- Gambling Money Terms Definitions
- Gambling Money Terms Definition
- Gambling Money Terms Explained
- Gambling Money Terms Dictionary
Most gamblers lose. So why do people bet their hard-earned money? Find out a bit about the psychology of gambling, why people bet money and the reasons for gambling.
Psychology of Gambling: Reasons for Gambling
Casino Cage Also called the cage. The secured area in a gaming establishment where records of transactions, money, and chips are kept. Casino Gaming Industry All of the activities related to legalized gambling and the operation of legal gambling establishments. Chip Also known as a CHECK used to represent money. Hit - In Blackjack this can mean for a player to request an additional card and in slots it is gambling terms for winning. House Edge - The probability that the casino will win money and is usually expressed as a percentage. For example, if a casino has a 5% house edge it means a player will lose 50 cents for every $10 bet.
Ok, so we all understand that gambling offers you the chance of winning money or prizes, but have you considered some of the other reasons for gambling? A look into the psychology of gambling offers insight into that question.
Also refers to gambling activities in general. Bankroll: Amount of money a player comes to the casino with to be used strictly for placing bets. A term also used by casino workers referring to the amount of money stocked at a game table before the start of a shift. The House – The operators of a gambling center. In the Money – A term that describes the horses in a race that finish the race 1st, 2nd and 3rd (on some occasions 4th) and/or the horses on which the track will payout to bettors.
Why Do People Gamble? - Risk Taking
Gambling Money Terms Definitions
One of the reasons for gambling is that it's human nature to feel excited when taking risks and the positive feeling gained from gambling is no different. 'Will my numbers come up?' 'Will my team win?' The sense of anticipation creates a natural high, an adrenalin rush, a feeling that very many of us seek when looking for fun and entertainment. A feeling that some people believe they cannot live without.
Why Do People Gamble? - Escapism
The gambling environment can provide an escape from everyday life. Whether it be the glitzy casino environment, a loud and exciting amusement arcade or even an online betting company, for the time that we are taking part we can be surrounded by different people, different sounds and emotions, all of which stimulate and arouse our senses.
Gambling Money Terms Definition
Why Do People Gamble? - Glamorous
Gambling Money Terms Explained
The media and advertising agencies understand the psychology of gambling and often portray a stylish, sexy, fashionable image of gambling. In film and TV, we see characters enjoying a night at the casino or an afternoon at the races. There is often a suggestion of 'high society' and attending at 'a place to be seen'.
Why Do People Gamble? - Social
Gambling is accepted as part of this country's culture and as such is widely participated in (with varying frequency) by the majority of the population. Some young people are introduced to gambling by learning to play card games with their parents at home, maybe we go the bingo with friends on a Friday night or meet after school at the amusement arcade.
Psychology of Gambling: The Common Misperception
The above reasons for gambling all tie into this: most people think about gambling as a low-risk, high-yield proposition. In reality, it's the opposite: a high-risk, low-yield situation. The odds always favor the house. Despite that, the thought and excitement of hitting a casino jackpot are often too alluring - regardless of its probability.
Learn more about Types of Gamblers and Signs of Gambling Addiction.
Sources:
- Illinois Institute for Addiction Recovery
next: What Type of Gambling is the Most Addictive and Why?
~ all gambling addiction articles
~ all articles on addictions
APA Reference
Gluck, S. (2008, December 29). Psychology of Gambling: Why Do People Gamble?, HealthyPlace. Retrieved on 2020, December 16 from https://www.healthyplace.com/addictions/gambling-addiction/psychology-of-gambling-reasons-for-gambling
A whale, also referred to as high roller, is a player who wagers massive amounts of money. The term isn’t specific to a single game – whether the gambler in question is playing Slots, Poker, Roulette, or Blackjack, he or she can still be considered a whale as long as the bets are sufficiently large. In brick and mortar casinos, whales are often treated to special comps, which may include free drinks, private jet transfers, limousine use, or access to the gambling establishment’s best suites.
Gambling Money Terms Dictionary
Even though whales never account for a large part of the casino’s revenue, high rollers may expect rebates on betting turnover and losses. Please note that the definition of a whale varies from casino to casino. Receiving a high-roller treatment in a land-based gambling house might require you to bring at least $50,000 or $100,000 to the games, but online casino sites generally have lower betting limits, which means that players who deposit $5,000 or even less might be considered whales.
Usage Example
“Look, that whale just bet $50,000 on 24 in Roulette… and he actually won! I sure wish I was in his shoes.”
Trivia
The origins of the term “whale” can be traced back to the competitive gambling community – specifically, the poker scene. Poker regulars tend to put players into sea life-inspired categories, depending on their skill level. Weak players are considered “fish,” while the professionals who hunt them are often referred to as “sharks.” The same pattern can be applied to the amount of money that players bet. Consequently, recreational players may be considered “fish,” while gamblers who play the highest stakes are named after the largest creatures in the casino sea.