Casino Strategies & Theories – What Works?
Having a casino game strategy is always a good start, but it is not always all that easy to implement. There are literally hundreds of strategies and theories floating around the ether, all claiming to be the be all and end all to becoming instantly rich. The question begs: why aren’t more of us rolling in cash?
Despite the obvious answers to the million dollar question, there are indeed strategies that have been known to work better than others; theories that have proven to be true, if not all of the time. These are the ones that are worth exploring and can help you win big, more often.
The Gambler’s Fallacy
Perhaps more the debunking of a theory than a strategy in itself, the Gambler’s Fallacy is an intriguing idea. The concept behind the Gambler’s Fallacy is that past events have an influence on future events. Or: the more an expected event fails to occur, the more likely it is to occur as time goes by. Unless you are a believer in divine orchestration, whatever your particular view on the divine this quite frankly does not make any sense at all. It completely defeats the very concept of a totally random outcome.
Despite the obvious flaws associated with the Gambler’s Fallacy, many continue to swear by it, typically applying it to games like Craps and Roulette.
The Gambler’s Fallacy has interesting origins, having first been made famous in a casino in Monte Carlo back in 1913, when a Roulette wheel landed on black a staggering 26 times in a row. If that particular event did not serve to debunk the fallacy once and for all, probably nothing will.
The Martingale Betting System
No discussion on betting systems, strategies and general theories would be complete without having made reference to the infamous Martingale betting system. Put simply, the Martingale betting system requires that a player doubles his or her previous stake for every losing bet made. The reasoning behind this is that betting against the favourite is bound to yield positive results some of the time. A good example of this would be to consider that the favourite filly will not always be the horse walking away victoriously from the race.
Here enters the story of Elliott Short. Short had been a financial trader who did no longer have to toil for a single day after having won in excess of 20 million pounds by betting on horse races. Short kept office in the almost royal part of London – the Knightsbridge district, owned lavish cars and frequented only the most elite locations that the London club scene had to offer. According to the newspaper story relating the account of Short’s untold riches and success, his strategy was a simple one: always bet against the favourite. The strategy seemed to work well for Elliott Short, having secured profits untold during some of Britain’s most high-profile races.
The problem however, was that Elliott wasn’t being entirely truthful. Still a financial trader at heart, Elliott knew the value of outright bluffing. Having created much hype around the winning strategy and not ever really having been pressed to provide any real proof, Elliott soon realised that the unseen may be used to great advantage. Persuasive by nature, the trader had convinced many high-profile businessmen to invest large sums of money in his winning system, only to squander the investments on a lavish lifestyle. To make a long and painful story short: investors eventually started to suspect that there were shenanigans afoot, demanding explanations from Elliott. He in turn was not able to provide satisfying answers to all of the questions being hurled his way and was eventually tried and found guilty on multiple counts of fraud in 2009.
The bottom-line? There is no such thing as truly flawless and perfect betting system.
On the other side of the coin – it’s a hell of a lot of fun trying to formulate one.
The Cancellation Betting System
The basic principle here is that over an extended period of time (read: in the long run – oh, how we hate this particular phrase!), two events of roughly equal probability are bound to happen the same number of times. Despite “in the long run” being at the very heart of the system’s success, it heavily depends on a similar outcome being reached over a shorter period of time.
Being in it for the long run would require an almost bottomless pit of available cash to be at one’s beck and call, certainly not a luxury easily afforded by many.
What then, really works in terms of strategies and theories? All things considered, it’s clear that what works for one player will not necessarily prove effective for another. The secret it seems is to try everything at least once and find your own winning recipe.