There are two distinct approaches gamblers take to increase their odds of winning a wager by a factor of two, and these approaches are referred to as “maximum boldness” and “minimum boldness,” respectively.
Even if you have no intention of putting your newfound knowledge to use the next time you visit a casino, it is still beneficial to familiarize yourself with the concepts of maximum and minimal boldness. The fundamentals of casino gambling, including negative and positive expectation bets, can be learned by studying these strategies in detail.
Maximal Boldness: The Fundamentals
The greatest bravery betting strategy’s end goal is to double your starting bankroll with a single risky gamble. This strategy is sound only in games where the house has a statistical edge.
Consider the game of roulette as an illustration. Putting all of your money on an even-money bet (one that pays out at a rate of 1:1) and saying a brief prayer is your best bet if you want to double your money. If you bet on black, you stand a roughly 48% chance of doubling your money.
There is a very small probability of doubling your money in roulette by making a series of little bets across the board. Keep in mind that the house edge is a constant over time for any casino game with a negative expectation. This implies your odds of doubling your money decrease every time the wheel spins and you place a wager.
Minimal Boldness: The Fundamentals
What should you do if you find yourself in a game of “positive expectation?” The Minimum Boldness strategy is implemented at this point.
Picture yourself using excellent blackjack strategy while also counting cards. Thanks to your proficiency in card counting and usage of the strategy chart, the house advantage in this game is -0.5, implying that the house will lose money in the long run. The best strategy is to spread your money around as much as possible, making as many small wagers as the regulations of the game will allow. It’s as daring as this gets.
For obvious reasons, the casino wants you to make as many little bets as possible when they are ahead. That way, the house edge may be calculated individually for each of your bets.
However, when you have the upper hand, like in the blackjack game example above, the casino would rather have you risk your money than have you milk them for little percentages over time.
If you have an edge over the house, using a minimum boldness strategy will give you the best chance of doubling your money as often as possible while still being comfortable. The reason why casinos have bet minimums is likely due to the minimum boldness approach.
Methods of Using Maximum Risk
The maximal bravery strategy is just one method of reducing the casino’s advantage.
The goal of any gambling system, from the simple Martingale to the complicated card-counting method, is to reduce the house edge.
The idea behind using maximal boldness in negative expectation casino games is similar to stocking up on a staple food like oatmeal during a warehouse sale.
Here’s how extreme bravery can be used in the gaming establishment:
Picture yourself in a made-up casino game where your chances of winning are 49% and losing are 51%. The house has a 2% edge under those conditions.
Say, for argument’s sake, your win goal is $1,000 and your bankroll is $1,000. There is a 49% probability that you will win your $1,000 wager if you place it on an even-money wager.
Your overall odds of winning will decrease when more wagers are added. If you tried to win $1,000 by making two consecutive $500 wagers and won both times, your chances of actually winning $1,000 are now only 24%. You can double your initial $1,000 investment through various techniques, but none of them offer odds of 49 percent.
In order to maximize your chances of winning $1,000, you should “go for broke” on a single bet.
The Role of Bare Minimum Bravery
Maximum boldness strategies are used far more frequently than minimum boldness ones. This is due to the fact that even the barest amount of bravery necessitates some sort of advantage over the casino.
Here’s how the “no fear” rule works in a gambling establishment.
Imagine you have $1,000 in starting funds and a goal of $2,000. You play a table game with a 51% chance of success and a 49% loss probability. If you bet $1,000, you have a fair probability of doubling your money, but the risk to your bankroll is a bit too large considering you have the advantage, therefore you should aim to limit the risk to your bankroll for each outcome. What are your next steps?
Instead of betting your full $1,000 on a single result, it’s better to win it slowly over time (by taking use of your modest edge over the casino).
When it comes to negative expectation games, which is to say the vast majority of casino games, the house gains money off of the minimum boldness strategy. They’d rather take a long-term percentage win than take the chance of paying out high sums on big bets. When used in situations where favorable odds are to be expected, this tactic completely flips the table. Don’t give them a 49% chance (and a one-time shot) at stealing your share; instead, slowly but surely drain all of their cash and perks.
The boldness spectrum has two extremes, one at the maximum and one at the minimum. Two distinct yet connected betting approaches, each of which is contingent on specific in-game conditions. Understanding the house advantage and different betting types is essential in a casino, and you can learn all about it here.