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It is the first comprehensive discussion of these issues available on the market. Academic Press Format Available: Early in his rise to enlightenment, man invented a concept that has since been variously viewed as a vice, a crime, a business, a pleasure, a type of magic, a disease, a folly, a weakness, a form of sexual substitution, an expression of the human instinct.
Recent advances in the field, particularly Parrondo's paradox, have triggered a surge of interest in the statistical and mathematical theory behind gambling.
This interest was acknowledge in the motion picture, "21," inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos.
Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching to blackjack, from Tic-Tac-Toe to the stock market including Edward Thorp's warrant-hedging analysis.
He even considers whether statistical inference can shed light on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study.
Comprehensive and exciting analysis of all major casino games and variants Covers a wide range of interesting topics not covered in other books on the subject Depth and breadth of its material is unique compared to other books of this nature Richard Epstein's website: Elsevier Health Sciences Format Available: This textbook draws on real world, health-related and local examples, with a broad appeal to the Health Sciences student.
It demonstrates how an understanding of statistics is useful in the real world, as well as in statistics exams. Written in recognition of Health Sciences courses which require knowledge of statistical literacy, this book guides the reader to an understanding of why, as well as how and when to use statistics.
A study conducted at the Department of Obstetrics and Gynecology, University of Utah School of Medicine, explored whether there might be a systematic bias affecting the results of genetic specimen tests, which could affect their generalizability.
But the larger casinos have super-sized rooms full of amenities designed for anyone willing to put his money where his mouth is. The newer places, such as the Wynn in Las Vegas, really roll out the red carpet for bettors.
Their sports book features leather sofas, couches, and chairs that are so comfortable, you could fall asleep there. Before you doze off, read Chapter 15, which tells you everything you need to know about sports betting, from deciphering the odds, to placing a bet, to hopefully!
Not ready to place a bet just yet? The sports books are open to everyone. You can pay and tip them with chips from the casino or cash.
You need to visit one of the many restaurants to chow down. Highly trained and supremely trusted casino employees handle more cash each shift than most people see in a lifetime.
This location also offers a beneficial side effect that casinos are happy to take advantage of. Casinos typically locate them along the sides of the rooms to allow the more valuable floor space for games.
Here, much like at a bank, one or more tellers deal with the public through a window. Depending on how big a player you are and the type of games you want to attack, you may want to ask for a line of credit.
These workers simultaneously cater to the needs of the guests and the casino owners. No matter who they are, the casino employees all have one goal in common: In this section, I introduce you to the pleasant cast of characters you may encounter, and I explain their unique roles.
Serving the table players As you explore the responsibilities of the various casino personnel, it helps to split the casino into two parts: The casino arranges the tables in clusters, similar to wagon trains encircled to protect against an attack.
These groups of tables are known as pits. Each pit is designed to be an autonomous, fully functioning business, equipped with a variety of table games and a small community of casino personnel that is always willing to usher your dollar bills into the casino coffers.
Pit bosses Pit bosses are smartly attired, experienced professionals who are responsible for all the gaming operations in their assigned pits.
As the name implies, pit bosses are just that: Theirs is a very detail-oriented job, requiring not only intimate knowledge of all aspects of the games but also the ability to keep track of thousands of dollars flowing through their spheres of influence.
Winning or losing vast sums of money often ignites supercharged emotions. The pit boss is there to congratulate as well as to calm, to soothe as well as to strong-arm.
Floorpersons Reporting to each pit boss see the previous section are several other suits known as floorpersons. The main difference from pit bosses is that floorpersons Chapter 2: Taking a Quick Stroll Through the Casino are in charge of only a couple of tables in the pit and report directly to the pit boss.
Both of them make sure that proper casino procedure is followed. These procedures include refilling dealer chip racks, monitoring markers, and handing out comps, all while remaining cool and calm.
Dealers For most people, gambling is a social sport. Because the machine games are a more solitary venture, many players prefer the camaraderie of table gaming.
Dealers are at the center of this emotional wheel of fun. Excellent customerservice skills are a requirement; after all, dealers stand on the front line when it comes to irate, belligerent, or inebriated gamblers.
