Gambling is popular amongst the young as well as the old. For many individuals gambling is a source of earning while for others it is a means to perfect entertainment. Today gambling is not just confined to the four walls of a casino. It has made its way to houses by virtue of computers (online gambling) and other gambling equipments. While many people are enticed by online gambling, those who desire to have a real feel of the game get gambling set up at their home only.
The gambling set ups are more or less same for all the games though there are some variations. For instance the tables of different games are different. A poker table is unlike a blackjack one. But some of the common gaming equipments are dice, cards, coins etc.
Dice is perhaps the foremost requirement of any gambling sport. It also can be the cheapest of all gambling equipments. This is because of the myriad variety of dice available today. A plastic dice will be significantly less expensive in comparison to an ivory made dice. In ancient times stones, pebbles, chalks etc. personified dice. Since people were not very particular regarding the equipments of the game, they would mark the holes on any tiny handy nugget and commence their game. Gradually dice came to acquire a proper cubical structure with pierced holes on all the sides. However in comparison to a dice used in household games, a casino dice has more precision. Casino dice is also known as ‘perfect dice’ as it is carved in a way that each side weighs equal after the holes have been pierced on each side. This provides an equal probability of either side being the outcome.
The other essential ingredient of gambling is ‘cards’. Usually cards are exclusive to every casino. This is because the backside of the card bears the logo of the casino. The casino cards are primarily of two types- bridge size and poker wide. Initially cards were made out of hard paper and different paintings were made on them. The suits and faces of contemporary cards are a gift of France.
Casino tables have their own charm. These tables are designed differently for different types of games and are quite expensive. For instance a single poker table can cost its buyer several thousand dollars. But here too prices vary with the quality of the table. The table face has a woolen felt surface with the games name on it. Along with it the odds and the areas for placing bets are also specified. However with the help of blueprints people often make gambling tables on their own. This is the most cost effective way to play the game.
When most people think of Casino gambling, probably the first thing which comes to mind is Las Vegas, or Atlantic City. Imagine of bright lights, the sounds of hustle and bustle, and rows and rows of slot machines often come to mind. This is not all there is to casino gambling. The article will discuss casino gambling, as well as some of the games casino gamblers play.
By definition, an casino is basically a building that accommodated gambling. Patrons are often offered the opportunity to gamble by playing many games of chance, or some of skill also. Casino gambling games most often have mathematically calculated odds that ensures the casino retains at least a small advantage which is referred to as the “edge”.
Slot machines are a common gambling accommodation provided to patrons of most casinos. Slot machines are coin operated gambling apparatus, with three reels that spin when the lever is pulled. Most slot machines have a currency detector installed, that validates the coins inserted for play. Slot machines pay off based on how the three reels stop. Each will has a different pattern or symbol visible on the front, and pay offs are based on these patterns or symbols.
The game of poker is also popular in gambling casinos, and can be played in many different styles. Most commonly, the players in a poker game all have fully, as well as sometimes partially concealed, playing cards, and make bets into a pot based on their cards. The player or players which have the best poker combination of playing cards wins the pot in at the end of each hand.
Many patrons of casinos chose to play a dice game called craps. It is also a very popular game among casino gamblers. All the players in the game have the opportunity to bet money against the casino, gambling on the outcome of the roll or series of rolls. The rules of craps can vary from casino to casino, but there are some that will remain common. There are no strategies involved in betting on craps. Its a game of chance, all based on the outcome of the roll of two dice.
Not many people would think that a theory developed for roulette and other similar gambling games could lead to a strategy for managing money in the markets – but the “Theory of Runs” does just that. The theory of runs is the theory that can link gambling and money management together.
The theory of runs is a theory that can be applied to high-leveraged or short-term trading, which is part of the reason that many traders will try to use it in the Forex market – since the Forex market works with high-leveraged and short-term trading.
To give you an idea of the theory of runs, think of a roulette wheel. On a spin there is a 1 in 2 chance, or 1/2, that the ball will be either black or red. So in theory, there’s also 1/4 chance that there will be two black in a row or two red in a row, and the odds get smaller and smaller as you continue.
The theory of runs assumes that if the pick comes up red four times, then the chances are far greater than 1/2 that the ball will come up black on the next roll. Since there is only a 1/32 chance that the ball will go red five times in a row, the theory is that if the ball has already gone four times in a row, that somehow that fifth spin due to the law of averages if far more likely to go the other color than the basic 1/2.
Sports bettors will sometimes use this to explain why there will always be a “bad week” to average things out even after doing all the research on their picks.
The same example can be used with flipping a coin. If I flip a coin five times in a row, the chances of it landing heads on the sixth (in theory) are 1/2, but if the coin was heads all five times before that (a 1/32 chance), then the theory of runs is that the coin must become more and more likely to land tails with each flip.
Any time the “theory of runs” is being applied, it relies on 2 major conditions:
1. There is NO statistical advantage in occurrence of profits and losses
2. Theories must stress money management under adverse conditions
In the Forex market, Martingale and Anti-Martingale trading methods take this theory of runs into account. A martingale method suggests that the initial bet should be doubled each time a loss occurs, because after a win the better gets back to even, and then bets at the original investment once again. DO NOT USE THIS FOR TRADING THE FOREX!
An Anti-Martingale method is the exact opposite. Winners are doubled until a preconceived goal is reach, and then after that run is reached, you stop immediately and withdraw your money before the streak ends. Or, you keep adding more money until you have a loss.
These methods of trading Forex are directly related to the theory of runs, and are methods for trading the market. Each has its strengths and weaknesses, though many traders prefer a proven system that isn’t based on gambling theory.
The crucial difference between sports betting and casino gambling is that no amount of knowledge about slot machines or the roulette table will allow you to always stay ahead of the house, unless you’re some kind of gifted savant – and as soon as the casino realises you are, they’ll ban you anyway. However, with sports gambling, you can bring to bear all your knowledge of the game, the teams and the players on making informed, calculated bets and thereby potentially make a considerable amount of money. For instance, thousands of people around the world stand to make some good money in Soccer World Cup Betting this year.
Whilst at a casino there are fixed betting rules, many sports bookmakers will along you to bet on just about anything. In roulette you can only bet on the numbers or color that the ball will land on, not how many times the ball will go around the wheel, for example. With a football game you can bet on the final result, the half-time result, who will score the first touchdown, and so forth. There are even a range of more outrageous proposition bets that you can make, such as how many times the head coach will throw his hands up in the air in despair! If it can be bet on, chances are there will be someone willing to take your bet.
You can also adjust your bets during the game, taking into account the action that has already occurred. Of course the odds will change accordingly, but the opportunity is available to you. At the roulette table, once the ball has entered the wheel, you cannot change your bets.
A final difference is that you can place sports bets remotely. You can be watching the game at home, while placing bets via the internet. This is illegal when it comes to casinos. You have to physically be on the casino property in order to place any bets.