The Gambling Game
Summary
Gambling may be a mug’s game, but recognising when your opponent has the upper hand to you and playing accordingly is the on e way to up your chances of winning.
The Gambling Game
Before we get any further into this game, the number one thing to remember is, never gamble. We’ve talked a lot about odds and probabilities and you should know now that when you gamble the odds are always stacked against you. If you’re playing against a betting organisation, like a casino, this is especially the case. There’s only ever one winner and it’s not you. However, as with everything there are exceptions and if you’re playing against one other person your odds might be better. As always, understand your opponent and calculate what you can afford to lose and what you want to gain, and play the game your way.
Who’s your opponent?
A wiseman will recognise when he is the lesser of the two players. Betting organisations don’t lose, at least not in the long run, they are thereto extract money from you and if you think you can beat them, you need to wise up. But if you do play against someone you know has the upper hand there is a way to still gain. Say you have £2 and you want £8. Most of us would bet one of our pounds only so we still have one left, and maybe even lower than that, we might only want to risk 50p, but is this the best way to reach your £8 goal? The answer is no. If we are betting against an opponent who has the upper hand the more times we bet the greater the chance of us losing. So we should bet the whole of our £2 and hope for the best. We might lose and have nothing, but we might win and double our money, whereas if we keep on better in smaller amounts we will definitely lose and have nothing. Once we have our £4 do we also stick all of that down on the table? No, because now we have less chance of winning. If we won in the first round we should recognise how lucky we are and bet a much lower amount, our odds have now fallen dramatically.
What are the chances?
Some of you will be puzzled by this approach, so let’s look at it when dealing with something other than money. Former British prime minister, David Lloyd George, famously said ‘Don't be afraid to take a big step if one is indicated. You can't cross a chasm in two small jumps’. So, let’s imagine you are jumping from one high building to another. Are you going to take two small leaps or one big one? The logic is simple. You might miss that one big leap and plunge to your death, but if you take two smaller leaps you are an awful lot more likely to be falling on to the pavement below. Your odds of getting to where you want to go are higher if you are bolder. While this isn’t advisable in all situations, understanding the need for it when you know you are the underdog in the situation, is the only way you can win.