Monthly Archives: February 2020

Many people gamble without any real understanding of how gambling actually works.

Do you know what odds' and house edge' mean? What about average return to player'? When you gamble, are you playing a skill based game or is it all down to chance and does it matter? What are your real chances of winning? Can you separate fact from fiction amongst the many myths surrounding gambling? Before you decide to gamble it is a good idea to know how gambling works so there are no hidden surprises.

Gambling is taking part in a game during which you risk money, or something of monetary value, in order to win money or a prize. The outcome of the game is usually down to chance, so when gambling you might leave with less money than you started off with, and sometimes with nothing at all.

There are many forms of gambling, including lotteries and scratchcards, card games like poker and blackjack, betting on sports or events, playing casino games, gambling machines or bingo. Many people enjoy gambling, whether having a flutter on the Grand National or buying the odd scratchcard, or taking part in gambling on a more regular basis. Gambling is not a bad thing, but it can be risky, so we need to keep ourselves informed and make safer choices.

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What is Gambling? - Understanding Gambling | BeGambleAware ...

REFERENCES:

Abler, B., R. Hahlbrock, A. Unrath, et al. "At Risk for Pathological Gambling: Imaging Neural Reward Processing Under Chronic Dopamine Agonists." Brain 132.9 (2009): 2396-2402.

Alegria, A., S. Bernardi, and C. Blanco. "Pathological gambling: obsessive-compulsive disorder or behavioral addiction?" Columbian Psychiatry Review 39(suppl) (2010): 133-142.

American Psychiatric Association. Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition, Treatment Revision. American Psychiatric Publishing: Washington, D.C., 2000.

Centre for Addiction and Mental Health (CAMH). Problem Gambling: The Issues, the Options 2012, Ontario, Canada.

Cunningham-Williams, R.M., R.A. Grucza, L.B. Cottler, et al. "Prevalence and Predictors of Pathological Gambling: Results From the St. Louis Personality, Health and Lifestyle (SLPHL) Study." Journal of Psychiatric Research 39.4 July 2005: 377-390.

Dodd, M.L., K.J. Klos, J.H. Bower, Y.E. Geda, et al. "Pathological Gambling Caused by Drugs Used to Treat Parkinson Disease." Archives of Neurology 62 (2005).

Fong, T.W. "Pathological Gambling: Update on Assessment and Treatment." Addictive Disorders 27 Aug. 2009.

George, S., and V. Murali. "Pathological Gambling: An Overview of Assessment and Treatment." Advances in Psychiatric Treatment 11 (2005): 450-456.

Grant, J.E., and S.W. Kim. "Medication Management of Pathological Gambling." Minnesota Medicine 89.9 Sept. 2006: 44-48.

Hall, G.W., N.J. Carriero, R.Y. Takushi, et al. "Pathological Gambling Among Cocaine-Dependent Outpatients." American Journal of Psychiatry 157 July 2000: 1127-1133.

Korn, D.A., and H.J. Shaffer. "Practice Guidelines for Treating Gambling-Related Problems: An Evidence-Based Treatment Guide for Clinicians." Massachusetts Council on Compulsive Gambling Jan. 2004.

Ledgerwood, D.M., J. Weinstock, B.J. Morasco, and N.M. Petry. "Clinical Features and Treatment Prognosis of Pathological Gamblers With and Without Recent Gambling-Related Illegal Behavior." Journal of the American Academy of Psychiatry and the Law 35.3 (2007): 294-301.

Leung, K.S., and L.B. Cottler. "Treatment of Pathological Gambling." Current Opinion in Psychiatry 22.1 Jan. 2009: 69-74.

Moreyra, P., A. Ibanez, J. Saiz-Ruiz, et al. "Review of the Phenomenology, Etiology and Treatment of Pathological Gambling." German Journal of Psychiatry 3 (2000): 37-52.

Nower, L., and A. Blaszcznski. "Binge Gambling: A Neglected Concept." International Gambling Studies 3.1 (2003): 23-35.

Okuda, M., I. Balan, N.M. Petry, et al. "Cognitive-Behavioral Therapy for Pathological Gambling: Cultural Considerations." American Journal of Psychiatry 166 Dec. 2009: 1325-1330.

