Fair Bet

Introducing A Betting Unit

Now and then, you will hear the term "unit" used, in reference to the game of blackjack, in fact, to just about any game the pros play. What does "unit" mean, in regards to gambling? Experienced gamblers know.

"Unit", quite simply, is a word gamblers use to describe the basic denomination of the game's minimum bet. The words "unit", or units", are oftentimes used in describing a gambler's losing, or winning, sessions, by describing their totals in reference to the denominations of the minimum bets at their usual table.

The reason why the word "unit" is used, instead of dollars, is because most players prefer to bet using the term "Red" ($5 chips), "Green" ($25 chips), or "Black" ($100 chips).

Usually, when analyzing a player's results, we are not measuring the average dollar bet, but we are measuring the player's results in units. Using the term "unit" allows player's of varying denominations to be speaking in the same terms.

In the simplest of terms, "unit" is a measurement tool used in betting at casino games.

Now we've familiarized you with the term "UNIT". Now we will introduce you to the term "½ Kelly Bet". "Kelly", when the word is used in gambling circles, means that it is a method of breaking up one full unit into parts of a unit.

The "Kelly Criterion" is a reference to the formulas used to break units down into smaller parts. An Internet search will reveal to you information about John Larry Kelly, a physicist from AT&T Bell Laboratories, who first developed this term. His concepts were based on ideas introduced to him by his co-worker Claude Shannon.

"Killer Konrad", a professional blackjack master, uses the easy Kelly Criterion to simplify, into smaller portions, the size of his average bet.

An example of this is: Killer's one full unit bet is an average size of $50. This means that his "½ Kelly" is at $25.

Players can use the Kelly Criterion if they want to identify, and breakdown, their unit sizes into portions. If your normal unit bet is a green chip ($25), you can scout out a $5, or $10, winning table. You can make use of the Kelly Criterion to break, into parts, your normal betting unit size to "1/5th Kellys".

These are terminologies that you may encounter while gambling at casinos. Identifying your average bet unit, as well as the "½ Kelly's" size can help you be flexible, if you want to play a wider variety of denominations at the tables. You can calculate, as well, your winning and losing costs.

Along with identifying the Kelly Criterion (which is terminology that might take some getting used to, for novice players), is the usefulness in learning proper management of money. Money management is important to maximize your bankroll's potential. The Kelly Criterion can also help you set your stop-loss limit by identifying your losses in units. A good many gamblers like using such terminology to identify their success at the tables. If you can learn it, you might find it useful, also, if you are a frequent, and serious, player of blackjack.