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Powerful Tips for Successful Gambling that Work

Personal_Finance / Gambling Jul 02, 2018 - 02:48 PM GMT

By: Steve_Marks

Personal_Finance

A common misconception is that gambling is all about luck. While luck admittedly plays an important role, successful gambling is more about money management, smart positions and clever bets. Whether you are a rookie who just got into gambling or already a veteran, everybody should include the following principles into their routines. Here are a few powerful tips for successful gambling that work.


Play Short Odds

While it might be fun to win $100 on a $1 bet, the short odds will tell you who most people favor in a game. If several bettors who know what they are doing are favoring one team over the other, that is a big telltale sign that you are not likely to strike gold on a long odd.
For example, at Blackjack, a game which can be played in all land and online casinos uk, an experienced player will usually fold after being dealt a 15 or 16, because the odds of hitting a 4 or a 5 are low. You have much higher chances of winning when you are dealt an 18. 

Don’t Bet on the House Edge

The House edge describes what a casino expects to earn from a game. The fact that the casino only takes 2 % from a game make many people believe that they will take 98 % of the money home. However, that is statistically and mathematically untrue if you look at how much revenue the casino industry wins. A low edge does not mean you will pull a Blackjack, or that you will get a Flush at Poker. Always be careful with the house’s edge.

Seek Smaller Jackpots

This tip applies to all games, whether we are talking about roulette, keno or slots. Sure, it might be tempting to go straight for the game that promises a ridiculous payoff, but remember – those big payoffs got inflated because of the same players who sought them.
So, assuming you want to go for a round of slots, play one with a Jackpot of 5,000, except for 10,000. Statistically speaking, you have a much higher chance of winning when the payoff is smaller.

Use a Bucket Budget to Manage Your Money

When it comes to gambling, effective money management is one of the things that sets the difference between amateurs and professionals. While some people try (and succeed) to not exceed a certain amount of money, there is a better system that can be applied.
For example, you could rotate your money as you are playing. Let us say you enter the casino with $60 in your pocket – you can split them into 6 $10 bill, or three 20’s. This way, if you lose your first $20 on the first game, you can go to the next. Once you double the money, divide it in such a way that you always have three tickets.

Know When to Quit

Losing money you can afford to lose stings, but it is par for the course when it comes to gambling. Losing money you can’t afford is a whole different monster.
Never bet money reserved for basic survival, such as rent, food, or for family obligations. Betting your savings away, apart from greatly affecting your quality of life, will only increase the psychological pressure, leading you to make bigger and bigger mistakes in an attempt to recover the lost money. Gambling is best done with a cool head – a state of mind which is impossible to achieve once your livelihood is at stake.

Conclusion

Prudence and restraint, and not luck, is what separates good and bad gamblers. On a final note, a good rule of thumb is to keep your money in play for as long as possible, without dipping into other sources of financing. By doing this, the winnings are smaller, but less risky and more likely to occur.

By Steve Marks

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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