Gambling Theory – Your All-In-One Guide to Gambling
When practiced responsibly and with measure, gambling is a highly entertaining activity beloved by many people in the world. Most of us have tried it at one point or another. Some of us are gambling enthusiasts, while others do it as an occupation. One thing is for sure - when it comes to gambling, luck is not everything.
If you want to have a real chance to beat the house, you should also know the gambling theory. There are many terms, definitions, phrases, and strategies you should be familiar with. The theory of gambling is substantial and comprehensive. Read below to learn more and find a variety of interesting and useful blog posts. Get to know the gambling theories in detail and improve your gambling skills.
Popular Games and Their Definitions
According to our blog post defining gambling, this is the activity of risking money on the result of something with the hope of making a profit. Some gambling activities are 100% luck-based, while others are more skill-based. In addition, there are games, which are based on a combination of both skills and chance. Among the purely luck-based games are the slots, while poker, for example, is predominantly a skill-based game. Below, we have listed some of the most popular gambling games and activities, along with their corresponding definitions from the gambling theory.
Slots
Slots are a game of chance. They are also known as fruities in the UK, pokies in Australia and New Zealand, and puggy in Scotland. The first slot machine was developed in Brooklyn, New York, in 1891. Each slot game has a set of reels populated with different symbols. In each round of the game, the player spins the reels by pressing a button or pulling a handle. The final alignment of the symbols on the reels determines the outcome of the game.
Blackjack
Blackjack is the most popular casino game in the world. Also referred to as 21, the game is played with decks of 52 cards. Blackjack players do not play against each other. Each of them plays only against the house. The goal is to get a score as close to 21 as possible without going over that number, while at the same time reaching a score higher than that of the dealer. The first blackjack rules appeared back in 1800 in Britain under the name of Vingt-Un (from French, means twenty-one).
Roulette
Roulette is another very interesting game, which appeared around the 17th century in France. The word “roulette” comes from the Old French word “roelete” and means “little wheel”. For the most part, roulette is a game of chance. A ball is dropped onto a spinning wheel with numbered red and black compartments. Players bet on which number the ball will land on once the wheel stops spinning.
Baccarat
According to different sources, baccarat appeared in France in the 19th century. This is a card game that is played between the banker and the player. Before the cards are dealt, the bets must be placed on either the player or the banker. Then, both of them are dealt two cards. The winner is the one with a total closer to nine.
The ace is worth one point, the face cards are zero, and the rest are worth their face value. There are three possible outcomes – “player” (player wins), “banker” (banker wins), and “tie” (neither the banker nor the player win). There are also three popular baccarat variants – punto banco, baccarat chemin de fer, and baccarat banque.
Poker
Poker appeared somewhere in the early 19th century in France and was popularised in the American South. The term poker combines many different card game variations, in which players could compete against the house or against other players. The winner is the player with the best hand as per the specific game’s rules. There are many professional poker players worldwide and multiple multi-million prized poker tournaments. One example is the annual World Series of Poker tournament in Las Vegas, Nevada.
Sports Betting
Sports betting is believed to go back 2000 years. As we know, the Greeks loved sports, and it was precisely them who are believed to have invented sports betting. Romans followed in their footsteps by betting on the popular gladiator games. Nowadays, sports betting is a well-known and beloved gambling activity.
How it works is gamblers place their wagers on the outcome of a sports game or event. This happens through legal and authorised bookmakers or sportsbooks, and players pay up-front. Punters win if they have managed to correctly guess the result. Among the most popular sports people bet on are football, American football, boxing, basketball, and hockey.
Gambling by Country: The Biggest Gamblers Worldwide
Gambling is a popular activity throughout the world. Under one form or another, it exists on all seven continents and in almost every country. There are, however, some places where people are significantly more passionate about gambling. We have prepared an interesting ranking of the top six biggest gambling counties in the world.
| #️⃣ | 📍 Country | 💰 Approximate Gambling Market Value | 🧑 % of Gamblers | 🎰 Top Gambling Activities |
|---|---|---|---|---|
| 1. | Australia | AUD 225 Billion | ~ 40% | Slots, Blackjack, Poker, Video Poker, Online Baccarat |
| 2. | United States | USD 44.00 Billion | ~ 60% | Lottery, Raffles, Slots, Card Games |
| 3. | Canada | USD 12.00 Billion | ~ 50% | Slots, Table Games, Electronic Table Games, Poker |
| 4. | United Kingdom | GBP 5.89 Billion | ~ 47% | National Lottery, Other Lotteries and Scratch-cards, Sports Betting |
| 5. | Singapore | USD 940 Million | ~ 44% | 4D, Toto, Singapore Sweeps, Social Gambling |
Australia
With an estimated population of 25,690,000 in 2020, Australia is at the top of our list. There are over 9,900,000 regular gamblers, which is around 40% of all Australians. According to official government data, in 2019, the Australian gambling market was worth around AUD 225 billion. The most popular gambling activities in the Land Down Under are slots, blackjack, poker, video poker, and online baccarat. Curiously, winnings from gambling activities are not subject to taxes by Australian authorities.
United States
The United States is next with a gambling market worth around USD 44.00 billion. The biggest portion of it comes from a few key states – Nevada, New Jersey, Pennsylvania, New York, Iowa, Missouri, Mississippi, Indiana, and Louisiana. There are still states in which most gambling activities are illegal. However, the general trend observed in recent years is towards relaxing of gambling legislation. Unsurprisingly, the most popular games among US players are lotteries, raffles, slots, and card games.
Canada
Canada is another country on the North American continent with millions of gambling aficionados. There are around 19,000,000 active players, which is nearly half of the country’s population of about 38,000,000. The most popular games among Canadians are slots, table games, electronic table games, and poker. The country’s gambling market value is estimated at over USD 12 billion.
