Although most casino games are games of luck, you should know by now that the casino over the long term has an advantage. There are certain things and mistakes you can avoid making, in order to lower the house edge to your favor.
We have advised both beginners and experienced gamblers when creating the below list of gambling mistakes.
It is for this very reason that today we want to highlight the gambling, yet costly mistakes you should avoid making.
Bankroll mistakes: Spending more than you can afford
Gambling without having a set loss limit or budget is one of the biggest mistakes that you as a player can make. We all have got our limits, whether you’re a low or high roller. Of course, the limits tend to vary depending on our income.
The best way to set a budget is to create your own daily win and loss limit. This way, you will have some control and can walk away when you’ve hit either limit. For example, if you can afford to lose £500, then quit and walk away when you’ve hit that limit.
Setting a win limit will also help protect your winnings. Some players tend to get over-confident when they’ve hit a big win and gamble it away thinking they can win more. Having a win limit in place will help you protect that money against any irrational gambling decisions you might make.
That being said, having a betting budget in place serves another purpose. We all need money to pay the bills, and if you don’t have a budget in place, you can easily gamble your life earning’s away. That’s usually the first warning sign of gambling addiction.
You also need to remember that gambling comes with huge risks – You are almost always guaranteed that the casino will make more money than it actually pays out. Obviously, borrowing money either from family and friends or as a cash advance from a credit card should be avoided.
Not only will you be paying a lot more by paying interest but these are serious signs of gambling addiction. Needless to say, chasing losses would require spending more money on gambling in order to recover from your losses. This is why setting a win and loss limits are the way forward to have better control of the situation.
GAMBLING MISTAKES: ALCOHOL, TIREDNESS AND FREQUENCY
Although alcohol can make you feel more confident, it does not mean that it will help you make more decisions. Our advice is to never play under the influence of alcohol as nothing good can come of it. You need to put all your energy and attention into the task at hand.
This means that no drinking, no chatting and no eating if possible, so you can focus all your attention on the game. Those being said, if you need to eat, then do it well beforehand.
Playing when tired or fatigued is also a bad idea. There’s a concept known as decision fatigue which is the result of making too many decisions in a row which in turn, could make your right decisions decrease considerably. The casino profits the more you get tired, as you keep making bad decisions. Keep in mind that when you’re tired, you are losing money. On the same topic, you should also take regular breaks when playing. In fact, some players prey on tired players, so if you need a breather, sit back and relax. It will give you plenty of time to watch what the other players are doing.
There are too many of these to mention so we will list them in bullet points. You should print this article out and keep it handy when playing:
***Taking insurance in online blackjack: Taking out insurance is essentially like throwing money away. You’re exposing yourself to more risks for a measly payout.
***Placing side bets in online blackjack: In theory side bets look quite appealing, but the odds don’t justify the bet at all.
***Betting on the tie bet in baccarat: Let’s put it into perspective for you. In baccarat, you can place bets on either the banker or the player with a house edge ranging from 1.06% to 1.24%. The house edge on a tie bet stands at a whopping 14.25%. Steer clear of tie bets.
***Placing a side bet in Caribbean Stud Poker: Any side bet on any casino game has been created with the aim of making you lose your money. Ignore all side bets.
***Placing a basket bet in roulette: Known as the worst bet, the basket bet is awful since the game’s house edge of 5.26% raises to 7.89% when you place a basket bet.
***Playing progressive slots: Now, we’re not trying to put you off them, but progressive slots have bad odds. They are created with the aim of paying less than non-progressives.
***Playing American Roulette: Since European Roulette has 37 pockets instead of 38, the house edge is much lower. For American Roulette, the house edge stands at 5.26%, while for European roulette it stands at only 2.63%
***Ignoring offers and promotions: It is important that you take advantage of offers and promotions when possible. These promotions tend to work in your favor more often than not.
***Ignoring any possible bonuses and free spins offers can be very costly missed opportunities.
***Signing up to dodgy casinos: If the casino has offers that are too good to be true, or we’ve marked them as blacklisted, spare yourself some time and grieve and find a casino worth signing up to.
***Signing up to the wrong casino: If you are into specific casino games, there is no point signing up to a casino that doesn’t offer them. If a casino only hosts a few dozen slot games, you might want to check out more options. It’s pointless wasting time on a casino with limited options.
***Ignoring terms and conditions: We can’t stress this enough, but read all the terms and conditions. You will be able to learn more about wagering requirements for bonuses, as well as deposit and withdrawals.