How Do Casinos Make Money From Blackjack
Not everyone can make a living by playing blackjack, but it is possible to do it and I am living proof of that. Namely, I have been playing blackjack for more than 13 years now and that is my main source of income. I manage to do this by following a set of rules and principles and constantly learning how to improve my knowledge and skills.
- How Do Casinos Make Money From Blackjack No Deposit
- How Do Casinos Make Money From Blackjack Real Money
- How Do Casinos Make Money From Blackjack Vegas World
- How Do Casinos Make Money From Blackjack Winnings
As you may already know, you need both luck and skill to win at blackjack. That is exactly what makes it possible to win consistently and make a living.
I started my website because I believe that anyone who puts enough effort into bettering their skills can start to make a living by playing this casino game.
How Do Casinos Make Money On Blackjack In the list above you can find welcome- and deposit bonuses from many of the most popular online casinos out there. Almost all gambling companies offer new customer a first casino deposit bonus. These bonuses are handed out to new customers making a first deposit in the casino section. Lately, more and more casinos are adding side bets to increase the hold on the games. Sure, they may have to pay out more, and if somebody hits they are more likely to leave a winner that session, but in the long run, those bets have such a high house edge build it that they are nearly guaranteed to make money on every session. The standard payout at most casinos in most blackjack games for a blackjack (also called a “natural”) is 3 to 2. In other words, if you bet $100 and get a blackjack, you win $150 instead of just $100. In some casinos and in some blackjack games, a blackjack only pays off at 6 to 5. This means a $100 bet would only win $120. In the 1-on-1 game of blackjack there are only 2 bettors in your game: you and the casino. The casino is willing to pay up to the full amount of your bet if you win. It’s an even money match up, and that is really what makes blackjack so profitable for a casino. They risk less per round than they do with, say, roulette or a slot game.
Below, I will teach you everything you need to know to get started. I’ve outlined the basics for you, so all you need to do is learn them well and try them out in a reliable casino.
How to Start This Journey on Your Own
You might think that making a living by playing blackjack is impossible. I can confirm that it is not easy (at least in the beginning), but it’s far from impossible.
I’ll prove to you that winning consistently at blackjack is not rocket science, and I’ll show you exactly how I did it and how I’m still doing it.
Step 1: Sign up with One of the Casino Rooms Listed Below
The first thing you need to do to start making consistent wins when playing blackjack is to sign up with a reliable online casino. Remember that where you play makes all the difference when it comes to the outcomes of your games.
| Casino | Offer | Devices | Play Now / Review |
|---|---|---|---|
100% up to $5000 | DesktopAndroidMacMobileWindows | ||
200% up to $1000 | DesktopAndroidMacMobileWindows | ||
up to $6000 | DesktopAndroidMacMobileWindows | ||
300% up to $500 | DesktopAndroidMacMobileWindows | ||
150% up to $10,000 | DesktopAndroidMacMobileWindows | ||
150% up to $3000 | DesktopAndroidMacMobileWindows | ||
150% up to $3000 | DesktopAndroidMacMobileWindows | ||
Deposit $20 , Get up to $8888 | DesktopAndroidMacMobileWindows | ||
up to $5500 | DesktopAndroidMacMobileWindows | ||
100% up to $500 | DesktopAndroidMacMobileWindows | ||
200% up to $1000 | DesktopAndroidMacMobileWindows | ||
100% up to $5000 | DesktopAndroidMacMobileWindows | ||
100% up to $777 | DesktopAndroidMacMobileWindows | ||
100% up to $1000 | DesktopAndroidMacMobileWindows | ||
1000% up to $4000 | DesktopAndroidMacMobileWindows | ||
300% Match up to $3000 | DesktopAndroidMacMobileWindows |
Contents
- How to Start This Journey on Your Own
- Step 3: Playing Blackjack for a Living
- Step 4: Playing Blackjack for a Living II
Since the options out there are maddening and very confusing, I’ve decided to help you out. Below, you will find a list of the best casino rooms for playing blackjack, in my opinion.
Before employing any of my strategies and tips listed below, you should make sure to create an account in one or more of these casinos. They have the best blackjack games and the best playing conditions, which will make your entire journey a lot easier.
Step 2: Playing Blackjack in Land-Based Casinos
Apart from the online casinos I have listed and recommended above, you can also play blackjack in land-based casinos. However, you should think twice before doing that as there are both pros and cons of it.
