Another Gambling Riddle About Wins and Losses7 Online Casino Pitfalls YOU NEED TO Avoid

In this post, I'm providing hypothetical situation to check your perspective on casino gambling. And I?m likely to ask you what the higher situation is for a gambler.

You should think about your answer to the question first before I give a thorough explanation. Whether you think about your answer, write it down on a bit of paper or your phone, it?s far better make note of why you discovered that conclusion.

Then, figure out what you can learn from this riddle by reading my explanation.

The Hypothetical Gambling Situation

My friends Patrick and Lee are the two gamblers in question. Patrick takes three trips to the casino. He loses $100 on his first trip and $200 on his second trip.

But on his third trip to the casino, he wins $300.

Following the three trips to the casino and winning the $300, he breaks even. Patrick hasn?t profited, but he doesn?t have a net loss either.

Lee, alternatively, is playing for higher stakes. On his first of three trips to the casino, he loses $1,000. And on his second trip, he loses $2,000.

On his third trip to the casino, Lee wins $3,000.

Lee, too, has broken even with three trips to the casino. No net win, but no net loss either.

Now, here?s the question:

Which is in the higher gambling situation?

A number of Assumptions Concerning the Two Gamblers

First, let?s assume that both Patrick and Lee are professional gamblers. They only place bets if they have an edge on the casino. Both of these would rather eat liver with onions than place a poor expectation bet.

Second, let?s assume that both of these are bankrolled sufficiently that their risk or ruin is appropriately low?less than 1%.

Casino Games

If you assume these two things, how does one decide which of both gamblers is in the higher situation?

Who?s doing it right?

The Effect of Psychology in Gambling

Some people might prefer Patrick?s situation. Even though he broke even, he was never down more than $300. Some people are simply more comfortable dealing with lower stakes. These people might not ensure it is as pros even if they?re sticking with positive expectation bets. After all, in the event that you?re not putting enough money into action, your edge won?t translate into enough dollars and cents to make a living.

As horrifying to be down $3,000 may appear to some people, Lee?s results after the first two trips to the casino won?t bother him at all. He?s confident that he?s making the right decisions at all times. And he?s also comfortable he won?t go broke; he's got a large enough bankroll to take care of the swings.

Here?s who?s carrying it out right, though, assuming they both have exactly the same size bankroll:

Lee.

The way an advantage works in real money gambling is that you multiply it by the quantity of action you bring to find out your expected win or loss amount.

If you only put $600 into action over three trips to the casino, you?re only going to win an average of $6 if you have an advantage of 1%. Of course, Patrick probably put additional money than that into action; he did win A few of his bets on each trip after all.

So, let?s assume he put $60,000 into action to create those results. His expected win was $600.

And although he broke even on these three trips, if he keeps gambling in this manner, his results will eventually appear to be the expected results. REGULATIONS of Large Numbers will eventually kick in.

Lee probably put 10x just as much money into action, so his expected winnings are $6,000. The Law of GOOD SIZED QUANTITIES will eventually kick in for Lee, too.

But there?s more to the discussion than just theoretical wins in the end.

Casinos Reward Bigger Players

When you?re losing big money at the casinos, the casino management will treat you like a rock star. They?re not likely to be impressed with the $300 in losses that you sustained on your own first two trips to the casino. So, they?re most likely not going to give you much in the form of comps. Patrick will be lucky to acquire a few free drinks.

Lee, alternatively, has lost $3,000 in his first two trips, and that sort of action doesn?t go unnoticed by the casino. They?re likely to provide him some free meals and a free room with those forms of losses.

And yes, the casino will observe that they won on the third trip. But so long as neither Patrick nor Lee do anything to clue the casino in that they?re advantage players, the casino won?t mind. If you win $300, the casino figures you?ll come back tomorrow and lose $600.

And if you win $3,000 today, the casino figures that you?ll be back tomorrow to reduce $6,000.

They?re likely to do whatever they are able to to encourage you to come back and keep gambling.

Money

For the benefit gambler, though, each one of these perks are simply gravy on top of their expected winnings.

How much value can you expect to reunite from a casino predicated on your losses?

Someone like Patrick, who lost only $300 on his first two trips, may not get anything free. If he?s lucky, he?ll get a comped meal at the restaurant.

