The truth about gambling is that most people lose money. That’s a fact, not an opinion. But not everyone who gambles loses money. Some people win, some people win big, and some people make a living from gambling. So, what separates the winners from the rest?
In this blog post, I want to look at 13 things you need to know if you want to succeed when you gamble online or offline.
1) There Are No Guarantees
Let’s start with the obvious. There are no guarantees in gambling. Nowhere on earth will you find a magic system or a secret method that always wins. Everyone knows the house always wins because, well, it bloody well better do!
You can’t go into a gambling situation thinking you’re going to win because that’s just naive. Yes, you can improve your odds of winning by playing smart games or using a sound strategy, but there are never any guarantees. If anyone tells you differently, they’re lying or delusional.
2) Know the Odds and the Rules
If you want to win more than you lose, you need to understand the odds of each outcome and the basic rules of whatever game you’re playing. How deep you take the rabbit hole is up to you, but a surface-level understanding of the odds and rules should be compulsory.
For example, if you’re playing roulette, you need to know that 38 numbers are on the wheel and, depending on the bet you place, the odds of hitting that number can range from 26:1 to 1::38. And, obviously, the zero is green.
Similarly, if you’re betting on football, you need to know how points are scored, what a push means, and what happens when the team you bet on is leading but the bookmaker pays out on regulation time only.
One of the biggest mistakes I see casual bettors/gamblers make is placing a bet without knowing what they’re getting into. Sometimes, they like the look of the odds (e.g. +500 = 4/1 fractional = 5.0 decimal) and place the bet without checking the odds of winning that bet. This is a rookie mistake. Always know the odds of winning and losing before you put your hard-earned cash down.
Tropicana Casino Bonus Codes (2023) - Updated Promo Codes3) Set Aside Emotion
Emotions have no place in gambling. Fear, anger, joy, and all the other emotions that make us human can cloud our judgment and lead to bad decisions. Bad decisions cost money. Money that could be in your pocket. So, leave your emotions at home or in the car or somewhere else that isn’t the gambling establishment.
This is harder than it sounds because emotions are part of what makes us human. However, there are ways to dampen those feelings and make better decisions. One of which is to gamble with a stake you can afford to lose and one of which is setting limits. More on that later.
4) Create a Bankroll and Stick to It
A bankroll is a set amount of money you can afford to lose. When you gamble, you use money from this bankroll rather than money you need for everyday expenses such as rent/mortgage payments, food, utility bills, etc. Ideally, your bankroll should be large enough to absorb losses and small enough to force you to value every bet.
For example, if your bankroll is $10,000, you aren’t a high roller and you need to be careful with your bets. A bet of $100 isn’t a big deal, but a bet of $1,000 is risky and could put a serious dent in your bankroll if it loses. I suggest using a percentage system whereby you base your bet size on a percentage of your bankroll. 1%-2% is a good starting point for beginners as it allows you to place a decent number of bets while minimizing risk.
I also suggest breaking your bankroll down into units. $1,000 bankroll = 10 units ($100 each). This makes it easy to track your profits and losses, and it’s much easier to mentally process than dollars and cents. For example, winning three units in one session feels better than winning $300, even though it’s the same thing.
Stake size is relative to the game/bet you’re playing. In general, I suggest basing your stakes on units rather than a percentage of your overall bankroll. So, if you’re playing a slot and one spin is $1, one unit should be $1. If you’re betting on sports, one unit might be worth $10 as the odds are generally better than slots.
The key here is to stick within your means. Don’t increase your stake size because you’re on a winning streak. Don’t increase your stake size because you think you’re due a win. Just don’t do it. Stay within your limits and accept that some days you’ll win and some days you’ll lose.
5) Never Chase Your Losses
Chasing your losses is a surefire way to lose even more money. Let me explain what chasing your losses means.
You turn up at the casino/log onto your favorite online gaming site/place a bet with your local bookie and start playing/spinning/betting. Things aren’t going well, and before you know it, you’ve lost the first few bets/games/spins you played.
At this point, many people think the best way to get their money back is to increase the size of their bets/stakes. This is wrong on so many levels. Firstly, the laws of probability/statistics/whatever you want to call them haven’t changed just because you’ve lost a few bucks. The odds of winning that $5 spin on the slot are exactly the same as they were when you won that $5 spin a few minutes ago.