If you play in a land-based casino, you will get a much better experience because you will feel the atmosphere of a casino first-hand. However, unless you live in Las Vegas or some other gambling hotspot, you might be better off with online casinos.
One of the rules of playing blackjack for a living is to frequently change the casino where you’re playing. When it comes to land-based venues, that is often difficult to do, but it’s a lot easier if you play online. Getting spotted at a land-based casino is much more likely to happen than online since they have cameras above each table, tracking every move you make.
Step 3: Playing Blackjack for a Living
To start winning at blackjack and keep winning, there are some things you should do every single time and others you should avoid.
Let’s start with the do’s!
The Do’s
- Get a Good Feel for the Rules
This is the very first thing you need to do before you start playing blackjack. If you’re not certain that you know and understand all the rules of blackjack, you’re not ready to start making a living by playing it.
The most important thing about blackjack that most people get wrong is the goal of the game. If you think that the goal is to get to 21, you’re wrong. The goal of the game is to beat the dealer. You can do that by having a better hand than them and not busting first.
Now that you understand what the objective of the game is, you’re ready to start learning how to achieve it.
- Learn the Basic Strategy
Learning the basic strategy is a must for anyone who plans to play blackjack professionally or aims to sustain themselves by playing this game. It will provide you with a strong foundation you can continue to expand for as long as you live and play blackjack.
The basic blackjack strategy is mainly a chart that outlines all the possible hands in the game. It will tell you exactly what and when to do when you are faced with a particular situation.
This chart teaches you when to hit, stand, double, split, or surrender, based on the cards you and the dealer have. Sometimes, all you need to be good at blackjack is common sense. For example, you won’t hit when you have 19 or 20 in your hand. In other cases, several moves might look good to you. This is when you should use the chart to determine what the best move is.
- Learn How to Count Cards
Counting cards is the best way to decrease the house edge and increase your chances of winning against the dealer. We’ll talk about it in greater detail later on in this article, but for now, what you need to know is that counting cards is a way of predicting the probability of drawing a particular card the next time you hit.
If you know how to count cards, you will be able to raise your bets when you think there’s a good chance the next card will be good for you and lower your bets when it appears to be the other way around. In the long run, you can earn thousands of dollars this way, if you play your cards right.
- Master Bankroll Management
If you plan to make a living by playing blackjack, you first need to make sure that you do not end up bankrupt. Making a living from blackjack does not mean winning every single time. You will have good and bad days. The point is to make sure that you have a lot more good than bad days on average.
Bankroll management refers to the technique used to control and oversee the amount of money you spend on casino games. Make sure to never spend more than you can afford to. If you reach the daily limit you have determined, stand up and walk away.
- Find a Good Game
The next step to becoming a professional blackjack player and making a living by doing that is pretty basic. You need to make sure that you are playing the right game. You might have heard of the 3:2 Blackjack and 6:5 Blackjack. This refers to the payout you can expect when you win a round with a 21.
When you play a 3:2 game, if you bet two dollars, you will win three back when you win with a blackjack. However, in a 6:5 game, you will win six dollars every time you bet five, which ends up being a lot less. Therefore, the house edge in 6:5 Blackjack is much higher than in the 3:2 variant.
- Play in Multiple Locations
The business model of the casinos you play in includes you losing. Therefore, if you play in only one casino and you end up winning frequently, you will draw a lot of attention to yourself. As you may know, both online and land-based casinos have the right to refuse to provide their services to anyone, without any further explanation.
You can avoid this by frequently switching casinos and having several places where you will be a regular. This might be a lot easier to do online than in land-based casinos. However, if you live in a city such as Las Vegas or Atlantic City, you should definitely take advantage of your location from time to time.
- Negotiate Discounts and Cash Backs
Both online and land-based casinos love regulars. Therefore, you can easily make this work in your favor by negotiating discounts and cash backs. More often than not, they will be happy to provide you with an offer — all you need to do is ask.
Moreover, you can take advantage of regular bonuses and promotions. Unfortunately, blackjack-specific promotions are not very common. However, you can make good use of regular ones as well and win some bonus cash to get started.
The Don’ts
Now that we have determined what you should focus on doing every time, it’s time to learn about some things you should avoid doing whenever possible.
