A list of some mistakes online casino players make, and some tips for new online gamblers.
The romance of gambling is what attracts people to this activity. In their enthusiasm, rookie players do not undertake the necessary preparation and make mistakes that can be costly. Here are five gambling mistakes that rookie players should avoid.
Not Employing Correct Strategy
All casino games are based on chance, but some of them require a fair amount of skill as well. In blackjack you have to decide whether or not to take the additional card. In video poker you have to decide which cards to retain. Mastering the correct strategy in these games requires some effort. Rookie players, out of ignorance or bravado, tend to use gut feeling instead of optimum strategy. They lose out on the high average returns that these skill based casino games offer.
Tip: Make an effort to learn optimum strategy and play the games in the demo mode till you perfect the strategy.
Falling Into The Gambler’s Fallacy
This is best illustrated by an example. If a roulette wheel delivers eight black numbers in a row, rookie players would give the next number being black a very high chance and bet heavily on that. The fact is that each spin of the roulette wheel is independent of the past outcomes. No matter what the past results are, red and black have an equal chance of coming. Hot and cold streaks in slot machines are another example of the gambler’s fallacy.
Tip: In online blackjack each game starts with new complete decks so do not waste your time trying to count cards.
Misusing Casino Bonuses
Enthusiastic rookie players tend to claim every bonus on offer. Bonuses are not free money. They come with a number of commitments. Such players end up depositing and wagering more than they can afford to in pursuit of bonuses. Conservative rookie players make the gambling mistake of ignoring bonuses altogether. They lose out on the opportunities to extend their bankroll. As in most cases, the correct path is the middle one.
Tip: Do not fix your wagering activity based on the bonuses, but on your bankroll. Then take whatever bonuses fit into that activity.
Falling For Sucker Bets
Most bets in casino games give you a fair return after deducting a small house edge needed to keep the operations going. But once in a while you will come across bets that are sucker bets. To make things worse, they usually offer an apparent attraction. You cannot smell out these bets. You simply have to know. An example is the Tie Bet in baccarat. It offers a payout of 8 to 1 against the even money odds of the regular bets. But the average return is only 86%, as compared to 99% for the even money bets.
Tip: Craps has many sucker bets. Generally the ones that offer lower payouts are better.
Not Reading The Terms & Conditions
This one is for the rookie online casino players. When you sign up at an online casino, you have to acknowledge that you have read the terms and conditions. These contain important information on payment options, bonuses and withdrawal limits. If you do not read and understand these terms, you may end up making wrong choices that can in the worst case cost you money.
Tip: It is boring, but do not sign up until you have actually read and understood the terms and conditions.