Today the practice of gambling in a modern casino or betting on sports events is enjoyed by millions of people trying their luck especially around this time of year with the superbowl right around the corner! The advent of mobile devices and Internet connections have even made it possible to play a game at an online casino.
There are many leading authority sites within the gambling scene, such as webxcon.com online casinos, that keeps an extensive listing of the best casinos online for those interested in pursuing their luck with the turn of a card or spin of a digital wheel.
For those interested in the traditional forms of this favorite pastime, the following article will introduce you to the five biggest differences between sports betting and the casino gambling experience. Having some information on the world of gambling is the best chance you have to come out a winner.
1. House Edge and How Casinos Make Money
The concept of gambling is premised on the game of chance, meaning that all players have equal chances to win. Then there are other games found in a casino that are also require a measure of skill to dominate, like blackjack and poker. Nevertheless, the concept is the same, luck is the deciding factor.
But if it were all luck, how would these multi-million dollar resorts and casinos stay in business? Casinos all seem to stay in business and progressing without luck. Or do they make their luck with a technique called the “House Edge”?
Every game in the casino provides the house with a long term advantage that allows them to always come out on top. Even though the house will not always win and sometimes a player can make an awesome winning in one night, mathematically the odds are always in the favor of the house.
For this reason casino gambling can be considered a negative expectation game, in the long run you are more likely to spend more than you will win. So is this all a pointless endeavor where hapless gamers pour their money into a pipe dream?
Not really, it takes the casino many thousands of bets to offset their losses, which they will do. Nevertheless, it is possible to beat the house edge in the short term win. Still you will have to be lucky!
2. Sports Gambling: Bookies and How they Make Money
In the beginnings of sports gambling, wagering was done by two people who had different ideas about the outcome of a specific event. When the event was over the two people would settle their arrangement according to what they thought was fair. Even though this type of arrangement is still in use today, it is somewhat limited. A record keeper was often needed to sort out some disputes.
A bookie, or bookmaker, was someone who would keep a detailed record of these types of wagers and was responsible for paying the winners their dues and settling quarrels. Today the bookie operates in many different ways and the betting process has also become more complex than betting on a winner.
Today, bookies around the world take wagers for a great number of sporting events from fishing to horse racing. When a bet is made in cash, the bookie will give the player a slip of paper with details of the bet made. If the bet wins, the winning better returns to the bookie to collect winnings. This type of setup is available in many casinos as well.
Just like the casino has a house edge, the bookie is also tilting the game in his favor and is, to a certain extent, guaranteed to make some cash off each event and wager made. It all comes down to those books they make. They take commissions on all wagers made and keep a clever balanced book that pays out relatively the same amount regardless of the outcome of the event.
Bookies make money much like casinos do, in the long run and collectively. This does not impede the chances of a sports bettor to make plenty of winnings by playing the game with skill and experience. Of course, a little luck never hurts.
3. Bankrolls and Game Plans
The way the bankroll and game plans are allocated and applied is another big difference between gambling in a casino and sports betting. As we have covered earlier, it is almost certain that the house edge or bookie’s balanced books will be making the most winnings in the long run, yet with the proper game plan and wise bankroll management, it is quite possible to come out on top and many people do.
In casino gambling, the approach to bankroll management and a clever game plan are centered on winning in the short term and thereby beating the house edge. Your bankroll should cover the amount of time you will be playing and be used as a tool to make more money and have a good time too. Focusing on winning takes all the fun out of the game.
In sports betting the bookmaker’s advantage will only be overcome with some serious experience, understanding of the dynamics of betting as well as the various strategies that can be applied. A keen understanding of the sport or event itself will also be hugely beneficial.
But even with all this, if the player does not have a precise management plan for their bankroll they can stand to lose plenty. Smart sports bettors and casino gamblers set aside a specific amount of money that exists for the sole purpose of making more money. This allows the focus to be taken off the winning or losing and be placed on making smart decisions with the cash you have.
4. Casino Gambling: Various Types of Games
The games you can find in a casino are all games of chance yet some games require higher skill levels for a chance at winning. The difference between these skill games like poker or blackjack is that there is a “right” and “wrong” way to play these games. Unlike slots, for example, which generally really requires no skill and only luck to dominate.
It is a good idea to get some practice playing skill based games before trying your luck at the casino tables. You can find plenty of books and online resources that provide guidance in this pursuit. Then once you have successfully graduated from onlooker to participant, you can expect to see greater winnings on the casino floor.
5. Sports Gambling: Various Types of Bets
Sports betting is based around many different styles and strategies for wagering and the novice bettor can find it all a bit confusing. But after a little research and practice the finer points are all smooth sailing. While the successful practice of sports betting is never “simple”, understanding the way wagers work is relatively easy.
Until you have perfected your bankroll management skills it is a better idea to stick to the less complex wagers and practice the more advanced forms when you know how to use them to your advantage. There are sports betting simulators that can provide a firsthand experience with the betting world without losing hard earned cash. This would be a good place to begin your sports betting experience.