Casino gambling for dummies pdf

casino gambling for dummies pdf

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From one-armed bandit to high-tech robotic At one time, slot machines were simple devices. You put a coin in, you pulled a lever, and the reels spun.

When they stopped, you heard the soothing sounds of clinking coins. The humble one-armed bandit is now a sophisticated robotic master thief, with enough computing power to fly the space shuttle.

This soulless adversary even plays you a little song while it gleefully sucks up all your coins. Sure, the games still have some reminders from the past like fruit or bells on the paylines , but the level of sophistication grows every day.

Slots are primarily about luck, but video poker requires a 15 16 Part I: Everything You Need to Know to Start certain amount of skill and technique.

The strategies for video poker can be a little complicated see Chapter 13 , but the reward for that extra work is worth it.

Video poker offers perhaps the best odds of any game in the house — at least for those who play correctly. Two old standards Keno and bingo have many similarities, and both have a long history and a loyal following.

Keno is a casino staple and a great way to stay in action while sipping on your soup in the coffee shop. Bingo is less common in casinos, although some clubs still offer this venerable game.

There is not much strategy to playing either game other than hoping to get lucky, but I do cover the basics in Chapter 14 and give a quick overview for anyone unfamiliar with how to play either game.

Betting on ball games and fast horses Some people travel across the country to a casino in order to do exactly what they do at home: These plush, high-tech rooms draw fans to cheer their favorite teams or horses.

The casino is ready and willing to take your bet on just about any sporting event. Thrill of victory, agony of defeat Currently, only Nevada has casino sports betting.

You can make some sports bets online as well. Read Chapter 17 for more info. Because the house takes a vigorish a small commission from every wager, virtually ensuring a profit on every bet.

Casino guests can find all kinds of betting opportunities in the wide world of sports, including football, basketball, baseball, hockey, tennis, boxing, golf, and special events.

Point spreads and money lines add complex challenges to the process. But understanding how to handicap and analyze sports statistics can simplify that process — and help you improve the odds of winning.

See Chapter 15 for more on sports betting in a casino. The Inside Scoop Horse racing: A run for your money If you love a day at the track, the race book is going to feel like home sweet home.

After all, through the modern miracle of simulcasting, you can enjoy a day at several tracks at once, without leaving your cozy chair.

Casinos dedicate luxurious space and resources to keep fans happy: Good, now you just need to pick some winners. In both horse racing and sports betting, your understanding of handicapping and external factors can improve your chances of winning.

And both kinds of betting favor gamblers who take a contrarian view. Read Chapter 16 for more about horse racing. Gambling Near and Far: Only two states Hawaii and Utah have no legalized gambling.

The main reason for this explosion is that the stigma of gambling has mostly been removed from our society. This section looks more closely at the different types of gambling locations.

Although Las Vegas and Atlantic City are still popular destinations for casino gambling, hundreds of other options are also waiting for you. Flip to Chapter 19 for ten cool places to gamble.

For decades, Nevada was famous for being the only U. That limitation changed when the state of New Jersey legalized gambling in the late s although only in one town, Atlantic City.

And, despite the growth of on-the-water and Indian casinos throughout the United States primarily in the s , the Silver State remains the king of casino gambling.

Everything You Need to Know to Start Las Vegas reigns supreme Las Vegas is the jewel in the crown and far and away the biggest gambling destination in the world.

Also known as Sin City or Lost Wages, Vegas is a unique agglomeration of palm trees, fountains, neon lights, and ,plus hotel rooms among a wild mishmash of must-see architecture.

From its forbidden-fruit beginnings to its mobster adolescence, to its starring role in a few hit TV shows, Vegas exudes a frenetic energy that makes the city a unique place in American pop culture.

And Vegas takes full advantage of its iconic position. As of , nine of the ten biggest hotels in the world were located within a few miles of each other on the Las Vegas Strip.

The city is still primarily known for its gambling — after all, where else can you expect to find slots in grocery stores and in airports?

But that image is changing. At some point in the late s — for the first time in its history — gambling money amounted to less than half of the total revenue brought in by the Vegas casino industry.

And that change means people from around the world are seeing the city as a resort or convention destination first and a place to gamble second.

Quieter cousins Before Las Vegas rose to prominence, Reno was the epicenter of gambling in the United States, and casinos around Lake Tahoe frequently hosted celebrities, such as Frank Sinatra and his buddies.

