Acceptance is the key to your gambling woes. As we say at NETimeGambling, “Embrace the math, not the myth.”
Many recreational gamblers use exaggerated statements or claims that are meant to be taken literally by the listener. Aside from the nonsensical myths and mathematically proven superstitions that permeate the gambler-sphere, three sayings are often heard – I always win, I always lose, and the casino is paying out today. Let’s take a look at the truth behind these three sayings.
Who wins and who loses
Let’s first look at all those casino payouts. I swear that I have no idea how these properties stay afloat. Signs exclaiming “millions of dollars paid out!” – implying that players at “Best World Casino” can expect to be winners. The numbers of the daily payout keep scrolling higher and higher. How could you not choose to play at “Best World Casino?” (Just once, I’d like to see another running total next to it showing the money being made by the casino in real time) One CT casino is always announcing “another jackpot winner.” No specifics, but another jackpot winner.
The math insists the casino is the big winner. Al Moe, in his article How Casinos Make Money: The Handle, House Edge & More, explains that “Casinos make a profit by offering games of chance where the average payouts are lower than the income produced by the overall wagers.” With so many bells, whistles & lights showing other guest wins on your walk around the casino floor, it makes sense that you can win if they can. And everybody knows you can’t win if you don’t play, right?
Embrace the math – and the math says the Casino Industry is in the business of making money. You should expect to leave a winner 20% of the time or less.
Now, what about Willy & Whinny, the luckiest people on the planet – you know, those people who say they win all the time?. LOL!
I hear that so much that I’m surprised casinos are still in business. Usually I hear it from a third party – “My wife never loses at slots – it’s uncanny.” Or “My brother-in-law told me his cousin’s sister’s mom always wins at blackjack.”
The math tells me to not believe it. Sure, there are lucky sessions, and lucky people, but even playing a $5 slot machine at an approximate house advantage of 95% is going to end up biting you in the butt in the long run. The fact is it is getting more difficult to win – lower VP pay tables, confusing bonus slots with higher volatility, and new table games without knowledge of correct strategies all lead to the road to ruin. So how can there be so many winners?
And then there’s unhappy Harry (or Harriet) – those recreational gamblers who are so annoyed that they never win. What they don’t realize is that at times they might get ahead, they continue playing. They continue to play – unhappily losing and playing forcing themselves to live their self-fulfilled prophecy. Much revolves around how many gamblers love to whine and complain. But gambling addiction is a huge concern if the whining turns into more playing beyond one’s means and bankroll.
What The Research Suggests
Mark Maremont and Alexandra Berzon at the Wall Street Journal analyzed new data that shows that on any given day, the chances of emerging a winner aren’t too bad—the gamblers won money on 30% of the days they wagered. But continuing to gamble is a bad bet. Just 11% of players ended up in the black over the full period, and most of those pocketed less than $150.
This particular study, they said, used 4,222 casino customers of different levels of play. It showed that just 2.8%—or 119 big losers—provided half of the casino’s take, and 10.7% provided 80% of the take. Such revenue concentration long has been quietly acknowledged in the casino industry because it does show that the casino industry takes advantage of high-end addictive gamblers. But that’s a topic for another time.
The fact is, if you want to leave a winner, you need to leave after you win. Sounds obvious? Yes! But, although gamblers know the house has an edge, the average person doesn’t understand that casino games are nibbling machines, and the more nibbles you have, the bigger your losses. The recreational gambler should accept the following:
1) The Casino Industry is in the business of making money. I should expect to leave a winner 20% of the time or less.
2) Bankroll should be determined before a casino visit. Only take what you can afford. The money you win is not “house money” – it’s YOUR money. try leaving when ahead.
3) Don’t believe in absolutes. No one always wins or always loses. But everyone can enjoy gambling on their own terms.
4) Gambling is recreation. Recreation should bring joy, but only if you accept the basic realities of the casino’s take. If Gambling doesn’t make you happy – find another recreational activity. Life’s too short – and gambling can be TOO expensive!
That’s all for now.