Park, S. "An overview of pathological gambling: methods of treatment and prevention." National Gambling Impact Study Commission Sept. 1998; Biloxi, Mississippi, and New Orleans, Louisiana.

Petry, N.M. "Internet Gambling: An Emerging Concern in Family Practice Medicine?" Family Practice 23.4 (2006): 421-426.

Petry, N.M, and C. Armentano. "Prevalence, Assessment and Treatment of Pathological Gambling: A Review." Psychiatric Services 50 Aug. 1999: 1021-1027.

Pettorruso, M., L. De Risio, G. Martinotti, et al. "Targeting the glutamatergic system to treat pathological gambling: current evidence and future perspectives." Biomedical Research International 2014.

Potenza, M.N., M.A. Steinberg, S.D. McLaughlin, et al. "Gender-Related Differences in the Characteristics of Problem Gamblers Using a Gambling Helpline." American Journal of Psychiatry 158 Sept. 200: 1500-1505.

Raylu, N., and T.P. Oei. "Role of culture in gambling and problem gambling." Clinical Psychology Review 23 (2004): 1087-1114.

Slutske, W.S. "Natural Recovery and Treatment-Seeking in Pathological Gambling: Results of Two U.S. National Surveys." American Journal of Psychiatry 163 Feb. 2006: 297-302.

Tsoi, S. "Academics Discuss Issues Concerning Gambling and Asian American Community Health." Sampan 19 Mar. 2009: 40.

Weintraub, D., A.D. Siderowf, M.N. Potenza, et al. "Association of dopamine agonist use with impulse control disorders in Parkinson Disease." Archives of Neurology 63 (2006): 969-973.

Westermeyer, J., J. Canive, J. Garrard, et al. "Lifetime Prevalence of Pathological Gambling Among American Indian and Hispanic American Veterans." American Journal of Public Health 95.5 May 2005: 860-866.

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Gambling Addiction Causes, Treatment & Symptoms

Last week, a report claimed that cryptocurrency-based illegal gambling has surged in many parts of Asia owing to the rise of this novel asset class in recent years. In this regard, the article further added that over the course of the last five years or so, betting amounts have become substantially larger, partly because of traditional payment methods being replaced by cryptocurrencies.

From a more technical standpoint, a research study released by Transparency International, a nongovernment organization based in Berlin, Asias illicit gambling market was found to be worth a staggering $400 billion in 2018. This is in part because gambling is an extremely popular recreational activity across a number of countries in the region such as China, India, Indonesia, Pakistan and Bangladesh.

Additionally, cryptocurrencies are becoming a preferred source of betting for online gaming operators around the world because the payment medium works without the need for an intermediary. Additionally, it alleviates the risk of customers initiating fraudulent credit card chargebacks, which take place after a scammer has topped up their betting account but then request their credit card operator to process a refund by citing illegal activity.

Even though online gambling has grown considerably across Asia as well as many other parts of the world recently, the use of cryptocurrency within this domain is still largely contained to some comparatively small, little-used gambling decentralized apps.

Licensed operators only take bets in countries where online gambling is legal. So, it is entirely possible that players using cryptocurrency to engage in illegal gambling only represent a tiny fraction of the market.

Sulim Malook, founder of Crypto Millions Lotto, a licensed Bitcoin (BTC) lotto, told Cointelegraph that a vast majority of Asias gambling activities are regulated and not related to its local sporting market. Instead, people prefer to bet on a number of western sporting domains, such as the English Premier League or the Spanish La Liga. He further highlighted:

You can get an idea of how big this is just by looking at the number of sponsorships clubs have with sports betting partners. Players from countries like China, India, Indonesia, Pakistan and Bangladesh can open up betting accounts legally at many online bookmakers, including the worlds largest, http://www.bet365.com. They dont need cryptocurrency to do this. In fact, Bet365 doesnt even offer cryptocurrency as a direct means to deposit.

When asked about why so much of the blame was being placed on crypto even though fiat-based illegal gambling is still thriving, Malook stated that a large portion of the bad publicity is happening because it is easy for government officials and regulators to point fingers at this industry, especially since it is still in its infancy.

