• December 12, 2021
  • Frank Cooper

Gambler’s Ruin: The Concept That Eventually Makes You Lose

Gambler’s ruin is among those concepts that have been around for quite some time, and still, there are some issues that cannot be solved by using this theory when it comes to practical application. The letter that B.Pascal sent to P. Fermat back in 1656 is the initial mention of this concept. Later on, a number of mathematicians worked on this problem and came up with several solutions. 

However, we are not here to discuss mathematical probability and complicated formulas. Therefore, let’s get right into the practical application of this theory on real sweeps cash casino games and see how we can improve our odds by learning about gambler’s ruin as much as possible. 

Why do Players need to Learn about Gambler’s Ruin?

Gambler’s ruin or any other concept that deals with the winning probabilities of the players in river slot casino games is always important because by recklessly playing without paying attention to the minor details, you will end up losing all your funds in a few rounds.

 So, what can we do about it? Gambler’s ruin is a concept that helps us understand that no matter which betting strategy we use or pick the internet sweepstakes cafe game with higher odds, at the end of the day, the house will always win. Sure, you can stack up some wins along the way and get more money than you initially deposited. 

However, that does not change the fact that house did not lose anything as the other players lost while you are won consistently for the past few rounds. It is an uphill battle in which you have almost no chance of winning. Players can go broke easily in a few rounds where they bet recklessly. However, the house can never go broke or have so-called bad luck. 

How Understanding Gambler’s Ruin Can Help Us Limit the Losses?

Gambler’s ruin

The concepts such as Gamblers ruin help us understand that no matter how much we lose, that does not necessarily mean that we can regain that amount by depositing even more in the next few rounds. The modern random number generating systems in online casino games are not working like this. In the short term, you might as well earn the progressive jackpot. 

If you continue to play for longer periods, it is almost certain that you will lose that money because it has a limit. The odds are stacked against the players and if you do not know how to calculate probabilities and pick the right sweepstakes game for yourself, read the next few passages where we are going to discuss the key concepts for understanding the probabilities in casino games by focusing on the blackjack. 

Can You Calculate the Winning Odds in Blackjack to Overcome a Gambler’s Ruin? 

Blackjack is among those games that give players a slight edge in terms of payouts. On the other hand, can you put into work the knowledge that you get from gambler’s ruin concept to blackjack and actually win? Let’s find out. Each time a new card is drawn, the composition of the blackjack deck changes. That means the odds are changing as well. It does not necessarily mean that they are going to improve your chances. However, if you manage to remember the drawn cards in earlier stages, you will have an advantage in the following rounds. 

Practical application

Gambler’s ruin]

For instance, if you want to win large sums of money by creating a blackjack which is the highest hand value, you need to focus on the drawn 10s and Aces. If you have seen that the four of the available Aces have already drawn, you can easily calculate the odds of coming up with the blackjack, which is, in this case, zero. On the other hand, what if all the aces are in the deck? What happens then? The probability of getting an Ace and 10 in the following 20 hands is 4.83 percent. 

To calculate that, you need to separate these two concepts. There are only 4 Aces in the deck. However, there are 16 cards that have a value of 10, which are 10s, Kings, Queens, and jacks. For the first part, the probability of getting an Ace is 4/52, which equates to 1/13. On the other hand, the probability of getting a 10 is 16/51. When we multiply these two in order to come up with the overall percentage of the chances to form a blackjack, we get 5 percent. 

Final Thoughts

Keep in mind that you are also playing against the house and the same rules in the gambler’s ruin concept are also applicable. You might end up calculating the odds for different games. However, that does not necessarily mean that you will actually win them. To get the best out of each gaming session, you need to be careful about your depositing strategies and always have a plan beforehand. You should not wager or make decisions based on pure emotions as it will eventually lead you to lossess.