Just like any other phenomenon that attracts a certain following, gambling is also full of specific terms. These terms are most commonly used to denote certain actions or elements of gambling. Seasoned players are, of course, well acquainted with these terms. But it’s the new players and people only entering the world of gambling that can benefit significantly from familiarizing themselves with these terms.
That being said, here are 10 most popular gambling terms you should learn as soon as possible.
Acton
Action can be used as the term used to refer to any action performed by players that are participating in any form of playing session. The term is used in both gambling any betting. When used in betting, it refers to the amount that’s been bet on a certain event. It can also be used in gambling to denote the total amount of money a player has bet during a single session.
RNG
RNG stands for “random number generator”. An RNG is a type of software that relies on mathematical algorithms that assigns random numbers to various actions. These numbers then determine the outcome of the performed action. Slot games are some of the best examples of games that rely on RNG. So, when you hear that a game is RNG-based, you can rest assured knowing that the outcome of your spin (or action) will be entirely – well – randomly determined.
Casino advantage
Casino advantage is one of the most commonly-mentioned gambling terms and it refers to the advantage that most of the casinos hold over the players. When making any type of bet in a casino, being online or land-based, you will be facing this statistical percentage of the establishment having certain advantage over you. This is also how casinos can ensure that they stay profitable and running in the long run. The easiest way to put it is that casinos would eventually run out of money, if it wasn’t for the casino advantage.
Pot
Pot is the name used to describe the total amount of money that is being accumulated during a game of poker. This amount – or the pot – is where all the winnings are coming from once a player – or players – win a poker game.
Bankroll
Bankroll is a term used to refer to the total amount of money a player has at their disposal to make bets and wagers with. However, it’s worth noting that not all players need to determine their bankroll up front. Instead, if you’re just a casual gambler, you don’t really need to think about it. But if you ever participate in pro gambling and high-end gambling, it would be a good idea to first determine your bankroll.
Betting limits
In the gambling world, almost any game will have its betting limits. These can include both minimum and maximum bets. Simply put, betting limits include the minimum amount of money you need to wager in order to be able to participate in a game, as well as the maximum amount of money you can potentially wager. The type of betting limit you’ll be faced with will depend on the type of games you choose to play or the casino you’ve chosen.
Fixed odds
When the odds are fixed, that means that there are certain chances to win the game. Most commonly, players will be familiarized with the odds before they even start playing the game. Needless to say, there are many games that fall under this category, but poker is actually not one of them.
High roller
High roller is a person who usually makes large and bold bets. These types of people not only bet big but they also commonly spend a lot of money in casinos, in general. In order to become a high roller, you will need to spend a lot, make big wagers and do it often. Casinos generally like high rollers but the like them the most when they’re losing. Needless to say, when a high roller wins a game, the casino will do all in its power to encourage them to continue gambling in hopes of making that money back.
Pay table
Pay table is a term used to describe the outcome that will result in a win and thus a payout. Every casino game has its own pay table. So, before you start playing any casino game, make sure you check out the pay tables for that specific game in order to understand better which outcomes will secure you a win. On top of that, the majority of pay tables will also inform players how much they can expect to win with each specific outcome.
Wagering requirement
Wagering requirements are often mistaken for betting limits, but they’re actually two different things. Wagering requirements refer to the amount of money a player must wager so that they can participate in a game. Additionally, the casinos that offer various bonuses may have wagering requirements in place that dictate the conditions under which the bonuses can be claimed. So, to put is simply, if a casino offers a $100 bonus with a wagering requirement of $300, that means you will need to wager at least $300 in order to be eligible to receive the bonus.
The quicker you learn these gambling terms and the better you understand them, the sooner you can start gambling confidently. These terms will not only help you understand the games better but they will also make the rules far clearer, helping you make smarter and better-calculated decisions.