Gamblers know that the notion of the house edge in that they can never win 100% of their earnings. For instance, if you play the game of roulette, may it be in a land-based casino or an online casino, there are a total of 37 numbers and what you can essentially get back is 97.3% since the remaining 2.7% will be given to the casino. That is just the very nature of gambling institutions.
Every game has a different house edge percentage. There are some have pretty high ones like Keno and there are also those that are kept to a minimum like Blackjack (and that is why people love playing the said game because of that).
The reason why gamblers really do not win in the end is that the percentage of your winnings will ultimately favor ‘the house’. Sure, you might experience a streak of wins but I am willing to bet (no pun intended) that you will lose consecutively in the future as well.
Another great example of the house edge is the Powerball lotto. For every $100 that you place as your bet, the institution will only pay you 60% of that (which is essentially $60). What happens to the $40? Well, they get to keep it for themselves.
How about for sports betting or horse race betting? Well, the house edge will actually be determined by the bookies, so you could say that it is highly subjective. For instance, if they are backing a certain horse and sets the amount to 20% of the bet, then that would mean that he gets 10% to himself (for every bet that was made).
Now, why do you think I am talking numbers here instead of strategies or whatnot? Well, that is because I want to illustrate that gambling is essentially a numbers game and that if you want to have a much bigger chance of winning, you have to use your brain; not your heart.
Emotions Are Good, But Being Rational is Better
One of the reasons why punters or gamblers gamble is that they always want that feeling of uncertainty. According to various studies, it is this component that allows one to experience an intense feeling of elation, especially if they’ve won the game. Although emotions are good in gambling, being rational is better (especially if your intent is to win games).
Casinos always devise a plan to entice people to keep on gambling. For instance, they make the lights ever so bright as to give the impression that the person is a winner (despite the many losses that they might have incurred).
In addition, sports bettors or punters might use their emotions as a means of telling them if they should continue betting or not. In most cases, they continue to do so even if the odds are not in their favor.
If you are going to ever win in betting or gambling, it is important to be rational at all times. Study mathematical tables, probabilities, and strategy and I promise you that your winning ratio will increase further.