And that’s the second problem with chasing your losses. That win a few minutes ago wasn’t based on anything other than chance. The slot didn’t owe you that win, and it doesn’t owe you anything. All spins are independent events. What happened last spin /last bet/last hand has absolutely no bearing on what happens next.
So, increasing the size of your bets because you’ve just had a run of losses is pointless and usually ends in tears - and often bankruptcy. Some people flip this on its head and chase wins. In other words, they increase bet sizes after a win. This is just as stupid as chasing losses, for the very reasons explained above.
Don’t chase wins. Don’t chase losses. Just play within your means, enjoy the experience, and remember that statistics are against you in the long run.
online us casino no deposit bonus6) Find Games That Suit Your Style
Everyone is different. Some people prefer slots. Others prefer table games or video poker. Some like sports betting. Others like horse racing. And some like to play scratch cards.
The key is to find games you enjoy playing. Life’s too short to force yourself to play games you don’t like. I don’t like keno, for example, so I don’t play it. Others love it. Whatever floats your boat.
It’s also important to find games that suit your style and budget. Someone with a $1,000 bankroll is not the same as someone with a $10,000 bankroll, no matter how good they are. The latter has more flexibility when it comes to stakes and can absorb bigger losses. The former needs to be more selective and patient.
Games also vary in terms of the odds/RTP/house edge. Some slots are better than others. Some table games offer better odds than others. Learn the intricacies of the games you want to play and choose the ones that give you the best opportunity to win.
Experience also plays a role here. Someone who is new to gambling shouldn’t dive straight into the deep end. They should start with shallow water and work their way up over time. They should also take advantage of free games where possible. For example, most online casinos allow you to play slots and table games in demo mode. You can’t win money, but it gives you a chance to try out games for free.
Finally, I think it’s important to note that you should stick to games you understand. Just because a game looks fun and exciting doesn’t mean you should play it if you don’t get it. Examples include lotteries, scratch cards, and some slots. I’m not saying these games are bad. Far from it. But the truth is that you don’t really have any control over the outcome. It’s all down to luck. Some people like that. Others don’t. Personally, I prefer to play games where I can use a strategy to give myself the best possible chance of winning.
7) Create a Budget
A budget is different from a bankroll. A budget is your monthly/weekly allowance for entertainment/leisure activities. This should cover everything from eating out and going to the movies to buying concert tickets and … gambling.
Some people consider gambling to be a bad word. They label it a vice or a sin and pretend it doesn’t exist. But the truth is that most of us enjoy the odd flutter now and then, whether that’s placing a bet on the big game or spending an hour spinning the reels of your favorite slot.
There’s nothing wrong with gambling as long as you do it responsibly. Part of being responsible is treating it like any other form of entertainment and allocating funds specifically for this purpose.
online casinos paHow much you allocate to gambling is up to you. It depends on your income and personal circumstances. Some people can afford to spend $1,000 a month on gambling. Others might set aside $100 or less. The key is to be honest with yourself and your partner/spouse if you have one. Agree on a set budget and stick to it.
Once you’ve allocated funds for gambling, you can then decide how to split that across various activities. For example, you might use 80% for sports betting and 20% for casino games. Or you might split it 50/50. Again, it’s up to you.
The main thing is that you don’t dip into money that’s earmarked for something else. That’s how people get into trouble. They tell themselves they’ll use next month’s budget to cover this month’s losses, and before you know it, they’re deep in debt and can’t dig themselves out.
8) Use Bonuses & Promotions to Your Advantage
Online casinos, online sportsbooks, and daily fantasy sports sites (DFS) all offer bonuses and promotions to attract new customers and keep existing ones happy. These offers come in many forms, including deposit matches, free plays, reload bonuses, refer-a-friend schemes, and loyalty programs.
But brick-and-mortar casinos offer comps such as free rooms, drinks, and meals based on how much you wager or slide clubs that you can access for free despite not spending a dime.
Now, you must be smart about how you use these offers. Reading the terms and conditions is crucial because they outline the wagering requirements, expiry dates, game restrictions, and other key details you need to know.
