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Best of Frank Scoblete
The best, the worst, the in-between13 November 2008
In casino gambling there are good players and bad players and every type of player in between. Sadly, most players have no idea of the house edges on the games that they play and most don't care to know these edges — such knowledge might diminish their fun. How fast is a game? Is it important to know how many decisions a game has per hour in order to understand the impact of the house edge on your bankroll? Not to them.
Knowledge to the unknowledgeable is a waste of their time.
Strange as it may seem, many casino players have actually bought a bill of goods that proclaims casino gambling to be an activity that is best engaged in with no knowledge whatsoever. Others have bought into the flawed concept that they are going to lose anyway so why play perfectly — it ultimately doesn't help you win anything, does it? That's a true but very limiting way to look at the casino gambling experience since the better you play the less you lose over time. The less you lose the more you can go to the casinos. The "you're only going to lose anyway" philosophy results in greater losses and fewer possible trips to the casino.
Let's look at someone who bets the worst bets at craps — say, the horn bet, one that is only made by the most foolish craps players. The house has a 12.5% house edge on this bet. Let us say you bet $12 every time the dice roll. In 36 rolls of the dice, our horn bettor loses $54.
Now let's look at a player who places the 6 for $12. He can win the bet five times being paid $14 for his each win (total $70), but lose it six times (total $72) for every 36 rolls on average. In those 36 rolls our 6-place bettor loses just two dollars.
So a good player loses $2 per 36 rolls and our poor player loses $54. That's a big difference. Which of these players would be able to enjoy his casino pastime more? Obviously our good player. He could go to the casinos many more times than our poor player because his losses are relatively small.
Three criteria would have to be applied to casino gamblers to ascertain where they fit in the continuum of good to awful players — the games they play, the strategies they use at these games, and their emotional control while playing. Even the very best players can do foolish things if they lose control — just ask any card counter who overbets his bankroll and goes bust, despite his small edge.
So who are the best casino gamblers? And who are the worst casino gamblers?
The best casino gamblers are the "advantage players," those players who have developed skills such as card counting at blackjack, dice control at craps, perfect strategies at video poker, and expert poker play. These players know how to beat the games they play by getting small edges, betting appropriately so losing streaks don't cream them — yes, advantage players can have losing streaks, some of them quite long - and by always betting into their edge and not into their emotions. Of the 54 million American casino gamblers, maybe 4,000 are advantage players.
Just under the advantage player are those casino gamblers who play strong strategies at the games. They use basic strategy in blackjack, keeping the house edge around one-half percent; they only make the best bets at craps, generally the pass, don't pass, come, don't come, using the odds bet to get their money on the table, and placing the 6 and 8. If our good players like roulette, they strictly bet outside "even-money" propositions at the roulette games where the 0 or 00 loses them only half their bet. In video poker, they only play the strongest strategies at high return games such as 9/6 Jacks or Better. They never play slot machines. Based strictly on my observations of casino gamblers for the past 20 years I'd say the good players in this second category make up maybe two million casino players.
Thus, the two types of "best players" are in a distinct minority because they are overwhelmed by the legions of "worst" players. The worst players use their "instincts" at blackjack, giving the house edges of 1% to 4%. The worst players make all the ridiculously poor bets at craps, subscribing to idiot notions such as "see a horn, bet a horn," which can lead to disastrous results. The worst players bet the inside numbers at roulette and play all the carnival games such as Let it Ride, Three Card Poker, Caribbean Stud, Four Card Poker — without even knowing the correct strategies for these games. They love the slot machines, especially the mega-jackpot machines that have house edges around 15%. Losing $15 for every $100 they wager doesn't seem to have any impact on their gambling choices.
The poor players play with real money — that is to say, they don't have a special gambling account but rather they use household money to fuel their usually ill-fated adventures. They play for too much, for too long, and too poorly to ever have a chance of coming out ahead — except on rare occasions where Lady Luck pities them and gives them a winning session. But this or that winning session can't make up for the horrid fact that they are way behind in their casino gambling careers — so far behind that short of a mega-jackpot they have no chance to ever catch up.
I think the majority of casino players probably fit into this last category — and they account for the overwhelming amount of money made by the casino industry. Advantage players will sometimes say that all the poor players make it possible for them to keep winning because without the poor players the casinos wouldn't exist. That is probably true.
However, why should that be true for you? Let the other players play foolishly. There's plenty of room for you in the first two categories of players. The Captain of Craps once told me, "There's always room at the top." He was right. You should join that top tier.
This article is provided by the Frank Scoblete Network. Melissa A. Kaplan is the network's managing editor. If you would like to use this article on your website, please contact Casino City Press, the exclusive web syndication outlet for the Frank Scoblete Network. To contact Frank, please e-mail him at firstname.lastname@example.org.
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