Gambling theories like “Theory of Gambling, and Statistical Logic” published by Richard A. Epstein in 1977, and “Casino Gambler’s Guide” by Allan N. Wilson published in 1965, state that gambling no longer depends on guess work. Thus for quite some time the gamblers did not have to depend on their instinctual knowledge. A few tips however taken from Epstein’s book are widely accepted now to a great extent. A few of them can be summarized below.

When a gambler is betting it is always better to opt for a game with low probability of high gain than a high probability of small gain. It is always better that there is a 30-to-1 proposition bet on the craps, table than having an even money wager on a don’t pass line. There is a probability that independent events are always additive rather than multiplicative. The chances of wining the game in reality are always like winning three games out of eight or may be eight games out of thirty two. If there are continuous wins the chances of loosing increases. A gambler always feels that his chance of winning the game is more if he has one single chance than loosing his money; he is always willing to take the risk factor. A gambler always has expectations based on his previous events despite any mathematical independence. For example in a blackjack if the gambler has lost by hitting sixteen it is always advisable to quit hitting sixteen again no matter what the dealer holds. It is always better to have a group of multiplicative bets rather than additive bets, to make the game more interesting. A large bet in a game is better than a series of small bets, but compared to many games series of small bets are better

Finally it is the power of positive thinking that matters in a casino game and also luck plays a very important role.