He further pointed out that even though Bitcoin is well known for its censorship-resistant nature, most people especially those living in developing nations like to view the digital asset as a global currency that can allow them to take advantage of services that people in most western nations take for granted. Mulook then added:

Card issuers have made it so difficult for people to gamble (deposit and withdraw) even when the transactions are legal. As such, it is not surprising that people are looking for alternative currencies and payment methods. Cryptocurrency is an excellent facilitator for online gambling, which is a huge industry even without it.

To gain a better understanding of how fiat compares to crypto in relation to illegal gambling, Cointelegraph spoke with John Caldwell, co-founder of ASG Blockchain and director of advocacy of CasinoCoin Foundation. CasinoCoin is a digital currency designed specifically for the regulated online gaming industry.

In his view, an overwhelming majority of funds being passed back and forth across a host of illicit gambling markets is still fiat-based money. However, he did concede that with the introduction of crypto into the fray, the existing problem might be exacerbated, albeit quite marginally.

On the issue of whether the increasing use of crypto for online gambling purposes gives governments all over the world a good enough reason to ban this unique asset class, Caldwell pointed out:

Methods to support illicit gambling via fiat have been tried and true for decades now, and the tools that blockchain and crypto provide to battle this should be the focus. Will politicos/governments figure this out? I am hopeful, but we shall see. Given the direction of governments toward national digital currencies, one would hope a government would see that using a digital currency and its supporting tools to shed more light on all transactions is the answer.

Lastly, the privacy benefits related to most crypto assets are quite limited unless people are looking to get their hands on privacy-oriented digital currencies most of whom are anyway very difficult to use due to various regulatory problems. In regards to the subject, Malook pointed out that every licensed exchange that is currently offering its customers seamless fiat-to-crypto conversions is making use of rigorous Know Your Customer checks. For those who want to bypass such KYC requirements, the cost is having to pay very high fees and currency conversion spreads that seriously impact a gamblers overall market edge.

Despite the anti-crypto gang reiterating the mantra that crypto is untraceable, the fact of the matter remains that most cryptocurrencies are actually more traceable than cash. And while the growth of the illegal gambling market should be a reason for concern to regulatory bodies across the globe, putting the blame largely on crypto does not help solve anything.

Commenting on the issue, Brandon Morey, CEO of We Accept Cryptocurrency, an online resource of merchants, told Cointelegraph:

I don't believe illegal gambling will ever be curbed or contained since a whole lot of people like betting on sports. In fact, illegal gambling markets will only grow due to technological advances.

On a somewhat similar note, Caldwell pointed out that the key to unifying the crypto and gambling world is by bringing more clarity to the entire betting process. In his view, hiding or trying to obfuscate any part of this process will only draw in negative attention toward all of the involved parties. Caldwell further opined:

Crypto and blockchain should facilitate that process and make players, operators, regulators and governments all more comfortable not less. The key is educating polls, regulators and operators on how blockchain and crypto can be used to make their lives easier not more difficult. The blockchain should be seen as a tool not a threat.

As things stand, cash and credit cards are still by far the preferred mode of payment for most gambling enthusiasts across the globe. This is because, despite crypto eliminating the need for any gateways and intermediaries, digital currencies are still hard to use for a whole host of day-to-day buy/sell activities.

Add to this the fact that most traditional credit card operators provide their users with financial guarantees that crypto just cannot provide at the moment. As a result, the overall incentive for people to use crypto for legal or illegal gambling-related activities is quite limited.

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Crypto Accused of Facilitating Illegal Gambling What Are the Odds? - Cointelegraph

If youve spent any time at all researching gambling on the internet, youve noticed that theres a seemingly endless number of websites offering gambling information.

Youve probably also noticed that most of them offer aggressive, colorful advertising for online casinos, poker rooms, and sportsbooks.

What should you expect from a gambling information site? What makes one gambling info website better than another? How do you know whether you can trust a sites recommendations or reviews?

After all, it doesnt take a rocket surgeon to realize that real money online gambling webmasters have a lot of incentive to refer players to certain gambling companies.

This post offers some things to look for when youre deciding whether a gambling information site is legitimate or not. Not every site will feature all of these aspects, and just because a site is missing something on this list doesnt mean its not reputable.

Use this as a rough guide for comparing one portal to another.

I have a friend who used to edit a couple of volunteer-staffed website directories. Before search engines became so robust, humans had to list websites in various categories, and users would surf through those categories to find information.