Tahoe also boasts gambling opportunities on the Nevada side of the border while promising superb skiing in winter, a wealth of lake activities in summer, and spectacular mountain scenery year-round.

Vegas of the east In the late s, New Jersey took the bold step of legalizing gambling as a way to revitalize Atlantic City. As one of the biggest gambling spots in the United States, it sees billions of dollars in wagers every year.

The Inside Scoop setting. More importantly, the location means convenience for people on the East Coast — they no longer have to fly cross-country just to play blackjack.

Diving into on-the-water gambling Some people may not understand why gambling can be legal on the water but illegal on land.

Of course, take your motion-sickness pills and be prepared to walk the plank. Sailing for international waters What could be finer than cruising off the coast of Carolina?

Nearly every cruise line takes advantage of international waters where gambling is legal by offering casinos on board their ships open only certain hours and only when the ship is in international waters.

Cashing in on less glitz Although reservation gaming came on the scene late, it has dramatically changed the landscape of casino gambling across the country over the last two decades.

The biggest and best-known Indian gaming area is in Connecticut outside Hartford , providing an appealing alternative to Atlantic City for New York gamblers.

Everything You Need to Know to Start Today Indian gaming generates billions of dollars in revenues every year and provides significant competition for more traditional gambling destinations.

In fact, the combined gaming revenue of all tribal casinos is greater than all the revenue of Atlantic City, Las Vegas, and Reno together.

Native American casinos typically offer the same machines and table games that other gambling capitals have. Nevertheless, the success of tribal gaming speaks volumes about the quality of the casinos.

Gambling abroad If you feel stuck in a gambling rut, traveling abroad for gaming may just be the adrenalin shot you need.

Most foreign casinos offer the same or similar games as casinos in the United States, but the experience is often more refined and memorable, especially in high-class locations such as Monte Carlo.

But customs differ around the world, so you may be surprised at the rules across the pond. Many European casinos charge an entry fee, and many of them require more-formal attire.

Pack a coat and tie or evening dress if you plan on playing on the Continent. Travelers should also be aware that the American traditions of megacasinos and multithousand room resorts are rare overseas.

The Caribbean is also a popular getaway for gamblers, and several islands offer casinos to complement their sun and sand attractions.

The biggest casino in the tropical region is the Atlantis Casino in the Bahamas, which is truly a world-class resort. Betting on the Internet Gambling and cyberspace seem to be made for each other.

Through the conduit of the Internet, casinos and gaming companies can invite themselves directly into the homes of gamblers. Now people can play anonymously and comfortably, without ever leaving the house.

Considered the last frontier for gaming, cyberspace has now been settled — if not fully tamed. Online gaming check out Chapter 17 represents a multibillion-dollar industry worldwide that continues to grow exponentially every year.

In spite of its convenience and fun, however, online gambling has some serious drawbacks. The purists may not care, but many people gamble for the experience as much as for the game itself.

You can wager and play — and lose — at a breakneck pace when gambling online. I emphasize that gambling can be a fun experience whether you win or lose.

In that spirit, I hope to arm you with the understanding and knowledge you need to maximize your enjoyment and success at casino gambling.

Before you take a step into a casino, I suggest you answer the following ten questions to measure your grasp of gambling and the world of casinos.

If you answer them all correctly, congratulations! To come out ahead overall at sports betting, you need to win approximately A. Everything You Need to Know to Start 2.

She makes a big bet and then starts blinking her eyes rapidly. At which game would you lose more per hour on average?

What are the odds that the next number will be red? How many states have legalized gambling? Players who bet on the pass line in craps are hoping the first roll is a A.

The Inside Scoop 8. Video poker is adapted from what poker game? Which of these games can you play while in the bathroom? Where is the biggest casino in the world currently located?

Las Vegas The answers 1. In sports betting, a gambler needs to win approximately This could be a trick question because Annie Duke has bluffed and flirted on the same hand.

However, rapid eye blinking is often an indicator of bluffing. Surprisingly, playing high-stakes blackjack can be easier on your wallet than low-limit slot machines.

Currently 48 states offer some form of legal gambling, but just 20 years ago, there were casinos in only two states, so C was a reasonable answer.

However, if you picked B, you may want to retake that high school geography class. Everything You Need to Know to Start 6. Seven is an automatic winner for pass line bettors on the come-out roll first roll.

