Gambling in online casinos or land-based alternatives is a polarizing subject. On the one hand, some people will advise you against it simply because gambling institutions are only there to take your money. On the other hand, some people will tell you that it is actually a quick way to make money (if you know what you are doing).
Whether you think of it only as entertainment or if you are planning to make it as your main money-making machine, read further to find out why gambling could be your source of money.
You Should Know the House Edge
There is this notion that the ‘house always wins’. The house, in this context, refers to the gambling institution (aka casino). There is this concept known as the house edge where it talks about how much money the casino will get from you per game.
Blackjack, for instance, has one of the lowest house edges among all of the casino games out there at 1.3%. That means that if you are going to wager and win in a game, you only get to take home 98.7% of your total winnings.
You might think that that is a small number, but have you ever really known a person that stops playing after just one game.
The house edge, for those of you who do not know, compounds the longer you play at the casino. So, even if the house edge in blackjack is just a measly 1.3%, if you play consecutively, then that could ramp up more than you think.
It is important for every casino player to know that not all games have the same house edge. Blackjack and a configuration of craps both have the lowest house edges among all their other counterparts. The roulette and Keno are just some of the games that have the highest house advantages and should, therefore, only be played if your only intention is to experience the game for what it is.
Why Playing the Slot Machine is Not a Good Idea?
Ah, the slot machine. It is one of those games that are depicted in movies and TV shows and that is one of the many reasons why people want to try it out for themselves. In addition to that, the game itself is quite enjoyable and it is definitely alluring, to say the least.
When you visit a land-based casino, you will find that slot machines are actually created specifically to let you feel like a winner even though you are losing consecutive games. Add to that the fact that casinos don’t have any clocks inside and you have a recipe for disaster.
Now, there are some compelling reasons why you’d want to stay away from the slot machine. First, it has one of the biggest house edges at 35%. Second, your chances of winning it big are quite slim, especially when we are talking about progressive jackpots. Third, this may not be the best option for you to make money (if that is your intent).
How to Make Money Gambling?
The best way for you to earn money is by playing skill-based games like blackjack and poker. That is because your odds of winning the game increases exponentially the more you know about the game and if you have certain strategies that can help you win.
Aside from that, you should always hedge your assets. Think about bankroll management and imposing a limit on your spending so that you can stop yourself whenever you lose your original money.