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Some people (usually non-gamblers) think there’s no such thing as smart gambling. After all, betting on games where you’ll likely lose per se isn’t a wise decision. But gambling is a glorious form of entertainment, and with proper strategy, you can keep your losses in check.
Just think of your gambling fund as money you’d spend on a movie or other forms of entertainment. If you don’t mind shedding several bucks on a night out, then losing the same amount at a casino should be fine. Read on to see how smart gambling works.
What Is Smart Gambling
Each casino game you’ll encounter has a house edge. It’s a mathematical concept that indicates the likely long-term loss on every bet. While all casino games come with a house edge, you still stand a chance to get an advantage over the casino.
Smart gambling is knowing how to do that and where to find those opportunities. But not all gamblers wish to get an edge over the casino. What the most intelligent gamblers want is to minimize their losses at the very least.
How Can I Be Smart in Gambling?
Most gamblers make trivial mistakes when selecting games, managing their bankroll, and letting their emotions get the best of them. In reality, it doesn’t take a lot of work to rise above this pool of uninformed players. Having ample knowledge on the subject makes you a relatively brisker player than the vast majority. Below are some smart gambling essentials.
Understand the House Edge and Betting Odds
A common mistake among gamblers is that they don’t put much thought into their game selection. Some sit down to a slot machine because of the theme and graphics, while others just want to play poker after seeing it in a movie. Smart gambling starts with intelligent game selection.
If you genuinely care about your bankroll, factor in the house edge before deciding which game to play. The house edge refers to the expected long-term loss on every wager, shown as a percentage. It indicates your odds of winning in any casino game. And since it’s a long-term average, it has little impact on your short-term outcomes.
You don’t necessarily have to play games with a low house edge alone. However, it must play a factor if you wish to win more frequently. Casino games with the lowest house advantage include blackjack, baccarat, craps, video poker, keno, Caribbean stud, American roulette, Let It Ride, and French roulette.
When it comes to smart gambling, it also pays to understand the odds behind winning each wager. Although some bets come with a low house advantage, the short-term winning odds are also low. Take European roulette, for example. While the house edge on each bet is 2.70%, the odds on every wager are significantly different.
Smart gambling involves knowing the odds behind each bet to manage short-term wins and losses better. A casino game with favorable bet odds and a low house advantage keep your short-term winnings consistent.
Set a Daily Win and Loss Limit
Speaking of smart gambling, a sure-fire way to make sure you’re not losing too much is to set a daily loss limit. Before you even play, place a cap for how much you’re comfortable losing. When you lose it, leave the casino. It may sound like no fun, but that’s better than burning your savings.
Another thing, a daily loss limit is different from a trip limit. It’s ideal to set both because you might burn everything on day one of your trips. So be smart in gambling and decide on a trip limit that you want to stick to.
Similarly, you should know when to stop even when you’re winning. Set a session win limit that you’d be happy to take home. If you get ahead by that much, then it’s time to leave the table. If you continue playing, chances are you’ll simply allow the house to win back your winnings. Not only will you blow your winnings but also the opportunity to feel like a winner.
Read Online Bonus Terms and Conditions
One of the most common mistakes online gamblers make is signing up for massive bonuses without first reading the terms and conditions. That’s a big no-no because you must be aware of the stipulations to redeem a reward. Some terms and conditions include non-cashable bonuses, high betting requirements, and low max cash-outs.
It’s crucial to pay close attention to wagering requirements to make sure that you have a realistic chance at withdrawing your bonus. On average, the betting requirement is 40x the bonus or 20x the bonus + deposit amount. If the condition reaches 60x or higher, it isn’t a good deal for you. You have to assess whether a casino offers enough in other areas to compensate for that.
Ideally, go for bonuses with a betting requirement of 30x the bonus or 15x bonus + deposit. Also, remember that terms and conditions always indicate which games are eligible for unleashing a deposit bonus. Most deposit rewards are only available in keno, slots, or scratch cards. You can read about bonus terms on the terms and conditions page of your casino’s website.
Check Out Online Casino Reviews
Unlike land-based casinos, you can’t visit online casinos in person. Instead, you may only browse their website and read the information on their operation. That said, the best way to learn about an online casino is by reading reviews.
Luckily for you, there are tons of great reviews on popular internet casinos. Even better, all of them are only a quick Google search away. But despite that, many players neglect to take advantage of these resources. So doing may come back to bite you when you play at a casino with terrible bonus conditions, nonexistent customer support, or slow withdrawal times.
You can check out several online gambling watchdog sites. They will inform you of when a casino has bad bonus/promotion terms, treats players poorly, or is a total deposit risk. When searching for internet casino reviews, the key is to find sites that provide honest opinions. Ignore words from affiliates that say nothing but good things about a casino to convince you to deposit using their affiliate link.
Know Which Games Offer the Best and Worst Odds
If you’re an avid casino player, you already know that not all games are created equal. Some offer more favorable odds and lower house edge, while others come with worst odds. Smart gambling means sticking with games that have the best odds. For many, concentrating on blackjack and video poker makes sense.
With perfect strategy and right table conditions, blackjack only has a 0.5% house advantage. And even if you’re not familiar with basic tactics, the house advantage is still low at just 2% or so. That depends on how often you make mistakes. Meanwhile, most video poker games offer the same house advantage or even better.
Smart gambling also involves avoiding all the lousy wagers in the casino. It’s easy to spot some doozies if you search for them. For instance, Keno comes with a 25% house advantage. Meaning, you can expect to lose 25 cents on every dollar you spend on average.
But that isn’t as bad as a state lottery, which offers a 50% house edge. Another popular casino game with lousy odds is roulette. The so-called “5 number bet” at the American roulette table is the worst you can find, with a house edge of 7.89%. All the other American roulette bets offer a 5.26% house edge. While that isn’t the best you can find, it isn’t the worst either.
Take Advantage of Casino Promotions
For online players, the casino promotions you can most easily take advantage of are bonuses. Usually, these come in free chips you receive after signing up or making your first deposit.
Brick and mortar casinos also have these promotions in place. Rewards can take the form of show tickets or comp meals. But more often than not, these involve becoming part of the players club. Generally, casinos calculate your expected hourly losses and give your 40% of those in rebates and freebies.
That said, smart gambling means taking full advantage of whatever casino offerings that net you more fun for your money.
Gamble Responsibly
Ultimately, smart gambling is gambling responsibly. The endorphins and biochemical reactions you get when betting and sometimes winning them are akin to the hormones released when you do drugs and drink alcohol. That explains why gambling can be just as addictive.
If you’re an alcoholic or a drug addict, think twice or even thrice before starting your casino journey. For individuals with impulse control problems, playing at a casino is likely to become an addiction in no time at all.
You can check out this article on gambling addiction treatments for more details. If you think you’re a problem gambler, it’s best to seek help as soon as possible. Life’s too short to waste it struggling with gambling addiction.
Conclusion
It’s possible to make casino gambling both fun and profitable. However, smart gambling is the key to enjoy it to the fullest. All the tips you’ve read here can go a long way in helping you be intelligent in gambling. While smart gambling involves a thorough understating of how a game works, the rest requires a disciplined approach to having fun.
