For most people, gambling online is a form of entertainment with the added benefit of possibly winning a bit of cash in the process. Unless you are a professional blackjack or poker player, using gambling to create wealth is not exactly the best investment strategy.
That is not to say that you can’t make some serious money online. All you have to do is look at the recent winners’ board on the casino home page to realise that there are people out there that are pulling in big wins and smiling all the way to the bank. So, how did they do it, was it luck or did they risk it all for the possibility of a big payout?
High and Low Risk Bets
One question that often pops up is the age-old question “does risk really equal reward?” This is a type of question that can be applied to all aspects of life including online gambling. In most cases, the answer would be yes, the greater the risk, the greater the reward. But is this true for all casino games? Let’s take a look at a few examples. Nowhere is the concept more relevant than in a game of roulette. In roulette, there are a number of different betting options. On the one side of the scale, you have the red/black bets and on the other side you have the number bets.
The Odds Factor
In terms of risk, betting on red or black is not that risky since you have just under a 50% chance of doubling your money. If you decide you want to bet on a specific number, the risk factor goes up significantly. Suddenly your odds of winning are 0.97%.
If you think about that number, you would think that no one in their right mind would take that bet. However, you need to consider the reward, which in this case is a payout of 36:1. Instead of just doubling your money, you can multiply it 36 times. To make up the same winning amount on a red or black bet, you would need more than 10 consecutive winning bets.
Low Risk, High Reward Games
So, for some casino games, risk does certainly equal reward. But are there games which have low risk with higher rewards? The good news is that slots fall firmly into this category. Let’s take an average video slot game. If you play a standard 5-reel slot at a single coin per spin, you are essentially risking one coin for every bet you are playing. The risk you are putting in is extremely low, but the reward potential is massive. If you happen to hit the jackpot or progressive jackpot, you could win thousands of coins at any time. However, the odds of doing so are quite low. Classic reel slots however require smaller bets and often pay out more regularly, so they could be considered a safer bet.
Another game that has low risk with high reward is video poker. In most online video poker games, players can bet from one up to three coins on a hand. A simple hand of Jacks Or Better would pay out 1:1. However, if you manage to land a royal flush, the payout jumps up to a massive 4000 coins. Again, the risk is low, the reward is high but the odds of winning are incredibly low. So, what we see is a relationship where the higher the risk, the greater your odds of winning.
Online Slots Gamble Feature
This is well demonstrated in the gamble feature offered on most slot games. After any standard line win a gamble button will pop up. In this feature, you have the potential to double or even quadruple your winnings by correctly guessing the colour or suit of a randomly dealt playing card. Here you are risking a win that is already in the bank. Let’s say it is 200 coins. You now have a 50/50 chance of doubling that to 400 coins. You also have a 25% chance of winning 800 coins. It is up to you to decide if the risk is worth the reward.
An Age Old Debate
In some casino games, such as progressive slots you’ll often have to bet the max amount in order to stand a chance of wining the jackpot payout. Similarly, if you really want to win big in blackjack or roulette, you have to bet big. However, sometimes the max bet isn’t that high and for just a few coins you can win a payout of well over a million, as is often the case in games like Mega Moolah!
What it really comes down to is to play within your means and that if you live by the risk equals reward motto, you can afford the risk if the reward isn’t forthcoming straight away!