The house has an edge in most casino games, which means that you can't win in the long haul. That's simply a fact. This advantage can vary from game to game, and depends on what strategy you employ. Hitting on 20 in blackjack gives the house a huge edge for instance. Obviously, it's very important that you learn the rules and the best strategy of the game you're planning on playing.

There are, however, other factors that have impact on your results in the casino. We're now going to dig deeper into the mind of a successful gambler - or at lest one who's not extremely unsuccessful - and investigate some key factors of casino gambling.

 

Money Is Only Won When You Leave

Very often players say something like, "I lost a little, I'm down $1,000; but just an hour ago, I was up $2,000!"

The past result somehow justifies the loss. But the past is of no interest. The only interesting fact is how much you had when you walked into the casino and how much you had when you left.

The key to managing your money well is to set up rules for yourself before you start playing. Always answer the following questions: How much am I prepared to lose? How much money do I have when I quit? Make your decision, and stick to it - the latter is maybe the toughest part though.

 

Gambler's Ruin

In gambling, the one who's financially strongest often wins, and that's known as the gambler's ruin. Let's say two players flip a coin for $10 until one of them is broke. Player #1 has a $100 bankroll and player #2 has a $1,000 bankroll.

Although this is a 50-50 game, there's a good chance that player #2 eventually will win all money.

It's not hard to guess who is player #1 in the casino - you. Even if you have a good streak and keep on winning, the casino can bring almost unlimited funds to the table. On top of that, in the casino you may partake in a 47-53 game to the casino's favor, and not 50-50.

Remember the second question: How much money do I have when I quit?

 

Gambler's Fallacy

Casino players have discussed this millions of times. Let's once and for all settle this. You can NOT predict the outcome based on what has happened in the past. But some people don't seem to understand this.

When the ball lands on red in roulette for the sixth time in a row, there's always someone who place a bet on black because "it has to even out."

This is, however, just a statistic superstition, and it would mean that the roulette ball has some sort of memory. It obviously hasn't. A throw of the dice in craps, a roll of the ball in roulette or a single pull of a slots lever are all random, isolated events that do not affect each other.

Of course things will even out eventually. But you're opponent here is not the next random events, it's the eternity, or at least close to that. And you don't know when things will start to even out.

Simply don't base your decisions on past outcomes.