The first step to becoming a professional gambler is learning enough about probability to get an edge when betting. Casinos stay in business because they have a mathematical edge over most players. Your goal as a professional gambler is to only bet when you have anedge.
But how do you know if you have an edge or not?
This is known as live dealer online roulette. In such a case, the wheel and dealer are real, and you just view them via WebCam. Normally you can also chat the dealers live. And these are the types of real money roulette where it is still viable to earn a living playing roulette with online casinos. Avoiding Detection.
You have to be able to do the math.
Luckily, it’s not hard.
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Probability is just a mathematical way of looking at how likely certain events are. A probability of an event occurring is always a number between 0 and 1. If an event has a probability of 0, itwill never happen. If it has a probability of 1, then it will always happen.
Here’s an example:
You flip a coin. You want to know the probability that it will land on heads.
You determine that by dividing the number of ways you can achieve the result you’re solving for by all possible results. When flipping a coin, you only have one way of getting heads. You alsohave two possible results—heads or tails. So your probability of getting heads is 0.5.
That probability can be expressed as a fraction or a percentage, too. 0.5 is the same thing as ½, and it’s also the same thing as 50%.
When you bet on a particular event, you can compare the probability of winning that bet with how much you risk versus how much you stand to win in order to determine the expected value of thatwager. For most casino games, your expected value on each bet is negative—the casino has an edge over you.
Here’s an example:
You bet on a single number at the roulette table. The probability that you’ll win that bet is 1/38. If you do win, you get paid off at 35 to 1 odds.
One other way to express a probability is in odds format. That’s a comparison of how many ways you can fail versus how many ways you can succeed. Since a roulette wheel has 38 numbers, youhave 37 ways to lose and only 1 way to win. That means your odds of winning are 37 to 1.
If you got paid off at 37 to 1, you’d have an edge of 0, and so would the house. If you could get paid off at 38 to 1, you’d have an edge over the casino. But you only get paid off at 35 to1, so the house has an edge over you.
In all those cases, your probability of winning is low, but if you get paid off enough money, even a low probability bet gives you an edge over the house.
Here’s why:
Suppose you play 38 spins of the wheel. You’re betting $1 on every spin. If you get results that mimic the mathematical probability, you’ll lose $37 and win $35. You lost $1 on 37 spins, and youwon $35 on one spin. That means your expectation is -$2 over 38 bets.
You can divide that expectation by the number of bets to get an amount you expect to lose on average per bet. In this case, your expected loss per bet is $0.0526. You can express that as apercentage if you like, and in this case, that percentage is 5.26%.
Your goal as a professional gambler is to only place wagers where you have an edge. Since your statistical results over a large number of trials should near the mathematical expectation, you canexpect a profit if you play long enough.
That’s the math that works for the casino, and that math can work for you as well.
Ever wondered if you can pay your bills playing roulette? This game of chance can, in fact, bring in a steady income, but only if you have the right aptitude, strategy and game plan.
Although none of this guarantees a win, it definitely helps increase your chances of a win. Let us now discuss the various roulette strategies that can help you win the game and analyze if this could prove to be a steady source of income. To make it easier, let us classify these strategies based on the player’s risk-taking ability and the chances of a win involved in the various types of wagers.
High Stakes Roulette Gaming
If you like playing high stakes roulette, then you need to have a deep pocket and focus on placing inside bets. You can considerably increase your chances of winning in any roulette game by choosing the right wheel. This may seem like a strange thing but according to Experts, the house edge in the case of American roulette is 5.26 and in the case of European roulette is 2.7 percent. If that’s got you interested in European roulette, then you can pick a high stakes roulette at roulettegambler.co.uk.
Choosing European roulette would only increase the probability of your win, but relying on it entirely isn’t the right thing to do. Nonetheless, it is worth taking the risk because the payouts on single number bets are the highest, which is usually in the 1:35 ratio. However, to assume that you can win single number bets all the time and pay your bills with it, would not be a sensible thing to do. That’s because the chances of winning aren’t quite high and that’s the reason why the payout is so lucrative.
Medium Stakes Roulette Gaming
The easiest way of increasing your chances of winning a game of roulette is by placing multiple corner bets, but that comes with a low payout so to make it profitable, you need to have a sound strategy in place. You could follow a simple trick of placing multiple corner bets — the first one would be random bet, but the subsequent ones would be placed around the winning number.
Also, the betting amount would be the same for the first two bets, but for every third bet, you total up the losses of the first two games and multiply that by two. Now the resulting figure is that amount which you should bet for the third spin. So, if you don’t win within six spins, you should stop as recovering all the losses is going to be difficult. Since this strategy involves lower risk and higher chances of winning, it’s a reliable one for those wanting to make a living by playing roulette.
Low Stakes Roulette Gaming
This refers to bets that offer a 1:1 or 2:1 payout like odd-even bets, color bets, or betting by the dozen. However, this is okay for those who can invest a larger sum and don’t mind risking it entirely. That’s because if you want to make $50 through a bet that offers 1:1 payout, then you need to invest the same amount or more. So, playing low stakes isn’t something that can help you earn enough money to make a living by playing roulette.
Roulette is a game of chance and no matter which theory or strategy you use, it can only increase your chances of a win. However, if you are determined to do that, then consider placing medium stakes roulette bets. That’s because the chances of winning are higher out there as compared to the single number bets. On the other hand, low stakes roulette games are okay for fun but not the best way to earn a regular income by playing roulette.