There are plenty of things about gambling that are terrible. The most obvious are the long-term losses that most gamblers face and how it can be a real problem for the few that get addicted. But the obvious qualities aren’t the only things that are terrible about gambling.
In this article, you’re going to learn about six things that are terrible about gambling. They may be considered disadvantages. On this page, you’re also going to learn a few tactics that you can use to help you avoid some of the worst things about gambling.
1 – Too Many Gambling Options
In most areas, people consider options a good thing. And the truth is that a few options are almost always good. But sometimes, when you have too many options, it can create a problem. This is often the case with gambling.
The best way to avoid the problem of having too many options is to eliminate as many bad betting options as possible. I recommend looking at the returns that every casino game provides and ignoring any other option that doesn’t even crack the top 10.
Here’s a list of the top 10 best gambling options in terms of return percentage to prevent you from losing more money at the casino or sportsbook:
- Horse Racing
- Sports Betting
- Video Poker
- Daily Fantasy Sports
- Dog Racing
- French Roulette
Choose one or two of the gambling options on this short list and learn how to play these options in the best way possible.
2 – Easy Options Have Terrible Odds
The easiest gambling options have the worst odds. More people participate in the easiest gambling options because people don’t have to do any work to play. They simply make a bet and hope for a win.
Lottery tickets are easy to buy and widely available. In most areas, you can buy a lottery ticket on every block. All you have to do is walk into a store and put down a few dollars. Then, you have a chance to win millions.
The problem is that the return percentage is almost always 50% or less. And with many lottery games, it’s less than 25%. When you compare this to a decent blackjack game that has a return of 99% or higher, you can see why the lottery is such a bad investment.
Slot machines also fall into this category. They’re extremely easy to play so anyone can quickly start making bets. But the average return for a slot machine is around 90%. This is much better than most lottery games, but it still falls far short of the returns on the top 10 gambling opportunities if you know how to play them.
If it’s easy to participate in a gambling opportunity, the odds are good that the return is low.
3 – The House Protects the House
If you do a close study of who makes the most money from gambling, you quickly see that the businesses that offer gambling to the public are making almost all of the money.
Lotteries are often run by governments, and they make tons of money. But the governments have a monopoly on lottery games and they won’t let you legally run your own lottery.
Casinos are often owned by wealthy individuals and businesses. And while it’s possible to own your own casino, it takes millions to start a casino. This simply isn’t realistic for most people.
The same is true for poker rooms, sportsbooks, and tracks. You can legally start a gambling business in many areas, but the barrier to entry is so high that normal people simply can’t afford to compete.
If you can’t afford to start a gambling business, the only thing you can do is learn advantage gambling tactics and learn how to use them without getting caught.
4 – Secret Slot Machine Returns
You can do some research and find out what the return rates are for most gambling activities. You can also learn what activities have strategies that can improve your returns. You have to put in some work to learn how to use strategy, but it’s worth it because you get higher returns.
Slot machines aren’t like most gambling activities. Casinos and slot machine makers go to great lengths to hide the return percentages for their games. While you can calculate the return rates for a small number of slot machines, most machines don’t have this information available.
I rarely play slot machines because of this. I know that most slot machines have terrible return rates, but I don’t know exactly how bad. I also know that the activities on the list of the best options in the first section of this article all offer higher returns than slot games.
Personally, I don’t recommend ever playing them. But if you like to play for fun rather than play to make a profit, then that’s completely fine.
5 – High Minimum Wager Limits
Every gambler falls into one of two categories. The first category is where most gamblers reside. These gamblers lose money in the long run because they never figure out how to gamble with an advantage.
The second category has gamblers that have been able to learn how to gamble with a long-term edge. These gamblers are sometimes called advantage players.
If you’re in the first category, the best strategy is to bet as little as possible. You’re losing a percentage of every dollar you bet, so the way to lose less money is to simply bet less money.
The problem is that every gambling option has a minimum amount you can bet. In casinos you see tables that have a minimum bet of $10 or more. Slot machines and video poker machines have minimum bet amounts that are lower than this, but there are still minimums.
You can gamble online with lower bet limits in most cases, but there are still minimums that you have to meet.
If you’re in the second category, you want to bet as much as you can when you have an edge. Gambling businesses also have maximum bet amounts that protect them from the few gamblers that have an edge.
6 – Short-Term Variance
Short term variance is a mathematical concept that winning gamblers need to understand. No matter what gambling activity you’re participating in, you’re going to face short-term variance.
Most winning gamblers only have a small edge. With a small edge, it means that over time, you’re going to make a profit. But in the short-term, you might not always win.
Let’s say that you make 100 wagers of $100 each. This creates a profit of $600 overall on the 100 wagers. But over the course of five wagers, you might not win at all or only win one wager. This doesn’t change the results overall, but you can lose $500 in a short time. This is short-term variance.
Our Conclusion About Bad Gambling Bets
It’s easy to get lost in the hundreds of gambling options available. You need to quickly sift through all of the available options and focus on a few of the best-paying options. You can’t afford to take the easy way out because it can cost you too much money.
The house is the only thing in gambling that consistently makes profit, but it’s almost impossible for a regular gambler to either become the house or beat the house. Everything is set up to protect the house and keep it exclusive.
Even if you do figure out how to make profits over the long run, short-term variance can be a killer. You need a big bankroll to ride out any kind of short-term variance in gambling.