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Games available in most casinos are commonly called casino games. In a casino game, the players gamble cash or casino chips on various possible random outcomes or combinations of outcomes. Casino games are also available in online casinos, where permitted by law. Casino games can also be played outside casinos for entertainment purposes like in parties or in school competitions, some on machines that simulate gambling.
Gambling is the wagering something of value on an event with an uncertain outcome with the intent of winning something else of value. Gambling thus requires three elements to be present: consideration, risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.
Parimutuel betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vigorish" are deducted, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the Tote after the totalisator, which calculates and displays bets already made.
Roulette is a casino game named after the French word meaning little wheel which was likely developed from the Italian game Biribi. In the game, a player may choose to place a bet on a single number, various groupings of numbers, the color red or black, whether the number is odd or even, or if the numbers are high (19–36) or low (1–18).
Spread betting is any of various types of wagering on the outcome of an event where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds betting or parimutuel betting.
Fixed-odds betting is a form of wagering against odds offered by a bookmaker or an individual or on a bet exchange. It involves betting on an event in which there is no fluctuation on the payout. In Australia, the practice is usually known as "SP betting".
Odds provide a measure of the likelihood of a particular outcome. They are calculated as the ratio of the number of events that produce that outcome to the number that do not. Odds are commonly used in gambling and statistics.
A martingale is a class of betting strategies that originated from and were popular in 18th-century France. The simplest of these strategies was designed for a game in which the gambler wins the stake if a coin comes up heads and loses if it comes up tails. The strategy had the gambler double the bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake. Thus the strategy is an instantiation of the St. Petersburg paradox.
In a thought experiment proposed by the Italian probabilist Bruno de Finetti in order to justify Bayesian probability, an array of wagers is coherent precisely if it does not expose the wagerer to certain loss regardless of the outcomes of events on which they are wagering, even if their opponent makes the most judicious choices.
Vigorish is the fee charged by a bookmaker for accepting a gambler's wager. In American English, it can also refer to the interest owed a loanshark in consideration for credit. The term came to English usage via Yiddish slang, which was itself a loanword from Ukrainian or Russian.
Sport Select is a group of sports betting games offered by Canada's lottery corporations. In Quebec, the program is known as Pari sportif; in Ontario and Atlantic Canada, it is known as Pro-Line while in British Columbia, it is known as Sports Action. However, the rules for the games are similar in all provinces. Initially created to offer betting primarily on the North American major professional sports leagues, Sport Select has expanded to offer betting on competitions such as the English Premier League and college sports.
Sports betting is the activity of predicting sports results and placing a wager on the outcome. The frequency of sports bet upon varies by culture, with the vast majority of bets being placed on association football, American football, basketball, baseball, hockey, track cycling, auto racing, mixed martial arts, and boxing at both the amateur and professional levels. Sports betting can also extend to non-athletic events, such as reality show contests and political elections, and non-human contests such as horse racing, greyhound racing, and illegal, underground cockfighting. It is not uncommon for sports betting websites to offer wagers for entertainment events such as the Grammy Awards, the Oscars, and the Emmy Awards.
Fan-Tan, or fantan is a gambling game long played in China. It is a game of pure chance which has similarities to roulette.
Betting arbitrage is an example of arbitrage arising on betting markets due to either bookmakers' differing opinions on event outcomes or errors. When conditions allow, by placing one bet per each outcome with different betting companies, the bettor can make a profit regardless of the outcome. Mathematically, arbitrage occurs when there are a set of odds, which represent all mutually exclusive outcomes that cover all state space possibilities of an event, whose implied probabilities add up to less than 1. In the bettors' slang an arbitrage is often referred to as an arb; people who take advantage of these arbitrage opportunities are called arbers.
A teaser is a type of gambling bet that allows the bettor to combine his bets on two different games. The bettor can adjust the point spreads for the two games, but realizes a lower return on the bets in the event of a win.
A parlay, accumulator, combo bet or multi is a single bet that links together two or more individual wagers and is dependent on all of those wagers winning together. The benefit of the parlay is that there are much higher pay-offs than placing each individual bet separately since the difficulty of hitting all of them is much higher. If any of the bets in the parlay lose, the entire parlay loses. If any of the plays in the parlay ties, or "pushes", the parlay reverts to a lower number of teams with the odds reducing accordingly.
Even money is a wagering proposition with even odds - the bettor stands to lose or win the same amount of money. Beyond gambling, even money can mean an event whose occurrence is about as likely to occur as not. Even money is also known as 50–50.
Advantage gambling, or advantage play, refers to legal methods, in contrast to cheating in casinos, used to gain an advantage while gambling. The term usually refers to house-banked games, but can also refer to games played against other players, such as poker. Someone who practises advantage gambling is often referred to as an advantage player, or AP. Unlike cheating, which is by definition illegal, advantage play exploits innate characteristics of a particular game to give the player an advantage relative to the house or other players. While not illegal, advantage play is often discouraged and some advantage players may be banned by certain casinos.
'Due-column Betting' is a type of fixed-profit betting strategy whereby a bettor increases the amount he wagers on a single proposition after each successive loss. According to this system, the bettor determines a target profit before he begins betting. Then he increases his bet on propositions following a loss in such a way that a win will recover the sum of all amounts he lost from his preceding bets plus gain him his predetermined profit.
References
- 1 2 "Progressive Parlays". SPORTSBETTING.NET site. Retrieved 27 January 2010.
- ↑ Stephenson, Vince. "Progressive Parlay Bet". SportsBet.com site. Retrieved 27 January 2010.
- ↑ "Progressive Parlays". Belmont.com site. Retrieved 27 January 2010.
- ↑ "Progressive Parlays". Predict Em site. Retrieved 27 January 2010.
- ↑ "Education: Applied Mathematics". Time. December 1, 1947. Archived from the original on November 12, 2007. Retrieved 27 January 2010.
It was a "progressive parlay" based on mathematical probability, some intricate slide-rule calculations, and two assumptions: that any roulette wheel follows a pattern of its own, and that good or bad luck runs in streams.
- ↑ "Math Student Finds $300 Plus Reno is $13,000: U. of C. Graduate and Pal 'Take' Town at Roulette". Chicago Daily Tribune. November 20, 1947. p. 22. Retrieved 27 January 2010.
- ↑ Moe, Al W. (October 2008). The Roots of Reno. BookSurge Publishing. p. 177. ISBN 978-1-4392-1199-1 . Retrieved 26 January 2010.
- ↑ Baer, Robert M. (1972). The Digital Villain. Addison-Wesley. p. 65. ISBN 0-201-00442-9. OCLC 297591.
- ↑ "A Look at Progressive Parlays and Picket Pools". SB Pal. Retrieved 17 September 2013.