In a down economy, some people start thinking of alternative ways to generate a bit of extra income. If you believe casino gambling might be a good option, you should keep reading. The second you exchange your money for chips or subscribe to an online casino, you’ve lost your only advantage: staying out of the casino and keeping your hard-earned money. Casinos are great for live shows, food, and entertainment, but statistically, they aren’t going to give you much more than that.
- Casino gambling isn’t a good way to earn extra cash.
- Every casino game has a statistical probability against you winning.
- Slot machines have the worst odds, ranging from one in 5000 to a one in about 30 million chance of winning the jackpot when playing a max bet.
- In 2019, casino gaming revenue was in the billions. These profits are mainly the result of the accrual of all the losses from casino patrons.
There are more than one hundred casinos in the UK, and the same goes for the amount online. These casinos continuously generate vast amounts of money in gaming taxes.
Games of luck are games of no chance
Math is the universal language, and it never lies. Every single game you play at a casino has the statistical probability against you winning. While this house advantage varies from one game to another, it ultimately ensures the casino will never lose money against gamblers. For talented Blackjack players, or any other table game, the casino’s advantage might only be 1% or 2%, but certain types of slot machines might have a 15% edge over a player. Other casino games generally fall somewhere in between.
The house advantage doesn’t mean that you can’t win, but it does mean only a few, and we mean very few, extremely lucky players win. On the other hand, the more you play, the more the numbers work against you, and the higher the chances are you’ll leave the casinos with less money than you came in with.
Don’t be naive – Everyone is NOT a winner
Casino profits are mainly thanks to all the losses from gamblers each year. Aside from the other facilities within the casino, the breadwinner for this industry is the games. Imagine strolling into a casino feeling like you’re about to beat those odds because you consider yourself lucky. The best thing you can do here is turn around and walk out again. You can’t even count on winning or losing streaks either. If you’d had a string of bad hands, the likelihood of that turning into a winning streak simply doesn’t exist statistically.
Online casino bonuses aren’t free
What about virtual casino welcome bonuses? We often see ads from slots sites promoting free spins on their slot machines. There are even UK online casino sites that go as far as offering over £1000 in bonuses. You shouldn’t trust these promos as they are subject to many terms and conditions. In every case, with these bonuses, you have to deposit money and adhere to their conditions. In short, online casinos never give money to their customers.
Casino have banned credit cards
Credit cards were banned at casinos in the UK on 14th April 2020. The ban follows the Government’s decision to curb problems related to internet gambling addiction. Since online gambling was legalized on British soil in 2005, the online offering has exploded. From 2005 to 2019, there was a huge increase in players, and in turn, addiction. In order to put the brakes on this health problem, the United Kingdom Gaming Commission set this restriction.
The Lottery is an exception
The betting trap
Some people do get swept into an addiction that far surpasses the fun of the games. Only a small proportion of gamblers reach this point, but it’s estimated that their losses make up a quarter of the casinos’ profits. This is a staggering percentage. It makes it all the more important to understand the house advantage and how it works against a player who has lost a significant sum and is trying to win it back. The more time a player struggles to get ahead, the more they get pulled into more significant losses.
The bottom line
Almost every time, it’s in your best interest to stay well away from any form of casino. Trust us; the math just isn’t on your side. Those who are still determined to take a risk, remember to quit while you’re ahead as that winning streak you think you’re on is all in your head.