Even during high-pressure situations, dealers must promote a relaxed and pleasant atmosphere. Dealers have their fingers on the pulse of the casino — figuratively and literally.
Their hands, after all, deal the blackjacks and the full houses and take the money you lose or pay off your winners. Theirs is a high-pressure job with a demanding audience.
Overseeing several players at a table, dealers must be confident in their gambling knowledge. They must know who wins, who loses, and how much to pay out on each hand.
Many gamers mistakenly believe that dealers simply shuffle and deal cards, but dealers must also handle dice, chips, and money — accurately and quickly.
Dealers have a wide range of personalities. Some are polite and ebullient, others efficient and brusque.
You can spot a good dealer by his or her smile, humor, demeanor, and often the size of the crowd at the table. When you find one you like, sit down, but remember the dealer has no control over the outcome.
Most dealers prefer that you win because they make their money primarily from tips. The reel dealers The average American casino makes nearly two-thirds of its profits from its various slot machines.
Much is at stake along the rows and rows of clingclanging slot machines and electronic games. Therefore, casinos are diligent when it comes to maintaining and stocking them for long-term play.
Just like the pit bosses and dealers who watch over the table games see the previous section , the staff members assigned to the slot machines — the slot attendants and the slot supervisors — keep a careful eye on their vast realm.
Slot machine attendants are on constant vigil, ever watchful for the next jackpot or flashing light requesting service. However, if a machine needs repair, the slot attendant calls a slot technician.
Slot supervisors The slot supervisor rules the realm of the slot machines, managing employees and overseeing the maintenance and upkeep of the machines.
The slot supervisor generally has several slot attendants as direct reports. Running the tables In addition to the employees who ensure the smooth-running operations on the floor, a host of other casino personnel contribute to the success of the house.
As a beginning casino player, you may not come into contact with any of these people. However, if you do, management employees, such as the casino host, may become familiar and friendly faces.
Casino hosts Modern casino hosts best resemble a successful hotel concierge: Whether dealing with new guests, loyal customers, or high rollers, the casino host focuses on service, service, and more service.
Hitting the jackpot, baby! For those rare but exciting payoffs when you defy the gods of gambling and win more than the machine can pay out, a slot attendant — and, in some cases, the supervisor — responds to your flashing machine.
The slot attendant arrives with a big wad of cash to ceremoniously peel off the bills, one Franklin at a time, to you, the happy winner. Taking a Quick Stroll Through the Casino A typical casino host is an affable and professional employee whose mission is to serve your every need.
Hosts are hands-on people who greet VIP guests at the door and pamper them throughout their stay. But even low rollers can make a relationship with the casino host profitable.
Keep the following in mind: Find your favorite gambling locale and stick to it. The players who get comps are the ones who ask the casino host. Player development is all about forming relationships.
Casino hosts are eager to wine and dine you if they believe they can create player loyalty through these lavish perks. Other managers As in other walks of life, every casino employee has to report to somebody, and those somebodies are the shift managers.
The shift managers then report to the casino manager. As the name implies, shift managers are responsible for their areas of casino expertise such as slots or table games during a particular shift day, swing, and graveyard.
When player disputes arise, money needs to be accounted for or items need to be authorized; the shift manager takes on these duties as well.
Shift managers are responsible for employee schedules, customer service, comps, credit, and a host of other duties that make for a mind-boggling job.
Everything You Need to Know to Start The only position above the shift manager is the casino manager. The only time you may ever interact with the manager is if you win enough money to buy the casino.
Security staffs have a two-pronged task: For instance, some guests are also out to separate a casino from its money, either through cheating or through faking an injury in crowded conditions.
The responsibilities of security employees range from viewing the rows of surveillance cameras in high-tech rooms to patrolling the casino floors, constantly on vigil for fights, thieves, drunks, and other disturbances.
Taking a Quick Stroll Through the Casino Surprisingly, security also keeps a close eye on the help — casino employees have initiated many cheating scams over the years.
Even though every casino is different, security staff typically wear a uniform that is quasi-military, with a shirt that says SECURITY or at least a nametag or badge that identifies them as such.
