Games of Chance Explained
Before adventuring into the wild unknown of online casino games, you should familiarize yourself with the rules of each game. These rules usually come together to form a game in which the house has an edge, so the house accepts wagers from players that will make them money in the long run.
In order to avoid any disappointment or delusions of grandeur, you should know exactly how much luck is involved in each game you play before you decide to invest your hard-earned money. Considering that most casino games are games of chance, there is going to be a ton of luck built into each game, so you need to be prepared for this.
Join us now as we explore the ins and outs of the phenomenon known as games of chance. We will discuss what they are, why we need to know about them, and whether they are bad news or not.
What Is a Game of Chance?
A game of chance is, by definition, a game where the outcome is strongly influenced by a random number generator in which contestants may choose to bet money on the outcome. Some of these games have a small level of skill that is required to play them optimally, but most of them require no skill whatsoever.
Nearly every casino game that you encounter qualifies as a game of chance. This includes slot games, roulette, video poker, and tons of table games. In fact, the only games in a casino that are NOT considered games of chance would be poker and blackjack.
Games of chance have been around since ancient times, proving that humans have enjoyed taking risks and playing games where the odds are against them for centuries. Some of the earlier humans even used knucklebones of sheep as dice for their dice games. Clearly, our ancestors were onto something when they decided to create games of chance, because they are still a huge hit around the globe to this day!
Luck Vs. Skill (Different Game Types)
The great luck-versus-skill debate has waged on for centuries. Most people incorrectly think that skill games, such as poker, are based on luck. These same people usually make the mistake of thinking that games of chance such as Keno involve any sort of skill whatsoever. Since this is such a confusing topic for most people, we will try our best to explain the difference between luck and skill in gambling as clearly as possible.
A game of chance is one that requires luck in order to win, while a game of skill involves more skill than it does luck. Games of chance involve so much luck that they are truly not beatable no matter what strategy you try to employ. There is no level of skill that can overcome the inevitable losing result that will come from playing a game of chance for a long period of time.
Well, in the gambling world, skill is essentially another word for being able to use mathematics to your advantage. Most casino games do not allow for this to happen because the mathematics at the heart of the games are in their favor.
However, not all casino games fall into this category of chance. In a game such as blackjack, if you are good at counting which cards have already been seen, you have a very small edge on the house. There is also a simple strategy to follow for those who are not counting cards which can drastically improve anyone's win rate.
Another great example of a casino game that requires skill would be No Limit Texas Hold'Em. The main difference between this game and other casino games is that you are playing against other people instead of playing against the house.
In poker, the house just takes a small rake which is extremely beatable for those who have strong enough strategies to beat the other players. Even though there is a small amount of luck involved, the long run will always favor the players who have mathematics on their side. The skill part of this game is recognizing which situations require a certain action that will result in winning money when these actions or bets are repeated millions of times.
I've Got a System!
No, you do not. Unless this system is a trick that makes losing the goal of the game, you do not have a system. The reason we feel so comfortable disputing this system claim is because of a little thing we like to call mathematics.
You see, the reason why casinos are rich is not because they started out that way. They became rich because they have a small edge in games of chance that technically prints money for them every time somebody makes a bet of any kind.
These games are mathematically proven to be unbeatable due to the fact that you do not win often enough over the long run to offset the losses that will inevitably occur.
This has been simulated by computer programs over millions of runs, which is not even possible for one human to do in one lifetime by themselves. Therefore, any claims of having a system to defy the laws of mathematics are based out of delusion and are not actually possible.
What Is the House Edge and Why Is It important?
The casino is often referred to as "the house" in gambling, and they can be used interchangeably. The house edge is the built-in advantage that the house has over the player in any given casino game.
In mathematical terms, the house edge is the casino's average profit on every bet that a player makes.
Well, for some people, this information is new to them. Some gamblers have no idea that this edge exists, and they think they have a legitimate chance of beating the house in the long run if they are lucky enough.
Before you begin gambling, you should familiarize yourself with the house edge for each game that you enjoy playing. This way you can compare all of the edges and try to play the game with the smallest edge as often as you can.
Are Games of Chance Bad?
After reading all of this information about games of chance, you might start to think that games of chance are possibly a bad thing.
The fact of the matter is, this all depends on the personal goal that you had in mind when you signed up to play the game.
If your goal is to make enough money to live off of and start a new career, then games of chance can certainly be considered bad.
In no way, shape, or form will games of chance help you to start a new career, so get that idea out of your head. Sure, you will most likely have a couple of winning months per year, but that does not mean you have enough of an edge to win in the long run.
The entertainment value that you get from games of chance might be greater than going to the movies or hanging out at a bar, which would make the small price of admission completely worth it. This is the healthiest attitude to have about gambling, and we highly recommend adopting it, if possible.
Games of chance can also be considered a good thing when you are with a group of friends and looking for a fun activity to pass the time. Not only will all of your drinks be free, but occasionally someone will win big, which gives everybody a reason to celebrate and have fun.
Popular Games of Chance
The undisputed champion of games of chance is definitely slot games. No matter which land-based casino or internet casino you pick, the most common games that you will see are slot games. In online casinos, they usually make up about 80 percent of each site's game library and some of them feature jackpots worth millions of dollars.
To play these games, all you need to do is put money in and then pull the lever! For more information on the different slot games and some of the best sites to play them on, check out our slots guide below:
Roulette is another game of chance which you can find in nearly every online or land-based casino in the world. You might even have to wait to play in an brick-and-mortar casino because the tables are so packed with people. This is not the case on the internet, and you can find tons of different variations of the original roulette game on the internet as well.
All you need to do in roulette is place wagers on certain numbers to hit. There are also options to bet on red, black, even, or odd numbers. When the little white ball lands on your number, you will be paid out according to the odds for the specific bet that you made.
To check out some good sites to play roulette on, check out our roulette game guide below:
Craps is known as the king of all casino dice games and it is also one of the most loved casino games around the world. There are a ton of different bets that you can make, and the winnings can sometimes reach a very large multiple of your original bets. If you hear people yelling and celebrating inside of a casino, the chances are that they are located at a craps table.
For more information on this famous game of chance and some examples of great sites to play it on, check out our craps game guide below:
Games of chance are a great way to pass the time for those who are looking for entertainment at a small price. There are a ton of these games available in both online casinos and offline casinos, so finding your favorite one is not going to be a challenge. Some examples of the most popular games of chance that you have probably heard of are slot games, roulette, and craps.
As long as you do not have any crazy ideas about playing these games as your occupation, you should be on the path to having a great time. Realizing that the house has an edge in the long run is a great way to keep yourself from betting too hard with money that you really need.