Variance in Blackjack: Bankroll Management When Luck Isn’t On Your Side: Image: Supplied
Blackjack is one of the most popular card games in the world. Played in every major casino around the globe, the game has produced several variants and has garnered a large player base. Unsurprisingly, blackjack is a staple of online casinos as well. Whether it be video blackjack or the live version, online casino players flock to the game, hoping to score some cash and have fun.
So, what exactly is it that makes blackjack so popular? Well, there are a few reasons for the game’s success. For one, blackjack has incredible player odds. It changes from place to place, but the typical blackjack game usually has a 2% house edge. Blackjack is quite player-friendly compared to other games, which range from 5% to 15%.
Another reason is that the game is simply fun. Players require equal strategy and luck, so the game can’t get stale. Blackjack strategy methods usually involve bankroll management and knowing when to hit. This article will review the basics of blackjack bankroll management and provide some tips for gamblers to whom Lady Fortune is not too friendly.
Before getting into the nitty-gritty, we would like to explain blackjack variance. Slots players will be familiar with the term variance (volatility). Simply put, variance is the likelihood that a slot machine will payout. The higher the volatility, the less chance for a payout.
However, blackjack is different. If you know the rules, tips, and tricks, then you should be able to win the same amount every time. And yet, that isn’t how it works in reality. So, why is that? Well, the best way to explain it is by providing an example.
Try tossing a coin a couple of times. There are two options, so your first instinct is that you would get heads an equal amount as you would get tails. And yet, this is different. Why? It is because the 50-50 odds of “heads or tails?” reverts to zero with each toss. The same is true for each round of blackjack. And it is because of this that volatility exists in blackjack. In other words, this is the reason why you sometimes have a string of bad luck when playing the game.
Regrettably, there is no way to avoid an unfavorable variance. It is simple. If there were a way to prevent it, no experienced gambler would ever lose in blackjack. So, if you can’t avoid the negative variance, what can you do about it? Is walking away the only solution? Well, no. You can always work to minimize negative variance. And this is where bankroll management comes in.
The best advice we can give you is this. Look at the blackjack table as a dining room table. If you are in a new apartment, you look at the dining room table and think, “That fits.” And sometimes, the table clashes with your vision. It is at these times that you need a change.
Managing your bankroll is the best way to minimize unfavorable volatility. And so, let us review a few of the basics of bankroll management and discuss how they will help your game improve. First of all, you should consider the variables. We said before that the average blackjack game has around a 2% house edge. However, depending on the variant, the house edge can go as high as 8%. The house edge can drop to below 1% in some blackjack versions. You are going to want to avoid high-house advantage games. Finding these games will be a great way to improve your chances.
Second, you must consider your income. The bankroll should always be an amount of money you are willing to lose. Depending on your income, your bankroll can be as low as $500 or as high as $50,000. Whatever the case, make sure that the money you are betting is money you can afford to lose. Once you notice you are on a losing streak, adjust your bankroll to match. If you’ve lost over three games, consider using half of your bankroll instead of the whole thing.
Finally, and most importantly, avoid emotion-based decisions. Emotions can have an impact on the decisions we make. And while sometimes they guide us true, mostly it comes back to bite us. If you feel too emotional, it may be time to cut your losses and walk away.
Blackjack is a fantastic game, especially for experienced gamblers. However, sometimes, luck is not much of a lady. This article can help you find a way out of a rut should you ever be scorned by Miss Fortune.
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