Do Gambling Strategies Work?

In the world of gambling, you will regularly hear of winning strategies or sure surefire tactics that guarantee you’ll beat the house. The truth is, unless you can rig a casino game or hit an amazing winning streak, in the long run, the house wins. That doesn’t mean to say that strategies do not work or have not worked in the past.

While the famous MIT teams didn’t need to rig the blackjack tables to beat the house, they made millions using basic strategy and card counting. Unfortunately, card counting is practically impossible to get away with these days, while basic strategy is still popular. Also, poker players can earn millions at tournaments and cash games using their proven strategy for winning. However, poker players are usually playing versus other players with an equal chance of winning.

Then there’s some of the best gambling strategies reviewed at oceanalaw.com that offer systems that tie in with a misunderstood concept in gambling known as ‘variance’. This is vitally important when understanding why most strategies played versus the house do not guarantee a win.

In truth, figuring out which gambling strategies will or won’t work for you depends entirely on your expectations.

• Most strategies do not work if your sole aim is to make a profit versus the house
  
• Most can work if your aim is to reduce your losses & maximize wins versus the house
  
• Strategies in games versus other players like poker can work if you master them

Winning consistently using a gambling strategy is a rarity

You may have heard about the Martingale, Reverse Martingale, Flat Betting, Labouchere and other betting strategies used on roulette and baccarat tables. Contrary to popular belief, these are not ‘winning systems’. In other words, they are not systems that enable players to beat the house edge. Yes, you can win big, but in the long run the house edge will prevail. Yet, there are so many stories of people winning using these systems. The answer is variance.

To explain this in its simplest form, imagine flipping a coin. Probability dictates that there is an even 50/50 chance of landing heads or tails. Yet sometimes heads will land 5 consecutive times. This scenario is known as variance of probabilities. If you had bet on heads, you could walk away with a profit thanks to your hot streak. Alternatively, you could continue betting, and suddenly the result is tails for 10 out of the next 15 flips. You do the math!

Blackjack ‘Basic Strategy’ only serves to help you play according to the house edge

Blackjack basic strategy is not a winning strategy per se. It only works if your aim is to reduce your losses and maximize your winnings. It uses proven mathematical charts that give you the best chance of winning the hand versus the dealer’s face up card. It is the system the MIT players used while waiting for a positive true count, a system now banned by casinos causing controversy whether card counting is cheating or a civil right.

To explain the math further, if you have a 16 total versus the dealer’s 9-upcard, most basic strategy charts will tell you to hit the 16 despite the risk of busting your hand. This is because the mathematician that created the basic strategy chart proved that you will win more often by choosing to hit versus choosing to stand.

‘Bankroll Management’ strategy helps reduce losses & allow longer playing times

As long as you can keep your emotions in check and play to your limits, you can stay on the tables for longer or simply lose less by betting less and using the perfect bankroll size.

To master this concept, you need a mix of bet sizing strategy and solid bankroll management strategy. The idea is you can play your favorite casino game for longer. For most players, they will only enter a session on a table game or on slots with 10% of their bankroll. They will also only bet 5% of this. So, if you had $100 and went into a game with $10, your bet size per round or spin is $0.50. This is just an example, and these figures can vary depending on the game you play.

The point is, if your goal is to play for longer and not burn through your bankroll, then this strategy can work for you.

Weighing up why most gambling strategies do live up to expectations

A common term in life is to manage your expectations. Firstly, most people are so excited about gambling strategies they forget the real purpose of these systems. Secondly, you also must understand the type of gambling vertical you are putting your money into. For example, if you are playing poker using a strategy, and you master the system, it will probably work, but only if you are playing versus other players who also have an equal chance of winning.

On the other hand, if you are playing in a casino versus the house, your expectations of winning in the long run while using a strategy should be more realistic. Always remember, the house edge works in the casino’s favor. Therefore, over time, you should expect a negative return. In short, if your aim is to use a strategy that guarantees a win versus the house, the answer to the title of this guide is that strategies do not work. Moreover, if there is/was a surefire strategy to beat the house edge, like card counting, you can be sure the casino will quickly ban it.

Nonetheless, that doesn’t mean to say you can’t use strategies that minimize your losses and maximize your wins, which if this is your goal, then strategies can work for you.