Bookmakers and casinos give an advantage and 99% of people fall into the “trap”. How do they do this and what should be avoided?
Let’s look at the example of roulette in a casino.
On the surface, it looks good. 36 numbers, choose one and get 35-1 if you’re right, right? Wrong. most people forget that there are actually 37 numbers, including zero (or even 38 with a double zero on American roulette). This makes a big difference when it comes to payments. So, using European roulette, let’s look at the numbers.
If you choose a number, the real chances of hitting that number are 1 in 37 or 36-1. So, by offering 35-1, the casino instantly stacked the odds so subtly in your favor. Only the reduction of 1 point gives the house an advantage of about 2.7%. You may not think much, but over £ 100,000, that means £ 2700 in favor of the casino. A small margin, but still a margin.
So what about red / black or odd / even? Again, it appears to be a 50/50 bet pink casino. But with the inclusion of zero, you have an 18 in 37 chance (48.65%). This favors the home by 1.35%, which, over the course of a day, can amount to thousands of pounds.
But this is nothing compared to bookmakers.
As I have shown, a “50/50” in a casino is actually a 48.65 / 51.35 against you. In bookmakers, the margin is significantly higher. An apparently 50/50 bet usually costs 9/10 or 1.9 in decimal odds.
This means that the bookmaker is giving itself a huge 10% margin on this type of bet, the most common of which are called “handicap bets”. Handicap bets are established in such a way that there are only two possible outcomes, classified as equally likely. But no matter what your choice, the bettor maintains 10% of the real odds. It is not fair, you can think. Well, they won’t give you anything for free. After all, they are in the business of making money.
So, how can you combat these edges?
It is possible with bookmakers to use a “handicap doubles” system. I will explain this in another moment. Otherwise, only good luck will defeat a bettor’s advantage and that is not something to rely on.
When it comes to casinos, there is very little you can do. The only real advice is not to get sucked into the so-called system. Many of you may have seen a system being advertised on ebay that will cost just £ 1, but says you will never lose in a casino again. Theoretically, it is correct. But the system is flawed.
It is a system called the Martingale system and involves doubling your last lost bet until you win (based on red / black).
Let’s use the example of a casino with a £ 500 limit on the table (very common online) and an initial starting bet of just £ 1.
You put your £ 1 in the red and lose. Double the next bet.
You put £ 2 in the red and lose. Fold again.
You put £ 4 in the red and win. You bet a total of € 7 and won € 8. A profit of £ 1. Then you start again at £ 1.
All very well, until a series of defeats occurs.
£ 1 lost
£ 2 lost
£ 4 lost
£ 8 lost
£ 16 lost
£ 32 lost
£ 64 lost (you have now bet £ 127 and lost. Your next bet would take your expenses to £ 255 just to get £ 1)
£ 128 lost
£ 256 lost (at this point, you cannot double your bet because the table limit will be exceeded)
So only 8 consecutive missed rounds would cost $ 511 and don’t think it is “extremely unlikely” to have 8 missed rounds because I have seen a color come out on 13 consecutive occasions. Play the additional risk of zero and the system really goes down.
Casinos realize that, eventually, the color will be good for those who have bottomless wealth and that is why they impose the limits of the table.