Other identifying features include a walkie-talkie, a badge, and possibly a gun. Bigger hotels can have several dozen security officers working at the busiest times of day and a supervisor in each major area of the casino who manages the team.
Security supervisors must wear many hats, including the hat of a diplomat. Their staff is on the front lines, both protecting and ejecting guests, and when the occasional temper flares or a misunderstanding arises, the security supervisor must wade in to render an on-the-spot verdict.
The eye in the sky On-site security personnel at a casino can only see so much when trying to protect the casino and its guests. To assist them in their daily rounds, security personnel rely on electronic surveillance — the eye in the sky.
One-way glass conceals thousands of digital cameras in any casino. Some are hidden where you least expect them. Others are prominent, large, and noticeable so that they serve as warnings.
On-site security personnel can view banks of television screens to identify cheats and save casinos millions of dollars each year.
The cameras capture his attempt, and the thief is quickly arrested. In less obvious but equally common situations, security personnel carefully observe, identify, and apprehend cheats and cons.
Although most surveillance is for the detection and prevention of cheating and swindling, the eye in the sky also protects honest gamblers from slick crooks prowling the casino for easy prey.
The newer casinos have cameras outside the building, such as in the parking garages, to cast the safety net farther for you.
Everything You Need to Know to Start Taking safety into your own hands The modern casino should be a carefree environment where you forget your troubles, spend money, and — with hope — win some money back.
Unfortunately, where innocent, naive, and trusting people congregate in great numbers — surrounded by huge amounts of disposable income — the predators of society gather as well.
Thieves are on the prowl for ways to separate you or even the casinos from hard-earned cash. Although casinos implement the most stringent security measures and the latest in state-of-the-art surveillance technology, you, as a prudent casino guest, should assume responsibility for your own safety.
The following tips can help you avoid becoming a victim of a casino predator: Chapter 3 Probability, Odds, and a Bit of Luck: Sounds like the intro to a lecture in higher mathematics?
A Temporary Fluctuation Unfortunately, too many newbie gamblers rely on luck to guide their experiences. Casinos can be an easy place to burn through money, so your best chance for hanging on to that hard-earned cash is through a little dose of 40 Part I: The term luck can describe many situations, especially in gambling.
Someone may have a lucky run at the baccarat table, or maybe your Aunt Rosemary plays a lucky slot machine that never loses.
But in order to have a realistic perspective of your chances in the casino, you need to view luck in rational and mathematical terms: Luck is a temporary fluctuation or deviation from the norm.
In the short run, you may perceive that you got real lucky when the dealer busted eight hands in a row at blackjack.
But in reality, such an event is just normal fluctuation — also known as a random walk — such as when the stock market drifts one direction or another.
Yet over the short run, anything can happen. In a purely mathematical sense, neither of these results has anything to do with luck.
They are simply the normal consequences of fluctuation. For example, try flipping a coin. Half the time it should be tails and half heads. But over a short-term sampling, it can veer far away from 50 percent.
Understanding the Role of Probability Millions of merry gamblers frequent casinos all over the world every day without a clear understanding of one important concept — probability.
But an elementary understanding of probability is certainly helpful in making sound gambling choices. Probability is the study of the laws of chance, the identification of how often certain events can be expected to occur.
So, 1-to-1 odds means the event is an even money event; it has an equal chance of occurring or not occurring. Identifying independent events Another important term to understand here is independent outcomes.
Being independent has nothing to do with successfully ditching your loser boyfriend in the keno lounge. Craps and roulette are great examples.
Slot machines are also independent. Recent jackpots do not change the likelihood of the same combination coming up again.
If your chances of lining up three cherries are 5, to 1 and you just hit the jackpot, the three cherries have exactly the same chances of appearing on the very next spin.
Recognizing dependent events So you may be asking yourself, what constitutes a nonindependent or dependent event?
Dependent events are occurrences that are more or less likely based on the previous occurrences. Imagine a bag of five black balls and five red balls.
Before you pull a ball out, you know you have a 50 percent chance of pulling out a black ball and the same odds of pulling out a red ball.
