If you are not an experienced gambler or casino player, there are chances that you might not be familiar with lots of gambling or casino-related terms and phrases. Some of the glossary terms used within the gambling industry for player and house are quite obvious, but some of them are really confusing. So, let’s have a look at some of the most important terms used within the gambling industry:
Casino Gambling Terms
Advance-Deposit Wagering: The practice that requires a player to fund a virtual wallet or account before placing bets.
Advantage Gambling: Gaining an advantage while gambling without any illegal means.
Ante: It is commonly used in poker and casino card games. It requires a player to place a wager before receiving any cards.
Beginner’s Luck: As the term suggests, it means novices tend to have more luck at the start.
Boxcars: If you roll two sixes in a game of carps, it is called as boxcars.
Breaking the Bank: Winning a sum that is greater than the total sum at a given casino table.
Burn Card: In a casino card game or poker, if you take the top card and deal it face down then it is Burn Card.
Card Counting: It is frowned upon in casinos because it gives you an advantage as you keep a track of running count of the deck in play.
Coin Board: Aka merchandise board, you purchase tickets and hidden numbers are revealed when you pull open tabs. You win a prize if the numbers match with the game board.
Double or Nothing: It is actually re-doing a bet that you lost. If you lose again, there are double losses. If you win, there is no debt to pay.
Double Down: This is a term that is commonly used in Blackjack as you place a bet that is double the bet you initially placed.
End-of-the-Day Betting Effect: Taking higher risks when the betting season is about to end. It means that you are trying to cover up for your losses.
Expected Value: A random variable’s average value is described by this term.
Face Cards: Jack, Queen, and King are referred to as Face Cards.
Gambler’s Conceit: Stopping gambling even when you’re engaged in it or calling “quits.”
Gambler’s Ruin: A gambler with finite wealth going bankrupt for a long period of time.
Gambler’s Fallacy: It refers to the popular idea that earlier results can have a bearing over what about to happen next.
Groom Porter: Owner of the casino.
Handicapping: In search of offering increased odds, you apply an advantage of disadvantage.
High Roller: Betting large stakes is referred to as High Roller.
Holdout: A card that can’t be seen by the dealer or the player.
Inverse Gambler’s Fallacy: It is the opposite of Gambler’s Fallacy.
Jackpot: Winning a grand prize, a single fixed amount of money.
Low Roller: It is opposite of high roller.
Muck: A stack of discarded cards in a game of poker – these can be the burned cards of the dealer or folded cards of the player.
Oscar’s Grind: According to the Oscar’s Grind principles, if you win a bet, the next wager should be one unit bigger than the previous bet. If you lose a bet, your next wager should be of the same size.
Push: A situation in Blackjack and its variants when the dealer and the player have the same hand value.
Risk Premium: Choosing a risky option even when the player is given an option to choose between a safe one and high-risk decision.
Shoe: A casino dealer holding multiple stuffed decks of cards.
Skimming: Illegally transferring money between the players and casinos.
Table Limit: It is known as the combined bets (minimum and maximum) that are allowed on a particular table.
Venus Throw: It can be referred to as a highest possible roll.
Wager: The amount that is placed as a bet on one round of a gameplay.
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