When it comes to entertainment in Mexico, there is probably nothing that comes close to getting the locals excited more than a game of soccer. Beyond the beautiful game, however, other pastimes Mexicans love indulging in include boxing, taekwondo, and Basque pelota.
One hobby that has become increasingly popular in Mexico (as it has worldwide), is gambling. Much of this is thanks to improved access to the internet, which means more people can utilize the features provided by casinos. The world of gambling is vast and complex. You’ll undoubtedly find something fun to suit everyone, from traditional table games such as poker and roulette to movie-themed slot machines.
Many people are mistaken into believing that gambling is all about luck. Sure, you will have days when you feel like luck is on your side and others when you don’t. However, the truth is good gamblers employ tested strategies, understand gambling odds and use their knowledge to inform their gameplay. They also know when to cut their losses.
Granted, odds are virtually always in favor of the chosen online casino (hence the phrase ‘house edge’), this may not necessarily mean your game’s outcome should be considered as a guaranteed loss. This article aims to explore important things to keep in mind when considering online gambling odds and how they may impact whether you win or lose.
Whether you are a Mexican player or based anywhere in the world, here is what you should know.
Types of Odds
As a gambler, you should be aware of three main types of betting odds. There are fractional (British) odds, decimal (European) odds, and Moneyline (American) odds. Essentially, each of these types is an alternate way of presenting the same thing and holds no difference in terms of payouts.
In a nutshell, Fractional odds are the ratio of the amount (profit) won to the stake. Whereas decimal odds represent the amount one wins for every USD 1 wagered. Moneyline odds indicate the amount one needs to wager to win USD 100 or the amount one would win for every USD 100 staked.
Understanding The House Edge
When you start getting involved in the gambling world, a term you’ll regularly hear is ‘the house edge’. In short, the house edge is the mathematical advantage that the casino has over its players. For instance, a house edge of 1% means that for every USD 100 you gamble, the casino will payout USD 99 to gamblers (not necessarily you, though!), making just USD 1 profit.
Players should bear in mind that even though the house edge is built into the game, it is only true over a longer period of time. Therefore, it is crucial to managing your expectations instead of expecting the house edge to reflect on your individual experiences. Understand that it is totally possible to gamble USD 100 and blow it all or win USD 200 on your first bet.
Beating The House Edge
Beating the house edge is easier said than done. In fact, it is impossible. However, this doesn’t mean that you can’t be a successful gambler.
While it may not be possible to beat the house edge thoroughly, there are some ways to minimize its impact, which could potentially give you a better chance at winning more often.
Strategize
Depending on the game you play, strategy can be a powerful weapon. Games like baccarat and blackjack are complex, and formulating a strategy takes time, research, and practice. It is important to understand concepts like the odds and how to count cards. Thankfully, you can find plenty of places to play trial versions of these games online, which is excellent for practice and testing out strategies. Alternatively, you can start out by placing small bets that you can afford to lose.
Know When To Quit
A common problem that plagues players is when they fall prey to the gambler’s fallacy, where they think that the longer they play, the more likely they are to beat the house edge, win and recuperate their losses. Unfortunately, this is a recipe for disaster. The truth is the longer you play in a single continuous session, the more likely you are to lose. Knowing when to quit is an essential skill that every gambler needs to master. Setting yourself a budget or time limit is also a good way to teach yourself to enjoy the game without getting caught up chasing dollar signs.
Never Chase Losses
On a similar note, chasing is another way for gamblers to end up in a bad financial situation. The worst thing to do when you are making small losses is to increase your stake in the hope of breaking even. All this does is put you in a position where a single streak of increasing stakes can clean you out and leave you with nothing!
Final Thoughts
If there was no house edge, the chances are casinos would go out of business. While all reputable casinos have proper protocols in place to ensure fair play, gamblers should be aware that they can’t beat the house. With that being said, if they are skillful and strategic about their game, gamblers can undoubtedly make some headway in terms of decreasing the impact of the house edge.
Anyone who is new to the betting world should start by taking baby steps and spending time understanding key concepts and learning to interpret all types of odds. It is important to be familiar with the conversions between different formats of odder and the conversion of odds into implied probabilities. It is only then that gamblers can start strategizing effectively and placing more informed bets.
