Poker Winner Blog

Games of Chance and Skill

Casinos offer a choice between games of skill, where the player can affect the outcome; and chance, where players have no input and rely on luck.

Games of chance include roulette, slots and punto banco. Once players have decided what numbers to play there is no further action to take.

Poker and blackjack are games of skill. As players make all the decisions about taking cards, they are able to use their intelligence to win. With games of skill, a combination of knowledge and experience can make the difference between winning and losing.

Understanding the Odds

The odds tell players how much they could win for a particular stake. Odds are quoted for each type of bet in a game. Some odds are printed directly on the betting layout (for example, ‘Insurance pays 2 to 1′ on blackjack tables), but these are only some of the many bets that can be played, each offering different odds.

A sign listing all the odds for a particular game will be on the table, hanging over it, or close by. The list gives the name of the bet and the odds paid, allowing players to decide how they want to bet.

The odds are quoted as two numbers, like 2 to 1, or 8 to 1. The number on the left is the amount won if the number on the right is staked. For odds of 2 to 1, if one chip is staked two chips will be won and the player keeps the stake, so a total of three chips will be won. For odds of 3 to 2, if 1 chip is staked, one and a half chips will be won and the player keeps the stake. Total winnings are therefore two and a half chips. For a five-chip bet on odds of 2 to 1, five multiplies the odds so 2 to 1 becomes 10 to 5. This means that for a five-chip bet, 10 chips are won and the player keeps the stake, giving total winnings of 15 chips.

An alternative way of writing the odds is to put a slash or a colon between the two numbers, so 2 to 1 becomes 2/1 or 2:1.

Evens

The odds of evens are an exception, as no numbers are quoted. It is actually odds of one to one (1/1) and is often called ‘even money’. The outside bets on roulette (black, red; even, odd; high, low) are often called the even chances because they pay odds of evens. A $10 bet on an even chance pays $20. ($10 is the winnings and $10 is the returned stake.)

Understanding Probability

If a coin is tossed, there is a 50 per cent chance that it will land on heads and a 50 per cent chance that it will land on tails. However this does not mean that if you toss a coin 100 times it will actually land 50 times on heads and 50 times on tails. After a large number of tosses the number of heads and tails will be approximately equal, but there is no way that the outcome of one particular toss can be predicted.

When betting on roulette many players make the mistake of assuming that because a number has not been spun for a long time it must be due. Over time it will be spun again, but a player could wait all night for a specific number to come up.

House Advantage

The odds paid by casinos for winning bets on most games are not the true chances of winning the game. Casinos make a profit by paying out bets at odds that are less than the true chances of winning. This difference is called the ‘house advantage‘ or ‘edge’, and it is usually stated as a percentage.

The house advantage for different games varies (see table opposite). For some games, such as blackjack, an average is quoted, as the house advantage changes throughout the game.

Using roulette as an example, you can see how the house advantage works. A roulette wheel with one zero is marked with the numbers 1-36 inclusive, plus zero. This gives a possible 37 numbers that can be spun. By placing a bet on every single number, players can guarantee that they will have a win. This would cost the player 37 chips. The player will be paid odds of 35 to 1 for the winning number. That means he or she would win 36 (35 + 1) chips. However since it cost 37 chips the player has actually lost one chip. If a player continues in this manner eventually all his or her chips will end up with the casino, as every spin of the wheel would cost one chip.

Casinos come off even better on a roulette wheel with two zeros. Now there are 38 numbers – but the odds paid for a winning number remain the same at 35 to 1. If one chip is bet on every number, the casino wins two chips on every spin of the wheel. By adding an extra zero, the casino has doubled its profits.

Commission

On games such as dice and punto banco, the casino pays true odds on some bets, but charges a commission on the pay out. This is usually a percentage of the stake, but is sometimes a percentage of the winnings.

In poker, where players bet among themselves, the casino charges either a percentage of the pot or an hourly rate. Poker is open to many ways of cheating, but by using casino facilities, players can ensure they are playing fair games.

Setting a Stake Level

Your gaming budget will determine your stake level. If you start with $1000 for example, betting one chip per spin on a $10 roulette table will last 100 spins. With a spin a minute you will be able to gamble for at least an hour and 40 minutes. If you bet 10 chips per spin you could lose your money in 10 minutes.

The ideal is to determine in advance how much you intend to spend and how long you would like to play for, and then place bets at a stake level and frequency that will allow you to enjoy your gaming.

On roulette, although it is tempting to bet on every spin, players are not obliged to do so and you will have more time to think if you bet less frequently.

On blackjack you may also bet on another player’s hand. While learning the game this is a good tactic as it offers a useful way of gaining experience if you are not yet confident in your ability to play.

Checking Payouts

Learn how to calculate the winnings on your bets. Due to the speed at which the games are dealt, casinos can make mistakes. Winning bets get missed and pay outs are incorrectly calculated.

Confusion can arise when chips are worth more than one stake unit. The inspector checks only large pay outs. If you disagree with a pay out, query it with the inspector. If necessary the camera can be checked to verify your claim.

Keeping Records

Keep a notebook to record your gambling and to help you judge how well you are playing. It is very easy to delude yourself into thinking that you do not lose. If your records reveal that you are losing too much, then you can analyze what is going wrong and take measures to reduce your losses. Maybe you need more practice or you need to modify your betting strategy.

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