United Kingdom
Gambling has always been an enjoyable pursuit in the United Kingdom. The country is home to some of the biggest gambling enthusiasts in the world. The average UK gambling market value is around GBP 14 billion. About 44% of the country’s population is actively gambling. The most popular games in the UK include the National Lottery, other lotteries and scratch-cards, and sports betting.
Singapore
Singapore makes a surprising appearance on our list. The relatively small city-state located in Southeast Asia has a population of 5,686,000 people. Out of them, about 44% gamble on a regular basis. In 2020, the Singapore gambling market value was estimated at around USD 940 million. The most popular games in the country are 4D, Toto, Singapore Sweeps, and social gambling.
Gambling Terms and Phrases
Do you know the meaning of scamdicapper? Have you ever heard of railbird or pigeon? If you think that the last two are some sort of birds, fret not! At times, the “language” of gambling may sound foreign to both newbies and long-term players. This is normal considering the variety of industry-specific terms and phrases. We have made sure to help with that and would like to present to you two detailed articles – Gambling Terms and Gambling Phrases. Enjoy!
Gambling Books
Another wonderful way to improve your gambling skills is to read books on gambling theory. There is an immense variety of books on the subject. You can choose between different games, authors, levels of proficiency, etc. Below is a list of our recommended books on a variety of topics, including improving your skills, fighting gambling addictions, and more:
- Bringing Down the House by Ben Mezrich
- The Biggest Bluff by Maria Konnikova
- The Greatest Gambling Story Ever Told by Mark Paul
- Blood Aces by Doug J. Swanson
- Every Hand Revealed by Gus Hansen
- Change Your Gambling, Change Your Life by Howard Shaffer
- Born to Lose: Memoirs of a Compulsive Gambler by Bill Lee
- Losing Your Shirt by Mary Heineman
- Behind the 8-Ball by Linda Berman
- All Bets Are Off by Arnie Wexler
- The Logic of Spots Betting by Ed Miller and Matthew Davidow
- Sharp Sports Betting by Stanford Wong
- Sports Betting for Dummies by Swain Scheps
- The Everything Guide to Sports Betting by Josh Appelbaum
- Sports Betting for Winners by Rob Miech
These books cover a lot of gambling game theory aspects. They have been written by renowned and highly knowledgeable authors and provide great insights into the respective subjects. If you want to learn more about each book, then we strongly recommend that you review our Gambling Books article.
The Most Popular Betting Systems Worldwide
One extremely useful thing in gambling theories are the different betting systems or strategies available for players. Throughout the years and even centuries, many have been generating data and analysing it repeatedly with the hope of achieving even the slightest advantage over the house. Have a look at some of the most popular betting systems summarised in the table below:
| 🔎 Betting System | ✔️ Definition |
|---|---|
| Martingale | When using this roulette strategy, players bet on even-money outside bets – 1-18, 19-36, Red, Black, Even, and Odd. They have maximum odds of winning but also the lowest payout – 1:1. |
| Labouchère | Also called split-martingale, this system works with even bets – Red/Black, Even/Odd, and 1-18/19-36. |
| Oscar’s Grind | The betting system was documented by Allan Wilson in 1965. According to Oscar’s Grind, there are periods of wins and losses. You should calculate the size of your bets in such a way that in the event of a losing streak, if a same-length winning streak occurs, you obtain a profit. |
| Kelly System | The Kelly system uses a formula that determines the optimal theoretical size of a bet. It was described by researcher J. L. Kelly Jr in 1956 and was used by famous entrepreneurs like Warren Buffett and Bill Gross. |
| Handicapping | The term is used in sports betting when bettors study and analyse sports events with the hope of finding some advantage that they can use when placing their wagers. |
| Card Counting | Card counters keep a running count of high and low-valued cards dealt. This way, the players can change their game based on the composition of the deck. Different card counting systems include K-O, Hi-Lo, Omega II, Halves, Red 7, and more. |
These are merely some of the betting systems available in the theory of gambling. There are multiple other interesting strategies that gamblers use when trying to gain an advantage and beat the house. If you want to learn more on the subject – keep an eye out on this category.
Roulette Theory
People consider roulette to be a purely luck-based game. This is mostly true, however, knowing the game in detail can give you an edge over the house, even if it is a very minimal one. Roulette theory includes the explanation of the rules of the game, the different roulette variants, roulette strategies, and more.
Global Gambling Industry: Predictions and Forecasts
Amidst the turbulent times, the global gambling industry remains relatively stable. By the end of 2021, the value of the global gambling market is expected to reach more than $550 billion and to grow with a 7-10% CAGR in the next five years. We are witnessing one clear trend – more players choose to play at the best online gambling sites as opposed to real-life casinos. Online gambling has been increasing at an exponential rate.
Expectedly, the competition in the industry has also been increasing, which is a push for operators to constantly upgrade and improve their customer experience. This includes the variety of games, interface and mobile solutions, bonus offerings, security measures, and more. There is one big winner in the situation – players. They have more high-quality options to choose from and the convenience of playing from any location and at any time.
Conclusion
Gambling is a complex subject. The global gambling industry is becoming increasingly evolved, with new developments being adopted on a regular basis. This trend will continue in the years to come. Therefore, it is necessary to keep up with the changes. One way to do that is to read more of gambling theory, and improve your expertise on the subject. You know how they say that knowledge is power? Well, it truly is.
Frequently Asked Questions
We have reached the end of this article, but in a way, this is only the beginning. In our category dedicated to gambling theories, we will discuss a vast range of different topics which will help you improve your gambling knowledge and, ultimately, your skills. Now, have a look at our helpful FAQ section including the most common queries by players online.
