Betting strategies are kind of like urban myths. Everybody seems to know somebody who knows somebody who swears they tried one and it worked. There are many DVDs, books, websites and more sold by people who claim to know the betting strategies that will help you beat the casino.
They are nothing more than snake oil salesmen. No betting strategy will beat the odds. Every one of them has been debunked through a statistical analysis.
One popular strategy is the Martingale strategy, which is basically to double your bet every time you lose. The thinking is that if you double your bet each time you lose, once you win you will make all of your money back and then some. In reality, though, you are most likely to simply run out of your bankroll a lot faster. A statistical analysis shows that you are better off using flat betting.
Betting strategies are usually concocted in an attempt to beat games of chance, such as craps and roulette. In truth, there is nothing – nothing – you can do to lower the house edge on games of chance. The odds are the odds no matter how you bet.
Don’t Be Greedy
We see it all the time on popular game shows like Deal or No Deal and Who Wants to Be a Millionaire? The players are doing very well and have earned a ton of money – more than they could have possibly imagined ever making during a single night. They have the opportunity to walk away with their winnings, but instead, the promise of an even bigger prize is too good to pass up.
Therefore, they risk the big money they have already won and end up, due to making a bad decision, losing everything. The same thing happens in casinos on a regular basis. It all goes back to that old saying: A bird in the hand is worth two in the bush.
If you make a lot of money at the craps table, it’s very tempting to take all of that money and wager it in an attempt to double your winnings, but since the house edge is still working against you, you are more likely to lose that money than to double it. Wise money management would say to lock up the profit.
Gamble only with the amount of money you walked into the casino with and don’t spend any of the winnings you receive. If you’re unwilling to do that, you should at least save some of the winnings instead of betting it all. Quitting while you’re ahead is good money management.
Remain in Control
The key to good money management in a casino is to keep your cool and remain in control. If you’re on a hot streak, some people think you should take all of that money you’re winning and wager it. If the streak continues, your money will grow exponentially. The problem is that all streaks eventually end and if you take this strategy, you will end up giving your winnings right back to the house.
Conversely, another mistake people make when they’re not in control is chasing losses. If you’re on a losing streak, you might assume that you’re due for a good run and increase your wager. In all probability, you will simply lose faster. Regardless of what kind of streak you’re on, you have the same house edge, so if you play long enough, your odds remain the same.