Yahoo got its start as a directory. One of the directories where my friend worked refused to list any site that didnt include two ways to contact the site owner.

I think that might be a lot to ask of a gambling information portal, but I think an About Us page is a minimum expectation anyone should have from a site.

Anyone operating a website offering information to gamblers should publish a page that gives you at least a general idea of who runs the website and what the sites goals are.

How-to pages include guides on how to play the games the information site is about. For example, if youre visiting a site that purports to offer blackjack information, it should have a prominent page about how to play blackjack.

It should also include pages about how to play blackjack variations of the game, like Spanish 21 or Super Fun 21.

Some sites specialize in casino games of all kinds. In that case, you should be able to find a page about how to play any of the major casino games like blackjack, craps, roulette, slot machines, and video poker.

These sites should also offer how-to information around strategy, odds, and tactics. The idea behind a gambling information site should be to aid the customer in getting the most for his money.

You cant do that if you dont explain the details behind the games odds and the best strategies for trying to win. All of the above also applies to sites focused on poker and sports betting, too.

Some websites are intentionally designed to be static sites. They publish information thats meant to be evergreen, and their pages are never updated.

I think you should expect more from a gambling information site than that. You should have an idea of how often a site gets updated.

Most legitimate sites have a blog section somewhere on the site. Or theyll have a page devoted to updates where theyll explain which pages theyve updated and what theyve done to them.

Imagine a site that offers reviews of online casinos, for example. Suppose that this site never updates its content. How do you know that the reviews of the casinos are still valid?

Gambling companies change hands all the time. Even blackjack strategy changes over time to account for changes in game conditions.

Anyone reading a website is looking for answers to their questions. I think any page worth reading, especially a static page that purports to be a comprehensive look at a subject, should have a question-and-answer section.

Honestly, this is the easiest way for an online gambling webmaster to get ideas for content to update their site with. If you spend a little time in some gambling forums or just searching a major search engine, youll find lists of questions on specific subjects.

Not every site should be penalized with your disdain if it doesnt include questions and answers, but if youre trying to decide between a site that has a frequently asked questions page and one that doesnt, go with the site that does, all other things being equal, anyway.

Youll have no problem finding a gambling information site that offers recommended places to spend your money. Youll occasionally find a webmaster whos so sold on a specific property that he only promotes it and nothing else.

But a webmaster should participate in the web. And its called a web because its a web of links.

What Im getting at is that webmasters should link to other useful resources, not just to the businesses theyre taking advertising dollars from. Its usually easy to spot the difference in these kinds of recommendations, too.

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Keep in mind, though, that some sites only offer recommendations to other information sites owned by the same company.

Thats a bummer, but thats the nature of the business. Since most search engines recommend sites in part by how much link popularity they have, aggressive marketers in some industries will be stingy when linking to other resources.

I dont believe surfers should reward that kind of behavior on the part of a webmaster when they realize thats whats happening. You might feel differently.

Every gambling information site Ive ever visited offered at least one review of an online casino, an internet cardroom, or an offshore sportsbook. Some sites consist of nothing but reviews of these sites.

The problem with most of these sites is that theyre not offering real reviews. These so-called reviews are just thinly-disguised advertisement pages. Theyre sales letters, not reviews.

How can you tell the difference? For the most part, you should assume that any review of an online casino is biased toward that casino. Thats the nature of the internet today. The question is HOW biased the review is.

Does the review use a lot of marketing language to describe the casino and its games? If it does, then its just an advertising piece, and you should move on.

On the other hand, sites that list the various pros and cons of a site has more integrity. If the negatives on a casino seem serious, then you might be reading one of the most legitimate reviews on the internet.

If you can find an online casino review that uses the first person singular instead of the royal we, you might have found a real person with a real opinion writing about a property.

But once a review starts saying stuff like, We thought the bonuses were amazing, youre starting to slip into advertising territory. These are all just rough guidelines to think about.

Theres no perfect way to differentiate legitimate online casino reviews from pure advertising.

The best information sites have a means of finding information you want on a site. Often, this is a search box where you can type in a phrase and find the appropriate pages on the site covering that topic.