Here are some of the “don’ts” that I have learned to stay away from, which has helped me to turn blackjack from a hobby into a reliable source of income.
- Do Not Drink Alcohol When Playing
Having a beer or two, or a glass of wine is a great way to relax and wind down at the end of a tough day. However, alcohol is not your friend when you’re playing blackjack., especially if you’re trying to make a living by playing. You would not drink alcohol at your regular job, wouldn’t you? That’s what I thought.
Therefore, make sure to stay sober and clear-headed whenever you’re sitting at a blackjack table, regardless of whether you’re playing in a land-based casino or online. Even just one beer could change your perception and make you risk more or lose focus during the game.
When we drink alcohol, we tend to make decisions using our emotions rather than our rationality. As I have already mentioned, blackjack is a game of skill, so you need to make sure that you can stay on top of your game at all times.
- Do Not Play Side Bets
Side bets are additional bets you can find in many casinos and blackjack games. They may look very tempting, but you should remember that they are not your friends. Even though they may sometimes help you lose less, that’s not what you should be focusing on.
The principle behind side bets is such that they are based on luck more than on skill. Because of that, their outcome is difficult to predict. Some of the most common side bets in blackjack are 21+3, Royal Match, Over/Under 13, Super Sevens, and so on.
Instead of focusing on lowering your losses, you should be focused on increasing your winnings. A lost bet is still a lost bet. Side bets are fun to play, there’s no doubt about that. However, their RTP is much lower compared to the main bets. Therefore, if you’re playing to make a living, you should stay away from them.
- Stay Away from Insurance
Insurance is a special bet that lets you protect yourself from the situation in which the dealer wins with a 21. However, that’s only true in theory. In reality, you’re much better off losing your whole hand than losing just half of it. The reason I say this is because the risk is much better than the reward.
To make an insurance bet, you need to bet more money on top of the main bet you have already placed on the table. In case the dealer does not have a blackjack, you risk losing more than you would if you didn’t pay the insurance.
Therefore, even though the insurance bet looks tempting and seems like a good idea, it is a terrible move to make if you want to increase your chances of having a positive balance.
- Play on Tables Where You Can Double Any Time
Doubling down on your bet is a great way to increase your RTP in the long run, if you do it right. However, some casinos will limit your options when it comes to doubling down and only let you do this if you have a 9, 10, or face card.
As you can guess, this rule was made because it favors the house. Therefore, you should avoid such casinos whenever possible. Depending on the dealer’s upcard, there are many situations in which you would benefit greatly from doubling down on cards lower than a 9. So you want to avoid any restrictions whenever you can.
Step 4: Playing Blackjack for a Living II
Like any other career, playing blackjack for a living has its ups and downs. Many of the positives of being a Professional Blackjack Player are obvious, like getting paid in cash and enjoying free comps. There are also negatives such as not having company-paid healthcare coverage.
Speaking from experience, I’ve put together a list of the top 5 positive and negative aspects of playing blackjack for a living. My hope is to help people decide if this lifestyle seems right for them before they go out and experience everything first hand.
I’ll go with the assumption that you enjoy playing cards and are interested in card counting, because I would never recommend anyone pursue a career that they won’t enjoy.
Positives
- Paid in Cash
The benefit of being handed cash on the same day you earn it is fairly self-explanatory. I don’t know anyone that would rather be written a check than given cash.
- No Boss
Doing what you want, when you want, how you want, is a luxury very few people have. Being your own boss and having no one to answer to can be very satisfying and work well for a motivated person. If you’re an extremely lazy person and need someone to babysit you and tell you what to do, then playing blackjack as a job and card counting in general may not be for you. This is an entrepreneurial type of business that provides great financial reward for hard work.
- Flexibility in Schedule
Having the ability to work when you want and start or stop on a moments notice is an immeasurable benefit of playing blackjack for a living. You can never be late for work or take too long of a lunch. For the night owls, you’ve got the luxury of playing blackjack any time of day or night any day of the week. Sometimes I like to play as much as possible for a straight week and then take the entire next week off. The point is, as a professional blackjack player, how you manage your time is completely up to you!
- Environment
This might not be a positive for everyone, but it certainly is for me. I would much rather spend a Tuesday afternoon at a Las Vegas resort than in a cubicle at an office. When blackjack is your job, you get to enjoy casual conversation at the tables in a vacation setting rather than sitting in a meeting room at work talking about increasing production. What’s more appealing, having a diet coke in a break room at the office or drinking a cold beer out at a pool?
