If 鈥渢he house always wins鈥�, how do professional gamblers make a living?
Mark Wood
Bedford, UK
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The 鈥渉ouse鈥� bases its odds on the average of the bets placed. However, it is often the case that a large percentage of the bets have been placed by relatively unsophisticated gamblers. This can lead to situations where the average odds may be significantly different from the odds they face.
Professional gamblers keep a close watch on the situations they gamble upon and seek situations where they figure that the actual odds are in their favour when compared with the bookmakers鈥� odds.
@jiimiettinen
via Twitter
If the house literally always won, it wouldn鈥檛 be gambling. The house wins in the long run against the majority of players.
Pat French
Telford, Shropshire, UK
I have never understood why many gamblers don鈥檛 understand this fundamental equation: total winnings are equal to the total stake money minus the casino鈥檚 expenses and profits. If a casino customer were to be making a living from gambling, it would be at the expense of the vast majority who lose, not of the casino.
Stephen Johnson
Eugene, Oregon, US
Professional gamblers don鈥檛 make their money by playing against the house. In games like roulette, dice or blackjack, the house always wins, even if it sometimes has to create rules that limit strategies such as card counting.
Successful gamblers win by playing against other people, not the house. The classic example is poker, where the winnings come from the other players. The house takes a percentage of each pot for its share of the profits.
Professional gamblers are masters at predicting when their opponents are bluffing and at capitalising on poor strategies used by other players.
@chrisjej
via Twitter
The odds in a game such as blackjack may change as more cards are played, and hence become known. A skilful player can capitalise when the odds change in their favour.
Poker involves a complex set of odds. The better a player understands those odds, the more likely they are to win against someone who doesn鈥檛.
@ifonlyella
via Twitter
Professionals gamble against other people in games of skill, not against casinos or against utter luck 鈥� and they know when to stop.
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