B is incorrect because prowess at Yahtzee rarely translates into winning at the craps table — the pit boss is never happy when you try to throw all five dice.

Video poker has many versions, but all are based on Five-Card Draw. So you never need to worry about losing your shirt or your socks at this game.

The Foxwoods Casino just outside Hartford, Connecticut, is the biggest casino on the planet. Blinking lights and ringing bells signal jackpots.

Glittering chandeliers and rich furnishings and fabrics often mimic the sequined gowns and dapper dress of the folks at the high-roller tables.

Clinking ice chills your drinks, and courteous staff appear to serve your every whim. Lucky gamblers make fortunes every day, but the reality is that most money ends up on the other side of the table.

And the casino, or the house, is willing to pour millions of its profits into making sure you walk inside, stay inside, and — most importantly — gamble inside.

Always remember that, in addition to wanting your business, casinos provide a service to you, so you have every right to shop around for the establishment that best serves your needs.

To assist you in your shopping, some casinos have Web sites where you can take a degree virtual tour without ever leaving your house. I hope this chapter accomplishes a similar goal.

In this chapter I explain and prepare you for what to expect when you step foot into a casino and give you not only a glimpse of the razzle-dazzle designed to distract you but also the blueprint of the typical casino.

I explain why this goes here, that goes there, and with whom you interact. From neon signs to valets to the smooth hum of the slidingglass doors, the modern casino entrance is designed to attract you.

Every possible consideration is given to design, color, and lighting. Like a siren call, the sounds of winning jackpots beckon you onward, as do the color schemes, floral arrangements, glittering lights, slot machines, and table games.

The master plan behind the traffic flow is to bring you and your wallet into close proximity with the slot machines or table games at every opportunity.

The pulsating pace of the gambling world is seductive and makes it hard for you to leave a winner. Feeling overwhelmed — and not a little manipulated?

It can be deflating to discover that the sounds, sights, and even smells are devised to lull you into a mesmerized state where you continue emptying your wallet into the casino coffers.

Embrace them, because knowledge is power. And by understanding the psychology of casino design and getting to know the employees who perform their duties within the casino, you put yourself in a better position not only to enjoy the casino as an entertaining leisure activity but also to maintain the level-headedness and critical thinking required to succeed at your gambling ventures.

Your mission — if you choose to accept it — is to educate yourself before you enter these temples of chance. Even at the smaller clubs, you recognize many of the same aesthetic and functional characteristics found at the megaresorts.

Taking a Quick Stroll Through the Casino and they design the interiors to make their guests comfortable with parting with their cash. This section takes a stroll through a typical casino to prepare you for the sights and sounds you encounter when you walk through those neon-bathed doorways.

Preparation is the key for maintaining control. Remember that gambling is the ultimate impulse buy. Taking away the mystique is your first step toward improving your odds and coming out a winner.

I suggest that, in addition to the virtual walk-through you get by reading this chapter, you do the same in every brick-and-mortar establishment you visit before you drop your first dollar on the table or pump a coin in a slot.

Stand still, take a deep breath, and look around. Getting in is the easy part It may surprise you how fast you can find yourself in the middle of the sensory hurricane on the casino floor.

In less restrictive states, such as Nevada and New Jersey, you can walk in off the street or get dropped off by a taxi and find yourself a few feet away from the gaming areas.

After all, casinos want as little as possible to stand between you and your favorite game. But most casinos give you a chance to catch your breath and do some mental stretching prior to plunging into the action.

When you walk in, you often find yourself in a lobby or foyer. Remember that most casinos are also hotels, so you may see familiar sights, such as the concierge, bell desk, and check-in counter.

People bustle about and crowd together before they find the destinations suited for them. While some gamblers are anticipating the excitement just steps away, others are exiting with delirious grins on their faces — or expressions of shock and awe.

At the threshold of the gaming floor, the sounds, colorful lights, and crowd energy all go to work on your senses, even from a distance.

Just like an infant reaching for bright colorful objects, casino visitors gravitate to the sights and sounds of the casino floor. Interior design is to a casino floor plan what aerodynamics is to automobile manufacturers; forward movement is a result of an ever-expanding array of enticements including colors that dazzle, lights that entice, and a temperature 27 28 Part I: Everything You Need to Know to Start scientifically controlled for maximum comfort.