- Free Comps
For me this is a huge perk of the job. I’m not the type of guy that goes out and spends $300 on dinner at an overpriced steakhouse. However, when those lobster tails are free, they seem to taste so much better. Playing blackjack for a living allows me to eat at some of the priciest restaurants in the world and stay in some of the most beautiful resorts ever built. While most people save up all year for a summer vacation, my family is able to go to just about any casino resort for free on a moments notice.
Negatives
- Healthcare
For those of you that depend on company paid healthcare, you’re simply not going to get that covered playing blackjack as a job. You will be left to buy your own healthcare out of pocket just like any other self-employed person.
- Retirement
Along with no company healthcare, you also will not be getting an employer matched 401K. My suggestion is to set up a Roth IRA and make the maximum contribution every year. Your Roth IRA capital gains will be tax-free and can be cashed out upon retirement age. Although you may never want to retire from playing professional blackjack, you will hit what is considered the “retirement age” for a Roth IRA at 59 1/2. Roth IRAs are one of the best things going in the investment world, so take full advantage. Distributions really are 100% tax free!
- Travel
This can be a good thing or a bad thing. I have a wife and kids, so I don’t like to travel away from them too much. We’ve chosen to live in a nice area with great weather rather than live where there are a lot of great casinos. This means I have to travel out to where I play. Sometimes that’s a lot of fun, but sometimes it’s just a hassle. You really have to give strong consideration to how you’re going to get to the casinos you plan to regularly play at.
- No Exact Paycheck
Playing blackjack for a living doesn’t earn you a bi-weekly paycheck of a set amount. In card counting the money tends to come in waves that simply cannot be planned. Some days a Pro Blackjack Player might make more than he made the entire previous week. Then the next day he might make nothing. If you’ve ever worked a commission job, then you know how this is. If you’re accustomed to a predictable paycheck that you get every two weeks, then this lifestyle takes a little getting used to. Just don’t go spending all your money when you have your first big winning day.
- Smokers
This is my own issue and I don’t expect everyone to agree. After all, some professional players are smokers themselves. I personally can’t stand having to sit at blackjack tables with people blowing smoke in my face. Unfortunately casinos are packed with smokers. These days more and more casinos are adding non-smoking tables and are improving their ventilation systems, so this is a continually improving negative aspect of the game. One of my top personal rules is to never sit directly next to someone that’s smoking. If they light one up, I’m getting up and switching tables.
So there you have it, my own personal list of 5 positives to playing blackjack for a living and 5 negatives to consider as well. Only you can decide if this type of work is a good fit for you and your personality. I realize many of you just want to beat the game for when you’re on vacation or to supplement your income on weekends. For you, the issues listed above probably aren’t too significant.
Top Blackjack Playing Tips
Now that we have determined what some things you should and should not do at a blackjack table are, it’s time to learn some handy tips that will improve your win/loss ratio. I have tested these rules multiple times and proved that they work.
# Check the Dealer’s Upcard
This is one of the things a lot of people completely disregard. I don’t blame them because most “expert blackjack guides” out there completely disregard it as well. Remember that the goal of this game is not to get a 21 hand. The goal is to beat the dealer. Therefore, it is very important to consider the dealer’s hand before you decide on your next move.
Unfortunately, only one of the two dealer’s cards is visible. But even that one card can tell you a lot and save you from losing money unnecessarily.
# Start with Small Bets
When you first sit at a table, you should start by betting small. You should use the first several hands to get a good feel of the game, the table, the dealer, and the players next to you (if there are any).
Only when you’re certain that the pace of the table suits you and the atmosphere is right, should you proceed and start raising your bets whenever you feel the situation is right.
# Do Not Listen to Other Players at Your Table
There are many different types of players at a blackjack table. While it’s a great idea to socialize and make friends, both online and in land-based casinos, you should not take advice from other players.
There will always be a player or two who will try to tell you about a secret strategy they developed that changed their life. But what other players at the table do is none of your business. If they become too annoying, you can just walk away and switch tables.
Best Blackjack Winning Strategy
Blackjack is a very old game and a lot of people have tried their luck on it. However, a small percentage of people has realized that you can win much more frequently if you do not only rely on luck.
