Can you beat the Vegas casino?
First of all, some basic statistics about casino gambling from the Wall Street Journal which conducted a study looking at 4222 online gamblers over a 2 year period. Some takeaways:
- 2% of gamblers make up 50% of a casinos’ revenue
- 10.7% of gamblers made up 80% of casinos’ revenue
- On any given day, a casino gambler will walk away a winner 30% of the time
- Gamblers who place the fewest wagers often enjoy the highest winning percentage
The questions that players should be asking themselves are, how can I become part of the 30% of daily winners? What tips are there that can help me maximize my gambling time and budget?
Gambling pros say that the secret is in the strategy. You need to know what to play at the casino and when to play to optimize your chances for casino success.
Some hints from the experts:
Odds
Know your odds. That means that you need to do your homework to discover which games offer the best odds. Some games are more worthwhile than others. So if you’re looking to boost your payouts, play the games that give you the best advantages.
Of course, if you prefer to play a specific game because you find it more fun or more entertaining, go ahead. Just be sure that you stay within your gaming budget as you play.
For those who are focused on the payouts, it’s important to examine the options. Casinos know which games make them the most money and they do everything that they can to make those games most attractive. You can counter that by figuring out your advantage for each game so you know where you odds of winning will be the best.
Time
It’s easier to keep track of time when you’re gambling online since the clock is right on your screen. In a land-based casino, there are no clocks, no windows and nothing that can help you track time. The casinos do that purposefully….they know that if you lose track of time, you are apt to gamble more (and lose more).
Keep a watch, monitor the clock on your computer screen or do whatever you need to do to stay aware of the time. It will help you keep yourself accountable so you can check yourself, limit yourself when needed to prevent yourself from losing big.
Cash-Out Tricks
If you’re playing at a land-based casino, you might notice that the casino will give you the largest denomination of bills when you cash out. Why? Because the casino knows that many gamblers are tempted to make one last big bet before they leave the casino, especially after they win and they’re “feeling lucky.”
Put your bills in your pocket and leave. Then, get change and play again….with smaller denominations. That’s the best way to start the process of winning anew without losing what you’ve already won.
Bonuses
Know what bonuses the casino offers and what you are entitled to receive. Shop around from one casino to the next….the research that you put in will pay your back in the form of bigger and more frequent payouts.
Don’t forget to remember what the requirements are to receive the bonuses. Each casino requires something different so you can’t assume that the bonuses are automatically being applied to your account. Read the terms and make sure that you are fulfilling the requirements needed to have the bonuses added to your account.
Drinking
Don’t. There’s a reason you get free drinks in casinos – the casinos know that drinking impairs your judgment, makes it difficult for you to concentrate on games, on time spent and on how much you’ve spent.
Drinking also makes you more confident which can affect your judgement.
Limit your drinking, regardless of whether you’re playing online or at an on-site casino. You need to concentrate fully on your gaming activities in order to optimize your time.
Breaks
Take breaks. Again, the more you play, the more you lose. So take frequent breaks so that you can reenergize and refocus on what you’re doing.
Basic Strategies
Some games have basic strategies….moves that you should do in any situation that give you a statistically better chance of winning. They include both poker and blackjack. Learn those strategies and then use them in your game.
If you prefer slots, and like the big wins, check out the progressive machines. Those jackpot machines promise huge winnings but be sure you play "right" - you have the bet the max to win the max.
Hidden Costs
If you’re playing slots, you might be tempted to play the maximum number of coins so that you can compete for the jackpot prize. Be sure that your budget includes betting the maximum number of coins in order to be eligible for the jackpot.
Not every penny in your pocket needs to be spent in order to win big. That’s a secret that you should keep in mind.
Find the slot machines with the highest number of bonus games and you can increase your wins without breaking the bank. And increase your fun, too!
House Edge
If you like Blackjack, you’re in luck. Blackjack has the lowest house edge, just under 2%, which gives you more opportunities to win than other games.
Similarly, if you enjoy roulette, choose European Roulette over American roulette. The American roulette wheel has a much higher house edge than European roulette.
Quitting
Remember the old Kenny Rogers song, “you got to know when to hold ‘em, know when to fold ‘em….” Well, it’s true. To come out a winner more often, you have to know when it’s time to quit. Then do so and move on to another round.
It’s not always easy to know when to quit, nor is it a simple task, especially if you’ve already invested a good bit of money in the round. But if you stay in, you might end up investing more in a losing proposition, so exercise some self-control and stop.
Knowing when to stop can increase your chances of winning somewhere else. Casinos know how to play the long-game so you need to focus on the short-game.