You quickly find that every destination in a casino — the guest elevators, the bathrooms, or the buffet — requires that you walk through or dangerously near the gaming areas.

Slot machines and video poker stations are positioned just inside the casino entrance. The boys in marketing put them here so you can test the waters and feel the rush a quarter at a time — getting your feet wet right at the casino entrance.

Up ahead you see the casino proper, a virtual indoor carnival buzzing with excitement. You can almost feel the energy pulsing.

Place them and they will come As you enter the casino proper, you see hopeful gamblers, often two-deep, standing in line, patiently waiting their turn to reap the spitting, buzzing payoffs from the slot machines.

You operate the slot machines by pushing the buttons or yanking down on the lever to the side. Larger casinos hold aisle after aisle of slots, like rows of corn.

Casinos typically place the most profitable slot machines within easy access to the main traffic aisles, such as the foyer, restaurants, and bars, and are extremely careful to place high-hit frequency slots within earshot of the thronging masses.

If you venture farther onto the casino floor, you can see this philosophy in action. Clusters of people sit at the corner slots, sometimes two-deep as the individuals standing in line patiently await their turn to enjoy the spitting, buzzing payoffs.

As you venture down the aisles of slots, you may find a few open machines, but not many. As one row ends, another aisle begins.

Some of the most popular machines are Double Diamond and Wheel of Fortune. See Chapter 12 for more slot info. Penetrating the inner circle Just as the sun is the center of the solar system, the table games rest in the middle of the casino system, attracting visitors ever inward and at the same time providing the main source of energy and vitality to the floor.

Table games are grouped together into areas known in casino lingo as pits. The pits are separated from slot machines, restaurants, and other casino functions by a wide aisle, allowing nonplayers to watch the action and vicariously enjoy the thrill of turning over the winning card or nailing the winning roll.

The classic card game is often played in a separate room to create a more civilized and secluded atmosphere; see Chapter Determine your own fate with smart decisions and timely double downs; see Chapter 7.

Roll the dice and hear the crowd roar in the most boisterous game on the floor; see Chapter 8. Pick a number, place your bet, and then watch the spinning wheel go round and round; see Chapter 9.

They feature fancy amenities, such as private cocktail servers or a bar. But most table games are designed for moderate bettors.

The intimate nature of the poker table beckons would-be strategists, while the smoky haze surrounding a blackjack game cries out to the novice with its lack of intimidation.

A large casino may offer numerous bars interspersed throughout the floor, each with a unique theme. Some feature live music, and some are simply service bars where you can take a quick pit stop away from the flow of traffic.

Casino bars are in the midst of the lively pits. Casinos profit from the fact that alcohol lubricates the ATM card. But no casino wants drunk patrons, so the line they walk is a delicate one, and the policy on pushing alcohol consumption may vary from place to place.

In addition, every state has different laws governing alcohol consumption inside its casinos, so there is no single unifying rule about how alcohol is handled inside betting areas.

The drinking environment varies widely, so the smartest play is to find a scene that suits your tastes, and always strive to stay in complete control.

Where you can cheer for a horse or a home run In Nevada, most casinos have a sports book, an area devoted to betting on sporting events such as horse races or ball games.

In smaller casinos, the sports book may be nothing more than a counter with a tote board hung behind it. But the larger casinos have super-sized rooms full of amenities designed for anyone willing to put his money where his mouth is.

The newer places, such as the Wynn in Las Vegas, really roll out the red carpet for bettors. Their sports book features leather sofas, couches, and chairs that are so comfortable, you could fall asleep there.

Before you doze off, read Chapter 15, which tells you everything you need to know about sports betting, from deciphering the odds, to placing a bet, to hopefully!

Not ready to place a bet just yet? The sports books are open to everyone. You can pay and tip them with chips from the casino or cash.

You need to visit one of the many restaurants to chow down. Highly trained and supremely trusted casino employees handle more cash each shift than most people see in a lifetime.

This location also offers a beneficial side effect that casinos are happy to take advantage of. Casinos typically locate them along the sides of the rooms to allow the more valuable floor space for games.

Here, much like at a bank, one or more tellers deal with the public through a window. Depending on how big a player you are and the type of games you want to attack, you may want to ask for a line of credit.

These workers simultaneously cater to the needs of the guests and the casino owners. No matter who they are, the casino employees all have one goal in common: In this section, I introduce you to the pleasant cast of characters you may encounter, and I explain their unique roles.