Thats unusual, though, especially for online gambling information sites. A good solution is for a site to offer a site map. A site map is just an organized list of the pages on that site.

A good website has a good, simple, useful navigation structure, but a site map provides a broader overview of a websites pages than the navigation usually does.

When it comes to gambling information websites, buyer beware.

Of course, most of these sites dont offer anything for sale directly from their sites other than advertising. Theyre not selling the advertising to their readers, though, theyre selling that advertising to the casinos, poker rooms, and sportsbooks who want to sign up their users.

This tends to color the editorial policy for such sites. The degree to which this happens depends on the integrity of the operator of the information site. Ive met webmasters in the industry who cared about nothing but getting the most money from the highest bidder.

Ive also met webmasters who refused to promote any site that didnt live up to a strict code of ethics.

Use your own best judgment when deciding which gambling information sites to trust, but be aware of what to look for.

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What Every Gambling Information Site Should Offer - Online Gambling - BestUSCasinos.org

Hoping to make it less cumbersome to adopt changes to Marylands gambling laws, the Senate approved legislation on Tuesday to take gaming provisions out of the states constitution.

This content was republished with permission from WTOPs news partners at Maryland Matters. Sign up for Maryland Matters free email subscription today.

Hoping to make it less cumbersome to adopt changes to Marylands gambling laws, the Senate approved legislation on Tuesday to take gaming provisions out of the states constitution. The vote was 46-1.

The move would reverse a key component of the legislation the General Assembly approved more than a decade ago.

When the legislature legalized casinos during a special session in 2007, it included a requirement that any subsequent expansion or alteration to the states gambling laws be approved by voters at referendum.

The idea was to assure the public that they would have a say on such matters going forward.

Senate Bill 325 proposes a constitutional amendment that restores the legislatures power to approve gambling measures. It passed with minimal debate.

The primary sponsor is Senate Majority Leader Nancy J. King, D-Montgomery, and 19 other senators including many of the chambers leaders have signed on as co-sponsors.

A similar measure, HB 605, has been introduced in the House of Delegates. The Ways and Means Committee is scheduled to hold a hearing on that bill on Thursday.

If the measures become law, as expected, voters could face two gambling-related referendum questions on the ballot this November.

In addition to the King bill, lawmakers are expected to consider a measure to legalize sports betting, Senate Bill 4.

The Senate Budget and Taxation committee held a hearing on that bill late last month but has yet to vote on it.

Under that proposal, sponsored by Sen. Craig J. Zucker, D-Montgomery, the state would be authorized to issue sports wagering licenses in exchange for a $2.5 million upfront payment and $250,000 annually.

Eighty percent of the proceeds from sports wagering would go to the sportsbook. The remainder would go to the states Education Trust Fund.

Backers of the measure are expected to argue that Maryland should join the growing list of states that allow sports gambling so the revenue generated by the activity can be used to fund the recommendations of the Kirwan Commission, which has proposed billions of dollars in additional spending on K-12 education.

Sports gambling is projected the net the state about $21 million per year.

In an interview Tuesday, Republican Gov. Larry Hogan said he would be willing to take a look at a sports gambling bill. But, he noted that the projected revenues from betting would barely make a dent in what the state will need to fund Kirwan.

Were going to need a lot more than sports gambling, he said.

Most of the states casino operators, racing interests and professional sports team owners have hired lobbyists in an effort to push sports gambling across the finish line as have prominent national online gambling sites.

In addition to professional sports, bettors would be able to place wagers on college sports, Olympic events, certain esports competitions and auto racing. Betting on high school sports would remain illegal.

Since the Supreme Court struck down the Professional Amateur Sports Protection Act in 2018, several states and D.C. have approved legislation allowing sports gambling including neighboring Delaware, Pennsylvania and West Virginia. Most of them have operations up and running; others are expected to be in operation in the next six months.

This article was written by WTOPs news partners atMaryland Mattersand republished with permission.Sign up for Maryland Matters free email subscription today.

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Maryland Senate passes bill to take gambling out of the state constitution - WTOP

You can often learn as much from examining bad advice as you can from getting good advice. With any luck, what Ive done with this post is provide seven examples of REALLY bad advice and replace it with good advice.