Then you reach in and pull out one red ball and toss it aside. Now the odds have changed — you no longer have a 50 percent chance of pulling either ball.
Your chances of pulling out a black ball are now greater 56 percent. So in some situations, the past does affect the future. Another classic example is the game of blackjack.
For example, your chances for getting a blackjack drop dramatically when a disproportionate number of aces are used up. Almost all casino games consist of cards, dice, spinning wheels, or reels.
These games almost always yield independent events. Blackjack is the rare exception, which is the main reason for its popularity. Everything You Need to Know To Start Factoring in the odds To be a successful gambler, you must understand the intersection of statistics, probability, and the odds.
The best example to start with is the coin flip. You probably know that heads and tails each have a shot at turning up.
As I say in the previous section, you can communicate the probability of the flip in terms of odds. In the case of a two-sided coin, your odds of flipping heads are 1 to 1.
In other words, with two possible events outcomes , you have one chance to fail and one chance to succeed. Consider the roll of a sixsided die.
The ratio is 1 in 6, so the odds are 5 to 1. For example, the amount of money a bet pays compared to the initial bet are sometimes called odds too. True odds refer to the actual chance that a specific occurrence will happen, which is usually different from the casino payout odds.
House Edge The seasoned gambler can count on true odds to dictate the chances of winning a particular game, right? And like all successful enterprises, they follow reliable business models.
With their intimate understanding of probability and odds, casino owners guarantee themselves a healthy bottom line.
The house edge sometimes known as the casino advantage or house advantage by definition is the small percentage of all wagers that the casino expects to win.
Every game has a different house edge, and even certain bets within a single game have a better house edge than other bets. To put it a different way, casinos expect to pay out slightly less money to winning bettors than they take in from losing bettors.
The laws of probability tell casinos how often certain bets win relative to how often they lose. What You Need to Succeed then calculate the payout odds based on the winning probabilities, or true odds.
The payouts are typically smaller than the true odds, ensuring that, with enough betting action, the casino will take in a certain amount with every dollar wagered.
As you can see, the higher the house edge, the more you can expect to lose. For example, you cut your losses by 80 percent if you switch from roulette to baccarat!
Also, the edge for many games, such as video poker or blackjack, varies depending on the particular type and version you find and on how skillfully you play.
Check out the specific chapters later in this book for detailed strategies. This next section looks at the three methods that casinos utilize to assist themselves in performing profitably.
Charging a fee With some games, casinos charge a fee, or commission. Baccarat is a perfect example. This fee tilts the odds slightly in favor of the house and ensures that the casino makes a profit at this popular table game.
Another example of fees is in sports betting. The house adds what is called vigorish or vig a commission to every wager check out Chapter 15 for more on the vig.
With 38 numbers on the wheel, your odds of guessing the winning number are 37 to 1. But, wait a minute. What happened to the true odds of 37 to 1? The fact is, even though you win, your payoff is less than the true odds.
Muddying the odds Casinos offer three types of games — games with fixed odds, games with variable odds, and games where skill can affect the odds. They all have different styles of play and appeal to different kinds of gamblers.
Although you should naturally gravitate toward the games that are the most fun for you, you need to be clear on the three classes of games. Games with variable odds In this classification, the odds change, depending on how well gamblers play their cards or place their bets.
Several of these games may yield better odds Chapter 3: What You Need to Succeed for smarter players. But the gain in these games can only go so far because over the long run, the odds still strongly favor the house.
Gamblers actually have a chance to win money in the long run. Winning requires study, discipline, patience, and practice. Here are the games where skill can get you over the hump: With dice, for example, you have 36 different combinations, and the odds are to-1 for each combination.
But with other games, the odds can be impossible to calculate. Take slots, for example: The thousands of possible reel combinations and ever-changing progressive jackpots make it difficult for anyone to calculate the odds of winning.
One of the most confusing aspects of odds is the difference between for and to. For example, in video poker a flush pays 6 for 1, which means your win of six coins includes your original wager.
So your actual profit is only five coins. However, if the bet pays 6 to 1, your odds are better. Your profit is six and your total return is seven your win plus your original wager.
