These ideas will help you make the best bets in the casino

Americans are big fans of gambling. Out of the 56 million that went to a US casino the previous year, almost everybody made a bet - from slots to blackjack. Non-Indian establishments posted a revenue of $32 billion, and if you include the entertainment and lodging revenues, it's billions more. There's no stopping people from wanting for more. The amusing thing with all this is the house, of course, has the edge. Yet, people still gamble after making some bad bets - others because they like the thrill, while others believe they could still win some money. When your goal is to get the best bets in the casino, you have to be smart and make fewer and larger wagers. It can be difficult to do, especially when you're in a hurry to win big, but unless you want to end your night in tragedy, you better exercise patience. In the end, win or lose, as long as you know you did not bet in haste, there will be no regrets.

Picture this scenario: You flip a coin for 10 times and wager $10 every flip. Ideally, you could either end up having twice your initial bet or lose everything. But the gambling establishments are not a fair place. There is a house edge and it lies in the incompatibility between the innate odds of the match and the payout. It isn't the house that takes extra risks, it's you. If you flip that hypothetical coin, you'd only win $9.75; however, if you lose, the whole $10 will go to the house. Although you can win back some of your losses when you stay in the game, the house edge will eat you in the long run.

Making a huge one-time wager will put the house edge on a minimum since it will only affect you once. The next time you go to a gambling establishment, consider this itinerary so you can make the best bets in the casino.

Your first stop should be at blackjack. The main objective here is to be the first to get a card that's closest to 21 without going beyond it. Unless you use the basic strategy, you will eventually be defeated if you play for extended hours. Wager only once and you'll have the odds at almost 50-50. For those unfamiliar with the game, the advantage of the house is about 2%. This isn't too bad when compared with other games.

Next stop is the wheel of fortune, where you'll gamble on which spot the wheel would stop. The house edge here is an eye-popping 11% if you put money on the $1 mark, which is the safest gamble in the game. If you put your money on the joker mark, the house advantage climbs to 24%. It is better to move on to the craps games and avoid the carnival section. A pass line at craps has a 50-50 chance and the house edge is a measly 1.4%. Avoid betting on specific digits since it favors the house.

After craps, check out the roulette tables. All wagers here are equal on a risk-adjusted base, regardless if you put money on black or red. At 5.6%, the house advantage is higher than blackjack but it is also smaller than wheel of fortune.

Should you make the best bets in the casino and win, the best thing to do is stash the money in index funds.