Serving the table players As you explore the responsibilities of the various casino personnel, it helps to split the casino into two parts: The casino arranges the tables in clusters, similar to wagon trains encircled to protect against an attack.

These groups of tables are known as pits. Each pit is designed to be an autonomous, fully functioning business, equipped with a variety of table games and a small community of casino personnel that is always willing to usher your dollar bills into the casino coffers.

Pit bosses Pit bosses are smartly attired, experienced professionals who are responsible for all the gaming operations in their assigned pits.

As the name implies, pit bosses are just that: Theirs is a very detail-oriented job, requiring not only intimate knowledge of all aspects of the games but also the ability to keep track of thousands of dollars flowing through their spheres of influence.

Winning or losing vast sums of money often ignites supercharged emotions. The pit boss is there to congratulate as well as to calm, to soothe as well as to strong-arm.

Floorpersons Reporting to each pit boss see the previous section are several other suits known as floorpersons. The main difference from pit bosses is that floorpersons Chapter 2: Taking a Quick Stroll Through the Casino are in charge of only a couple of tables in the pit and report directly to the pit boss.

Both of them make sure that proper casino procedure is followed. These procedures include refilling dealer chip racks, monitoring markers, and handing out comps, all while remaining cool and calm.

Dealers For most people, gambling is a social sport. Because the machine games are a more solitary venture, many players prefer the camaraderie of table gaming.

Dealers are at the center of this emotional wheel of fun. Excellent customerservice skills are a requirement; after all, dealers stand on the front line when it comes to irate, belligerent, or inebriated gamblers.

Even during high-pressure situations, dealers must promote a relaxed and pleasant atmosphere. Dealers have their fingers on the pulse of the casino — figuratively and literally.

Their hands, after all, deal the blackjacks and the full houses and take the money you lose or pay off your winners.

Theirs is a high-pressure job with a demanding audience. Overseeing several players at a table, dealers must be confident in their gambling knowledge.

They must know who wins, who loses, and how much to pay out on each hand. Many gamers mistakenly believe that dealers simply shuffle and deal cards, but dealers must also handle dice, chips, and money — accurately and quickly.

Dealers have a wide range of personalities. Some are polite and ebullient, others efficient and brusque. You can spot a good dealer by his or her smile, humor, demeanor, and often the size of the crowd at the table.

When you find one you like, sit down, but remember the dealer has no control over the outcome. Most dealers prefer that you win because they make their money primarily from tips.

The reel dealers The average American casino makes nearly two-thirds of its profits from its various slot machines. Much is at stake along the rows and rows of clingclanging slot machines and electronic games.

Therefore, casinos are diligent when it comes to maintaining and stocking them for long-term play. Just like the pit bosses and dealers who watch over the table games see the previous section , the staff members assigned to the slot machines — the slot attendants and the slot supervisors — keep a careful eye on their vast realm.

Slot machine attendants are on constant vigil, ever watchful for the next jackpot or flashing light requesting service. However, if a machine needs repair, the slot attendant calls a slot technician.

Slot supervisors The slot supervisor rules the realm of the slot machines, managing employees and overseeing the maintenance and upkeep of the machines.

The slot supervisor generally has several slot attendants as direct reports. Running the tables In addition to the employees who ensure the smooth-running operations on the floor, a host of other casino personnel contribute to the success of the house.

As a beginning casino player, you may not come into contact with any of these people. However, if you do, management employees, such as the casino host, may become familiar and friendly faces.

Casino hosts Modern casino hosts best resemble a successful hotel concierge: Whether dealing with new guests, loyal customers, or high rollers, the casino host focuses on service, service, and more service.

Hitting the jackpot, baby! For those rare but exciting payoffs when you defy the gods of gambling and win more than the machine can pay out, a slot attendant — and, in some cases, the supervisor — responds to your flashing machine.

The slot attendant arrives with a big wad of cash to ceremoniously peel off the bills, one Franklin at a time, to you, the happy winner.

Taking a Quick Stroll Through the Casino A typical casino host is an affable and professional employee whose mission is to serve your every need.

Hosts are hands-on people who greet VIP guests at the door and pamper them throughout their stay. But even low rollers can make a relationship with the casino host profitable.

Keep the following in mind: Find your favorite gambling locale and stick to it. The players who get comps are the ones who ask the casino host.