That’s where blackjack strategies come into play. These are elaborate and reliable methods you can use to play blackjack for a living. Here are my favourite ones that I use most often.
# Card Counting
I have already mentioned card counting above, but now it’s time to elaborate on it a bit more. There are several ways to count cards in blackjack, but the High/Low method is the simplest and the most popular one.
To begin, you should appoint a value to each type of card in the deck. Cards 2-6 have a value of +1, whereas cards 10-A have a value of -1. Cards 7-9 are valued 0, so they do not matter.
One card counting session lasts from the moment the dealer shuffles the deck until they shuffle it again. You need to add/subtract the value of each card that enters the table. Every time the total value is more than 0, you should increase your bets in the next round because the number of high cards in the deck is greater.
Every time the total value is lower than 0, you should lower your bets because the total number of low cards in the deck is higher, which favours the dealer more.
For those looking to get to a professional card counting level and have blackjack as their sole source of income, these are some things you really must consider before quitting your day job. Of course these issues only matter once you gain the necessary knowledge, skill and discipline to be a profitable blackjack player in the first place.
# Double Down on a Hard 11
There are several ways to get a hard 11. No matter which way you get it, you should always double down when that happens. That’s because you will always win more money by doubling down with a hard 11 instead of hitting, no matter what the dealer’s upcard is.
However, as always, there is one exception to this rule. If you are playing a game in which the dealer is required to stand on a soft 17, and the dealer’s upcard is an Ace, you should hit instead of doubling down. In all other cases, you should do the opposite.
# Split a Pair of 8s and Aces
When dealt a pair of 8’s, most players will hit if the dealer’s upcard is a 9, 10, or Ace. Their reason for not splitting is because they believe they will lose even more money that way since the dealer has a strong hand already.
However, people do not understand that their chances of winning in this situation are higher if they split the 8’s and play to separate hands, instead of hitting a hard 16, as there is a high chance they will bust.
When it comes to aces, it is always better to split them and play two powerful hands than hit and play them as a two.
Conclusion
There it is, my simple and applicable guide on how to play blackjack for a living. By using these rules, tips, and strategies, I earn $25,000 every month and do something I love — play blackjack. You can do it as well if you put enough time and effort into reading these pieces of advice, learning them, and perfecting them in real life.
Stay tuned as I will keep sharing more awesome advice on how to beat the house, have fun, and make a living for yourself. Start with these basics and work your way up.
Gambling is taking a risk of losing something of value on an unpredictable outcome. When you gamble at either an online or land based casino both you and the casino take a risk in losing something of value. The risk is greater for you because the casino only offers games that provide a statistical advantage to the casino.
However, much statutory and some case law has been devoted to ensuring that casinos and players don’t cheat each other by subtly altering the conditions of gambling games without each other’s knowledge and permission. You can, though, change the terms of the game. The casino often provides a way for you to do this.
But should you take the offer?
There are two things you need to understand before you can start improving your chances of winning when you gamble. First, you can change the outcome of a gambling game. Second, you will almost always confuse yourself if you try to do the math. These two most common of gambling mistakes help the casinos earn tens of billions of dollars every year.
How You Change the Outcome in a Gambling Game
Many casino gambling games allow and even encourage players to change the stakes, the odds, and even the percentage chances of winning. Here are a few examples of how you can change the outcome of a gambling game (almost always for the worst).
Say you are playing a slot machine game and you win a prize on a spin. A special “Gamble” button lights up. You are now prompted to play a secondary game, maybe betting on the outcome of a virtual coin toss, using the prize you just won as the stake in your new bet. This is an exciting feature. It also means you are risking the loss of what you just won on a game with a better “edge” for the casino.
Most slot games have a theoretical return to player above 75%. Games developed after 2010 usually have better than a 90% theoretical return. The RTP is an estimate of how much money would be retained by a hypothetical player who spun the reels continually for a period of several years. It’s not a realistic estimate of how much money you will win, lose, or hold on to. It’s a statistical measurement used to gauge how friendly the game is to the gambler.
In a coin toss the theoretical return to player is 50% or 1 in 2. So let’s assume you just gambled $5 on a spin in the basic slot game and that you won $10. You have doubled your money. Now the “Gamble” light activates and you are invited to take your $10 and bet it on the outcome of a coin toss. And suppose the “Gamble” feature allows you to wager on the outcome of two concurrent coin tosses. Now you have a choice: bet on 1 coin toss for a chance to double your $10 to $20 or bet on 2 concurrent coin tosses for a chance to quadruple your money.
