Posts Tagged ‘card counting system’

Irregularity: A departure from the standard procedures at a given game.
]ackpot: A grand payout, either on a machine or at a table game.
Jackpot Jumpers: Name for the thieves who attempt to steal your jackpot either by claiming it was theirs or by befriending you and making off with your money when you least suspect it.
Johnson Act: A federal law that forbids the shipment of gambling devices except to states that can operate them legally. Act took effect on January 3,1951.
Joker: A wild card that can usually be used as a substitute for any card in the deck. Usually resembles a court jester.
Juice: The five percent commission that the house charges on buy bets in craps. Not available on video craps. Also known as vig or vigorish.
Junket: A trip arranged, organized and subsidized by a casino to bring gamblers to play at the games.
Junket master: The person in charge of a junket.
Kelly Criterion: A betting system utilizing the knowledge of a player's advantage at any given point in the game. The player bets the proportion of his bankroll that represents his advantage.
Kibitzer: An individual who is not playing at a given game but is giving unwanted advice.
Kicker: In poker, an extra card, usually a high card, that is kept with a pair. Not a good strategy in video poker.
Law of Repeating Numbers: The Captain's tongue-in-cheek term for his observation that numbers tend to repeat during short-term fluctuations.
Lay Bet: A wrong bet on a number at craps that is paid off at true odds after the casino extracts a five percent commission.
Laying Odds: For the wrong bettor to make an odds bet on the Don't Pass or the Don't Come. Not available in video craps.
Layout: The design imprinted with the various bets at a given game.
Level One System: Any card counting system that uses +1 or -1 as the value of the cards that are counted.
Levels: Honest gaming equipment and personnel. As in: "This game is on the level."
Liberty Bell: The original slot machine created by Charles Fey.
Light-Up Slot Machines: First created by the Jennings Company. Machines that have electronically lit panels.
Limited Bankroll System: The name of the craps system for individuals who can't afford the Captain's best buys, or who do not wish to play the Supersystem or 5-Count Pass and Come. Also known as the Low Roller System. A version of this system can be played at video craps.
Line Bet: A bet in craps on the pass line.
Little Joe: In craps, a roll of four. Also called Little Joe from Kokomo.
Long end of a bet: The side of a bet that must pay off more than it collects.
Long Run: The concept that a player could play so often that probability would tend to even out. That is, you would start to see the total appearance of numbers approximating