Player development is all about forming relationships. Casino hosts are eager to wine and dine you if they believe they can create player loyalty through these lavish perks.

Other managers As in other walks of life, every casino employee has to report to somebody, and those somebodies are the shift managers. The shift managers then report to the casino manager.

As the name implies, shift managers are responsible for their areas of casino expertise such as slots or table games during a particular shift day, swing, and graveyard.

When player disputes arise, money needs to be accounted for or items need to be authorized; the shift manager takes on these duties as well.

Shift managers are responsible for employee schedules, customer service, comps, credit, and a host of other duties that make for a mind-boggling job.

Everything You Need to Know to Start The only position above the shift manager is the casino manager. The only time you may ever interact with the manager is if you win enough money to buy the casino.

Security staffs have a two-pronged task: For instance, some guests are also out to separate a casino from its money, either through cheating or through faking an injury in crowded conditions.

The responsibilities of security employees range from viewing the rows of surveillance cameras in high-tech rooms to patrolling the casino floors, constantly on vigil for fights, thieves, drunks, and other disturbances.

Taking a Quick Stroll Through the Casino Surprisingly, security also keeps a close eye on the help — casino employees have initiated many cheating scams over the years.

Even though every casino is different, security staff typically wear a uniform that is quasi-military, with a shirt that says SECURITY or at least a nametag or badge that identifies them as such.

Other identifying features include a walkie-talkie, a badge, and possibly a gun. Bigger hotels can have several dozen security officers working at the busiest times of day and a supervisor in each major area of the casino who manages the team.

Security supervisors must wear many hats, including the hat of a diplomat. Their staff is on the front lines, both protecting and ejecting guests, and when the occasional temper flares or a misunderstanding arises, the security supervisor must wade in to render an on-the-spot verdict.

The eye in the sky On-site security personnel at a casino can only see so much when trying to protect the casino and its guests. To assist them in their daily rounds, security personnel rely on electronic surveillance — the eye in the sky.

One-way glass conceals thousands of digital cameras in any casino. Some are hidden where you least expect them.

Others are prominent, large, and noticeable so that they serve as warnings. On-site security personnel can view banks of television screens to identify cheats and save casinos millions of dollars each year.

The cameras capture his attempt, and the thief is quickly arrested. In less obvious but equally common situations, security personnel carefully observe, identify, and apprehend cheats and cons.

Although most surveillance is for the detection and prevention of cheating and swindling, the eye in the sky also protects honest gamblers from slick crooks prowling the casino for easy prey.

The newer casinos have cameras outside the building, such as in the parking garages, to cast the safety net farther for you.

Everything You Need to Know to Start Taking safety into your own hands The modern casino should be a carefree environment where you forget your troubles, spend money, and — with hope — win some money back.

Unfortunately, where innocent, naive, and trusting people congregate in great numbers — surrounded by huge amounts of disposable income — the predators of society gather as well.

Thieves are on the prowl for ways to separate you or even the casinos from hard-earned cash. Although casinos implement the most stringent security measures and the latest in state-of-the-art surveillance technology, you, as a prudent casino guest, should assume responsibility for your own safety.

The following tips can help you avoid becoming a victim of a casino predator: Chapter 3 Probability, Odds, and a Bit of Luck: Sounds like the intro to a lecture in higher mathematics?

A Temporary Fluctuation Unfortunately, too many newbie gamblers rely on luck to guide their experiences. Casinos can be an easy place to burn through money, so your best chance for hanging on to that hard-earned cash is through a little dose of 40 Part I: The term luck can describe many situations, especially in gambling.

Someone may have a lucky run at the baccarat table, or maybe your Aunt Rosemary plays a lucky slot machine that never loses. But in order to have a realistic perspective of your chances in the casino, you need to view luck in rational and mathematical terms: Luck is a temporary fluctuation or deviation from the norm.

In the short run, you may perceive that you got real lucky when the dealer busted eight hands in a row at blackjack.

But in reality, such an event is just normal fluctuation — also known as a random walk — such as when the stock market drifts one direction or another.

Yet over the short run, anything can happen. In a purely mathematical sense, neither of these results has anything to do with luck.

They are simply the normal consequences of fluctuation. For example, try flipping a coin. Half the time it should be tails and half heads.

But over a short-term sampling, it can veer far away from 50 percent. Understanding the Role of Probability Millions of merry gamblers frequent casinos all over the world every day without a clear understanding of one important concept — probability.