Your chances of winning the double concurrent coin toss are 25% or 1 in 4.
You would have a better chance to keep your $10 prize and just spin again on the basic game. By taking the “Gamble” challenge you improve the casino’s chances of winning your next bet. It’s like paying $5 for a quarter of pie at one restaurant and then paying another $10 for an eighth of a pie at a different restaurant. Are you really getting a better piece of pie at the second restaurant?
How Do Casinos Make Money From Blackjack No Deposit
In the game of blackjack if the dealer offers you insurance most experts tell you not to take it. Why? Because you are betting that you will lose your basic wager. The chances of being correct (that the dealer has a blackjack) on your insurance bet are worse than the chances that you can beat the dealer’s hand (your original wager).
The bottom line here is that casinos will sometimes offer you ways to change your stakes and your chances of winning to their own benefit. If you want to win at gambling, don’t take the deal behind door number 2. Stick to your original game and be consistent. Let someone else win the goat.
How to Confuse Yourself at Any Gambling Game
There is a certain idea among gambling experts that comparing the “house edge” in various gambling games helps you to make informed choices. The edge is a theoretical return to the casino, the complementary percentage for the theoretical return to player. In other words, in every form of gambling, there is only a 100% allocation of money. Gambling does not generate new wealth; all gambling does is pool wealth between the bettors and redistribute that wealth between the bettors (and sometimes also a middle man).
In the 1-on-1 game of blackjack there are only 2 bettors in your game: you and the casino. The casino is willing to pay up to the full amount of your bet if you win. It’s an even money match up, and that is really what makes blackjack so profitable for a casino. They risk less per round than they do with, say, roulette or a slot game. But if you have been reading blackjack tutorials you should know by now that the house edge is lower in blackjack than in other games, and therefore you have the best chance of winning in blackjack.
In fact, the dealer has a better chance of coming out ahead because at a busy table the dealer is playing multiple hands at once by the most conservative of rules. In other words, the casino is taking less risk per round in blackjack than the players while at the same time multiplying its chances of winning.
Players make mistakes when playing blackjack. Blackjack dealers don’t have to make hard decisions. In fact, by always going last the dealer often doesn’t have to make any choices at all. The players make most of the decisions in blackjack. And yet blackjack remains profitable for the casinos. The casinos are profiting from player mistakes.
Players make several types of gambling mistakes. One of the most common mistakes is to confuse the probability of winning with the theoretical return to player. The probability of winning is limited to the next round of play. The theoretical return to player is an estimate of what all the players of a game will collectively receive over the life of a specific game (or an arbitrarily large number of rounds in the game).
The rule of thumb is that the more rounds played for a given game the more the actual results of that game will average out close to the theoretical return to player (or the house edge).
But what are the chances of your drawing a natural blackjack on the next deal? What are the chances that the dealer will not win against you on the next deal? These are probabilities that can be computed on the basis of how many cards are left in the shoe, less the cards that have already been played. Those probabilities change as more cards are played but they rarely if ever line up with the theoretical return to player.
The mistake players make is assuming that the house only has a 2.5% chance of winning the next round. The dealer’s chance of winning that next hand can be as high as 100% and as low as 0%. The house edge is always irrelevant with respect to any individual round played on any gambling game from keno to slots to blackjack to baccarat.
When you gamble, it’s nice to know how much money the house is expected to retain over the next 30 days but that won’t help you predict how much you win or lose in any of the next 10 rounds of play.
Expert gamblers like to calculate probabilities but probabilities do not predict the next round’s outcome. The roulette wheel always has a 1 in 37 or 1 in 38 chance of landing on any given number. The chance that the ball will land on number “7” 100 times in a row remains 1 in 37 or 1 in 38. That never changes (allowing for truly random spins, although the laws of physics mandate that the spins won’t be completely random).
On the other hand, what is the expected probability of a random spin of the roulette wheel producing “7” 100 times in a row? This is where you multiply your individual spin probability (1/3x) by itself the number of times in a row (100 in this case). The expected probability of the wheel hitting “7” 100 times in a row is 1.51296e-157 (a very, very small number). But that low probability has no bearing on the probability of the next spin.
