Gambler's Ruin in craps

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Gambler's Ruin is a theory relating to the possibilities of winning at the craps table. Now, this is certainly not to keep you from playing online casinos, only to know when to play, how, and when to quit. The theory is quite simple. If a coin is tossed and a wager is made upon it falling upon heads, we will see normal fluctuations as per Chaos theory. There will be times when you win and there will be times when you lose. Up untill now everything is fairly simple.

However, when you play for a long time you will perceive changes in the overall game play. Everytime you roll the dice at the craps table you go one step further in process called the "Gambler's Ruin." This is the process that explains why it is impossible always to win, or even win for extended periods of time. The gambler may win for a while (what is known as beginner's luck) but if he plays long enough he will ultimately lose all that he has.

Now, all this relates to situations wher the odds are even. When two people play against eachother, then one of them will eventually lose all his money and will be forced to leave the game. However, you may ask, how is that the casino always stays in business? Isn't the casino supposed to at least theoretically lose all it money? Look carefully at the craps table and you will percieve an entirely different situation. Here, the odds are clearly in favour of the casino, in almost every game. Furthermore, the casino is difinitely far richer than the average player, so it can afford to lose alot more than you can.

So, you may say, why should I play if I see that the casino's edge is higher and I can't afford to lose as much as it can? The answer to that is certainly not easy. Firstly, its fun. That in itself is an important point in gambling of any kind, especially craps. That is one thing that the casino can never take away from you. Secondly, if you play intelligently, you can make a healthy profit. Know when to quit, and when to join again. If there were no chance to win anything at the casino, there wouldn't be any casinos, since nobody would want to play in them. But however slim the chance is, it is there.