But someone like Lee is probably going to see something similar to 10% of his losses keep coming back by means of comps. Since he lost $3,000, he?s likely to obtain $300 in freebies of some sort. That might just be a nice meal in the steakhouse, but that?s along with his eventual expected wins, too.

Here?s Another Hypothetical Situation

You don?t have much control over this, but if you win on trip #1 and lose on trips #2 and #3, you won?t start to see the same kind of red carpet treatment from the casino.

Let?s guess that Lee won $3,000 on his first visit to the casino, but then he lost $2,000 on his second trip to the casino.

Lee would hope that the casino would give him some comps based on his $2,000 loss, nevertheless, you should think about it from the casino?s perspective.

Since he won $3,000 on his first trip, he?s just losing a few of what he?s already won back again to the casino. As far as casino management is concerned, Lee?s using house money.

You and I both know the folly as a new player of convinced that you?re playing with house money. Any money that belongs for you actually belongs for you. It doesn?t matter in the event that you won it from the casino or dug a ditch to earn the money.

It?s your cash.

But the casino has different ideas.

C?est la vie.

But after trip #3, where you?re finally back again to even again, the casino MIGHT give you some comps based on the losses from those trips while you?ve broken even. They might not, though. They might want to see more action from you before rolling out the red carpet again.

Conclusion

Another variation of this riddle is presented in Million Dollar Video Poker by Bob Dancer, although I?ve covered ideas he missed in his book.

Learning HOW to consider these situations is crucial if you?re seriously interested in gambling for a living, though. Even though you?re a recreational gambler, you need to understand the math and thought process well enough to find the most for your money.Online casinos are popping up around. The demand is greater than it?s ever been for these virtual entertainment venues. In just about any fundamental aspect, these online gambling hubs mimic their land-based counterparts exactly.

However, there are many critical differences. Don?t get caught off guard for not doing the correct amount of research once you venture in to the online casino world.

Here are seven online casino pitfalls you need to avoid. Clear these boxes that many online gamblers fail to check right from the start, and you also?ll have a much more enjoyable experience from gambling online.

1 ? Disregarding the Lucrative Deposit Bonuses

The web casino industry is a competitive field, with new casinos joining the fray daily. It might be overwhelming for new gamblers to stay on a casino with such a massive selection.

Obviously, there is a boat load of money to be made by the casinos. This leads to a sort of bidding war between the casinos for the business.

This bidding war is most evident by means of online casino deposit bonuses. Companies will offer you giant matching bonuses for new players making a deposit with the casino.

Sometimes the casino will throw free spins on top of the cash offer to sweeten the pot. Players can instantly double, triple, or even quintuple their gambling bankroll through these lucrative bonuses.

Unfortunately, many players completely disregard the bonuses or believe them too good to be true. They never take into account the fantastic upside provided by these deposit bonuses.

Many are hesitant to produce a large initial deposit for concern with being scammed. I am aware the trepidation when coping with online businesses.

However, if you haven?t researched a small business well enough to feel comfortable depositing $1,000, you shouldn?t give them $100. If Caesars offered you 300% on your own deposit once you walked in the doors, you?d jump at the chance.

That?s the same confidence that you need to have within an online casino.

2 ? Ignoring the Casino?s Withdrawal Policy

When it comes to taking your money home from a brick and mortar casino, the process is easy.

You take your chips to the cashier?s window and exchange the chips for cash. That?s the entire process for many of us.

Sure, the big winners could be required to fill out some tax paperwork and proceed through a few other steps with the casino. Still, the procedure can usually be completed within minutes, and you?re on your way.

This process is quite different for online casinos. Fraud along with other nefarious activities certainly are a genuine concern for these casinos.

Betting Bankroll

First of all, the casino wants to protect your money, so that they?re going to be sure you are actually you. This can lead to a drawn-out withdrawal cycle.

The casinos also are powered by a withdrawal schedule. Real cash online casinos have a much smaller staff than land-based casinos, so they typically process withdrawals only on certain days.

That means it could be days before the process of getting your money even begins. Of course, the slower the withdrawal moves, the more time you have to change your mind.

Don?t get caught with your wallet empty as you don?t understand the policies for getting your money.

3 ? Never Setting a Bankroll Management Plan

You wouldn?t be unique for needs to feel just like the virtual casino is also being played for virtual money. It can happen in traditional casinos, too. Hence, we've the casino chip.

When players begin to disassociate from the inherent attachment we have to our hard-earned money, linked with emotions . play far looser. Understand that you are playing for real cash; moreover, it?s your cash.