This is the dichotomy of probability theory, where you are dealing with large sequences of independent events. The expected probability does not mean you cannot or will not see the unlikely outcome. In this hypothetical example, we are simply computing how many possible outcomes there are and assuming the chances of producing the same result 100 times in a row are equivalent to a certain percentage of those possible outcomes.
How Do Casinos Make Money From Blackjack Real Money
Unfortunately (even semi-) random events have a way of defying the probabilities. But if someone offers you 100-to-1 odds that a roulette wheel will land on “7” 100 times in a row, verify their ability to pay and take the wager. They lose as soon as a different result turns up before the 100TH spin.
The bottom line here is simple: don’t try to do the math like an expert. Random chance will always eventually prove the experts wrong.
What You Must Do to Improve Your Chances of Winning
Here are a few basic rules for improving your chances of winning when you gamble.
- Stop second-guessing yourself.
Every casino game offers you a fair chance of winning. The games, when played fairly and legally, pay prizes that correspond to the expected probabilities of given outcomes, although casinos will hold back a little bit extra in most games to ensure they make some money. Hence, in roulette, the most you can win is 36-to-1 instead of 37-to-1 or 38-to-1.
The odds are always stacked against you. But random chance favors the fool, as the old saying goes. You just cannot guarantee you are the fool upon whom random chance showers its favors.
- Take the least possible risk.
In a hypothetical game where you win 100 rounds out of 100 rounds, you will kick yourself if you only wager $5 on each round for the chance to win $5 instead of wagering $100 on each round for the chance to win $10,000 on each round.
In reality, positive thinking doesn’t work when you gamble. The more you assume you could win the more you are likely to lose when you do lose.
Risking less does mean you win less per round but that’s okay.
- Manage your money so that you play as many rounds as possible.
You are more likely to win back $100 in wagers if you divide them into twenty $5 wagers than if you divide them into five $20 wagers.
Instead of playing numbers games (which is second guessing yourself) or assuming you will win a certain number of times (which is taking more than the least possible risk) you should assume you are going to lose more rounds than you win. When you play slots or even a modest keno game (like a 5-pick) you can still come out ahead when you play more rounds with small wagers than fewer rounds with large wagers.
But how does playing conservatively work in blackjack, when the average prize is an even money bet? If you lose only 49% of the rounds in blackjack you lose. Okay, smart guy, you know you need to double down a few times. Instead of playing numbers games and assuming you can lose X number of hands and double down on Y hands, just accept that once in a while you’ll have to double down to improve your chances in blackjack.
When should you double down? The experts agree that if the dealer is showing a 5 or 6 and you have an ace and anything less than a 7.
You don’t need to double a lot as long as you can double enough to come out ahead.
- Don’t try to win big.
That’s the real fun in gambling, though, isn’t it? You want to win the jackpot, hit the long odds, and outwit the dealer at every hand.
Going for the big win is the worst possible way to gamble. You may not be playing all-or-nothing but you are playing too much.
Still, you can adjust the amount of your wagers upward if you are doing well. Just keep them proportionate to your bankroll.
- Use a consistent percentage ceiling in your wager to bankroll ratio.
Although it is prudent to limit your initial wagers to 5% of your original bankroll, at some point you may double or triple your money. Does it make sense to continue playing by the original 5% measure?
Most gamblers will feel confident enough to increase their wagers. But while it’s usually good advice to ignore all betting systems when you gamble (because each has its flaws), you can set a limit of “5% of your current bankroll down to half”, meaning you gamble with $5 bets until you lose half the money you came in with.
If you double your money then you can double your wagers as long as you don’t go above 5%.
Five percent is not a magic number. You can set the percentage at 1%, 5%, 15%, or even 20%. You should be consistent about not going above your percentage. You still have the flexibility of making larger wagers if you roll up your money.
- Divide Your Bankroll At Certain Split Points.
This technique works best in land-based casinos, especially when you can put your money into tickets that are easy to carry around. A split point is a multiple of your bankroll. Say you begin gambling with $200 and you roll that up to $400 at the craps table. Now take half your money and put $200 of it into a ticket.
You can continue playing craps with the remaining $200 or you can try another game. When you roll up your second $200 to $400 again you split the money into another ticket plus money to play with.
