Mindset And Approach To Casino Offers
At Team Casino we believe that having the right mindset is extremely important to consistently profiting from low risk casino offers. By having the right mindset, you should be able to remove the emotion from casino offers, which will allow you to hit more offers, avoid the temptation to gamble, and in the long run, make more money!
To have the right mindset for casino offers, you should consider this question:
Why do you get annoyed by a losing day or losing week, but not get annoyed by losing your first spin of the day?
The answer is all about your expectations.
You don’t expect to win your first spin of the day, but you do expect to have a winning day or a winning week. It’s really important that you change your expectations to reflect the true nature of low risk casino offers, otherwise you’ll spend a lot of time annoyed, which isn’t good for you! Below are some key ways to change your expectations to keep your mind in great shape.
1 – Focus Only On EV
Naturally, the temptation with casino offers is to focus on the actual profit or loss that you have achieved. If you made £50 profit in a day, then you would probably consider that a successful day, whereas if you lost £50 then you’d probably consider that a really bad day. However this is the wrong way to look at it.
As you know, casino offers are subject to variance, which means the result we achieve from each offer varies. What we are concerned with, shouldn’t be how much we make from a single offer, or in a single day, week, but how much money we can make in the long term, over time. Over time, variance becomes less and less of a factor, and so what we should be focusing upon is the EV of the offers that we complete, because this gives us an indication of the value of the offers that we are completing, and over the long term how much money we should be making. Therefore, we shouldn’t be focused upon how much profit or loss we make, but rather on how much EV we make.
2 – Set Long Term Goals
A good way to focus less on your day to day profit or loss could be to set yourself longer term goals around how much EV you are making. For example, rather than aiming to make £20 profit per day, and getting annoyed when it doesn’t happen, set yourself the goal of making say £2,000 EV over the next 6 month, which works out at roughly £10 EV per day. Some days you’ll make more profit than EV, some days you’ll make less. But that’s ok, because in the long term your profit should track closely with your EV.
3 – Losing Money Is Normal
It is important to remember that, unless you stick to risk-free offers, casino offers are subject to variance, and that making a loss on some offers is unavoidable. You may even go for periods where you make a loss on a lot of offers in a row. This can be frustrating, but it is important to remember that you are doing offers that have positive expected value, and that in the long run, over a large number of offers, you will make a profit. If you let a few losses affect your emotions, then might be tempted to start gambling, or you might want to give up casino offers altogether. Instead, as long as you are following our money management guide, making losses on some offers is completely normal, to be expected, and is something that you should try to not let affect you.
4 – RTP Is King
Research suggests that when you meet someone for the first time: “Within 50 milliseconds of seeing [their] face, you unconsciously make decisions that will influence your interactions.”. It is human nature that we make first impressions about something new, and these first impressions become hard to overcome. This doesn’t just apply to meeting people for the first time, but also similarly applies to slots and casino games. Regularly we hear people saying things like “blackjack just doesn’t work for me”, “that slot is rubbish so I never use it”, or “I always use this slot because it always pays out well” etc. What has usually happened is that the individual has used a casino game for a brief time, and formed an opinion on it based upon their initial experience. Lets say you wager £10 on a slot with 90% RTP and £10 on a slot with 98% RTP. You come away from playing the 90% RTP slot with £15, having made £5 profit, and end up making a £5 loss on the 98% RTP slot. Based on this, the 90% slot becomes a slot you like, and the 98% one a slot that you decide to avoid. This is a common mistake with those who are new to casino offers. You have based your approach on a tiny sample of spins, which are subject to a lot of variance, rather than basing it upon the RTP, which is the long run expected return from using the casino game.
If you choose to use a game with a lower RTP than other available options, then it is almost guaranteed that in the long run you will make less money than you could be, and you are significantly reducing your EV. We strongly recommend avoiding forming opinions of games based upon your initial experiences and emotional attachments, and instead base your choices upon the RTP and variance of the game. Undoubtedly, the best option, when available, is blackjack, which has a 99.5% RTP, and is relatively low variance. Otherwise there are some slots which should become your go to choices based upon their RTP and variance, such as 1429 Unchartered Seas (98.5% RTP), Bloodsuckers (98% RTP) and Golden Tour (97.7%). Roulette is a popular casino game, and is relatively low variance, but it has a 97.5% RTP, so there are often higher RTP options available for offers.
Example: As you become more experienced with casino offers, it is not unfeasible that you average at least £50 per day in wagering on casino games, which works out to around £20,000 per year. If you were to wager this £20,000 on blackjack then your expected qualifying loss is £100. In comparison, if you were to wager it on a 95% RTP slot, then your expected qualifying loss is £1,000. So we would cost ourselves £900 per year by choosing a 95% RTP slot over blackjack!
“Its just not my day”
Regularly, people lose money on one or two offers, decide that ‘its not their day’ and not do anymore casino offers that day, or maybe write off doing casino offers completely. Whilst it is of course true that if you can feel yourself becoming emotional about having made a loss, and there is a chance that you will become tempted to gamble, then you should stop and walk away. But as previously mentioned, we should try to remove the emotion from low risk casino offers, and focus on making EV, and so by doing less offers, you are missing out on lots of EV that you could be making.