Even the most profitable gamblers make a few mistakes. And when they make a mistake it leads to losses. The way profitable gamblers learn how to make money is by identifying and fixing mistakes.
You can start on your journey to gambling profitability by fixing mistakes. This article includes 6 simple mistakes that most gamblers make. The good news is that you can fix any of these mistakes in just 5 minutes or less.
Every time you identify a gambling mistake you need to fix it as quickly as possible. This is going to be an important ingredient if you want to have a real chance to win when you gamble.
Playing Games with a Huge House Edge
The worst gambling mistake that most players make is playing games or making bets that have a huge house edge. This costs gamblers a lot of money every day, and it can be easily corrected.
Every bet you make has a house edge. The edge is a percentage of each bet derived from the odds that the house wins. The edge is based on long-term odds, and the higher the edge, the higher the profit is for the house.
You can get the house edge by looking it up or by subtracting the return to player percentage from 100%.
Look at these examples to see how much it costs you when you play games or make bets that have a high house edge.
You bet $50 on a game with a house edge of 10%. Your long-term average loss on this bet is $5. And if you make this bet 100 times you can expect to lose $500.
You bet $50 on a game with a 1% house edge. Your long-term average loss on this bet is $.50. If you make this bet 100 times you can expect to lose $50.
The way to fix this mistake is to find the bets with the lowest house edge and stop making bets that have a high house edge.
Risking Too Much Money
Gambling games are set up to have an edge for the house in almost every situation. In the last section, you saw how making bets that have a house edge cost you money. And when you make bets with a high house edge you lose more money.
But the house edge is only one part of the equation. The other part of the equation is how much money you bet. Look at these two examples to see how the amount you risk changes how much you lose.
You bet $100 on a game with a 2% house edge. Your expected average long-term loss is $2.
You bet $10 on the same game. Your expected average long-term loss is $.20.
From what you learned in this section and the last section, you can see that when you make a bet with a small house edge and make the smallest bet that you can make it saves you a lot of money.
While land-based casinos have some games you can make small bets on, the best place to find gambling options with small bet limits is online.
Playing Games without Knowing the Rules
If you want to have the best odds and gamble with a low house edge you have to know all of the rules for every game or bet you make. When you don’t completely understand or know the rules your odds of making a costly mistake go up considerably.
The good news is that you can read about the rules for every gambling option online before you make a bet. Just do a quick search for the rules for any bet or game you’re considering. This site has rules for every popular gambling option.
Some games have more rules, like blackjack. And when you know how each rule works, you can avoid playing where the rules are bad.
Gambling without Using Strategy
The other important thing you can do to reduce the house edge is to use strategy when you gamble. Some gambling options are designed in a way that you can use strategy decisions that change the house edge. But some gambling options aren’t designed in a way that lets you use strategy.
A simple rule to follow is if a game isn’t designed in a way that lest you use strategy, you shouldn’t play the game. But how do you know if you can use strategy with a gambling game?
Do a search with whatever gambling game or bet you want to make with the word strategy. When you find games and bets that have a strategy, spend some time learning what the best strategies are.
Many gambling options have strategies that can be printed on a small card. You can busy strategy cards for most games online or in gift shops.
The games that offer the lowest house edges all require strategy. It’s well worth your time to find these strategies and use them.
Not Using Online and Mobile Bonus Offers
In a previous section, you learned that the lowest bet limits are found at online gambling sites. This is also true for most mobile gambling sites. You also learned why it’s important to use low bet limits when you gamble.
Online and mobile betting sites also often offer another perk that you’re not going to find in land-based gambling businesses. You can use bonus offers when you sign up to gamble. These bonus offers to give you more money to gamble with and can offset the money you lose because of the house edge.
Bonus offers can be a little tricky because there are conditions any time you get a bonus. While these bonuses all look good because you get more money to gamble with, there are also restrictions about how you use bonuses and what you have to do before you make a withdrawal.
You simply need to read all of the details about particular bonuses to see what the conditions are. After reading the conditions you can make an educated decision about whether the bonus is a good deal or not.
Not Signing Up for the Compensation Scheme
I see gamblers risking money all of the time without earning anything from the compensation scheme the house offers. Not every gambling business offers a compensation scheme, but many do.
Compensation schemes are fairly simple, and they’re easy to join. You find the player’s desk or ask a casino employee how to sign up. You sign up, receive a card for the club, and then insert the card when you play on a machine or present it to the dealer when you sit down to play.
The point is that if you’re going to gamble you should take everything that you can get. Compensation schemes are like free money, even if you earn something other than cash. You need to find out if they offer a compensation scheme everywhere that you gamble. If they do offer one, you should sign up. And if they don’t offer a compensation scheme you should find somewhere that has one to gamble at.
The main thing you need to remember when you gamble is that every mistake you make takes money from your pocket and gives it to the house. Fortunately, you can fix most mistakes once you know you’re making them.
The 6 gambling mistakes listed in this article always cost you money, but they can all be fixed in 5 minutes or less. Take a close look at what you do when you’re gambling to see if you’re making any of these mistakes.
Then start fixing your mistakes 1 at a time. Once you fix these common gambling mistakes, look for other mistakes you can fix.