There’s more to casinos than just luck. Whether they are online, or brick and mortar establishments, casinos are full of games of chance, probability and statistics. However, where statistics are involved, there are also strategies to help sway the odds to become in our favour.
Some punters develop their own strategies, basing their logic on their own personal previous experiences; some follow the trends of others, and there are also a select few (mainly MIT students) who study probability and casino games in such depth that they can begin to predict and see patterns.
Whilst the success of some MIT students’ strategies is proven, other common strategies can be questionable to say the least.
‘The Monte Carlo Fallacy’
The Monte Carlo fallacy demonstrates the human need for, and tendency to assume, balance in a given situation. Most commonly used as a strategy in the popular casino game, roulette, but it is also used in card games too. When the same pattern appears numerous times (i.e. in roulette the ball keeps landing on red), the player starts placing high wagers on the opposite colour (i.e. black), as ‘it must be due’. Although this strategy doesn’t damage your chances, it doesn’t help them either, as even if the red has come up 10 times in a row, the probability of each colour is still evenly distributed.
‘The Long Shot’
Another common strategy based on a psychological human biased is known as ‘the long shot’. We have a tendency to overestimate the chance of long shots being successful. This is a common pitfall strategy in sports betting such as horse racing, as well as casino games. There might be a better pay-out at the end if the tactic pays off, but the chances of that actually happening are often majorly reduced.
‘What Goes Up, Needs to Come Down’
More of a psychological tendency than a conscious strategic decision, ‘gambler ruin’ is one to keep your eye on. When punters win a hand of poker, or a round of roulette, they tend to increase the wager that they’re risking. This side of the strategy make sense, as you are investing your new profits back into the game. However, when a punter loses a game, they don’t decrease the money they are playing with. Mathematically speaking – this will always result in bankruptcy.
Now you know some of the common pitfalls of casino strategies to avoid, why not have a go for yourself online.