This small detail may seem like a silly case of semantics, but it can make a big difference in your payout.
Everything You Need to Know To Start This section ties together the joint concepts of payout odds and true odds that will get you on the road to understanding the house edge or advantage.
Identifying payoff odds In almost all cases, the payoffs favor the house, and you lose in the long run. However, some unusual situations arise that give astute gamblers an edge.
Zero expectation A zero expectation bet has no edge — for the house or the player. This balance means that both sides can break even in the long run.
For example, if you remove the two extra green numbers 0 and 00 from the roulette wheel, the game now becomes a zero expectation game because it has 36 numbers, 18 red and 18 black.
Any bet on red or black would be a zero expectation bet. In other words, when you bet on one color, your chances for winning and losing are equal, just like flipping a coin.
In order to make a profit, they need to add in those two extra green numbers to change the odds in roulette. So your even money bet moves from a zero expectation to a negative expectation.
It may not happen right then. You may defy the bad odds for a while and win, but over time you will lose. Craps provides another good example.
Say you bet that the dice will total seven on the next throw. If you win, you are paid 4 to 1. That difference may not sound like a major change, but the house edge on that bet is a whopping And a negative expectation bet for you is a positive for the casino.
Positive expectation In a positive expectation bet, the tables are turned on the house so that the players have the advantage.
What You Need to Succeed a positive expectation for the gambler, but surprisingly, some are out there. One example is in tournaments, where, in many situations, more money is paid out by the casino than is taken in.
I detail a few of these opportunities in Chapters In most casino games, the house has the edge. But you can get an edge over the casino in two ways: You can often find match play coupons in the free fun books distributed by many casinos.
Rip these coupons out and tuck them underneath your bet. In most cases, they essentially double your wager without having to risk any more money.
Promotions can be the best way to secure a positive expectation. Here are a couple of examples: I have played at several casinos where they changed the rules for a short period of time and paid out 2 to 1 on all blackjacks.
This change tipped the odds enough so that even basic-strategy players had nearly a 2 percent edge over the house.
Twice an hour, for a short period of time approximately 30 seconds , they generously doubled the payout on certain jackpots.
Most people shrugged off this opportunity as just another marketing gimmick, but it was very lucrative. A friend of mine made six figures a year there playing only a few minutes every hour.
However, one helpful resource for casino promotions and coupons is the Las Vegas Advisor see Appendix B. Another tactic is signing up for casino mailing lists to keep abreast of upcoming special events.
Avoiding Myths, Magic, and Other Superstitions Perhaps the biggest mistake for novice gamblers is making a betting decision based on superstitions or instincts rather than facts.
I can assure you that poker superstars such as Howard Lederer and Phil Hellmuth do not win because they wear their lucky sweater or rely on horoscope readings.
Everything You Need to Know To Start Winners like Lederer and Hellmuth are brilliant in analyzing the complex choices each hand offers in a high-stakes tournament.
This section debunks some common hocus-pocus that gamblers mistakenly turn to. Going with your hunches Using your intuition, going by your gut, and playing a hunch are all paths to ruin.
Sure, you may get lucky and win in the short run, but casinos are geared to outlast you. They have a huge bankroll, and when they have the edge, not even the luckiest person on the planet or even Olga, the All-Knowing Psychic can turn the tables and beat the odds.
He took my machine! I was in Laughlin, Nevada for a few days and decided to join my friend for some easy money during the Double Jackpot Time promotion at the Pioneer Casino.
I found a machine to play, sat down, and then waited for Double Jackpot Time to begin. Only certain machines were included in this promotion, and because I was running late, I was happy I had snagged one.
Unfortunately, an older lady had been playing that same machine all day long and had just walked away for a few minutes to go to the restroom.
She was furious that I had taken her machine. When I tried to appease her by saying I would only be on the machine for a minute, she calmed down slightly but still hovered over my shoulder like an impatient vulture.
Though I was happy, the lady was infuriated. She loudly complained that the jackpot should have been hers. I finally quit trying to reason with her and waited for the slot attendant to show up.
