Most people gamble without understanding how gambling actually works and do not understand the probabilities of winning. By better understanding odds and probabilities, players can make informed decisions on their betting activities.
- Some gambling games are partially based on a person’s skills (football games, horse racing, etc.), while others are based entirely on chance (state lottery, bingo, etc.). It is very important for the player to understand whether a game is based purely on chance or not and to realize that a person’s skills do not necessarily mean a sure win.
- Where games of chance are concerned, all players have the same chances of winning. For games requiring some knowledge, skills and technique, your ability can affect whether you win or lose the bet. Players should, however, remember that the chances of winning are not always in their favour and that luck continues to have a significant role even if the players have some skills. That is why there can never be a certain outcome.
- Risk is the only common thing in gambling. The only certainty is that the outcome of games of chance is never certain and that winning is never sure.
- The player must be aware that the odds do not change no matter for how long he is engaged in the same gambling activity or whether the player places a bet on one game or on one hundred games.