If you are gambling online and looking to play games of Blockchain chance, then to make money you need to know the bets with the best odds of success.
Do you know the best bets in Baccarat, Roulette, craps and slots? If you don’t and you’re gambling online then you will do after reading this!
There is nothing you can do to influence the outcome of games of chance, i.e. you can’t apply systems. Many people buy them off the net but they don’t work and you will soon know why.
To increase your odds of success all you can do is pick the bet with the best odds and this means knowing the theory of probability.
Probability is a branch of mathematics that deals with calculating the likelihood of an event’s occurrence, which is expressed as a number between 1 and 0.
An event with a probability of 1 is considered a certainty:
For example, take the toss of a coin the probability of a coin toss resulting in either “heads” or “tails” is 1, because there are no other options, assuming the coin will land flat i.e. the probability is 0.
An event with a probability of .5 is considered to have equal odds of occurring or not occurring:
For example, the probability of a coin toss resulting in “heads” is .5; this is because the toss is equally as likely to result in “tails.”
Probability theory applies precise calculations to quantify uncertain measures of random events.
The odds don’t change!
A fundamental mistake many gamblers make is to assume the odds get better if an event happens several times in a row. For example, if heads comes up 20 or 100 times in a row, the odds do not change for heads coming up on the next toss. There still 50 – 50% or .5.
When gambling online in games of chance, systems that try and predict when the odds are in your favor can’t work, as the odds are fixed and don’t move.
Let’s take a look at an example that relates to gambling online in game of chance and put in the house edge.
Odds & the house edge
We are offering to pay you odds of 10 to 1 (you win $11.00 minus the $1 you paid to place the bet. Of course if we paid you the correct odds of 12:1 things would of course, even themselves out over the long run but, in this example we have given you worse odds and this represents our edge.
The advantage or edge we have charged you is similar to the one you will encounter in a casino when gambling online
Let’s take a look at the best odds in 3 games
The “en prison” bet on European tables is just 1.35%, making it the best bet
Bets on the banker have the best odds and house edge is just 1.06%
Best bet by far is the odds bet at (0%).
Consider that many players pick other bets with edges of 10 or more against them and you can see why they lose! Forget luck or hunches the best bets are the ones above
You should read our other articles on them for in depth view of chances of success. Odds are a lot worse than ones above, but jackpots can be huge!
The best odds give you the best chance of winning
Here you will see that the odds are fixed in games of chance when gambling online and if you know the bets with the best odds you have as much chance of making money as anyone else.
One of the paradoxes of life is that at first glance, gambling for a living seems to be a carefree, easy, and unconfining way to make a living. But appearances are seldom what they seem and that is especially true of professional gambling. Successful, profitable gambling is a process and not just luck.
Like any way of making a living, gambling requires hard work. The more successful you want to be in life, the harder you have to work at it. You can work hard without a plan and get some results, though they may be mixed, or you can work hard with a plan or strategy and get better results. The question is, how much of a payoff do you want for that hard work?
If you don’t want to waste time and all that hard work, I suggest you plan your work (learning how to gamble) as well as your gambling. The studying and learning are part of the job, so you have to consider part of pro gambling is education. How you get that education may vary. For some, a gambling mentor or school is the way to go. Other people choose books, videos, and other methods. While you can practice at the race track or casino or sports book, practicing before you study can be very costly.
Successful businesses usually have a business plan, in fact, business experts say that a good business plan is the most important tool for success in business. Since pro gambling is a business (and if you aren’t treating it that way, good luck making a profit and luck is exactly what you will need) it only makes sense to have a real written plan. The first part of that plan should be a list of tools that you want to acquire or have acquired to be a successful gambler. Write down what skills you will need to be a success at your chosen gambling venue.
Obviously knowledge of the game, whether it is racing, sports, or casino gambling, is a good place to start. To be successful at a game or business you have to know it inside and out. Knowing what tools (skills and knowledge) you will need and how to acquire them is a good place to start. Also, writing down some realistic goals is another requirement. If you don’t know what you want or expect, how will you figure out how to get it or even know when you have attained it?
Money management is an absolutely essential skill that you need to develop and practice vigilantly in order to succeed as a gambler. If this is starting to sound like a lot of work and somewhat confining and less free than you thought gambling would be, welcome to the real world of professional gambling.
Everything should be written down in a business plan. It doesn’t have to be real complicated but it should be clear and give good guidelines that you can follow. It is your business plan and you can edit it any time that you want to. I advise you to write your plan including goals, both financial and personal, starting bankroll and where future more money will come from, as well as what tools and skills will be needed. Next, start to budget your time. How much time will be spent each day/week/month on book keeping, learning, gambling? Also, and this is very important, how much time will you spend reviewing your plan or gambling strategy and also, finally, how much time will you spend on other areas of your life such as family and relationship commitments and responsibilities?