Baccarat is one of the world’s most beloved casino games, boasting an estimated house edge of 1.06 percent for banker wins (with no commission taken on winning bets). Although considered more of a game of chance than skill, its growing popularity among Asian high rollers makes baccarat an increasingly sought-after game.
Baccarat offers an intriguing insight into the psychology of gambling, whether playing Punto Banco or Chemin de Fer variations of the game. Luck plays an integral part of baccarat play; but many may be surprised to discover that many of the same psychological principles underlying other forms of gambling activity–such as positive and negative recency–also apply when it comes to this classic casino card game.
BACCARAT’s rules are easy: each round begins by shuffling six decks of cards into a shoe, before each player places either a bet on either the Player, Banker, or both – with the goal being to predict which side will come closer to nine (aces are worth zero points and picture cards one). If players bet on either player side (Player or Banker), betting continues as usual; otherwise if betting on either Banker side forces it, additional cards may be drawn from either deck, either way (Banker or Player depending upon which side wins). If one side wins, then that side wins; otherwise ties continue – until both teams either reach nine (Ace or tie).
After dealing a third card, the croupier will announce and pay out any winning bets. After this round has concluded, this process repeats until either banker or player has won eight times in succession.
While its timeless popularity stems from its simplicity, it can be difficult to understand why gamblers make certain decisions–such as placing bets on the banker–that will lead them down an expensive path. One factor behind this may be due to temporal distinction not present in other games like roulette: because bets are placed prior to knowing the outcome of each round, the game seems to reinforce a belief that past outcomes are independent from future ones.
Culture, gambling history and other unique factors all play a part in why some players veer towards trend-following behavior in baccarat. A recent qualitative study that evaluated baccarat guidebooks’ potential influence on gamblers’ perceptions revealed that some gamblers tend to favor trend following over other strategies when gambling on this specific game. Further research into its influence will need to examine its effect on individual gambling behaviors.