So, what are we talking about? It’s the different side of the coin to skill bets which are not surprisingly based on skill.
An example of fixed odds, betting a single number on roulette which is 37/1 but after the house takes its cut you receive 35/1. Each number of the roulette wheel takes 2.7% of the cash on the table. So that’s £27 in every thousand. It doesn’t sound a great deal of money but it all adds up when you have perhaps two or three tables, betting terminals, and a variety of other games such as blackjack, three-card poker, poker and the ever-taking slots, which are said to make up 70% of casino revenue.
Realistically, there is never a good time to play fixed odds.
Because from the outset you are, statistically, destined to lose. Not the best starting point for any gamble. The house edge takes its cut of each and every game because it’s there to make money at the expense of you and your hopes of winning. As far as the odds go, they are odds on to be winning by the end of the night. Even if the odd occasion that wasn’t true (because someone got lucky and they won big money) they would be confident they would be in profit by the end of the week.
That doesn’t mean that punters don’t win or can’t get lucky.
They do have their days. Sometimes its a win that changes their life. Some of those progressive slot machines have been known to pay out millions.
Out of fixed odds betting and skill based I would rather bet on the latter. Although that doesn’t mean you will get an easy ride because to win you will need to know a lot more (or at least a little more) than your opponent. It may be a bookmaker laying odds on a horse race, a poker player bluffing their way to a big pot or even a chess player making out they just got lucky but a hustler who knew the score when they bet levels you devils (1/1) and they were basically a certainty. Unless being out hustled by a hustler.
You don’t acquire a skill worth having by osmosis. You will take years of dedication and passion to build a knowledge, understanding and skill to appreciate you are better than most.
Nothing is easy. We live in a competitive world. Even if you cannot see that before your eyes, it is there. If someone says: ‘let’s have a bet!’ You’d be wise to appreciate they fancy you are the loser waiting to happen. Unless, you know more.
So why play fixed odds?
It’s a question you need to ask yourself. You at least need to appreciate that going to the casino from a statistical and financial point of view isn’t, logically, a good idea.
You are destined to lose.
Whoever, that doesn’t mean to say you shouldn’t go to the casino as it can be a very enjoyable night out. Often cheap food, free bets, match bets, competitions, music and entertainment. All put on to bet you through the door.
The choice is yours. I’ve never seen a croupier or pit boss with someone’s arm behind their back saying: ‘You will bet and lose!’
You don’t have to bet a penny. You can take advantage of everything free and enjoy the experience. In fact, it’s often more enjoyable just watching people winning, losing…
There’s always a character or two at the casino.
If you are going to bet then please think about what you are doing. Why? Because we all need to be responsible for our life and actions. Bet what you can afford to lose. If you don’t like losing then don’t bet. If you have a £10 to gamble then play roulette with 50p chips and stick to one lucky number. If you are going to be lucky you may as well get 35/1.
Also, the longer you play the more likely you are to lose.
So play for a couple of hours at most. If you are winning put your stake money in your pocket and you will go home level at worst. If you have a few more wins, put some of that profit in your pocket and you will leave a winner.
If you lose your stake, don’t bet more than you intended.
Because you will break your own rules and create a bad habit which will prove to be a bad idea long term.
Without discipline we really do have problems in life.
Gambling can be a very innocent, enjoyable pastime. But it can also be very problematic and addictive, especially those slots. They will have you acting like a pigeon pecking a coloured light for a handful of corn.
Don’t drink too excess and gamble. You can take advantage of hot and cold drink in the gaming room for free. One of the perks of sitting at the table whether betting or not.
It’s a bad combination.
Fixed odds betting isn’t the wisest gamble. It’s a bet that you need to appreciate before getting involved. However, if you know the facts then you will be wiser than most and have an enjoyable evening and, at most, lose a few quid which doesn’t addle your mind or lose your shirt.
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