But an elementary understanding of probability is certainly helpful in making sound gambling choices. Probability is the study of the laws of chance, the identification of how often certain events can be expected to occur.

So, 1-to-1 odds means the event is an even money event; it has an equal chance of occurring or not occurring.

Identifying independent events Another important term to understand here is independent outcomes. Being independent has nothing to do with successfully ditching your loser boyfriend in the keno lounge.

Craps and roulette are great examples. Slot machines are also independent. Recent jackpots do not change the likelihood of the same combination coming up again.

If your chances of lining up three cherries are 5, to 1 and you just hit the jackpot, the three cherries have exactly the same chances of appearing on the very next spin.

Recognizing dependent events So you may be asking yourself, what constitutes a nonindependent or dependent event?

Dependent events are occurrences that are more or less likely based on the previous occurrences. Imagine a bag of five black balls and five red balls.

Before you pull a ball out, you know you have a 50 percent chance of pulling out a black ball and the same odds of pulling out a red ball.

Then you reach in and pull out one red ball and toss it aside. Now the odds have changed — you no longer have a 50 percent chance of pulling either ball.

Your chances of pulling out a black ball are now greater 56 percent. So in some situations, the past does affect the future.

Another classic example is the game of blackjack. For example, your chances for getting a blackjack drop dramatically when a disproportionate number of aces are used up.

Almost all casino games consist of cards, dice, spinning wheels, or reels. These games almost always yield independent events.

Blackjack is the rare exception, which is the main reason for its popularity. Everything You Need to Know To Start Factoring in the odds To be a successful gambler, you must understand the intersection of statistics, probability, and the odds.

The best example to start with is the coin flip. You probably know that heads and tails each have a shot at turning up.

As I say in the previous section, you can communicate the probability of the flip in terms of odds. In the case of a two-sided coin, your odds of flipping heads are 1 to 1.

In other words, with two possible events outcomes , you have one chance to fail and one chance to succeed.

Consider the roll of a sixsided die. The ratio is 1 in 6, so the odds are 5 to 1. This interest was acknowledge in the motion picture, "21," inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos.

Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching to blackjack, from Tic-Tac-Toe to the stock market including Edward Thorp's warrant-hedging analysis.

He even considers whether statistical inference can shed light on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study.

Comprehensive and exciting analysis of all major casino games and variants Covers a wide range of interesting topics not covered in other books on the subject Depth and breadth of its material is unique compared to other books of this nature Richard Epstein's website: Elsevier Health Sciences Format Available: This textbook draws on real world, health-related and local examples, with a broad appeal to the Health Sciences student.

It demonstrates how an understanding of statistics is useful in the real world, as well as in statistics exams. Written in recognition of Health Sciences courses which require knowledge of statistical literacy, this book guides the reader to an understanding of why, as well as how and when to use statistics.

A study conducted at the Department of Obstetrics and Gynecology, University of Utah School of Medicine, explored whether there might be a systematic bias affecting the results of genetic specimen tests, which could affect their generalizability.

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This interest was acknowledge in the motion picture, "21," inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos.

Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching to blackjack, from Tic-Tac-Toe to the stock market including Edward Thorp's warrant-hedging analysis.

He even considers whether statistical inference can shed light on the study of paranormal phenomena.

Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study. Comprehensive and exciting analysis of all major casino games and variants Covers a wide range of interesting topics not covered in other books on the subject Depth and breadth of its material is unique compared to other books of this nature Richard Epstein's website: Elsevier Health Sciences Format Available: This textbook draws on real world, health-related and local examples, with a broad appeal to the Health Sciences student.

It demonstrates how an understanding of statistics is useful in the real world, as well as in statistics exams. Written in recognition of Health Sciences courses which require knowledge of statistical literacy, this book guides the reader to an understanding of why, as well as how and when to use statistics.

A study conducted at the Department of Obstetrics and Gynecology, University of Utah School of Medicine, explored whether there might be a systematic bias affecting the results of genetic specimen tests, which could affect their generalizability.

Want to take control of your finances once and for all? From credit cards and insurance to taxes, investing, retirement, and more, seven mini-books show you how to improve your relationship with money — no matter your age or stage of life.

This easy-to-understand guide shows you how to assess your financial situation, calculate debt, prepare a budget, trim spending, boost your income, and improve your credit score.

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