Casinos, Chance and the Art of Taking Risks
The gambling industry is in a weird place right now. Brick and mortar establishments are still attracting fans worldwide; even if casino hubs like Las Vegas and Macau have seen a significant drop in tourist rates. But where the gambling market is truly improving is in digital spaces. Online casinos are absolutely thriving in this new era.
The growing popularity of gambling sites has sparked a curious debate among fresh players. The discussion is one that older gamblers have always had. But the new generation is only now discovering the topic and debating the merits. The newly surfaced talks have a lot to do with chance and the art of taking risks when gambling.
Luck is intricately tied to the gambling market. The connection between chance and casinos has been forged centuries ago. But the psychological patterns that lead us to take risks are a recent topic of discussion in scientific and academic circles. The goal of this article is to examine how taking risks impacts one’s experience in the casino.
Why We Take Risks?
The question has been asked many a time by studious academics and curious laymen alike. It is not just a query that concerns casinos. Whether you are going all in at a website like Casino Days or choosing to weather against the harsh climate of Mount Everest; you are taking a risk that not many would be interested in taking. It is one with potentially disastrous consequences for a comparatively small reward. The question then becomes why do we do this?
The most common answer the layman might give is also the simplest one. People take risks to spice up their lives. Most understand the dangers of rock climbing or other extreme sports. But the rush of adrenaline that overcomes them in the process is enough to weigh against the dangers that they are all to conscious of. The idea that risks are a way to spice things up certainly holds water. But is that the only reason that keeps us coming back to casinos?
The truth is that gambling establishments are designed to keep their players engaged and wanting more. Slot games and the roulette wheel can trigger an emotional response that makes us feel like the next spin will be the one. Studies have shown that near-miss effects at online casinos are capable of boosting engagement up by up to 30%. The rush of dopamine many gamblers experience during a tense game also plays a big role in keeping them invested in coming back.
The Allure of Profit
There is another reason that gamblers seem so invested in casinos; be they online or offline. That is the allure of a big payout if they get everything right. It is why so many gamblers are desperate to find some sort of formula that can help them win at games that are obviously based around simple chance. In the centuries since roulette’s invention there have been discussions on how the game could be manipulated. But all gamblers eventually come to the same conclusion.
There are some games in the casino that one could manage to manipulate in their favor. Luck certainly plays a role in blackjack and poker. But professional gamblers have shown that strategy can help players twist these games in their favor. People like Edward O. Thorp and the MIT Blackjack Team showed us that card counting can greatly influence the course of the game. That is the reason that most casinos today have designated the strategy as cheating. Players suspected of doing so are often blacklisted by online and offline platforms.
But even professional gamblers will discuss the allure of profit as a negative trait for players. It is ultimately not a good idea to monetarily rely on a game that you can’t control the outcome of. Online casinos and their brick and mortar predecessors should be seen as establishments for hobbyists. Those players who can enjoy a bit of fun and moderate their risk-taking. This brings us to the final point we would like to discuss.
The Art of Risk Taking
Each and every person takes risks in their daily life whether they know it or not. We risk a broken heart with each new relationship we pursue. We risk financial stability when we pursue a better career with a different company. All of these are risks that could potentially backfire. But still people are willing to jump headfirst into the fray. Risks are obviously not reserved for only a select few adrenaline chasers.
The trick is simply to balance the potential loss and gain. Starting a new relationship can be scary. The danger there is investing months into a partnership that seems like it will not work out. But if it goes as planned the potential reward is finding a loving partner for life. It is why so many of us are willing to take the plunge. That same principle could be applied to casino goers and sports gamblers.
The risk of going all in during a poker game is that you might lose your entire bankroll. But the reward would be a massive payout. Obviously going all in should never be your first choice. There are times when gamblers believe that they can bluff their opponents with a terrible hand. But the mistake usually is made by newbies who don’t realize just how skilled most poker players are at seeing through a bluff. When balancing risk and reward you also must take your status in the game into account.
Some Last Thoughts
Risk is deeply ingrained in humanity’s subconscious. Our ability to take risks likely played a huge role in our continuous survival as a species. But now that we’ve advanced past most lifeforms on Earth the risk-taking behavior we exhibit can and often does backfire. Yet there are plenty of people who have greatly benefitted from their ability to take that plunge. Making a pivot in one’s career can be just as dangerous as betting it all on black. But there are certainly times when taking both risks has paid off immensely.
