In most Casinos, you will find games that are mostly random, much like when you toss a coin. These are what we call games of chance; they consist of games such as roulette, craps, bingo, slots and keno.
What does playing a game of chance mean for you? Playing a game of chance is all about learning what the odds are of any “event”. You can then place your wagers based on these probabilities. For example, if you are playing live craps, you know you have an 11% chance of throwing a 2, 3, or 12; however, the probability of throwing a 7 is 17%. Therefore, when you are rolling out the craps, you have a greater chance of hitting a 7 than you do of “crapping out” with a 2, 3 or 12. Therefore, you will have a better chance of winning your bet.
There are always going to be anomalies that will show up during a live game and that is when those “streaks” will surface. It is pure luck that the number 7 is rolled 5 times in a row, or that the colour red shows up 10 consecutive times on the roulette wheel. There is no “sure-fire” system that can beat a game of chance, no matter how logical it may look at the time.
Unlike a game of chance, your knowledge and proficiency will greatly improve your odds of winning in a game of skill. Games such as poker, video poker, blackjack, or sports betting can all be considered games of skill. You will find that as you gain knowledge and experience in these games, then you will become a more proficient player and your chances of winning will increase in the long run. For example, in the game of blackjack, understanding and following basic strategy rules will give you a better chance of winning.