Online gambling can be dramatically more lucrative by applying strategies.

Even a few basic strategies can potentially increase the chances of winning.

Gambling is entertainment, of that there is no question. It is thrilling to put down bets and hope for the best, celebrating enthusiastically when a risk pays off.

But many gambling games also benefit enormously from smartly applied strategies. A game like online Roulette, as a prime example, can be played recklessly and still be fun. However a player that puts thought into their bets will almost certainly walk away with more in their pocket.

If you are but is looking to take things to the next level, you would be wise to take note of the strategies outlined below.

The tips here are basic, and more advanced strategy guides do exist. So consider this an introduction to simple betting strategies.

Perhaps the most important aspect of gambling that beginners don't grasp is risk versus reward.

Sure, everyone imagines winning a mega jackpot, but that is unlikely. More to the point winning big means betting big, unless you happen to land an online pokies progressive jackpot. Strategic gamblers know that betting small but betting smart is the key to success.

But what is betting big, and what is betting small? It depends on how much you have to spend. A good metric to work by is in percentages of your total bankroll. If you have $100 total to spend, your bets should be no more than 2%.

So in this case a wise bet would be no more than $2. The same should apply if you have $1,000 to spend.

Remember; risk versus reward is a long term game. It is fun to bet big, but betting big also means losing big.

Now that you know how much to bet, it's time to understand odds and the house edge.

Every gambling game has , otherwise known as the percentage that the house will always win. Online casinos have to make money, and thus build a failsafe percentage into their games.

In Roulette you will notice that the 0 pocket, assuming the European version, isn't included in any of the group betting options.

There is also a 00 pocket in American Roulette. Either way, when 0 hits it is all but guaranteed that every bet will lose. But what does that mean for the odds of winning?

Most beginners assume that the odds of red or black hitting are 50%.

This isn't true, given that 0 is neither red nor black. The odds of red or black hitting are, in fact, 48.6%, again assuming the European version. So the 1.4% is the house edge. It is because of this house edge that betting strategies are so important, ultimately allowing you to come out on top even against additional risk.

Now that we have a baseline betting amount established, let's talk about the Martingale Strategy. The Martingale is as basic as gambling strategies get, but also happens to be effective.

By learning the Martingale, understanding it, and putting into practice you will already be a significantly smarter gambler. Using online Roulette as an example, decide if you prefer red or black, and stick with it. In this case, let's say red.

Using the 2% rule above, let's say your bet is $20.

Your bet on red loses, which means you are now down $20. Bet on red again, but this time double the bet; $40. The next bet on red is $80 if you again lose, and so on. When the bet wins you will not only have covered losses, you will also have made a small profit.

At the point that the bet pays, return to the original 2%; $20.

The trick here is that the chances of the same colour coming up in Roulette, over and over again, are unlikely. Though, they are not impossible. With the Martingale the system generally collapses if the same losing colour comes up 5 times in a row, at which point the required bet will likely exceed the table limit.

But until that time you will steadily be making a small, long term profit.

Oscar's Grind is another simple strategy, but also has the potential to take your skills to the next level. The rules are similar in concept to the Martingale, but develop gradually over time.

We will again use as the example.

The basic idea is to start with a betting unit, and stick with that unit regardless of losses. But the unit is doubled each time a win occurs.

So, again using the 2% rule, let's say we've put $20 on red. If we lose, we stick with the same unit, $20. If we win the bet increases to $40. So we stick with $40, the bet loses, again $40 is staked. Another win, the bet goes up to $80.

The idea is that, based on probability and risk versus reward, losses get covered without taking unnecessary risk.

What makes Oscar's Grind so interesting is that over time your overall bank balance will almost always level out, assuming that you keep playing. The system is a perfect example of how gambling should be thought of as a long term investment, and not something that is approached recklessly.

Regardless of if you're trying Oscar's Grind, the Martingale, or some other more advanced strategy, there is an overarching rule that must always apply.

Play smart. This refers to how well you're doing, how your bank balance looks, and whether you think it is worth it to keep pushing. Or is it a better idea to just quit?

You will find with a strategy like the Martingale that you will be ahead very quickly, though only by a small amount.

When is it best to take the profits and quit? The Martingale will collapse eventually, so when should you simply stop playing?

It is a question only you can answer, but will determine if you walk away in the green or in the red. Decide for yourself and learn what it means to be a smart gambler.