Most gamblers know that the longer they play, the more they lose. The best chance for a big win is often to make a single bet for a large amount. When you do this, you have close to a 50% chance of doubling your money. Of course, you have a slightly higher than 50% chance to lose all of your money as well.
You don’t have to risk everything on one decision to go for all or nothing. You can risk everything on chasing a progressive jackpot or on lottery tickets.
Here are seven all or nothing gambling strategies for your consideration. You can risk any amount you want, but if your bet is too big, you might have a difficult time finding a casino willing to take it. You should call and talk to someone in management about your plans before you go to the casino if you’re planning to bet more than $5,000.
1 – Risk It All on Craps
This has been done by a few big bettors over the years. You can take a big bag of cash to the casino, once you find one that’s willing to take your bet, and bet it all on the pass line or don’t pass line. The don’t pass line has a slightly lower house edge, so it’s your best bet if you want to risk it all at the craps table.
Make sure you understand all about craps strategy before you try to make a big bet. Learn about come out rolls and points, so you know exactly what has to happen for you to win.
2 – Even Money Roulette Bets
Roulette bets have the same issue as craps bets; you have to find a casino willing to take a large wager. But, once you do, an even money bet at the roulette wheel is a great all or nothing wager.
Your best bet is to find a roulette wheel with only 37 spaces, which means it doesn’t have a double zero space. Then, bet it all on red or black or even or odd and pray for dumb luck. On a wheel with 37 spaces, you’re going to win 18 out of 37 times, which is a 48.65% chance.
If you want to take a slightly longer shot at tripling your money, you can make one of the bets that pay 2 to 1, like one of the columns or one of the dozens. You have a slightly less than 33% chance to win one of these bets, but if you do win, you triple your original stake.
3 – Progressive Slot Machines
Progressive slot machines offer a different approach to an all or nothing strategy. Instead of risking your entire bankroll on one outcome, you take spins until you either hit the progressive jackpot or run out of money. Depending on how big your bankroll is, you might have to play for hours until you run out of money or get lucky.
If you’re going to chase a slots progressive jackpot, you might as well find the machine with the highest possible payout. The odds of hitting any progressive jackpot are insanely high, so why not try for the biggest one you can find?
4 – Baccarat Riches
Getting back to the all or nothing on a single bet, baccarat is easy to play and offers a decent opportunity like craps and roulette. The good news about baccarat is that many big casinos are used to taking huge bets at the baccarat table. It should be easier to find a casino willing to take your wager.
5 – Sports Betting Let It Ride
You can use sports betting to try two different types of all or nothing systems. You can bet your entire bankroll on one game, or you can split your bankroll into smaller parts and let your wins ride until you build a big winning streak or lose a game.
When you split your bankroll up into segments and let your wins ride, you give yourself many chances to hit a hot streak. The odds of winning several games in a row are small, but they’re not any worse than winning the lottery or hitting a progressive jackpot.
6 – WSOP Main Event
The entry fee for the main event at the World Series of Poker is $10,000. If you reach the final table, you’re probably going to win over $1 million. The bad news is, you’re going to have to wade through thousands of entrants to get to the final table.
The big problem with a poker tournament with thousands of entrants is that it’s not good enough to be a great player. You also need a little bit of luck along the way. You have to play for days to reach the final table, and even if you get all in as a favorite to win every time you go all in, the odds are against you. Even a large edge of 80% quickly goes below 50% after a few times.
Here’s what I mean. Your chance to win one hand with an 80% chance to win is 80%. The chance to win two in a row drops to 64%. Three in a row drops to 51.2%, and four in a row drops to 40.96%.
The WSOP main event does have a few other things going for it. You don’t have to make it to the final table to make money. All you have to do is crack the money bubble, which at least doubles your entry fee in most years.
If you get lucky enough to win the tournament, your name will go down in history, and you can probably pick up some poker sponsorships for future play.
7 – Lottery Tickets
Buying lottery tickets is probably the longest shot you can take at hitting it big. But the top prizes can run into the hundreds of millions, so at least you’re taking a shot at huge money. You can buy all the lottery tickets you can afford for one drawing, or you can split up your all or nothing bankroll over several drawings. Your odds of winning won’t change either way.
For everyone I know, a lottery win of $10 million makes a huge difference. Shoot, a win of $1 million is enough to buy everything you need. So, there’s no reason to wait for a big lottery. Buy a ticket, or a dozen tickets, for the next lottery drawing and hope for good luck.
The thought of doubling your money or hitting a big win on one bet can be intoxicating. But don’t let it lead you to taking a risk you can’t afford. You don’t have to risk a large amount to use any of the strategies on this page. You can use $50 or $100 and take a shot!