regard, with a house advantage of 25%. Now, let’s see which games you should play, starting with roulette.
When playing roulette, you need to choose wisely which type you should play. European Roulette, the most common one, has 37 slots on its wheel and a house edge of 2,70%. As such, it’s more profitable than the American Roulette, which comes with a house edge of 5,26%, thanks to its additional double zero spot.
The third type is the French Roulette. Since it offers the best odds to players, logically, it’s not as easy to come across it. It also has 37 numbers like the European Roulette, but the house advantage sits at 1,35%. This is due to the ‘half back’ rule they implement. With this rule, any time the ball lands on the green, the casino takes only half of all even money bets (black/red, high/low, evens/odds), while the other half goes back to the player.
Blackjack and Baccarat
Blackjack and Baccarat are among the most popular casino games out there. They have to thank their house advantages for such popularity. Baccarat has three house edges, depending on which bet you make: 1,06% on banker bets, 14,36% on ties, and 1,24% on player bets. With Blackjack, the edge ranges from 0,28% to 1,5%.
When it comes to playing Blackjack, the game is essentially you versus the dealer. Each card comes with a value, and the aim is to reach 21 points. Go over that, and you bust. Since the player always plays before the dealer, the house doesn’t really have to make any decisions whether they’ll stay or draw more cards before the player (hence where the house edge stems from).
Baccarat, on the other hand, doesn’t take up the ‘versus’ stance. Essentially, both the dealer and the player receive cards, but you can bet on one of three options — the player’s hand wins, the dealer (or the banker) wins, or it ends in a tie. With banker bets offering the best odds, if you’re a high-roller who intends to spend their evening at a Baccarat table, you should just keep betting on the banker.
Things to Avoid
Apart from those in which players compete against each other, all casino games come with a house edge. As you’ve seen above, a slot game with an RTP of 97% has the house edge of 3%. But don’t mistake RTP for win probability. This doesn’t mean that you have 97% chances to win the round. RTP (and house edge) is measured on billions of rounds, and it won’t be of much help when you come to play for an hour or two. Blackjack, with a house edge of 0,28%, for instance, doesn’t mean you’ll lose only 7 times in 2500 rounds.
Win probability is something else. For example, if you make a single bet on roulette, the chance of it coming through is 1 in 37 (or 38, depending on which type you play). So let’s say you play a hundred rolls on the same number. The odds of winning every single time are as follows: 2.0796141e-16. Now, in this number, there’s a decimal sign, a minus, and even a letter. That’s how you know it’s so small even the mathematicians have gone creative with it. You might as well pretend you’re Professor Utonium and mix sugar, spice, and everything nice to conjure the numbers in your head. Don’t stress yourself with card counting and multiplying odds.
Having said that, the house edge is still a factor that will help you determine which games you should play; just don’t misinterpret it.
The majority of casino games offer you the chance to tamper with the odds of winning by offering different possibilities. For example, when you win a slot round, you’ll be able to double your money by gambling your winnings on what is basically a coin toss. But that’s a 50/50 event. Suddenly, your RTP of 97% drops to 50%. Whenever there’s such a bet which offers you to increase your winnings, don’t be greedy and steer away from it. The house edge on those bets is significantly worse. Keep it simple and stick to the base game.
With the odds set as they are, it’s hard to make gambling a lucrative activity. But if you’re wise about it and you play the right games in the right way, it’s achievable. So stick to the games which give you better chances of winning and you’ll find success… Hopefully.