Recreational Gambling with Acceptance is the key to your gambling woes. As we say at NETimeGambling, Embrace the Math, Not the Myth – Accept the House Edge.
Many recreational gamblers use exaggerated statements or claims that are meant to be taken literally by the listener. Nonsensical myths and mathematically proven superstitions permeate the gambler-sphere. Three sayings are heard ad nauseam –” I always win,” “I always lose,” and “the casino is/isn’t paying out today.” Let’s take a look at the truth behind these three sayings.
Embrace the Math, Not the Myth
I have no idea how these properties stay afloat with all those casino payouts advertised. Signs as you enter, showing, “millions of dollars paid out!” Just once, I’d like to see another running total saying, “Thank you for your deposit!”
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 With so many bells, whistles & lights showing other guests winning, it convinces you you can do it, too. And everybody knows you can’t win if you don’t play, right?
Embrace the Math, Not the Myth – Accept the House Edge.
“Casinos make a profit by offering games of chance where the average payouts are lower than the income produced by the overall wagers.”Al Moe
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. What about 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, like, “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 not to believe it. “Embrace the math, not the myth.” The fact is it is getting more difficult to win – lower VP paytables, confusing bonus slots with higher volatility, and new table games without the knowledge of correct strategies all lead to the risk of ruin. So how can there be so many winners?
And then there are those recreational gamblers who are annoyed that they never win. These players need a win limit. For example, if you’re ahead, decide on an amount to stop that game ahead. By continuing to play, the casino edge brings their self-fulfilled prophecy of losing.
Embrace the Math
Mark Maremont and Alexandra Berzon at the Wall Street Journal analyzed new data that shows 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 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. This shows that the casino industry takes advantage of high-end gamblers, maybe even problem gamblers.
Gamblers need to embrace the house edge. The recreational gambler needs to understand how casino games are nibbling away at your bankroll. The more nibbles they have, the bigger losses you have. The recreational gambler should accept the following:
- The Casino Industry is in the business of making money. I should expect to leave a winner 20% of the time or less. “Embrace the math, not the myth.”
- The 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.
- Stop believing in absolutes. No one always wins or always loses. But everyone can enjoy gambling on their own terms.
- Gambling is a leisure activity for most of us. Recreation should bring joy, but only if you accept the house edge.
- If Gambling doesn’t make you happy – find another recreational activity. Life’s too short – and gambling can be TOO expensive!
Related Post – Slot Machines, EV & Bankroll
That’s all for now. But remember, “Embrace the math, not the myth.”
About Binbin and NETimeGambling.com
Robin T. Aubin (AKA Binbin at NETimeGambling) has been a guest on Cousin Vito’s Casino Podcast, The Bettor Life Podcast, The Art in the Game Podcast featuring all that is Springfield, Massachusetts. as well as ZorkCast with Michael Trager. As the founder of NETimeGambling.com, he has tried to provide a resource for recreational gamblers featuring New England’s expanding casino market events, gambling promotions, and entertainment. As a professional musician for over 50 years, he has performed in some of New England’s best venues, namely Mohegan Sun’s Wolf Den, Foxwoods’ Atrium Lounge, and Twin River’s Lighthouse Bar & Lounge.
The goal of NETimeGambling is to provide a service and resource for any recreational gambler visiting New England’s expanding casino market and interested in gambling tips, news, advice, and the latest in events, gambling promotions, and entertainment.
Follow us on Twitter at @NETimeGambling, and on Facebook at NETimegambling. Join the New England Casinos Facebook Group and chat about experiences at our New England Casinos.