If the house is favored in the long run how do pro gamblers make money?
In: Mathematics
There are a number of ways.
1) Skill games
The top example is poker. In poker you are playing against other players, not the house, so as long as you are better than the other players enough to overcome the casino’s fee you can come out ahead.
Other examples include betting sports or horse racing. It is possible to know the sport well enough and to develop a model good enough to do better than the sports books. These people are few and far between and the sports books typically identify them and either limit their betting limits or kick them off the site entirely
2) Advantage Play
This is using the rules to your advantage and realizing where you can gain a small edge. The top example here is blackjack. If you learn how to count cards you can gain an advantage over the house using their rules and their game. Again, casinos will quickly catch on to this and not let you play anymore.
It’s also possible to gain an advantage in games like roulette and slots using various techniques. Older roulette wheels can be slightly biased towards a couple of numbers and by betting those you can come out ahead. Certain slot machines have growing jackpots, which if they get high enough can help you squeak out an edge.
3) Be the house
Create your own gambling game and get others to bet into you.
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