Many times, just doing the opposite of what the bad advice suggests is enough to prevent a disaster. Other times, the bad advice might be appropriate in some circumstances. And sometimes, bad advice just doesnt matter much one way or the other.

In any case, you should know the difference. Here are seven examples of the worst advice about real money gambling Ive ever heard.

Most of the time, the person urging you to get expert advice on who to bet on is the one selling that advice. In the betting world, someone who sells this kind of advice is called a tout. A company which provides multiple experts is a tout service.

These services prefer to be called handicappers or expert handicappers, but a healthy dose of skepticism would be wise when dealing with such companies.

Most of them have websites offering free picks. These are worth what you pay for them, usually. But the idea of getting you hooked on their free picks is to generate interest in their paid picks. Thats how they get you.

Lets look at some of the math behind betting on sports.

Assume youre an average sports bettor who bets $100 per game on a regular basis. Youre required to risk $110 to win $100, which is how the bookmaker makes his money. Just to break even, you need to win over 52% of the time.

And the lines are set so that your probability of winning is 50%. So, you decide to find an expert to make your betting decisions for you. You find a guy who offers a solid pick for Thursday nights NFL game for just $25.

Youre going to be out the $25 no matter what happens, win or lose.

Lets assume that the tout flipped a coin to choose a team. (Thats a likely a scenario, by the way.) 50% of the time, youll lose $135, which includes the $110 you bet on the game, and the $25 you spent on the pick. The other 50% of the time, youll win $75, which is $100 less the $25 pick.

What does this mean for the house edge? $110 $75 is the equivalent of a $35 loss, or $17.50 per bet. What if the tout was picking winners 60% of the time? 60% of the time, you win $75, and 40% of the time, youll lose $135. Thats $45 in positive expectation, and $54 in negative expectation.

In other words, if youre only betting $100, that $25 pick doesnt bring you to break even if the handicapper is right 60% of the time, which is nearly impossible. Even the people in the business admit that 55% is probably the best you can expect from an exceptional handicapper.

If youre betting $1000 on the game, it might make more sense to pay $25 for a pick. But even then, youre looking at a potential win of $975 and a potential loss of $1,125.

If your handicapper is right 60% of the time, thats $585 in positive expected value. You also have $450 in negative expected value, so now you have a profitable pick. You should notice two things about this youre going to be right 50% of the time even if you choose randomly.

And even if the tout is really good at his job, you still have to bet considerably more than the cost of the pick to make even good picks profitable.

Contrary to popular belief, the house doesnt always win. Sometimes, you win. In fact, about 20% of the people who visit a casino in a given day go home from the casino with winnings in their pockets.

This doesnt mean you SHOULD play, but it also doesnt mean you should refrain from playing. It means that the decision is more complicated than that.

No, you probably wont win in the long run, but you might. If you win a huge progressive jackpot of $10 million, you might conceivably be able to play for low stakes for the rest of your life and show a net profit for your casino gambling career.

Thats not likely, though, to say the least. But what about gambling as an entertainment expense? Is it okay to gamble knowing youll probably lose in the long run as long as youre having fun doing it? Of course it is.

The trick is to decide whether youre really having that much fun while youre playing. My dad might have put $2 into the slot machines the entire time we were in Reno together. (We were there for four nights.)

Gambling in a casino didnt seem like fun to him, but I sure enjoyed myself. I came home a winner on that trip, too! I won about $50 net.

This is just the Martingale system, which doesnt work in the long run. The idea is that every time you lose, you double the size of your previous bet. Eventually, you must win, and when you do, youll win back all your previous losses along with a small profit.

Ive seen some gambling experts say that you can grind out lots of small wins this way. But youll eventually run into a situation where you lose so many times in a row that your bankroll will be devastated, and you wont be able to afford the next bet. Or youll run into a situation where the next bet in the progression will be so big that the house wont let you make it because of their betting limits.

Suppose you start with $5 and go on a losing streak in roulette. Most roulette tables with a $5 minimum bet also have a $500 maximum bet, which means youll need to bet the max when you have a certain number of losses in a row.

Most people underestimate how many losses that will be:

If you lose seven times in a row on an even-money bet in roulette, you cant make the next bet because the casino has betting limits in place.

You might think seven losses in a row is next to impossible at the roulette table, but it happens probably once a day in every casino.

