Everyone at least once thought about winning a huge sum at the casino or while betting. Our Nigerian readers probably wondered how to register and win a bet on SportyBet or any other prominent Nigerian wagering platform. But what is the probability of such an occurrence?
Today we will look at the maths behind the jack-pot and determine whether it is worth it or if it is all just a fluke. With all the actual statistics provided.
A Lucrative Business
No one will deny that the gambling business is thriving. No matter the time and place, it always seems like a bastion of financial stability. There is a reason for it. Millions of people play, bet, or gamble in every way imaginable each year. For some, it is a nice way to blow off steam, but some still view it as a legitimate way to earn some money on the side. And we have some very important and quite unpleasant news for them.
What Casinos Don’t Want You to See
If we are to find out what the real percentage is, we will have to look directly at the casino statistics, but here we have a problem. Casinos do not like to talk. However, thanks to the independent researchers and the good people at Bwin.Party Digital Entertainment PLC, which is an online-casino and betting provider, we can have a look at what the casinos are hiding.
Bwin, despite being a casino, wanted to bring the issue of gambling addiction to the public's attention. And the information they provide is staggering. According to their data, the probability of winning varies greatly in relation to the time one spends gambling. It is around 33% for those who spend less time playing and goes down to only 6% for those who invest a great amount of time into the pastime. Basically, the less you play, the better your chances are.
This was also proven correct for the on-the-ground casinos by the team of scientists at the University of Michigan. They came to such a conclusion after analysing a private database, acquired by them after a breach in the casino's servers' security. The data shows practically the same correlations in numbers. But it is not the most disturbing thing in our story.
Something’s Worth Hiding
The biggest thing which casinos want to conceal is the fact that one third of their funding comes directly from only 2% of people who gamble a lot and for long periods of time. And to top it all off, the entire 80% of all the money that goes to a casino comes from only 10%! This is shocking, to say the least, because it means that casinos are profiting off of people's gambling addictions, despite always telling the public otherwise.
And they knew about it for a long time. But the issue is too sensitive to bring it up like that. However, the situation is changing, and with all this data going public, casinos will have to address the issue in one form or another.
Actual Chances of Winning
Putting all of this information on the side. What are your chances to win at the casino in particular? Well, they are slim, but not non-existent. According to both Bwin and the research from the University of Michigan, they are around 13%. But they tend to go down with each game played or bet placed. This is the basic principle behind the casino system. The house always wins in the end, no matter how hard you may try. It is all quite simple really. If each game has a set probability of winning at 13%, then each next will have it lower and lower, until you hit an absolute zero.
It is even worse when we talk about slots. Your chances of winning at them start at around 1 in 128 and end at 1 in 34 million. Does it sound as good as it appears in advertisements?
Not as Bad as it May Look Like
Many people view gambling as nothing more than some harmless fun. A way to entertain themselves, maybe win some here and there. And actually, there is nothing wrong with that. Casinos and betting may indeed bring lots of enjoyment when done in moderation. And there are a lot of gambling sites which will provide a great experience to you. But, be wary of the consequences and don’t go there if you want to win. Unless you 100% know what you are doing, you probably will not win anything.
In Conclusion
After reading all of this, you probably will never want to gamble again, but we have never intended to discourage you from it. Remember that gambling is not at all about money; it is all about fun, ardour, the highest of highs and the lowest of lows. There is really nothing bad about it. Just be sure that you know your limits, keep your head straight, and you will be good to go.