Unlike what many people have come to believe and run with, gambling isn’t rocket science or an activity that requires some sort of magical spell to win. Yes, some stroke of luck to hit a once-in-a-lifetime jackpot. But only with the right expertise, strategy and Math, can you boost your prospects of long-term success and enjoy steady and frequent wins.
Math, huh? Yes, Mathematics! Whether you intend to play poker, slots or roulette at a legit casino like Casino Hipster, Mathematics can help you make smarter and calculated moves during gameplay.
Here are proven ways to Master the Math Behind Successful Gambling and ace your next game like a real pro. Even if you are not a Math guru, you can still get a hang of how it works. If you are ready, let’s dive right in!
The Probability Model
Players can use implied probability to determine the outcome of a game before wagering their bankroll. The probability model is more frequently used to describe games like craps or roulette, where the outcome depends on the number of dice thrown in total or the number the ball will land on.
The calculations in this case relate to the outcome of the upcoming roll of the dice. We can forecast our chances correctly by estimating the numbers. For instance, if we know that each dice has a number from 1 to 6, and we also know how many dice are being thrown.
For example, in a straightforward game like roulette, using a “binomial distribution” formula, it is possible to determine the “standard deviation” with the npq formula. Here, “n” is the number of rounds played, “p” denotes the likelihood of winning, and “q” denotes the likelihood of losing.
However, keep in mind that, as the number of rounds increases, the number of losses may exceed the standard deviation, thereby making it impossible to make long-term predictions.
Sports Betting
In sports betting, bookies use accurate mathematical calculations to determine the ratio between certain sports events, analyze the risks and outcomes, settle the odds, establish the ratio between expenses and possible revenues. Not just bookies, but players can also use arithmetic to get higher odds and get closer to an eventual win.
Risk Assessment
Generally, veteran and pro players are known to assess the risk of each round using the mathematical properties of probability, expected value, size of bet, volatility index odds of winning, length of play, and size of bet, even before they start playing. These factors paint a numerical picture of risk and tell the player whether a bet is worth pursuing or not.
If you are a newbie, don’t just go for any game because you think you’ll win big. Understand the prospects and all the hacks before risking your bankroll. Lay the cards on the table and see if it’s worth pursuing. Reading gambling books by authors like Edward O Thorp, a Mathematician who pioneered the modern applications of probability theory can increase your knowledge greatly
Expected Value
Expected value (EV) is a statistical concept that explains how much you can expect to gain or lose when performing an action. It is a useful tool for making decisions in gambling, as it allows you to accurately predict what the results of a bet may be and decide whether or not it is worth the risk.
Calculating expected value is relatively easy and involves determining the probability of an event occurring, multiplying this by how much you would win or lose if this event were to occur, then summing these values. The result should be a positive number which indicates that the bet will be favourable in expected terms. If the result is negative, then it is best to avoid the wager altogether.
EV can also be used to determine whether or not a gambling strategy will work over time, or whether the house always has an advantage. By using EV for individual bets, as well as for consecutive rounds of betting on various outcomes with different odds, it becomes easier to tell if there are any opportunities for long-term success in your gambling strategies. Knowing when to leave it at that and walk away can help you maximize your profits and minimize losses by using your knowledge of expected value effectively.
Play Games with Higher Odds for Players
It is true that the house mostly wins because the bookmaker’s profit margin is factored into the odds, but some games have higher odds for players than others.
There’s no gainsaying that table games provide the best odds of winning than slot machines, Wheel of Fortune or Keno. Blackjack is one of the most popular games players compete in, regardless of whether at a physical casino or a virtual one. The reason is quite simple!
The game of blackjack is more of a game of numbers than luck. It puts players head-on against the dealers, while both sides struggle to reach a hand score of 21. They choose to “hit” or “stand” to get as close as possible to 21 or to hit 21 directly.
Blackjack has the best odds of winning in any game, with a 49% chance of winning, and a house edge of only 1%.
Final Words
Knowing the basic calculations behind the functionality of games will not only boost your chances at winning, it will also give you an in-depth knowledge of how it works.
It is true that you can’t win all the time, but you can have an edge by managing your losses and boosting your own chances.
Don’t allow the prize money to lure you into risking your bankroll without properly understanding the tricks and hacks of a particular game. It is always good to do a critical analysis and risk assessment before going all in.
