Login

  1. Username:

     
    Password:

  2. In case you do not have a username, please download OneRedChip app

Left Menu

Understanding Your Risks

 

A great deal of experience and knowledge of gaming is expressed in the OneRedChip philosophy:
"If You Can't Leave, You Can't Win".

 

All gambling games are designed and administered to provide a "house advantage". The percentage favoring the house varies with the individual game.

However, over a large number of plays/spins/hands, the long-run statistics favor the house winning for all gambling games.

 

For example, let's assume that you like to play a game, say video poker, where regulations dictate that the house advantage can be no more that 10%.

That is, over a large number of hands, the player will lose an average of 10% of the total amount bet. In this example, if you bet $5 per hand and play $100 total, you can expect on the average to lose $10. If you then play another round with your remaining $90, you can expect another 10% loss. Now, on the average, you will have $81.

As you play further, eventually you can expect to lose your entire $100.

 

Of course, if you are fortunate, you can win and be ahead at any given time. But if you continue to play, over the long run, you will lose.

So how do you minimize your losses or maximize your short-term winnings? You must discipline yourself to regulate your play and manage your wins and losses.

You can still have fun, even more enjoyment from gambling, if you learn to "walk away" when you are substantially ahead or have lost a significant amount.

 

The basic issue that you have to overcome is the urge to "win it back" (chase your losses) when you are losing or to "make a killing" when you are already ahead a significant amount. Sure, you might win a lot more in the short run if you continue to play when you are ahead but the odds are against you. More often than not, you will lose what you have won and even more.

 

The OneRedChip application incorporates this knowledge into its operation to your advantage. You may set a "budget" for time you spend gambling and how much money you can afford to lose without a major personal penalty. This amount of time and money is a portion of what you would spend on recreation, generally a part of your discretionary disposable income. Then the App helps you to manage your gambling within those reasonable limits. In addition, the App helps you to be aware of your status during gambling sessions and offers advice at various points, only as needed. For example, if you are winning, the App suggests a way to "manage" your winnings. The App keeps track of all your gambling activity and provides reports to review and examine your results.

 

If you use the App consistently, following the advice to stay within your budget and stop playing at the right time, you will enjoy recreational gambling much more. The additional important benefit is that you will avoid the potential issues that accompany inappropriate gambling behavior.