After I was paid, the casino requested all slot customers to play at least one more spin to clear any jackpots from the screen to prevent someone from trying to get paid twice for the same winner.
After I put the coins in and pulled the handle, you can probably guess what happened. The lady, who already believed I had taken her machine, was now livid.
Playing a lucky machine Many people have a favorite slot machine they like to play. After all, gambling at a familiar game is better than taking a chance with one you know nothing about.
However, many players return to the same game because they believe they have found a lucky machine.
Write down how much money you start with before you sit down, and then count up what you have when you walk away from the machine.
Breaking the law of probability Many players erroneously believe certain events are due. For example, if the roulette ball lands on a red number five times in a row, some gamblers feel black is due to hit.
But the most likely outcome for the short-term is anything but average. The occurrence of heads and tails will be close to 50 percent, but there still may be thousands more heads than tails.
How does this example relate to gambling? This fact is just the principle of random walk at work; short-term fluctuation is normal in any game.
But can you predict that fluctuation or make money off it? Forecasting the trends Some gamblers mistakenly believe that trends develop in some games — and that smart players can spot these trends and use them to predict the future.
Everything You Need to Know To Start To encourage this strategy, casinos even display previous numbers hit on the roulette wheel and give players paper and pencils to track results at the baccarat table.
The previous results are only meaningful if there were a bias in the machine or wheel. Succumbing to selective memory All gambling superstitions and misconceptions share one common denominator — they all lose in the long run.
Perhaps you have a friend who always wins at slots or crushes the craps tables every trip. The truth is that people do win sometimes — otherwise no one would ever return to the casinos.
But I would speculate that an average gambler finishes ahead about one out of every three trips. Relying on betting systems Gamblers instinctively understand that by wagering the same amount every time, they ultimately fall prey to the law of averages and will lose.
All I need to do is win my big bets and lose my smaller ones. Any betting system that has you change the size of your bet depending on whether you win or lose is considered a progressive system.
Because most gamblers understand that the house has the edge, they vainly search for creative ways to gain the upper hand over the casino. Betting systems generally come in two flavors: With positive systems, the bettor increases his bet after a win by some predetermined amount.
The idea behind a positive system is to ride winning streaks by parlaying profits from one winning bet to the next.
Negative systems are more common; they involve betting more after a loss. The idea behind a negative system is to raise your bet amount to make up for a loss or losses in one single bet.
This section looks at two of the more common systems. What You Need to Succeed My advice: Avoid all progressive betting systems.
They may look appealing, but ultimately they all fail. The Martingale System By far, the best known and most popular progressive gambling system is the Martingale system, which has been around for centuries.
The appeal of the Martingale lies in its simplicity. To many gamblers, the Martingale seems perfect. However, it has a couple of fatal flaws.
The first problem is that by doubling up after every loss, eventually you bump up against the maximum allowable bets in many casinos.
Your losing trips, however, are bone rattling. However, you never go below your starting unit, no matter how many hands you win in a row.
Again, you encounter a lot of small wins punctuated by big losses. Quitting early Another myth is that knowing when to quit saves you money. But quitting just postpones the inevitable results until your next trip.
Your gambling bankroll continues on the next trip, because your money, the dice, and the cards have no memory of what previously happened.
Everything You Need to Know To Start Playing less time overall in a negative expectation game can save you money, so in that sense, quitting has value.
Chasing rainbows More than half the U. For most players, gambling is a fun diversion from the normal routine. However, you can easily cross the dangerously thin line from pleasurable pastime to deadly addiction.
One of the best ways to avoid the pitfall of addiction is through education. Your chances of winning increase dramatically if you understand the odds and psychology of the games you play.
You can easily get caught up in the chase. Everyone enjoys winning more than losing, and no one likes to come home defeated. But you need to remember that no one wins every trip or every day or every session.
Gambling is all about educating yourself about the long odds you are facing and selecting the best bets in the casino. So keep this advice in mind: Losing a small amount and walking away is far better than dumping a bundle trying desperately to get even.
When blinded by the possibility of winning more, you can easily end up blowing your gambling bankroll money set aside just for gambling in one evening — or faster.
