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Online Casino Game Operator

Cold Player

Probability theory states what can be expected to happen in the long run. A Online Casino. gambling operator makes so many more bets than any individual player in a single gambling session that he experiences a much longer run, and his wins and losses thus conform much more closely to what probability says he can expect. For the individual player, even an extended series of sessions is still a short run. His winning and losing, therefore, may vary considerably from his long-run expectation; he experiences winning and losing streaks.
A player on a winning streak is said to be hot; on a losing streak he is cold. I have often seen a player get so hot that no matter what game he plays, or how he places his bets, he continues to win. Such winning streaks sometimes continue for weeks at a time. Since the odds are against the player, however, he experiences more losing than winning streaks, and they last longer.
At Craps, I have seen a player bet the dice to win for an hour or so and win nearly every bet, then turn around, bet the dice to lose and continue to win nearly every bet. I have seen a player run a measly $20 into $56,000 at Roulette over a two-week period. I have seen a Craps player, bucking the house odds for about five hours of play each night, run a $10 bill into $125,000 in a month's time.

Game Operators

Gambling-game operators insure themselves against risk inherent in these hot streaks by putting a minimum and a maximum limit on the size of the wagers they accept. This prevents a hot player from winning too much in too short a space of time. It means that the player who tries to make a big killing when he is hot must play longer and make many more bets. The more bets he makes the less chance he has of walking away with the operator's bankroll because there is more chance that his winning and losing streaks will balance out.
The maximum limit also prevents the progressive-system player from doubling up his bets each time he loses and continuing until he finally wins one bet that recoups all his losses plus a profit. As for the player who doubles when he wins, trying for that one big killing, if there were no limit to stop him, and if his capital was large enough, he could eventually bet such huge sums that he might eventually break the bank. The minimum and maximum betting limits are usually so designed that a player who bets the minimum limit at the start can double the size of his previous bet no more than seven times before he is stopped cold by the maximum limit.

Gambling Limit

The maximum limit also makes it impossible for a big time gambler to walk into a casino, ask the size of the house bankroll and then bet the full amount. The casino would go broke at once if he won, and if he lost and decided to bet the full amount of the house bankroll again, he would have another shot at closing the casino. Casinos and bookies would all have gone out of business long ago if there were no betting limits Operation.
Gambling operators do not operate on the hope that they will win money from the players; their business depends on the fact that their favorable percentage earns them money on every bet made. The greater the volume of bets the more income they receive. This is why all gambling-game operators prefer long sessions. It is also why the $2 horse bettor is the "ace in the hole" with most horse bookies-there are so many of them. For the same reason, the consistent $1 or $2 bettor in Nevada Casino is commonly referred to by house men as an "unpaid shill."