In simple terms, wagering requirements dictate how many times you have to wager your bonus before you can withdraw any associated winnings. For example, let’s say you sign up to an online casino and receive a $100 bonus with 30x wagering requirements. That means you have to wager $3,000 before you can withdraw any associated winnings.
Expiry dates dictate how long you have to clear the wagering requirements. If you don’t meet them within the specified period, you lose the bonus and any winnings.
Game restrictions specify which games you can play with bonus funds. For example, it may only be valid on slots, or maybe it’s applicable to live dealer tables but not RNG tables.
The key here is to read the terms carefully and pick offers that suit you and your style. If you can’t meet the wagering requirements or you hate playing slots (which usually contribute 100% to the wagering requirement while other games such as video poker may only contribute 20%), then that offer isn’t for you.
Personally, I focus on offers that expand my options or enhance my chances of winning. For example, boosted odds bets, parlay insurance, and free spins on selected slots.
Always read the T&C to understand the full picture of the promotion and whether it aligns with your goals and strategies.
9) Set Limits & Follow Them
Limits go hand in hand with a bankroll and a budget. They help you stay focused and prevent you from making rash decisions based on emotion. There are several types of limits you can set, including
- Time Limits – Decide how long you’re going to gamble for and stick to it.
- Loss Limits – Decide how much you’re willing to lose and stop when you hit that limit, even if you’ve not been playing for very long.
- Profit Limits – Decide when to cash out and lock in profits. This is tough for a lot of people as the temptation is to carry on and try to win even more money.
- Stake Limits – Only bet a certain percentage of your bankroll or a certain multiple, whichever one comes first.
I recommend setting all of these limits. Obviously, profit limits and loss limits are quite self-explanatory, but stake limits are worth touching on further.
For example, you might have a five unit profit, in which case you cash out when you’ve won five BetOnline units irrespective of how the games/bets/etc are going. Similarly, you might have a three unit loss limit, in which case you stop when you’ve lost three units regardless of how long it takes to reach that figure.
Stake limits are based on the size of your bankroll and your comfort level. A safe bet is to start small and gradually increase your stakes as you become more comfortable with a particular game or betting type. Here’s an example to illustrate how this might work in practice:
-
Bankroll = $1,000
**Units = $100
**Multiplier = 2- 1 Unit bet = $100
- 2 Unit bet = $200
- 3 Unit bet = $300
- 4 Unit bet = $400
- 5 Unit bet = $500
In this example, I would start with 1 unit bets and increase the multiplier if/when I win a 5U bet. So, let’s say I win my first bet. That’s a $100 profit. I can then increase my stake to 2U. If I win another bet, I can increase it again to 3U, and so on.
The idea behind this is that you ride the wins and avoid chasing losses by dropping down a multiplier. For example, if I lost my next bet (still on a total of 5U won), I would drop down to a 1U bet instead of chasing that loss by placing a 4U bet in the hope of winning the money back.
Obviously, this system isn’t foolproof, and it doesn’t guarantee success. However, it does help you stay disciplined and avoid making silly decisions based on emotion.
10) Choose the Right Games/Bets for Your Skill Level
This links back to finding games that suit your style. However, it goes deeper than that. Not only should you play games you enjoy, but you should also choose the right versions of those games and place the right types of bets for your skill level.
What does that mean?
Well, let’s take French Roulette and American Roulette as examples. On the surface, they both involve guessing where a ball will land on a wheel containing 38 numbers. However, the house edges are different. French Roulette has a house edge of 1.35%, whereas the American version has a house edge of 5.26%.
That’s a huge difference, especially over a long period of time. If you don’t mind my mixing metaphors, it’s like running a bath with a tap that leaks compared to one that leaks at a higher rate. Eventually, it doesn’t matter because you’re pouring water down the drain at an alarming rate.
My advice? Play French Roulette if you can find it. If not, avoid American Roulette and look for European Roulette (37 numbers and a house edge of 2.70%).
Another example is sports betting. Point spread bets are popular, but they’re not easy to win with consistently. Totals bets and moneyline bets are slightly easier, especially for beginners.