This isnt terrible advice unless you think its going to magically make you a winning gambler. In the long run, short-term strategies like win goals and stop-loss limits wont change the fact that the house has a mathematical edge over the player.

A win goal is an amount youre going to win thats going to signify that its time to stop for that session. This would make you a winner But only if you stop and never gamble again.

A stop-loss limit is the same thing, but its an amount youre willing to lose before quitting the session. Its meant to limit how much money youll lose.

This would limit the amount you lose But only if you stop and never gamble again.

The way the math behind gambling works, though, is that youre facing a lifetime gambling session thats been divided into shorter, arbitrary sessions. As far as the gods of luck are concerned, its all one big session.

And the more you gamble, the closer your results will get to the mathematically expected results.

Heres the idea behind this advice: Suppose you place a big bet, maybe $500, on the roulette wheel and win. Now, you have $1000. You decide youre only going to play with the $500 you just won, and youre going to preserve your original stake.

If you think this will make you profitable in the long run, think again.

Once youve won that money, its not the houses money anymore. Its your money. If you continue to gamble with it, you continue to give the casino house edge time to work its magic.

It can be fun to gamble with the houses money. But it can be more fun to pocket your $500 in winnings and buy a nice dinner or some show tickets with your profits.

Some casino games involve a skill element, but most of them are pure chance. Even the games with a skill element, like blackjack and video poker, give the house a mathematical edge over the player.

It doesnt matter how much you practice or how skilled you get. If you play long enough, the house edge will eat up all your money.

The only exception is if you find a real advantage gambling technique and get good enough at it to win consistently over time.

For example, some card counters are profitable in the long run. And to make that profit, they do need to practice and become proficient, both at basic strategy and at counting cards.

Casinos dont make that easy either. Once they realize youre counting cards, theyll usually run you off their blackjack games. Some of them will even ask you to leave the casino entirely.

More nonsense has been written about which slot machines are looser than others than anything I can imagine. The biggest and most popular myth is that the casinos put the best-paying slot machines on the edges of the rows so theyll attract more players.

This myth originates from an interview with a slot machine manager at a casino decades ago. Theres no guarantee that the interview actually took place, and even if it did, theres no guarantee that the slots manager was telling the truth.

Multiple more recent interviews with casino managers and slot machine managers indicate that they do NOT place their slot machines based on how loose or how tight they are.

Even defining those terms is tricky.

A loose slot machine is one thats supposed to pay out more, but even a game with a high hit frequency can have a lower payback percentage than a game with a low hit frequency.

Whats the difference, and how is that possible? Hit frequency refers to how often a spin of the reels results in some kind of prize, regardless of the size of that prize. For example, a slot machine with a hit frequency of 33% will result in a win about one-third of the time.

The payback percentage, on the other hand, is a function of how much money the slot machine pays out versus what it takes in. The deciding factor is not only the probability of a win but also the size of those wins.

You can program a slot machine game to pay off at 1 for 1 odds 50% of the time, and if the rest of the prizes hit seldom and arent big, the payback percentage can be really low.

Youll get plenty of bad advice about gambling. It doesnt even matter what kind of gambling you do. Hopefully, youve learned a thing or two from the advice Ive given against what may be commonly heard. What kind of bad advice have you gotten about gambling?

Link:

Casino Gambling Advice to Avoid - Tips on Casino Gambling - BestUSCasinos.org

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Cyberwar and the Future of Cybersecurity

Today's security threats have expanded in scope and seriousness. There can now be millions -- or even billions -- of dollars at risk when information security isn't handled properly.

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Since the summer of 2019, a group of professional Chinese hackers has been targeting and hacking into companies that run online gambling and online betting websites.

According to reports published this week by cyber-security firms Talent-Jump and Trend Micro, hacks have been officially confirmed at gambling companies located in Southeast Asia, while unconfirmed rumors of additional hacks have also come from Europe and the Middle East.

Talent-Jump and Trend Micro say hackers appear to have stolen company databases and source code, but not money, suggesting the attacks were espionage-focused, rather than cybercrime motivated.

The two security firms said the attacks had been carried out by a group they called DRBControl.

Trend Micro said the group's malware and operational tactics overlap with similar tools and tactics used by Winnti and Emissary Panda, two hacking groups that have conducted attacks over the past decade in the interests of the Chinese government.