After you have 3 or 4 tickets you can rotate them. Never play a ticket all the way down. Leave at least a few dollars on it so you can leave the casino with some money (and a little dignity).
When you gamble online it makes some sense to shift money from the game balance back to your main account. As long as you have money in your game account you should be good. It helps you to stay focused on conservative betting if you take money out of the game when you get ahead of your original bankroll.
- Play with Casino Bonus Money Whenever Possible
Land-based casinos may not offer you signup bonuses but many online casinos do. Play conservatively with the casino bonus money to increase your chances of fulfilling your wagering requirement with just the bonus money. While that won’t always happen the longer you can delay putting your own money into the game the better the chances you’ll start winning.
You can try this strategy with the “no deposit” welcome bonuses some casinos offer but they do limit how much credit they extend to you. You have more bonus money to work with when you accept a deposit match bonus.
- Stick to the Basic Game.
How Do Casinos Make Money From Blackjack Vegas World
Whether you play slots, craps, roulette, or blackjack the less complicated you make your game the less likely you’ll place dumb bets.
The casino is counting you to make dumb bets. You should count on the casino to be less than generous with its odds on the best most likely to pay off.
There are few progressive wagers that are worth the money. The more you throw into a round the harder it will be to recover from a loss.
In craps bet on Pass or Don’t Pass and play the odds but keep it simple.
In blackjack bide your time and don’t split every time you get a pair of cards of the same value. Should you really split two 5 cards when you’re showing 10 on the table? Should you split two tens? Two nines? You have three options: play the basic game, double down, or split. On some tables you may be able to surrender if you don’t like the dealer’s cards but look at the strength of your cards first and your options for splitting second.
- Assume the free games are more generous than the paid games.
When you have a chance to “try before you buy” at an online casino the free game just may be slightly more generous than the paid version. There are several reasons why this might happen. If you can check the theoretical return to player for a free game and the paid version, look for differences.
Does the free game run on a different server? The different server may be using a different random number generator, a different random seed number, or a different estimated percentage for the theoretical return to player. Variations in all these things can affect the randomness of the outcome of the game.
- Play low variance games.
Sad to say, but the less volatility there is in the prize to wager ratio of a game the more likely it will pay you prizes. Volatility is an important measure for a casino because it needs to know how much cash to keep on hand. But you need to know how long you may have to play a game before you win a nice prize. That is where the variance comes into play.
How Do Casinos Make Money From Blackjack Winnings
Think of variance as “how much any random outcome of a game varies from the average expected outcome”. There is a relationship between variance and volatility (in fact, some gambling writers use these terms interchangeably). The casino cares more about the volatility and the player cares more about the variance.
How do you judge variance? It comes down to how long you can play the game with your initial bankroll. A low variance game has a tendency to take less of your money.
Hence, as noted above, you can affect the variance of the game in a limited way by playing conservatively and ignoring the extra bets the house offers.
Conclusion
Think of gambling as an endurance race between the bettors. Whoever can go more rounds wins the most money, unless random chance steps in and hands a big win to the individual gambler. Then gambling is more about who has the most self-discipline. The casino is playing a numbers game and just has to be there with enough cash on hand to keep the games going. The player has to have the wisdom and the self-discipline to walk away with the cash.
Harvard Medical School published a trove of data about online gamblers that was collected from 2005 to 2007 by an online casino (Bwin). Researchers who studied the data concluded that about 11% of gamblers were likely to win and that winners were more likely to play less frequently. Subsequently, researchers from the University of Michigan and the University of Connecticut compared that analysis to their own analysis of data from a Native American casino’s database. The second study found that about 13.5% of the land-based gamblers were winners.
The good news for most gamblers is that fewer than 5% of them contribute about 50% of the casino’s net revenue, and about 10% contribute 80% of the casino’s revenue, so most gamblers are not big losers. That means approximately 80% of gamblers share the burden of about 20% of the casino’s net revenue between themselves. Given that most people cannot lose enough money (for lack of wealth) to drop into the lower 10% (the Big Losers) changing how one gambles increases an individual’s chances of moving into the upper 10%.
Gamblers with little wealth to lose should still learn to make better choices. You cannot guarantee you will win but you can always cut your losses short or take fewer risks. Gambling is more fun when it is just entertainment. If your losses amount to no more than what you would spend on other types of entertainment such as concerts and travel, then have fun.
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