How Does Your Betting Strategy Affect Your Odds in Casino Games?

Question

How does the betting strategy I choose affect my odds of leaving the casino with more money?

Answer 1

Your betting strategy significantly affects your odds of winning. For example, if you have a bankroll that allows you to bet 20 units and you bet on red or black until you're up by a certain amount or lose it all, your probability of winning changes based on the target amount you set. Betting smaller amounts over a longer period can increase your chances of winning a small amount but also increases the risk of losing your entire bankroll.

Comments

So the moral of the story is, “If the odds are against you, don’t give them time to even out”

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This makes me want to watch the movie 21 again. I recommend buying the book called "Beat the dealer" by Edward Thorp. Goes into so many strategies in statistics and probability. Great video Zach.

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The grand daddy of expected value calculations for the card game Blackjack (21) can be found in the classic "Beat The Dealer" written by a mathematician who later made a fortune in hedge funds by finding pricing abnormalities. This 1966 book begat generations of card counters as well as famous rules like "always split aces and eights".

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:10 My strategy is great. I play till I win 50, then take a break and play till I win 50 again

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One way to ensure some fun, likely little in losses, and maybe even leaving ahead, is to play through your bankroll just once.  If you go in with $2,000 you make $2,000 in bets.  Even on slots, which have the worst odds (as low as 85% RTP) you will likely leave with no less than $1700.  Just size your individual bets to maximize your time, never make any individual bet over 1% of bankroll, and accept the fact that you will likely lose up to 15%.  Also, set a hard limit on how much you are willing to lose and leave, no matter what, if that happens.

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Start with $100 and play craps, making $5 pass-line bets.  Once you get ahead by $30, go to the dinner buffet.  You'll lose all $100 roughly 3 out of every 10 times you try this, so think of it -- on average -- as 7 dinners + 10 runs at the craps table for $300.  Not too shabby, but make sure you can handle the variance (occasionally, you may lose $600 and only get 4 dinners out of 10 attempts).

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I learned a strategy a few years ago, but one that I think they'll ban you for. Every time you lose, double your bet. When you win, you'll make back at least what you've lost.

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After 25 years in the gaming business, I'd like to offer my opinion that this is one of the best ever explanation of casino mathematics.  And btw, if you play for money, it is better to play with absolute consistency, every single time.