Five Reasons You’re Losing Money at the Casino
Nobody likes losing money especially when they are losing money gambling. Losing is inevitable whether you play at an online casino or a brick-and-mortar venue. The casino would not be in business for long if its customers did not lose! Imagine that, a casino where nobody lost, only won.
Although the casino turns a profit by you losing money, it too can lose, which means you win. It is a simple concept. While it is impossible to never lose when playing pokies or casino table games, you can look at why you are losing money and take steps to prevent them from happening, or at least minimise losses.
You Are Losing Money By Playing Games With A High House Edge
Playing games with a high house edge is one of the main reasons casino players lose money. The house edge is how the casino creates a profit. For example, if the casino paid even money on a coin toss, it nether wins nor loses in the long run. However, paying 5/6 on the same outcomes ensure it wins in the end.
House edge is displayed as a percentage. A game with a 5% house edge returns $95 for every $100 wagered over a massive sample size. The house edge of pokies is called Return To Player or RTP. This is also displayed as a percentage, but like 97%. Subtract the RTP from 100 to reveal the house edge.
Games with a lower house edge result in more money returned to you. They tend to pay smaller prizes as a consequence.
Playing Pokies With High Variance Is a Recipe For Losing Money
The house edge is only one aspect worth considering when playing pokies. These fun machines come in low variance, medium variance, and high variance guises. Variance, or volatility, is a measure of how the machine reaches its RTP figure.
Low variance pokies pay out smaller but more regular wins. Conversely, high variance machines make you endure longer losing spells but award larger payouts.
Think of a coin toss as low variance. It is unlikely the coin lands on heads 50 times in a row when you bet tails. Think of betting a single roulette number as high variance. Your number will not land often, but it pays 35-times your bet when it does.
You may be losing money in the short term thanks to variance.
You Do Not Know The Rules / Basic Strategy
We cannot stress enough the importance of understanding a game’s rules and any basic strategy attached to the game. Not all casino games have strategies, but those that do help lower house edge and variance in one fell swoop.
Blackjack is the perfect example. Following the tried and tested basic blackjack strategy lowers house edge to a mere 0.5%.
You leave money at the table if you do not know the rules of any game. Losing money through your own incompetence should never happen.
A Lack Of Concentration
Not concentrating on a game, even if you know the rules and strategy, is another reason for losing money. This is especially true when playing at an online casino where you can have several pokies or tables open simultaneously. Some players open three, four, or more blackjack tables at once and play them at the same time. Even the most hardened of blackjack experts will be hard pushed to play to the best of their ability with that many games running.
Playing Games Under The Influence
Many of you reading these pages play pokies to relax after a hard day or week at work. A large percentage do this while partaking in a drink or two, a double-whammy of relaxation. This is fine, but ensure that you always have your wits about you, and never play drunk.
Even a couple of drinks lower your inhibitions, leading to taking more risks. This is especially true when it comes to bankroll management and chasing losses. Enjoy a beer or two, or a glass of wine, but do not combined a drinking session with a gambling session.
