Gambling is a very tricky activity. It is an activity that is complicated, but fun for many all over the world. As long as they do not lose too much money. There are some people who like to gamble all the time. Then there are some who only like to gamble every now and then. Then there are some who do not like to gamble at all.
Even though there are many different opinions and perspectives about it, a lot of people like to participate in it. Everyday there are many people all over the world joining in some form of gambling, whether it be online or a land-based casino. Oh and let’s not forget, the lottery. The lottery.
For each form of gambling, the chances of winning are low. If you would like to know how often do gamblers really win, the chances of a gambler winning in a single day and over a period of time, do not ask the casino. More than likely, they will not give an accurate and thorough answer to any of those question. Even though they gather a lot of data each and every day, it is important to realize that they have a certain in which they like to market themselves. Casinos like to make sure they keep certain information a secret.
The Wall Street Journal was able to receive some data that can answer these questions. Based on the information they received, the chances of there being a winner are not too bad. Their data showed gamblers won 30% on the days they wagered. Continuing to gamble is when the chances start to get low. Only 11% of players end up winning over a full period. Most of the people who do end up winning over the full period, got less than $150.
Out of the 10% of the top bettors, those who placed the largest numbers of total wagers in the last recent years- 95% of them lost money. Some lost thousands and thousands of dollars. Those who have lost a lot of money outnumbered the big winners by an enormous amount of 128 to 1.
The Wall Street Journal’s data comes from a database that contains anonymous records of 4,222 online gamblers who had wagered for at least four days on games like slots, roulette, and blackjack. Anonymous records showed that the gamblers played in between the years in 2005 and 2007. They played on websites that are run by Bwin.Party Digital Entertainment PLC. Bwin.Party Digital Entertainment PLC made the information available. They made it available to researchers that specialize in performing studies on gambling addiction. Bwin has stated that there is no absolute reason that a couple more samplers would make a huge difference on the outcome.
According to the Wall Street Journal, Bwin customers did differ in different ways from U.S. casinos. Robert Hannum, a University of Denver specialist in gambling mathematics stated, “Although the online Bwin customers differed in some ways from those typically found in a U.S. casino, their win and loss patterns should be roughly similar because the games are similar.”
In order to determine if this was accurate, Wall Street Journal asked Puneet Manchanda of the University of Michigan and Hee Mok Park of the University of Connecticut to study a private database in which they had access to. Their research showed two years of information by 18,000 holders of loyalty cards from a casino in the northwestern U.S. The results of their test showed similar results. It showed that only 13.5 percent of gamblers actually won.
Gambling is an activity in which a lot of people lose a lot of money participating in, if they continue to put in a lot of money. Some argue that the casino industry takes advantage over gamblers. For some people this might be true. For others it might not be true, depending on how you look at it and on your experiences with gambling. Gambling is based on a lot of luck along with some skill level depending on the game. Casinos make money off of the amount of loses that takes place at casinos.
When you are gambling, it is important to understand that your chances of winning are very low and that more than likely you will not win back the money you lost. It is very unfortunate, but it is true. Being cautious is the best way to avoid losing too much money. Losing too much money is never fun. Casinos are supposed to be fun (along with ones that are online). Their games are supposed to be enjoyable. Betting is supposed to be enjoyable as well. Being cautious is the most important of gambling, that is if you are the player.