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Have you ever heard of the principle called Gambler’s Ruin?
It is pretty common in casino gambling, both in brick and mortar casinos and in online casinos. This is the principle that sums up the idea that a player will keep playing their chosen games, say blackjack, until he has lost all of his bankroll. He plays like this because he believes he will win his money back.
While it is possible to recover a few lost dollars from the house, losing a larch chunk of money is generally not recoverable. The cause behind large chunks of money not being recoverable is because the house has the edge.
Granted, a skilled card counter could tip the odds in his favor and win his money back. But blackjack players who are that skilled are not as common as we would all like to think.
The reason behind the house having the edge over the blackjack player in this instance is because of the house’s bankroll. I bet you did not think of the house as having a bankroll. But it does. After all, it has to pay you your winnings out of something. But the trouble with the house’s bankroll is that it is essentially infinite so long as the casino does not lose all its money. The dealer will keep handing out chips. Add to the fact that the house takes in more chips than it pays out.
Now compare this to the fact that a blackjack player’s bankroll is not seemingly infinite. With the house’s edge against the player, it is more likely for the blackjack player to lose his money than for the house to. But this is why we have blackjack strategy right? We use that to help boost our odds and narrow them down as best we can by controlling how we play blackjack.
Tags: Blackjack Odds