Gambling in the Long and Short Term

The idea of gambling "for the long term" and not focusing too much on the "short term" is something you're likely to encounter in most casino games, especially Poker. The truth is that it is applicable to all games in the casino.

Short term gambling, it is claimed, should not be focused upon because it is subject to fluctuations. This is best expressed in Poker situations, like when you hold a two pair, only to get beat by a full house on the turn and river. These "wild plays" happen quite a lot in the short period, but over the long run it can be ignored.

In fact, the idea of "ignoring" the short term and focusing only on the long term result of gambling is wrong, because the two are intertwined, because in a sense, as long as you arte playing, the "long term" will always be out there, something you can never reach. You are, in other words, playing in the now, in the short term, so how can you ignore it?

So how you do deal with short term volatility? The answer lies in the gambling odds. Even though luck, or the lack of it, plays a pivotal role, it will, over the course of time, bow down to the odds. For example, if a slot machine offers a 99% payback, it will eventually pay out 99% of all earnings, no matter how long it takes. If you know the odds for a particular casino game, then there's no need for you to look past short term gambling.

As for the long term, as stated earlier, it will always be just out of reach, because you can never tell exactly when you are going to stop gambling. However, you can, and should prepare for it, through playing smart in the short term. Aside from knowing the odds, you should also learn about positive and negative expectations.

The positive expectation is best exemplified by the house edge, but it doesn't just apply to the casino, because as Blackjack aficionados know, this can be attained by players too through the use of optimal strategies. It is also used by Poker players when playing against one another.

In the end, gambling, be it long or short term, need not be "gambling" at all. You'll be weighing in some risk vs. rewards situations, but with a little planning along the way, you can rest easy knowing you are playing accordingly and you are prepared for the long term, whenever that moment arrives.