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March 12, 2008 -
If you are new to online gambling, let me be blunt and tell you it's really
no different than gambling at a land-based casino. Sure, there are some
differences maybe in certain games, thus fluctuating the odds to a certain
degree, but the bottom line is that you are going to faced with the same Casinos
Edge. In other words, no matter what form of gambling you partake in, the casino
is always going to have the advantage...or should I say your probability of
winning is less than the casinos.
Probability is a term dating back...err...let's just say a really long time
ago. Since the sixteenth century, when dice and other games of chance were in
widespread use, probability, otherwise known as your chances of winning, has
been a tangible reality in the minds of mathematicians and most certainly the
gamblers most subject to its undeniable law.
The Law of Probability basically says that if you roll a die, the probability
of a six coming up is one out of six times. In other words, the odds are 5 to 1.
The five represents the five die rolls other than a six. Of course, we all know
that it is possible to roll a 6 two times in a row. The Law of Probability,
however, is a long-term measurement. That's why you must give allowances for
losing and winning streaks when you are gambling in the online casino.
Soon after people started talking about probability, an astronomer by the
name of Huygens wrote a book called "On Reasoning in Games of Chance". This was
the first time mankind was introduced to the Expected Value of Return or EV.
This let's gamblers and casinos know whether a wager is going to profitable or
not. Based on the EV - if it's positive or negative - the casino employs rules
covering games that make the EV a negative value for the return.
This is the same thing as the Casinos Edge basically. And that's what you
should be looking at when deciding what game is going to give you the best
chances of taking home some profit. Games like keno have a high negative EV,
while strategic games like blackjack have a low negative value - sometimes
turning into a small positive value for the player when using perfect strategy
and a little luck.
Originally published:
March, 2008 Categories:
Gambling
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