Currently, it is unclear if DRBControl is carrying out attacks on behalf of Beijing. Most likely not. In August 2019, cyber-security firm FireEye reported that some Chinese state-sponsored hacking groups are now carrying out cyber-attacks on the side, in their free time, for their own gains and interests, separate from their normal state-sponsored operations.

The recent DRBControl attacks are neither complex or unique in regards to the tactics being used to infect victims and steal their data.

Attacks start with a spear-phishing link sent to targets. Employees who fall for the emails and open the documents they received are infected with backdoor trojans.

These backdoor trojans are somewhat different from other backdoors because they heavily rely on the Dropbox file hosting and file sharing service, which they use as a command-and-control (C&C) service and as a storage medium for second-stage payloads and stolen data -- hence the group's name of DRopBox Control.

Typically, the Chinese hackers will use the backdoors to download other hacking tools and malware that they'll use to move laterally through a company's network until they find databases and source code repositories from where they can steal data.

Tools DRBControl has been seen downloading and using include:

Talent-Jump says they've been able to keep a close eye on the group's operations between July and September 2019.

During the respective interval, the hackers have infected and kept track of around 200 computers through one Dropbox account, and another 80 through a second.

Attacks are ongoing, and the two security firms have published indicators of compromise (IOCs) in their reports [1, 2] that organizations can use to detect suspicious activity or DRBControl's malware.

These are not the first attacks on online betting and gambling sites. In 2018, cyber-security ESET reported that North Korean state-backed hackers had hit at least one online casino in Central America from where they're believed to have attempted to steal funds.

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Chinese hackers have breached online betting and gambling sites - ZDNet

Spains consumer protection minister Alberto Garzon has said that the government will most likely seek to limit 80% of all online advertisement.

Spain is once again discussing gambling and specifically gambling advertisement after Unidos Podemos, the countrys left-wing party, brought up the issue that the industry is harming youths and leading to an uptick in gambling addiction.

Together with the Socialist Party, Unidas Podemos have the legal majority to target and change gambling advertisement rules if they deem it necessary. This comes at a time when gambling, including online sports betting and iGaming, are flourishing across the country, marking an all-time high in terms of revenue.

Video terminals and lottery games have been giving rapid ground to the new-found appetite of Spaniards for gambling products.

Spains consumer protection minister Alberto Garzon raised the issue on Friday, February 21, arguing that new regulation ought to be sought to curb the rising numbers of addiction across the country. According to Garzon, the regulation should be similar to how tobacco is taxed.

More importantly, the minister noted, the country will be trying to regulate a sector that has a direct impact on citizens health. Spain is also considering to introduce a ban on specific advertisement policies designed to incentivize people into placing a wager, such as free bets to new customers.

Sweden, one of the most heavily regulated and fairest markets in the world, already has these measures in place. Garzon has also cited the fact that the amount staked online has grown three-fold since 2014 to $19.2 billion in 2018, coinciding with the FIFA World Cup.

According to Reuters, Spaniards are losing some $10.85 billion to gambling activities, citing data from the Spanish gambling lobby.

Cracking down on advertisement practices might have a positive effect for the levels of addiction, but it must not come at the cost of neutering a flourishing business. Italy has already done so under the Five-Star Movement government, a far-right party that promised to remove gambling from public spaces as part of its electoral campaign.

In the case of Italy, partnerships between sports organizations and betting companies have been less frequent due to the Dignity Decree passed in 2018. Many of Spains LaLiga soccer clubs have partnerships with sports betting partners.

This includes big names as Real Madrid and Barcelona. Yet, these partnerships have not gone unnoticed and they have been heavily criticized. The government is also planning to ban teams from selling children merchandise carrying the logos of betting brands.

According to Garzon, the country will aim to ban at least 80% of all online advertisements. Meanwhile, the state-operated SELA and ONCE lotteries will have to be submitted to the same regulations as private operators.

The only difference is they will have more leeway in choosing when to broadcast advertisements. Private business has protested against the double-standards with some arguing that the lotteries have already been known to sell tickets to youths, even though not on purpose.

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Spain Says 80% of Online Gambling Advertisement Has to Go - GamblingNews.com

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