One of the most common pieces of advice you will see when looking into how to gamble online, is regarding how you can deal with a bad beat.
Since casino games are set up to favor the casino slightly and secondly, nobody wants players to develop bad habits which can cause harm or upset to the individual or their family and friends.
So it is easy to see why casinos are so keen on giving people advice on how to deal with things when they experience a run of losses and for the most part, the advice that is given is extremely good and beneficial to players.
However, there is also another skill that the best, and most profitable, casino players learn at a very early stage in their career and that is being able to judge the perfect moment to call it quits, when you have hit one of those rarer winning streaks at a casino.
It is easy to suggest that this is just a common sense matter, or that seeing as you are gambling with cash you have already won, then it doesn't really matter if your winning streak comes to an end and you lose that money you gambled with. Wrong. It really does matter if you want to ever earn yourself a bit of profit from your gaming at the casino.
In this article, we will explain why that is the case and why developing this ability to quit while you are ahead, will be absolutely fundamental if you are to ever go on to become someone who can, when your luck is in, earn a profit from your gaming at the casino.
What is a winning streak?
Although they are rare, winning streaks can happen at a casino and they can happen on any casino game, at any time to any player, regardless of how much money they are betting with or have in their account.
As the name suggests, a winning streak is when the gods of luck are on your side and instead of seeing a variance in successful and non-successful bets or wagers, you instead find that you are winning more often than you normally would, or that you are winning more money on your bet than is usual.
Of course, it goes without saying that winning streaks are universally loved by gamblers but it is how they react to them that separates the more successful (and profitable) gamblers, from those that enjoy the rub of the green at times, but who don't turn that into a profit at the end of their session at the slots, tables or wheel.
The net result of any winning streak is that you will end up with more money than you initially wagered, and on occasion, this can be considerably more money than you started with. And of course, if the luck is with you, why would you want to stop playing? Surely with luck on your side, you could win even more?
The Gambler's Fallacy
Unfortunately, this belief is one of just many different ones that comes under the broad scope of what is known as a gambler's fallacy. It is the erroneous belief that in gambling, things are going to stay the same for the player due to some ethereal or otherworldly reason, such as the gods of luck deciding to be on your side for that day.
The fact of the matter is that it is entirely possible for any online game, that involves a large degree of chance, to see a player enjoy a far greater than normal rate of success. You only have to think back to your own experiences to know when you have had a 'good day' at the casinos.
A great personal example of this is when I played MegaMoolah.com. For the first five sessions I played the slot, I never once triggered the Jackpot Bonus game and I only rarely triggered Free Spins, however in a recent session, I triggered the Jackpot Bonus game twice within that session, the first time winning the Mini jackpot and the second time I triggered Minor jackpot of just over $100.
However, what is crucial here is to realize that while this was fortunate for me, it is not evidence that lady luck was smiling down on me. Essentially what you have here is a statistical anomaly, when an unlikely event happens more than once in a short space of time. Those statistical anomalies happen all the time in online gaming to different people at different times. It is just that we choose to paraphrase this as being 'lucky'.
This may sound like we are bandying semantics a little here as being lucky, or experiencing a statistical anomaly, generally ends up with the same results (if the anomaly is positively in your benefit of course). That being, you have more cash in your account at the end of it.
However the crucial thing to note here is that an anomaly, is an anomaly because it is not the norm and the longer you try to maintain the benefits of the anomaly, the more chance it has of it ending and then you will simply start to hand back the money that you have won straight back to the casino.
Again, we reference this as luck running out but it is often just the structure of the game balancing things out. It is simply how we choose to reference this that makes it appear that we are having good or bad luck.
The fact of the matter is when we refer to any form of luck, good or bad, is that casino games are designed to have an inbuilt advantage for the casino. We know this as the House Edge, and different games have different weightings in favor of the casino. We can beat those odds from time to time (which is when we hit out 'lucky streak') but the longer we play, the more chance there is that a casino will, eventually, be the one to come out on top.
The upshot of this is, the longer we try to eke out our lucky streak the more chance there is that you are just going to give the money you have won, straight back to the casino.
Now some people feel that seeing as you are gambling with your profit from the session, there is nothing wrong with this and while I agree for smaller amounts of money, say just a few pounds, that is the case, I feel for significant amounts of money, you are founding bad habits.
That's because if you do this with all your wins, you will never make a profit at the casino. All you will do is play more casino games until you lose all your money. That is the wrong mindset to have. A more healthy mindset is to take advantage of the extra cash that comes your way with a win and withdraw it from your account.
As such, when I reach a decent profit on a session, I always stop the session there and then. What a decent profit is varies from player to player, but it should be an amount you are comfortable with taking out of your account and enjoying the benefit of. I tend to start thinking about this when I hit profit of around $50, but there is no hard and fast rule for this, for some players it may be $5, for others it could be a profit of $500,000.
The key thing though is not the amount but the ability to stop when the odds have been kind to you and to enjoy the benefit of that win. With my $100 windfall, I bought myself two new shirts, which is a tangible reward for my good luck. Otherwise, if I'd left it in my account, it would be the casino enjoying that money as part of their profit.
The ability to stop playing when winning and withdraw your winnings may be difficult to do, the temptation to think that there is another big win set to fall your way is very suggestive to players. However, if you can do this, you set yourself up to make some profit from your gaming when things go well and reinforce positive habits at the online casino.