LONG-TERM & SHORT-TERM
All the numbers you are bombarded with from casinos are applicable to long-term averages. This means that the casino odds are calculated over tens of thousands of spins, deals, and draws. While mention is often made of return to player and house edge, the most important aspects of casino game mathematics are hardly ever popularized in the media.
These include things like the differences between odds and probability, risk and volatility, player value, etcetera. Many of these concepts are beyond the scope of this article and require an in-depth understanding of standard deviations, variance, number of trials, and so forth.
Suffice it to say, your chances of success at a casino are always much greater in the short term. First of all, nobody has an infinite bankroll and even if you did the casino would win in the long term. The house edge that is built into every single casino game ensures that the casino will win in the long term.
However, no house edge can beat lady luck at blackjack tables, roulette tables, slot machine games, or video poker terminals. Picture this; you've got a $100 bankroll and you decide to play 5 different numbers in 5 games of roulette with $20 on each round. If just one of your numbers comes up in those 5 games, you will multiply your bankroll by 35 X $20. That means you can walk away a winner in the short term.
The same is true of slot machine games. Nobody says you can't win big within your first couple of spins. It's possible to generate outsized returns in the short term on any slot machine game, since these games are based on chance – nothing else. The longer you play, the more money you burn through.
Players on a winning streak wrongly believe that that streak will continue unabated. So instead of walking away with their winnings, they plough their money back into the casino games and lose everything. If you are looking to walk away from the casino with cash in hand, always stick to the rules listed above. Limit your gaming sessions to preset intervals of play, and pick games with higher payback percentages.
Here's another fact that theorists don't publicize: Very few players are long-term players. Even if you play 1000 games of roulette in your lifetime, you’re still considered a short-term player. That's good news because the percentages don't necessarily apply to you. Be an informed bettor and make the right selections.
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