Furthermore, certain sports are easier to bet on than others. For example, betting on MLB games is tough, but it’s slightly easier than betting on the NFL due to the larger sample size. Baseball involves 162 games per season, and the postseason makes that 163/164/165/… depending on how far your team goes. In contrast, the NFL consists of just 16 games, and the postseason is essentially Lottery 549657 with better commercials.
Long story short, choose the right games/bets/wagers for your skill level. Don’t try and run before you can walk.
11) Study the Players
Poker is a thinking person’s game. Or at least, it is if you want to be successful. An integral part of becoming a successful poker player is learning to study other players.
Tells, both verbal and physical, have been romanticized in movies and TV shows. From James Bond to Molly’s Game, we’ve been led to believe that you can read people like books and use that information to your advantage.
To an extent, this is true. Some players really are as predictable as a paperback. However, not everyone ticks the “tell” box, and relying on them alone is a mug’s game.
So, how should you study opponents?
Firstly, note their playing style. Does he/she play lots of hands/make LOTS of bets/raises, or is their playing card count? Is their betting pattern consistent, or do they vary it? Do they play certain types of hands and fold others without exception? There’s no right or wrong answer here. The key is to identify patterns and use that information to your advantage. For example, if you notice someone playing Ace every hand, you might want to call their bets if you have a strong hand or fold if you think Ace is likely to make something strong.
top uk casinoSecondly, note their results. Did Player X bleed chips for the first two hours of the game but hit a couple of flops hard and is now stacking everyone else? Understanding why certain players are winning/losing can be helpful.
Finally, observe their personality/attitude/body language outside of the game. Are they arrogant? Do they moan about losing? Do they seem uptight or relaxed? Again, there’s no right or wrong answer. But you can use this info to adjust your play. For example, if someone gets tilted every time they lose a hand, you might want to ramp up the aggression and bleed them dry.
Legal US Online Casinos You Need to TryCan you master the art of reading people? I’m not sure anybody can. Some of it is down to instinct. However, the more you watch and pay attention, the more natural it becomes.
12) Be Open to Learning New Skills
The final gambling truth I want to share with you today is to stay open to learning new skills. The second you think you’ve got this gig figured out is the second you become a sitting duck for the house. Because the house always wins ... eventually.
Statistically, you have an advantage over the house in the short term. The laws of probability/statistics/randomness/fairness/whatever you want to call them mean that you will win more frequently and/or for greater amounts than you lose in any given session.
However, over a longer period of time, the house always emerges victorious. The reason is simple: statistics. The more you play, the greater the chance you’ll experience bad runs, bad beats, and unlucky streaks.
Being open to learning new skills helps slow down that inevitable slide into the red. It doesn’t stop it from happening, but it gives you more ammunition to fight the good fight.
For example, learning how to find and exploit plus-EV bets can generate sustainable long-term profits. Alternatively, identifying negative expected value bets and avoiding them like the plague can have the same effect.
Strategies differ between games. Someone looking to master poker has to learn the theory of the game, including hand rankings, betting structures, and optimal play. They also need to study and implement various tactics and strategies, such as bluffing, value betting, and pot control.
Sports bettors need to understand the nuances of different sports, including how points spreads, totals, and moneylines work; how to research teams, players, and stats; and how to factor in variables like home advantage, injuries, and weather conditions.
Even slots, which some people consider to be a game of pure chance, require research. You need to know how RTPs and variance work; how to identify plus-EV machines; and how features like wild symbols, multipliers, and free spins work.
The bottom line is this: you can’t rest on your laurels and expect to win long-term. The house will grind you down eventually, so stay sharp, stay hungry, and keep learning.
Putting It Into Practice
These 12 truths about gambling are not theories. I didn’t pull them out of my behind. I’ve learned them through years of experience. Some of them the hard way.
I still make mistakes. We all do. But by following the advice outlined on this page, you give yourself the best possible chance of winning and reducing the chances of walking away empty-handed.
The final piece of advice I can offer is to view gambling as a form of entertainment rather than a way to pay the rent or buy a new car. Yes, there are people out there who earn a living from gambling, and I take my hat off to them. But it’s a tough road, and it’s not for everyone.
Instead of trying to crack the code, treat gambling like going to the movies, playing golf, buying concert tickets, or going out for dinner. It’s something to enjoy, not something that has to end with you being in profit.
Good luck.
