Can you use popular sports betting strategies in casino gaming and vice versa? Yes, when you look beneath the surface of both pursuits and realise that context matters each time you place a bet.
What does this mean? It means you need to assess a selection of variables and your own circumstances before you gamble. This theory applies to sports betting and casino gaming. To bring some context to the notion that context matters in all forms of gambling, let’s start with casino gaming.
House Edge, Payout Potential and Context Matter
When a gamer logs into PlayStar, a licensed online casino site, they’ve got over 100 games to choose from. Selecting games you enjoy is important, but a player who wants to maximise their potential will gravitate towards table games such as blackjack. Why? Because these games have the lowest house edge. This is something a sports bettor can relate to. The odds only tell part of the story when it comes to sporting picks.
A bettor needs to assess whether the odds offer value based on the amount they can stake. A casino gamer has plenty of options and needs to find the ones with the best payout potential vs. house edge (aka the return to player (RTP) score). They then have to weigh this against the amount they can stake vs. the amount they can win. For example, slots allow you to bet a small amount and win a large sum of money. However, the house edge is fairly high.
In contrast, the payouts for blackjack are smaller but, based on the house edge, players have a better shot of winning compared to slots. Therefore, the player needs to decide how much they can wager based on the size of their bankroll. Then, they need to think about how much volatility they want to accept. Do they want smaller but, potentially, more consistent payouts? Do they want less frequent payouts but the potential to win a much larger return on investment (ROI)?
Bet in a Way that Suits You
Sports bettors can adopt a similar way of thinking. The odds are important but are they worth it based on the amount you stand to win, your stake, and the pick’s chances of winning? For example, a horse might be 2/5. The bookies believe it’s going to romp home. If you can only wager £2, it’s probably not worth betting on. Yes, the horse might win comfortably, but the amount you stand to win is so small that it’s not worth the risk. In this situation, someone with £2 to stake might be better off choosing the 3/1 second favourite. The chances of winning might be smaller, but the potential payoff is better.
Thus, the sports bettor is in a similar situation to the casino gamer choosing between slots and blackjack. They can pick the horse with a greater chance of winning but a low payout. Alternatively, they can shoot for a larger payout but with less chance of winning (according to the bookies’ odds). Neither decision is wrong. However, the lesson here is that context matters. All casino games are fun and have plenty of payout potential, but not all of them are right for you. It’s the same with sports betting. Every bet you make should be based on data and logic, but context also matters. If the very best option isn’t right for you, choose the next best option and so on. That’s the lesson here and it’s a concept both casino gamers and sports bettors can use.