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A betting strategy (also known as betting system) is a structured approach to gambling, in the attempt to produce a profit. To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine.[1] Betting systems are often predicated on statistical analysis.

Mathematically, no betting system can alter long-term expected results in a game with random, independent trials, although they can make for higher odds of short-term winning at the cost of increased risk, and are an enjoyable gambling experience for some people. Strategies which take into account the changing odds that exist in some games (e.g. card counting and handicapping), can alter long-term results.[1][2][3]

Roulette

How to Win at Roulette. Dating back hundreds of years, roulette is one of the oldest gambling games. While the game is based on chance, strict probabilities are at the core of the game's spinning wheel. Roulette Bet 3: Black and third column/Red and second column. This third best roulette bet was specifically designed for people who like to hedge their roulette bets, or at least attempt to. The Roulette board is an interesting creature and when studied thoroughly, it may help you score big bucks.

This is formally stated by game theorist Richard Arnold Epstein in The Theory of Gambling and Statistical Logic as:

Theorem 1: If a gambler risks a finite capital over many plays in a game with constant single-trial probability of winning, losing, and tying, then any and all betting systems lead ultimately to the same value of mathematical expectation of gain per unit amount wagered.[1]

Examples[edit]

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  1. So the best roulette bet is betting on areas of the wheel. In fact it’s the only way to change the odds of winning at the table. But there’s a catch. If your roulette system was accurately predicting the winning number (or winning area of the wheel), you will have increased your odds of winning, and would be profiting.
  2. Best Roulette in the West. Best in Nevada: The Bellegio, Mandalay Bay, MGM Grand, Mirage, Rio, and Wynn all have European roulette, with a house edge of 1.35%.Usually such wheels are in the high-limit rooms, but the MGM and Mirage also have a European wheel in the main casino at a $25 minimum.
  3. Which roulette system is the best? I will pick my favorite of the two systems but here is the rub; over time the total amount of money wagered will fall prey to the house edge, only the pattern of the wins and losses will be different.

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Common betting systems include:

  • Card games – Card counting
  • Roulette – Martingale
  • Sports – Handicapping

Horse racing[edit]

Some Horse racing betting systems can be based on pure statistical analysis of the odds, while others also analysis of physical factors (e.g. the horses' form, jockey form and lane draw). Common forms of betting systems for horse racing are:

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  • hedging- betting on multiple outcomes in a race
  • arbitrage- lay the horse a low price and back it at a high price

See also[edit]

References[edit]

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  1. ^ abcEpstein, Richard A. (2014-06-28). The Theory of Gambling and Statistical Logic, Revised Edition. Gulf Professional Publishing. p. 53. ISBN9780080571843.
  2. ^Shackleford, Michael. 'The Truth about Betting Systems - Wizard of Odds'. wizardofodds.com. Retrieved 2017-10-09.
  3. ^Burrell, Brian (1998). Merriam-Webster's Guide to Everyday Math: A Home and Business Reference. Merriam-Webster. p. 226. ISBN9780877796213.
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