There are many betting strategies that claim to beat the casino odds. Although they might seem appealing at first, you can't overcome the house edge. The house always has the edge, regardless of whether you play in a live casino or online gaming sites.
We have listed the top betting strategies, along with their flaws. While these strategies can be used to win at Pocket7Games, it is important that you recognize that success is not due to luck.
Gambler's Fallacy
One of the most popular theories in the gambling industry is the Gambler's Fallacy. It is believed that the more unlikely an event is to happen in the future, the less likely it will be to fail. The Gambler's Fallacy states that if a coin flips five times and lands on heads, it is more likely that the next flip will land tails. This theory is false.
Gambler's fallacy is often applied to casino games such as craps and roulette. Every spin in roulette and every roll in craps is an independent action. The result of any one turn does not affect the outcome of the next. In 1913, the Monte Carlo Casino saw the Gambler's Fallacy in action. A roulette wheel with 26 consecutive black spins had a record of 26 wins. This was a rare event, but the 27th spin had the exact same chance of landing red than the first.
Martingale System
This strategy is not a gambling theory, but a betting system. You double every bet until you win the Martingale. You are statistically certain to win, so you will be able to recoup all your losses and make a profit equal or greater than your initial bet.
If you lose $5 on your initial bet, you can increase your stake to $10. The next bet you would place is $20. Next, $40. Continue this process until you win. Let's assume you win after placing $40 and your payout was 1:1. You would win $80 after wagering $75 ($5 + $10 + 20 + $40) which yields a $5 profit.
Problem with the Martingale System? A win might not happen for a long time. The bets can add up quickly, as you can see. If you place a $5 wager on a game that has a 1/10 chance of winning, it would require you to statistically bet $5.115 to win your $5 initial bet. The Martingale System can lead to a catastrophic loss if you don't have an unlimited bankroll or a table limit.
Fibonacci System
The Fibonacci Betting System is almost 900 years old. This strategy is similar to the Martingale but uses a gradual approach. The following algorithm is used instead of doubling every sequential bet:
Each bet in this series equals the sum the previous two bets. After each loss, players continue the progression but will jump two spaces after a win. A $13 win would result in a $5 bet.
Losses can be reclaimed by using the Fibonacci strategy. The system is over when the player has won the original wager. Although the Fibonacci is flawed just like the Martingale for the same reasons, the gradual approach helps to limit your losses.
Paroli System
Paroli is a different betting strategy than any of the other systems. Paroli is designed to capitalize on hot streaks. It typically results in short term losses, with the occasional big win. For a set number of winning bets, players increase their wagers by a predetermined amount. A 1-2-3-3 sequence could be used.
Players must place even-money wagers (1:1) and should only move through the system after they win. The system will restart if there is a loss. The system restarts if four consecutive wins are made. These are the results of the Paroli system:
One or more losses on a bet: 1 credit loss
Lose three or four bets: Break even
All four bets won: 12 credits total win (12.1% overall payout).
To make this Paroli progression work, the player must win four consecutive bets before suffering 12 one-credit losses. Mathematically, it is not true. These calculations are dependent on the game odds. An even-money European roulette bet (red/black or even/odd high/low) would yield the ratio of one 12 to 1 winning sequence for every 13.6 credit losses.
Last Thoughts
These are only four of many common betting strategies. There is an inherent house edge in every casino game. Simply changing the way you bet on these games won't affect the outcome. A good understanding of the rules and payouts for every gambling game is key to a successful betting strategy.