If you needed proof that you can beat the bookie, here it is.
London casino Aspinall’s lost GBP 4.5 million last year because several high rollers had won big. The casino is now in financial trouble has been put up for sale by its owners.
This is good news for gamblers and punters everywhere, because it shows that casinos and bookies can be beaten!
Unfortunately, we don’t know whether these winners used any special techniques to win or whether it was down to sheer dumb luck.
Yet, Aspinall’s isn’t the only casino that was taken to the cleaners by the punters, other clubs in various cities in the UK lost a total of £12 million on top of a £19.4 million that they lost last year.
So, you can win. Bookies and casinos can be beaten. Let’s do what’s necessary to find out how.
A key concept when you want to win in the casino is the idea of ‘expected value’.
This is an idea that that casinos use to take money off you and that you can use to take money off the casino. The expected value is the amount that you can expect to win (or lose) each time you bet a certain amount.
‘Expected value’ is therefore your win rate (or the casino’s win rate) for each game you play.
For example, if bet $1, and your expected value is $2 then you will make $1 every time you play. On the other hand if your expected value is 50 cents, then you expect to lose 50 cents every time you play. This is not the sort of game that you would ever wish to play.
The trick is only to play games where you have an expected value that ensures you win!
I want to be a winner. And if you are reading this site, then I guess you do too.
To be a winner, you need to the skills to win. Let’s not kid ourselves, those skills are not always easy to get. If they were, then everyone would have them and everyone would be winning. But we both know, that they’re not.
The simple fact is that they haven’t put in the effort and made the investments so that they can be winners.
Winning in a casino requires knowledge and discipline.
For me, knowledge and discipline meant breaking bad habits. If you’ve ever had bad habits, eating badly, not exercising and so on, you will know what I mean. Bad habits in the casino were a time and money drain. They made my life miserable.
To win I needed to break those habits. I had to learn self-discipline. I had to learn the to think it systems top make sure that I would always win.
Professional gamblers understand this so that they really can make a money from gambling. They work hard, but through diligence they succeed.
That’s the goal.
The shocking truth is that no matter what game of chance you play, over the long term a gambler will go broke! This is known as the theory of the ‘Gambler’s Ruin’. Put simply it means that whatever the odds of the game, even if you expect to win, a bad run can wipe out your bank balance.
When you’re gambling against someone with almost infinite resources, for example, a casino, the casino can sustain a bad run much longer than the gambler. Therefore, over time, the casino will always take all the gambler’s money.
There is a solution to this problem, of course. As usual the solution is counter-intuitive.
If the gambler loses then the size of bets should be reduced by the appropriate amount. In this way, the risk of bankruptcy is reduced to almost nothing. Many people when they gamble try to win back their losses. This is an example of a disastrous strategy which will only ensure that the gambler loses more and faster.
Similarly of this is that as the gambler wins more the size of bets should be increased to increase the amount of money that could be won.
This is the truth of the mathematics of gambling.
I started this site because I think there are ways to start winning. I was sick and tired of always losing. My friends and I would go down to the casino, have a few drinks and start playing. We’d feel good when we won, and not so good when we lost.
Often times the nights would end up with each one of us drifting home disappointed and angry. Our wallets would be empty.
I started visiting casinos alone determined to make my money back and be a winner! I thought that without the distraction of my friends I could concentrate on the game.
I started seeing patterns in the roulette results and thought I could bet. I won a bit. But lost a lot.
I was even losing more than when I had been playing with my friends. Perhaps they’d just distracted me from my total inability to see patterns in the roulette wheel, the craps dice and the black jack cards.
There had to be a better way. I withdrew from gambling for months. I shunned my friends who had introduced me to the casino making excuses when I suggested that we go out together.
Instead I started hitting the library, and bookstores. I looked online to find the mathematical basis of gambling and winning at gambling.
I found out that I was not alone. There were thousands of others like me, other truth seekers. I found that there had been people throughout history who had been on a similar quest as me. They too had wanted how to find out how to win at gambling, how to beat casinos and come away smiling and full of pride.
This is a blog about this journey.