Recreational Gambling and Acceptance

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.

Binbin

What is a Video Poker Penalty Card? – The Monday Link

I have heard friends and colleagues speak about a renewed interest in video poker, with some gamblers delving into the skill of video poker strategy. Some podcast colleagues such as Tim Lawson in His “The Bettor Life” and Christopher DiMauro at “Art in the Game” have mentioned their new interest in VP and the paytables involved.  check out their podcasts.

Whether you play for your personal enjoyment, or play as the best way to play that free slot play the casino gives you, knowing the strategy of the game you play will give you a better chance to cash out a winner. Playing full-pay Jacks or Better is a great find to play you can find it, but if you don’t practice perfect strategy, you can decrease your payout probability to that of 6/5 JOB.

Strategy cards are available and legal.

In advanced VP strategy, penalty cards are important considerations.  Knowing the difference when to draw to a flush in 8/5 & 9/6 is a significant step in your Video Poker play.

“What is a penalty card in video poker?”

John Robison is an expert on slot machines and how to play them. John is a slot and video poker columnist and has written for many of gaming’s leading publications. He holds a master’s degree in computer science from the prestigious Stevens Institute of Technology.

You may hear John give his slot and video poker tips live on The Good Times Show, hosted by Rudi Schiffer and Mike Schiffer, which is broadcast from Memphis on KXIQ 1180AM Friday afternoon from from 2PM to 5PM Central Time. John is on the show from 4:30 to 5.

John is a prolific expert concerning slots and video poker.  Enjoy many of his excellent posts at John Robinson Casino City Archives.

Remember, “Embrace the Math, not the Myth.”

Binbin

Valentine’s Day in New England’s Casinos

Love is in the air. It’s time to share your casino experience with your significant other. We have such great dining and amenities to take advantage of for Valentine’s Day in our New England Casinos. Don’t forget gift cards to the wonderful spas at Foxwoods, Mohegan Sun, and MGM Springfield.

Here are offers, dining and events to consider.


FOXWOODS RESORT CASINO, Mashantucket CT

RED LANTERN – SUSHI MAKING CLASS, February 9 & 16, 1pm – 3pm
$175 Per Couple. 
Includes Appetizers, Hands-On Sushi Instruction, Beverage Pairings, and VIP Admission to Shrine Nightclub.

Dining Specials at CAPUTO TRATTORIA, CEDARS STEAKHOUSE & OYSTER BAR, DAVID BURKE PRIME STEAKHOUSE, VERANDA CAFÉ, GOLDEN DRAGON, & VUE 24

February 17 – ROYAL ROSÉ TASTING. Celebrating all things Rosé with tastings, live music, Insta-Worthy moments and more. Enjoy Rosé in all its glory including Rosé wine, Rosé vodka, Rosé champagne and others Rosé-themed libations. Let our Rosé Wonderland take you to a world of wines, spirits and delectable food offerings



MGM SPRINGFIELD, Springfield MA

Chandler Steakhouse

Entertainment: 

  • The Lalas – A Valentine’s Day Burlesque Show. MGM Presents The Lalas in the Aria ballroom on February 14, 2019. We recommend that this show is appropriate for guests the age of 18 or older.
  • Dry Bar Comedy Tour -Thu • Feb 14 • 8:00 PM. The Armory at MGM Springfield. The comedians who’ve generated over 1 billion online views and millions of fans bring their clean “Comedy For Everyone” to clubs and theaters on a nationwide tour.
Anti-Valentine’s Day Party at TAP  Sports Bar – February 14, 2019; 9:00 PM – 1:00 AM
Lobby Bar – February 14, 2019. 5:00 PM – 7:00 PM. Enjoy some specialty cocktails with that special someone. Enjoy a special tasting by Veuve Clicquot as well as our Valentine’s Day Special Cocktail “Two Less Fish (In The Sea)”
Dining Specials – The Chandler Steakhouse & Cal Mare


MOHEGAN SUN Resort Casino, Uncasville CT

Taughannick Falls, part of Todd English’s Tuscany

Valentine’s Day Chocolate Distribution. Thursday, February 14th. The Shops Concourse
Distribution begins at 11:00am, while supplies last.

ENTERTAINMENT

Dining Specials at BALLO Italian RestaurantBobby Flay’s Bar AmericainBen & Jerry’sMichael Jordan’s 23.sportcafeMichael Jordan’s Steak HouseSolToroThe Lansdowne Irish Pub & Music HouseTodd English’s Tuscany

SHOPPING – Godiva Valentine’s Day specialty items:
New freshly dipped strawberry options
– Freshly made heart-shaped “lollipops”
– Freshly made truffle pops
– Pre order your 6 or 12 piece stem berry boxes by February 11th and receive a discount



OXFORD CASINO & Hotel, Oxford ME

Valentine’s Day Buffet – Thursday, February 14, 2019. 5:00pm – 9:00pm $24.95 per person



Plainridge Park Casino & Raceway, Plainville MA

CHOCOLATE BAR GIVEAWAY – February 14th in the Promo Zone.Earn 100 tier points on February 14 to claim your Chocolate Bar in the Promo Zone. Each bar contains a Golden Ticket of up to $1,000 Free SlotPlay



Tiverton Casino & Hotel, Tiverton RI

Dining Specials at Trattoria RomanaTuscan Chophouse



Twin River Casino & Hotel, Lincoln RI

Twin River STAYCATION – Rates Starting at:$145*/night (Sun – Thu) $235*/night (Fri – Sat). Includes: Hotel Room (King, 2 Queen, Murphy or ADA Room), $50 Food & Beverage Gift Card (applicable at any outlet including Fred & Steve’s), $20 Free Play. Call 800.874.3669

 

Happy Valentine’s Day everyone.