The prospect of striking it rich in the casino may make you forget that you have other financial obligations — paying the mortgage and feeding your children, to name a couple.
In this chapter, I address nothing more than practical, pragmatic approaches to your money — the cash you come with and hopefully the money you win as you go along.
I arm you with the same sort of no-nonsense advice your accountant or a financial counselor may offer to help you manage your budget and keep track of your wins and losses for Uncle Sam.
Everything You Need to Know to Start Setting a Budget and Sticking to It To enjoy your gambling experience, you must control your gambling experience, which means setting — and sticking to — a budget.
The same goes for a gambling getaway. First you budget for the transportation to your destination, your hotel and food expenses, entertainment tickets, and sightseeing excursions — and how much you plan to spend on gambling.
If your main priority is to retain all of your money, the best advice I can offer you is not to gamble at all. Casinos are fantastic places where you can check reality at the door.
Gambling should be a fun experience, a chance to get away from your daily stress and enjoy the escape that risk and winning can bring.
But when the lines between reality and fantasy blur, when you buy into the dream and forget the budget, you can run into problems, and your money can quickly head south.
You also discover how to stick to your budget and avoid the kind of fun the casino wants to have — at your expense. A good starting point to determine your gambling bankroll is figuring out how much you spend on different types of entertainments and vacations, such as theme parks, ski resorts, or other sightseeing destinations.
Your gambling bankroll needs to reflect fiscal reality. Like all trips, hobbies, or flights of fancy, gambling is a form of entertainment.
And, just like that Caribbean cruise, your gambling Chapter 4: As you calculate the cost of your gambling trip, consider its value to you in terms of fun and entertainment.
If you perceive your casino gambling adventure as a form of entertainment similar to, say, dinner at a fine restaurant and an evening at the theater, you can begin to put a price on its value.
Possibly again, although sticker shock may be setting in. Okay, I may sound like a credit counselor, but the money for your gambling vacation should come from your entertainment budget.
Determining your daily limits After you figure out your budget for your gambling adventure whether a fiveday trip to Vegas or just a quick jaunt to a riverboat casino , you need to break down that budget into how much you can spend each day.
But how does your success affect your game plan? The free activities in and around casino towns can be pretty entertaining.
Discover the mountain trails of Lake Tahoe, stroll the boardwalk in Atlantic City, or just hang out at the hotel and enjoy the swimming pool or workout room.
A big mistake many people make is getting so engrossed in gambling that they miss out on the attractions of a beautiful resort. Everything You Need to Know to Start Sizing up your bets After splitting your bankroll into daily increments, the next step to budget your gambling is bet sizing, or breaking down your budgeted bankroll into the amount you allocate for each bet.
A general rule for most table games is to have a bankroll with at least 40 times the maximum bet you plan to make.
Proper proportional betting reduces your risk of tapping out going home flat broke. The simplest and safest strategy in most casino games is to bet the same amount each time.
For slots and video poker, that may mean playing the max number of coins or credits each time, if you are playing a progressive machine see Chapters 12 and Most players change the amount they bet on each play — typically increasing the bet size — because of two circumstances: Gambling has been around since the dawn of civilization, and its evidence can be found in practically all societies throughout history.
Today, millions of people around the world enjoy gambling—and so can you! You can sit down in a casino and play blackjack or just walk to the corner store and buy a lottery ticket.
Gambling for Dummies covers virtually every aspect of this vast and wondrous enterprise. It explains the basic rules of many of the popular casino games, offers a sound strategic approach to gambling in general, and provides an overview of the odds you need to know to make informed decisions about the kinds of wagers to make.
From playing poker, the lottery, and casino games such as blackjack and craps to horse racing and Internet gambling, this essential reference is your key to lady luck.
Card Games All-In-One For Dummies features a wealth of Dummies content for those seeking information on the most popular card games, including material from: Casino gambling has spread throughout the world, and continues to spread.
As governments try to cope with fiscal pressures, legalized casinos offer a possible source of additional tax revenue. But casino gambling is often controversial, as some people have moral objections to gambling.
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