Here's where setting a solid bankroll management plan is essential. This vital step accomplishes several things that benefit the player.

First of all, it will guard against you losing more than you want to lose. Setting hard loss limits is a critical component of bankroll management.

Next, it will let you stretch your cash to its thinnest margin without breaking. Many gamblers will simply gamble until their money is fully gone.

That approach is the reason why so many players tell stories of being through to the casinos by hundreds of dollars and giving everything back. Setting limits for losses and wins will protect you, also it?s the fastest solution to get the most out of your gambling dollar.

4 ? Skipping the backdrop Research

Not all online casinos certainly are a scam. Most online casinos are entirely reputable businesses that have too much to offer for the ball player.

However, not all areas appear. There are still several online casinos out to really get your money by merely taking it, but these are rare.

Unfortunately, not absolutely all terrible online casinos are out to blatantly steal your money. Many of these horrible casinos are simply mismanaged or merely built poorly.

These issues are why you should do all the research you can stomach before settling on an online casino.

I?m in the blessed position to have actual experts texting me their personal reviews without even asking. So, wading through the waters was a lot more manageable.

Still, which can be a blessing and a curse. The bottom line is that you need to research online casinos until you?re blue in the face then research a tad more.

Taking this step seriously may be the most crucial decision you make in your online gambling career.

5 ? Assuming the Games Are Identical to Live Casinos

It would be easy to jump in to the online casino games assuming these games have exactly the same house edges, rules, and flow of offline casino games. More often than not, you?d be correct; some games even have less house edge than they might in a normal casino.

However, several factors are constantly in play. Even yet in Las Vegas, the table games will have different rules from casino to casino.

In fact, even yet in the same casino, you will discover exactly the same game with different rules. This can result in confusion in newer players, especially regarding why they?re losing at a faster pace.

Casino Gambling

Some games are much better in online casinos. These casinos have much less overhead compared to the mega-resorts offering gambling fun and entertainment to millions worldwide.

That means that the web casinos can afford to have better RTP on slots. The players lose less money, and the casinos still create a healthy profit.

Some games can?t be altered because the casino advantage is made into the game. The best thing that you can do is carefully examine the guidelines before you begin playing a game.

Understanding the rules completely can lead to fewer mistakes. Ultimately, this can keep additional money in your pocket.

6 ? Failing to Shop Around

I?ve covered several of the fundamental factors for picking the very best online casino. However, it?s shocking how many gamblers I hear from that never conducted greater than a basic Google search for ?best online casinos? or ?safe online casinos.?

I am aware how these algorithms work, and without a doubt that if you search ?best places not to die,? you?re likely going to have a few of the ?best places to die? sprinkled in.

My point is that should you?re not reading reviews from trusted sources and testing the customer service for yourself, you?re not doing the proper kind of research.

Beyond factors like customer service, you have to be shopping around to find the best deposit bonuses and loyalty programs.

The web casino loyalty program functions similar to the player?s card at land-based casinos. Players earn all kinds of freebies based on the amount of money they are playing.

Unfortunately, the casino won?t Door Dash a pleasant steak dinner to your house. However, you can earn play credits, free spins, and cashback through these excellent programs.

7 ? Letting the Online Games Consume You

There?s not one person that steps up to casino game for the first time and is immune to the dangers of problem gambling. Addiction is an illness with no regard for your background, pedigree, mental fortitude, or physical strength.

You could be probably the most brutal biker on the block, probably the most brilliant student at your university, or a retiree with an adoring family as well as your 4th-grade lunch money still sitting in a piggy bank. Problem gambling doesn?t care.

Setting strict limits on your own time spent in the online casino can help protect you from taking what to excess.

Should you begin seeing the signs of your hobby learning to be a habit, there are actions you can take. The casinos also take gambling addiction seriously.

It is possible to set hard deposit limits and time limits on your gambling. You can also impose a temporary exclusion on yourself.

This exclusion will prevent you from gambling for a specified period. If you find that you?re having difficulty staying away, you can make the exclusion permanent.

There are always a ton of resources and support designed for gambling addicts, and taking that first rung on the ladder towards recovery could be challenging, most worthwhile things are.

Conclusion

Online casinos provide a ton of fantastic gambling opportunities for gamblers. Take note of these seven online casino pitfalls you need to avoid, as well as your experience will be amazing.

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