Most of us, we go to play in casinos for fun to mingle around with the crowd and we know that the money we wager is paid to the casinos for the fun we have. Some however, believe that casinos can provide them with decent living, because they believe that they can win money in casinos permanently.
Myself, I never tried to become a professional gambler and make my living by spinning reels and counting cards at Blackjack. But, there is a fundamental thing that a gambler should know.
There are two types of games: Games of Chance and Games of Skill.
Game of chance is a game in which there is no chance to constantly win money, as the probability is always determined in favor of the casino. The classic example is a game of Roulette. You can try to bet a thousand times on red for instance, and you may think that you are guaranteed to win at least 500 times and it’s a 50/50 chance. However, Roulette also contains a 0 which decreases the chance of winning and it’s not 50/50 anymore.
In this type of games, the outcome of each event is independent. Roulette, craps, slots are all games of chance. The key factor here is that each time you spin the reel or toss the dice, it is not affected by anything that happened before and it does not have any effect on what will happen in the future.
What does this mean? Well, it means that as a player, there is not much you can do to improve the odds in your favor. The only thing you could do is make bets based on the probability of a given outcome. For example, if you play craps, you should know that probability of the player to toss a 2, 3 or 12 is almost 12%, but the probability of tossing a 7 is 17%.
The outcome in games of chance is random, and there is no pattern that predetermines anything. It’s like flipping a coin. You can flip it five times and get heads all five times, but the probability still remains 50/50. You may notice similar patterns in any other game of chance such as slots and craps, where the same numbers will come up often, but don’t be fooled. These numbers are just as random as the outcomes themselves.
The games of chances include: Roulette, Craps, Slots, Baccarat, Sec Bo, Keno, 3-card poker.
Games of skill on the other hand is where player’s knowledge and competency can influence the odds in their favor. Poker and Blackjack are the two classics that represent the games of skill. As a skillful Poker player, you know better which hand to play and which to throw away.
The games of skill include: Most of varieties of Poker, Blackjack, Sports Betting.
Usually, the more time you play and the more skill you gain, the more your win rate improves. In the next articles, I will tell more in detail on how players improve their winning rates based on several basic techniques.