Several years ago some early spin doctor decided that a better term should be used. Sometimes visitors would come to Las Vegas from places where local religious leaders took a dim view of “gambling.” To avoid such sensibilities, official Las Vegas now calls it “gaming.” Whether you use the old-fashioned term (“gambling”) or the newer, more politically-correct term (“gaming”), it’s the same concept. They are used interchangeably in this text. In either or both cases, you are putting your money at risk for the possibility of increasing it, with the foreknowledge that you might lose it. “Gaming” does connote that this is not your business, but rather an activity you do for fun, like “fun and games.”

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 indifferently 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.

Attitude Toward Risk

Mathematicians, gamblers and stock brokers (among other types) frequently bring up the subject of one’s attitude toward risk. The implicit judgment is that one who is “risk averse” should not put a lot of money on a proposition with a small chance of meeting one’s hopes. By implication, a person who is not “risk averse” would be fine with making an investment or bet where the chance of a rewarding outcome is somewhat remote. Unlike the intuitive conclusion, Type II gamers are risk averse. Type I gamers are not. Why? A seasoned Las Vegas gambler will not knowingly adopt a proposition unless the expectation is positive. He or she knows that in the long run, the net outcome will be a gain. Type I gamers can bet without concern about the long run. If a proposition seems stimulating or fun, what the hey! Let’s put some money on it. This is not risk-averse behavior. When casinos adopt a sour attitude about a particular player, it is because that person is playing too sharply, or counting cards, or doing something to reduce the risk of the bets he or she does make. Casinos love the risk-takers. The concept may have some utility in the stock brokerage profession, but it is not really useful for this discussion of gaming in Vegas.

It has always been gambling, and some of the earliest archeological artifacts disclose that gambling has been around since our species started having speech and walking erect. It seems to have derived from magic or divination, which makes sense.

What can you gamble on?

In Las Vegas you can put money on just about any proposition if you look hard enough or ask enough people. For the sake of efficiency, most bets are standardized, either with the game being played or the equipment being used. No matter how the bet is presented, the basic elements of gambling remain the same. The most common betting propositions in Las Vegas are:

Slot Machine: I’m betting my quarter (or dollar or whatever) that if I “spin” this ma-chine (or push its button) the machine will come up with a configuration of results that causes me to receive money back, possibly more than I put in.

Video Poker: I’m betting my quarter (or dollar or whatever) that if I receive cards electronically and make one draw, if necessary, I’ll make a poker hand that merits a money reward.

Table Games in a Casino: (like roulette, craps, baccarat, or blackjack). I’m betting my chip(s) that the game process (wheel, deck of cards, dice) will generate an out-come such that I’ll receive my money back, perhaps with more than I put at risk.

Poker Games: I’m betting my chip(s) that my skill of play, combined with luck, over the long run, will cause me to win more chips than I lose, mainly by fleeing the bad hands and bets, and wisely betting on the good ones.

Sports Book: I’m betting my money that a given sports outcome will (or will not) be as the house has predicted, given the point spread, etc. Sports books (and some race books) come up with what are called “exotic bets” or “props” (from the phrase, “betting propositions”). For example, you can, if you like, put money on which of two football teams will kick the first field goal, or whether a certain hockey team will score more goals than a certain basketball team will miss foul shots, and so on. One well-known example is the Imperial Palace’s traditional even-money prop at Super Bowl time on which team will win the opening coin toss (technically, will receive the kickoff).

Race Book: I’m betting my money that a specific horse will (or will not) perform as the rest of the people in the betting pool expect him (or her) to perform.