Many mathematicians have tried and failed to create the perfect betting strategy. Each betting system has its shortcomings no matter how badly someone tries to convince you that their strategy is guaranteed.

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But does this mean that all betting strategies are total junk?

No, some strategies do have merit and provide short or even long-term results. The only catch is figuring out which betting systems are worth using.

Even money: Odds that are considered 50-50. You put up $1 to win $1. You put up $1 to win $1. Exotic: Any wager other than a straight bet or parlay; can also be called a 'prop' or 'proposition wager.' Casino lingo, like any set of specific vocabulary, has a rich history that has continued to expand over time. Being familiar with important slang terms will make you a more confident and capable player. Whether you prefer land-based establishment or virtual casinos, read on for the most common gambling lingo out there.

Let’s discuss 10 wagering strategies that work. Some of these systems only work on specific games like baccarat or roulette, while others can apply to any casino game.

1. Betting 2% or Less of Your Bankroll

A common scenario for casual gamblers is to walk into the casino with around $200 dollars and make bets between $10 and $25.

This seems harmless in theory, if you’re gambling with expendable income. But the problem is that you’re very likely to run out of money this way.

One good idea that comes from sports betting is only risking 2% or less of your bankroll on any given wager.

Professional and serious amateur sports bettors do this to minimize their short-term risk. But you can really apply this system to any casino game.

Here’s an example:

Your bankroll is $2,000.
2% of your bankroll is $40.
You can place bets worth $40 or lower.

Pros of Betting 2% or Less of Your Bankroll

The biggest benefit to wagering 2% or less of your bankroll is that it keeps you in the game. You’re not risking chunks worth 5. 20% of your bankroll like most players.

This is helpful in any casino game from blackjack to Caribbean stud poker. But it’s especially useful in skill-based games like daily fantasy sports (DFS), poker, and sports betting.

The reason why is because skill-based games are prone to more streakiness than house-banked games. In these games, it’s common to experience long dry streaks that make you question if they’ll ever end.

The best way to get through them is by risking small amounts of your bankroll on each wager. Furthermore, you’ll dramatically lower your risk of ruin.

Cons of Betting 2% or Less of Your Bankroll

The first problem with this system is that most players don’t have a large enough bankroll to only wager 2% or less per bet. Under this system, you’ll need at least $1,000 in just to make a $20 wager (2%).

Professionals can afford to be disciplined like this because they have large bankrolls. But if you’re just a casual blackjack or craps player, you probably don’t walk into the casino with thousands of dollars.

Another downside is that some players find that this system doesn’t offer enough action. These same players may like varying their wagers from big to small depending upon how lucky they feel.

But, as long as you have a large enough bankroll, this system is definitely worth using.

2. The Martingale

The Martingale betting strategy has two things going for it:

It’s easy.
This system will theoretically provide a profit every time.

The Martingale calls on you to double bets after every loss. The goal is to always win back your losses and earn a small profit in the process.

You should also make even-money bets with the Martingale in order to simplify things and minimize your risk.

Here’s an example:

You bet $10 and win (+10).
You bet $10 and lose (0).
You bet $20 and lose (- 20).
You bet $40 and lose (- 60).
You bet $80 and lose (- 140).
You bet $160 and lose (- 300).
You bet $320 and win (+20).
Next bet returns to $10.

Pros of the Martingale

The Martingale’s best aspects include its ease of use and how it can theoretically be successful.

As long as you have the funds to continue doubling bets after losses, you’ll eventually win back your money. You’ll also book small profits along the way every time you win.

The Martingale is one of the best systems for those looking for consistent short-term profits.

Cons of the Martingale

The Martingale’s downside is that it’s an extremely risky strategy. You’ll be betting far more than your original wager after 5 to 6 losing wagers.

This can make you hesitant to pull the trigger on the next double bet. Even worse is that your bankroll will vanish if the losing streak continues.

Another problem is that casinos impose table limits to prevent wealthy gamblers from the using the Martingale to the fullest. Otherwise, Mark Zuckerberg ($56 billion net worth) would always win with the Martingale because his bankroll would likely never run out.

You’ll eventually run into a losing streak that’s long enough to hit the table limit. In this case, you take a big loss because you can no longer double wagers to win everything back.

3. The Martingale in Skill-Based Games

We just covered how the Martingale is a very risky betting strategy. What’s more is that this system doesn’t do anything to alter the house edge.

But what if you could combine the Martingale’s effectiveness with skill?

This betting strategy can be profitable in skill based games like DFS and sports betting. Not only can you win back your losses with the Martingale, but you can also swing the odds in your favor with enough skill.

Here’s an example of how this works in DFS:

You lose a $10 + $1 (fee) head to head contest (- 11).
You lose a $20 + $2 head to head contest (- 33).
You lose a $40 + $4 head to head contest (- 77).
You win an $80 + $8 head to head contest (- 5).
You win a $10 + $1 head to head contest (+5).

The tough thing about DFS contests is that you have to pay an extra 10% entry fee to the sites. But as the above example shows, the Martingale strategy can still help you book a profit even if you lose the majority of contests.

Let’s look at one more example involving sports betting:

You lose an $11 bet (- 11).
You lose a $22 bet (- 22).
You lose a $44 bet (- 77).
You lose an $88 bet (- 165).
You win a $176 bet and earn a $160 profit (- 5).
You win an $11 bet and earn a $10 profit (+5),

The drawback to sports betting is that the house takes 10% juice from the losing side. But the Martingale can still help you be profitable when you string together two or more wins.

Pros of Using the Martingale in Skill-Based Games

The great thing about using this system in skill-based contests is that you can overcome short-term variance by consistently winning back losses.

The sports betting example above shows how you can earn back your losses plus a small profit even after several losing wagers.

Another advantage is that you’re not just using the Martingale in a casino game with a house edge. Instead, you’re playing skill based games.

The end result is that you get the enviable combination of getting your losses back and having a chance to win long-term profits.

Cons of Using the Martingale in Skill-Based Games

You’re taking a risk on three fronts with this betting strategy:

You might be at a skill disadvantage to opponents/other bettors.
You’re still dealing with the Martingale risks.
You must pay 10% fees (DFS) or 10% juice on losses (sports betting).

The first point is key because you could be facing an even worse proposition than house-banked casino games if you’re not better than opponents.

Add in the standard Martingale risks along with sportsbook/DFS fees, and non-skilled bettors are looking at a potential bankroll disaster.

4. Betting on Baccarat’s Banker Hand

Baccarat gives you three different betting options, including the banker hand, player hand, and tie bet. And the top system for playing baccarat involves making the ban

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