10 Commandments of Gambling

Before I get stuck into this article I just want to give credit to TheWizardofOdds aka (also known as) Michael Shackleford. If you don’t know who the wizard is, he has become a bit of a gambling icon over the years. He’s the previous owner of www.wizardofodds.com which he sold last year for a pretty penny to Latestcasinobonuses.com.

I purchased a book Michael wrote recently, the title of it is ”Gambling 102: The Best Strategies for All Casino Games”. It covers the mathematical side of gambling and how gamblers can increase their winning changes by focusing more on the mathematical side of it instead of just relying on lady luck.

What is The Bell Curve?

When gambling, be it at a brick-and-mortar or internet casinos there are three fundamental factors you must remember. They are:

1. The type of game you play.
2.  Your knowledge and skill of the game.
3.  Mathematical variance-what novice players call luck.

If you’re a serious player I suggest you stick to point number 3 since it has the biggest impact over the short term. However, don’t ignore points 1 and 2 since they play a pivotal role in the long run. Why are some gamblers successful whilst others are not? First of all, they make sure that they don’t overspend their bankrolls and they focus more on the mathematical aspect of the games they play. In other words they are familiar with the games’ odds, its strategy and payout table.

The outcome of a series of bets chosen at random on a bell curve is a known as the Central Limit Theorem. Every game strategy and return has its own bell curve. The lower the house edge the greater the mean average of the curve. Your aim should be to get the highest mean possible on the bell curve. In non-mathematical terms it simply means practice makes perfect.

Gambling 10 Commandments

1. Always pay your gambling debts no matter what. When you engage with another player into a bet, you’re putting your honor on the line. If you lose pay up and don’t make any excuses it’s as simple as that.
2. The sooner you realize that losing is part of gambling the better. Gambling is not only about winning otherwise it would have been called a different name. The odds always favors the casino. Don’t start throwing your toys out the cot when you lose, just remember this is the price you pay for entertainment.
3. Don’t rely on your gut feeling but rather trust the odds of the game you’re playing. To maximize your odds don’t believe in hunches, rather rely on mathematically proven strategies.
4. Don’t over bet your bankroll. Stick to your budget, don’t chase losses and don’t delve into your savings. Before you play a specific game online, set your bankroll aside and don’t deviate from it.
5. Forget about betting systems it’s a hoax. There’s a ton of con artists out there each trying to sell his or her own betting system to you. They guarantee you that their system is the one. If it sounds too good to be true it most probably it is.
6. Don’t hedge your bets. The house edge favors hedge bets. Never take insurance on games like blackjack and never bet on the number seven in craps.
7. Play each game according to its rules and don’t deviate from it. Rules vary from casino to casino. If you want to improve your odds it’s essential that you know the game rules.
8. Don’t make any side bets. Most experts are of the opinion that side bets are sucker bets. Ever heard the saying: ”If you can’t spot the sucker within the next 5 minutes at the table then it’s you”.
9. Ensure that you have good gambling etiquette. Gambling becomes fun when you’re playing with a bunch of players who are polite and well mannered.
10. Very important, don’t forget to tip the dealer or the waitress. Dealers and waitresses don’t make a lot of money and rely heavily on the tips gamblers give them. If you want to maintain good service make sure that you tip them regularly.

Conclusion

If you believe that mathematics is the way to beat the casinos, I highly recommend Mr Shackleford’s book. Before you start playing be it offline or online make sure that you understand the casino games’ rules and that you follow the 10 commandments of gambling to the letter. All betting games that purports to beat any casino game in my opinion is considered worthless. Millions have tried to beat the house yet the casinos’ doors are still open for business. Sellers of betting systems are akin to snake-oil salesmen and if the systems are so good why don’t they use it themselves to make millions?

Footnote

Gambling 102: The Best Strategies for All Casino Games by Michael ”The Wizard of Odds’‘ Shackleford