When you are wagering at the tables you want to be aware of some things that could affect your wagering. First of all, the casino knows well how to get you to keep on wagering. Everything in a casino from the lights at the door to the specially lit promotions are all carefully crafted by the managers.
A lot of gambling is mental- all the casino operators have to create is perceived value. “Perceived value” is what the customer believes the value of an item or service is. The actual value and the perceived value can be vastly different. Let’s say the casino creates a $10,000 raffle. The perceived value for the customer is $10,000, but what is the actual value? Let’s say the tickets for chances to participate are $5. Let’s say that 1,000 people participate. That means that each one has a 1-in-1,000 chance of winning.
Most customers don’t look at it that way though. They see it as a chance to win a huge sum of money. They think of their bills; they think of their extras; they think of the possibilities. Often times this is enough for them to take a shot at the big win. Their perceived value is greater than the actual 1-in-1,000 chance of winning. This is a tactic that casinos use all over. They create a highly attractive promotion that “looks” more valuable than it is.
The bottom line with perceived value is that few people actually do the math. They just see the face value of the promotion and jump right in. this isn’t necessarily a bad thing if they have the bankroll to support it though! If they don’t, then this could get them in trouble. You want to make sure that you have some leeway when it comes to your wagering if you want to take advantage of this kind of promotion. It is the number one thing you should be aware of as you work your way through a good casino. Even small casinos have aggressive promotions departments where the money is advertised, but the odds just aren’t that large for any one player to win.
Part two coming next.