In real life, people take risks or hedge against them, sometimes with great thought, and sometimes with no thought whatsoever. Mundane examples are the decision whether or not to buy life insurance, or whether to keep a flare in the trunk of the car. In Las Vegas, gam-ing can be conducted in the same way, either thoughtfully with informed analysis, or indif-ferently or even emotionally. Either approach is valid, if the objective is to enjoy yourself. The idea is to chose the approach that works best for you. Some gaming risks can not be modified by thought, analysis or research. These risks are just what they are, simply to be taken or rejected. For example, rolling fair dice will turn up a seven with a specific probability, and no amount of study or desire will change it. The same is true of the roulette wheel and to some extent, slot machines.

On the other hand, other games, like poker, do admit of skill and study, so that a good player who plays a large number of times will show superior performance over a less able player, playing a large number of times. Likewise, blackjack is a game in which it is possi-ble to improve the chances of winning by study, and in particular, by “counting.” (Counting is legal, but the house considers it to be undesirable behavior, as it tends to reduce the House’s take.)

The race and sports books offer another chance for an informed, skilled or experienced gamer to “beat the odds.” Many visitors to Las Vegas do not take sports or race betting as a serious enterprise, and the books, of course, are glad of it. That is because most bets placed by the casual visitor are made either with the heart (i.e., emotionally, as in the case of a die hard fan) or randomly (guessing). Money coming in from such origins tends to stay in the hands of the book.

Insiders use jargon to describe bettors who just throw money at betting propositions with-out a lot of thought, skill, research, analysis or experience (as applicable). They are called “the public” or “the fans” or “squares.” Those who bet on propositions because of glitz or sex appeal, in spite of a negative expected value, are called “suckers.”

People who make bets based upon thought, research and analysis are often called “sharps.” If one wants to leave the ranks of the “public” and enter the ranks of the “sharps,” much information, thought and practice must be invested into the process. The following is an introduction to what is really going on, with some leads for those who want to become true students or practitioners of gaming.