Another Gambling Riddle About Wins and Losses7 Online Casino Pitfalls You Should Avoid

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

You should consider your answer to the question first before I provide a thorough explanation. Whether you see your answer, write it down on a bit of paper or your phone, it?s far better make note of why you came upon that conclusion.

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

The Hypothetical Gambling Situation

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

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

After 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, however, is playing for higher stakes. On his to begin 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 one 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 prefer to eat liver with onions than place a negative expectation bet.

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

Casino Games

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

Who?s carrying it out right?

The Effect of Psychology in Gambling

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

As horrifying as being down $3,000 may appear to some people, Lee?s results following the first two trips to the casino won?t bother him at all. He?s confident that he?s making the proper 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 edge works in real cash gambling is that you multiply it by the quantity of action you bring to determine your expected win or loss amount.

If you only put $600 into action over three trips to the casino, you?re only likely to win an average of $6 assuming you have an edge of 1%. Of course, Patrick probably put more income than that into action; he did win A few of his bets on each trip in the end.

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

And even though he broke even on these three trips, if he keeps gambling this way, his results will eventually look like the expected results. The Law of GOOD SIZED QUANTITIES will eventually activate.

Lee probably put 10x just as much money into action, so his expected winnings are $6,000. REGULATIONS of Large Numbers 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

Once you?re losing a lot of money at the casinos, the casino management will probably 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 probably not going to offer you much by means of comps. Patrick will be lucky to acquire a few free drinks.

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

And yes, the casino will notice that they won on the third trip. But as long as neither Patrick nor Lee do anything to clue the casino for the reason that they?re advantage players, the casino won?t mind. In the event that you win $300, the casino figures you?ll keep coming 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 going to do whatever they can to encourage you to come back and keep gambling.

Money

For the advantage gambler, though, all these perks are simply gravy along with 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, might not get anything free. If he?s lucky, he?ll get a comped meal at the coffee shop.

But someone like Lee is most likely going to see something like 10% of his losses keep coming back in the form of comps. Since he lost $3,000, he?s probably going to obtain $300 in freebies of some kind. 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 sort of red carpet treatment from the casino.

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

Lee would hope that the casino would give him some comps based on his $2,000 loss, but you should consider 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 to the casino. So far as casino management is concerned, Lee?s using house money.

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

It?s your cash.

However the casino has different ideas.

C?est la vie.

But after trip #3, where you?re finally back to even again, the casino MIGHT give you some comps based on the losses from those trips even though you?ve broken even. They might not, though. They could desire 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 when you?re a recreational gambler, you should understand the math and thought process well enough to find the most for the money.Online casinos are popping up all over. The demand is higher than it?s ever been for these virtual entertainment venues. In nearly every fundamental aspect, these online gambling hubs mimic their land-based counterparts exactly.

However, here are a few critical differences. Don?t get caught off guard for not doing the proper amount of research once you venture into the online casino world.

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

1 ? Disregarding the Lucrative Deposit Bonuses

The online casino industry is a competitive field, with new casinos joining the fray daily. It really is overwhelming for new gamblers to settle on a casino with such a massive selection.

Obviously, there exists a boat load of money to be produced by the casinos. This leads to 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 giant matching bonuses for new players creating a deposit with the casino.

Sometimes the casino will even throw free spins on top of the money offer to sweeten the pot. Players can instantly double, triple, and 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 supplied by these deposit bonuses.

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

However, in the event that 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 when you walked in the doors, you?d jump at the opportunity.

That?s the same confidence that you should have in an online casino.

2 ? Ignoring the Casino?s Withdrawal Policy

In terms of taking your money home from a offline casino, the process is straightforward.

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 may 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 very 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 really wants to protect your money, so that they?re going to make sure you are actually you. This may make for 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 that they typically process withdrawals only on certain days.

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

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

3 ? Never Setting a Bankroll Management Plan

You wouldn?t be unique for beginning to feel like the virtual casino can be being played for virtual money. It could happen in traditional casinos, too. Hence, we have the casino chip.

When players begin to disassociate from the inherent attachment we must our hard-earned money, linked with emotions . play far looser. Understand that you're playing for real money; more importantly, it?s your money.

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

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

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

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

4 ? Skipping the Background Research

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

However, not absolutely all areas appear. You may still find a few online casinos out to really get your money by merely taking it, but these are rare.

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

These issues are why you must do all of the research it is possible to stomach before buying an online casino.

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

Still, that may be a blessing and a curse. The end result is that you need to research online casinos until you?re blue in the face then research a tad more.

Taking this step seriously could be the most crucial decision you make in your web 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 brick and mortar casino games. Most of the time, you?d be correct; some games have even less house edge than they would in a traditional casino.

However, several factors are constantly in play. Even yet in NEVADA, the table games could 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 lead to 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 that provide gambling fun and entertainment to millions worldwide.

That means that the online casinos can afford to possess better RTP on slot machines. The players lose less money, and the casinos still create a healthy profit.

Some games can?t be altered as 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 will keep additional money in your pocket.

6 ? Failing woefully to Shop Around

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

I understand how these algorithms work, and without a doubt that should you search ?best places never to die,? you?re likely likely to have a few of the ?best places to die? sprinkled in.

My point is that if you?re not reading reviews from trusted sources and testing the client service on your own, you?re not doing the right kind of research.

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

The online casino loyalty program functions similar to the player?s card at land-based casinos. Players earn a variety of freebies using the amount of money they are playing.

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

7 ? Letting the web Games Consume You

There?s not one person that steps up to a casino game for the very 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 perhaps a retiree with an adoring family and your 4th-grade lunch money still sitting in a money box. Problem gambling doesn?t care.

Setting strict limits on your time spent in the online casino can help protect you from taking things 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 even 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 could make the exclusion permanent.

There are always a ton of resources and support available for gambling addicts, and taking that first step towards recovery could be challenging, most worthwhile things are.

Conclusion

Online casinos offer a ton of fantastic gambling opportunities for gamblers. Observe these seven online casino pitfalls you should avoid, and your experience will undoubtedly be amazing.

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