E-29: Blackjack House Edge Misconceptions

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There are many parts of casino odds that people don't quite understand.

* How do the casinos have an edge in blackjack when they are forced to play a set of rules, such as always hitting on 16 and no option to surrender etc?

Casinos gain the edge by always playing their hand last. By going last, the advantage is solely theirs. The player may have already bust and the dealer has collected their chips, even before they have hit their hand.
The dealer may also win by simply beating the remaining players. The casino gets two bites of the cherry.



*Do automatic continuous shuffle machines increase the house edge?

No. A shuffle machine doesn't change the odds at all, it just means you play more hands per hour and therefore expose more of your bankroll to the existing house edge.
A shuffle machine is completely random and can not be rigged to advantage the house.

E-28: Slot Machine Differences

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There are 3 types of progressive slot machines:
Stand Alone
Loacal Area
& Wide Area Progressives.

Stand Alone Progressives: are not linked to any other slot. The machine takes a small percentage of every coin played and adds that to the winning jackpot. The payback percentage is generally small, so you should find a machine with a high jackpot, in case you hit it.

Local Area Progressives: are a group of machines that are linked together and are owned and operated by the casino. They can be found in a connected slot bank, or linked over a group of casinos (if they are owned by the same company)
Because they have a smaller jackpot pool than the wide area machines, they generally will hit more often

Wide Area Progressives: are the machines with the life changing jackpots.These are owned by an independant operator and the casino shares in the machines takings. Wide areas are linked over several different properties and because of this, the administration costs are high.

E-27: Tips for Gaining Comps

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Casinos want return business. If you plan on wagering a certain amount of money in a day, you are much better off playing through your bank roll in one property. This will indicate to a property that you enjoyed your experience there and are more likely to recieve comps.

Tip 1: Always use your players card

Tip 2: When playing table games, place your tip on top of your wager. It will then be counted as part of your bet. (some properties do not allow this)

Tip 3: Increase your bet size when the pitboss is at your table

Tip 4: Put up a show bet when thee dealer is shuffling and take it down once the game resumes.

Tip 5: Try and sit out on some hands when the pit boss isnt paying attention,  therefor lowering your amount of bets per hour.

E-26: How Comps are Rated

Table games are rated using the following 5 factors:

1. What game is being played and what is the house edge
2. How many bets are placed per hour
3. How long do you play for
4. Average bet size
5. You theoretical loss per hour

Rating Roulette:
The casino simply average your total bet per spin against the average spins per hour (40-45) against the 5.26% house edge.

A casino will generally comp a player at 50% of their theoretical loss.
Eg: A $25 per spin player will play an average of 40 spins per hour = $1000 wagered.
With a house edge of 5.26% the theoretical loss will be $52.60, so you will be comped at a rate of $26 per hour.

Rating Blackjack:
A player will play an average of 80 hands per hour. Placing an average bet of $10, would equal $800 an hour wagered. With a house edge of 2%, which equates to a loss of $20 per hour and therefor $10 in comp credit.

E-25: Comp Psychology

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Casinos design their player programs to make their patrons feel important. Player programs are usually set up in a teir system and the higher you are in the club, the more comps and benefits you are entitled to.

Everybody likes to feel important and the tiering system is a great way to encourage players to gamble more.

In the industry this is known as comp envy. You see what a $25 bettor gets in comps and he sees what a $100 bettor recieves and up the ladder it goes. Always tempting you to gamble more.

You are always paying for comps at the tables and most times it would be cheaper to gamble less and just pay for your dinner or show tickets etc from your own pocket.

Comps are a great addition to your gambling, but shouldnt be your reason for doing so. Always play the games at the level you feel comfortable with.

The player with the highest comps is typically the player with the biggest losses

E-24: Comp Basics

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Definition: The word comp means complimentary and is the term used for the rewards that casinos give to players for gambling in their property.

Comps are a reward for your average daily theoretical loss (A.D.T)

Comps are one of the most misunderstood aspects of Las Vegas. Most players believe that comps are only for high rollers, who spend thousands of dollars each day. But this is not true.

There are different levels of comp, depending on how much play you give the casino. Most players can usually get something for their play if they have played in the same casino for a decent amount of time.

Players Programs & Slot Clubs: To be eligible for comps, the first thing you need to do is sign up to the casino players club. This is always free to join and you often will be rewarded with free slot play or meal vouchers just for signing up.

Ensure you use your player's card whenever you play slots or video poker. When playing table games, hand your card to the dealer

Getting Comps: The easiest way to obtain comps is to just ask. If playing slots, ask a slot an attendant to call a casino host and if playing table games, the pit boss will call one for you.

When the casino host comes over simply ask them politely if your play qualifies for food, show tickets or a reduced room rate.

 

A low level player will never be approached by a host, but you may be surprised what you can get just by asking.

Before you checkout, always call the front desk or ask to be connected to a host and ask whether you are eligible for a reduced room rate. Several properties will now do this for you when you are at the checkout desk, but it is still best to call ahead.

So, be bold and ask for a comp, but be polite about it. Las Vegas has enough douche bags. Remember to tip the host if they help you out. Its a relationship that is worth building on, as they will help you in the future.

E-23: Intermittent Reward

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Understanding what encourages you to gamble is one of the most important aspects of gambling knowledge. If you know how your mind works and the tricks casino use to take your money, you are much less likely to fall victim to the traps.

The human mind generally works by positive reinforcement. When we do something and achieve a positive result, we feel good and want the feeling again. But, this is not the most effective way to condition the mind to gambling.

If I was to pay you a $1 for every time you jumped on the spot, you would keep doing it for quite a long time. But if I was to suddenly stop paying you that $1, you would quickly stop jumping as you would realise there is no reward for you to continue.

Intermittent reward is the concept of rewarding someone’s actions randomly.

Now I ask you to jump and pay you the dollars randomly, maybe 3 in a row and then a break and then another 2 and so on. You would jump for hours, as you never know when the money is coming and would want to achieve as much as you can.

Many forms of casino games are designed this way, in particular slot machines.

You don’t win on every spin on a slot, it is always random. This makes them highly addictive as you are always hoping for another win. If you were to win 5 spins in a row and then lose 5 spins in a row, you would quickly lose interest.

But when you are winning randomly it can be very hard to stand up from the machine, as you think another payout is coming. You are constantly thinking about the win you got earlier and because it’s random, think it may be on the next spin.

Be aware of how you are conditioned by a casino and understand that being rewarded for an action does not mean that you will be again.