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1.Be practical, the casinos have the advantage in their favor. If you lose, don't be surprised.
2.Don't rely on guesses. Always make the mathematical and logical best decision.
I always meet other players who don't agree and will never concede on this point, and they are all wrong. For the players there is the rabbit's foot and telepathy. The casinos have the mathematical and statistical odds on their side. Who do you think wins in the long run?
3.Although you will lose in the long run. Your money will go up and down like a rubber ball in the short term. The trick is to
play for short periods.
The rare exception to this is that very good blackjack card counters and video poker players can gain a long term advantage, but these are skilled players. Poker and sports betting may also be beat but I do not consider these as"casino" gambling because they are not played against the casino or house, but rather against other players.
4.It goes without saying that the harder a game is the smaller the house advantage is if you play it properly.
Your best bets are the more complicated games of blackjack, craps, baccarat, and video poker, assuming you play them smartly. Your worst bets are the simple games of pure luck like keno, roulette, the wheel of fortune and slots.
5.Don't bet money you can't afford to lose. Set a limit on your losses for both a table sitting and the duration of your stay.
This is often called the plateau.
In other words practice good money management.
6.Don't hedge your bets.
Avoid the urge to insure against events that will cause you to lose or push rather than win. The insurance bet in blackjack is a
classic example, with an average house edge of 5.88% (1 deck) to 7.47% (8 decks). Another example is the craps bet with a house edge of 11.11%, which some craps plays use to insure a pass line or come bet. I realize that in the real world
decision making is governed by both maximizing return and minimizing risk, and I have no problem with that. However in
most cases it makes good business sense to not insure risks you can cope with yourself. In the case of gambling the high cost
of insurance starts adding up quickly. To maximize long term return the best strategy is to take your chances with the bets
with the lowest house edge. The long term cost of hedging your bets will be much more than the benefit they provide. If you are
still too risk averse to avoid hedging then I would suggest taking your money to the change machine where you will have no risk at all.
7.There is absolutely no system that can beat a game of pure chance. Just accept this as gospel from very experienced statistical experts.
There are plenty of quacks promising systems that can beat games of luck like roulette, craps, and even the lottery. Most systems trade a lot of small wins for a few huge losses. In the long run it is impossible to beat the house at games of pure luck
only because of the built in house advantage and statistical probabilities. It's also the law of probabilites or averages.
8.It pays to do your homework for the best possible playing conditions.
In many games, especially blackjack and video poker, rules can vary from casino to casino another and one state to another.
Know what rules are favorable to the player and go to places that will give you better odds.
9.Avoid the side bets and gimmicks.
Good examples of side bets to ignore are those in Caribbean stud poker and Let it ride. Yes, I know everyone else makes these bets but mathematically the house advantage is huge. I've seen a lot of different side bets in blackjack and most of them have had a house edge, much higher than blackjack itself. Gimmicks, like crapsless craps and commission free baccarat, have a
higher house edge than normal rules in every example I have analized. If and when the casinos offer a change in a rule to your
advantage you can be sure they changed another rule that is to their advantage, and that they are taking more than they are paying out.
10.Have fun it's only a game. Right?
Don't forget that gambling is supposed to be a fun and enjoyable past-time. Like many things, what is enjoyable in moderation can be a disaster in excess. If you lose the ability to walk away from the table or machine when you want to, then you shouldn't play. Know when you've had enough.
One of the biggest myths about gambling is that games of luck can be beat by methods of varying bet size to manipulate the odds. Depending on how the system works in the long run you will either sacrifice a few large losses for many small wins or many small losses for a few big wins. In the long run you can't help but lose at games of pure luck. Regardless of what form of betting system you use the ratio of money lost to money bet will always approach the same constant the more you play, this
is known in mathematics as the 'Law of Large Numbers.' Betting systems are just mathematical voodoo that will never survive the test of time. If you don't believe me here is what the Encyclopedia Britannica says under the subject of gambling:
"A common gamblers' fallacy called 'the doctrine of the maturity of the chances' (or 'Monte Carlo fallacy') falsely assumes that each play in a game of chance is not independent of the others and that a series of outcomes of one sort should be balanced in the short run by other possibilities. A number of 'systems' have been invented by gamblers based largely on this fallacy; casino operators are happy to encourage the use of such systems and to exploit any gambler's neglect of the strict rules of probability and independent plays."
Probability and Measure (second edition) by Patrick Billingsley provides a specific proof that betting systems do not win in the long run. On page 94 he states, "There are schemes that go beyond selection systems and tell the gambler not only whether to bet but how much. Gamblers frequently contrive or adopt such schemes in the confident expectation that they can, by pure force of arithmetic, counter the most adverse workings of chance." After going through the proof he concludes on page 95, "Thus no betting system can convert a subfair game into a profitable enterprise."
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