What is a ‘Maximum Bet’?
Part of the ‘table limit‘, a maximum bet is the most amount of money that a player may place in a single hand. Many factors go into deciding the particular limit, which could span from a single digit figure to something much higher. Set by the house, a maximum bet will differ from establishment to establishment and game to game.
‘Maximum Bet’ Explained
Set in place by the house, the maximum bet figure is decided by considering an array of factors. At its core, it’s a form of yield management (a variable pricing strategy that’s linked to consumer psychology) that’s tied in with the ‘minimum bet’.
A key factor is the stature of the establishment and their desired clientele. For example, a High Street casino in an average town isn’t going to attract ‘high rollers’, it will focus on local people of a low or average income. The ‘minimum bets’ will be very low – potentially only a single figure, while the maximum bet at one of the bigger games isn’t likely to go beyond four figures.
On the other side of the coin, a colossal house with a world renowned reputation like Caesars Palace in Las Vegas will have a substantially higher maximum bet. In 2007, they raised the maximum bet on a single hand of blackjack to $50,000. This high limit and risk factor will entice hardened players and further the reputation of the house, especially with ‘high rollers’.
While setting a high limit is an easy way to bring in big business, it also carries the risk of a very lucky player or series of lucky players wiping out the house’s profit for the year, at which point the house is likely to lower the maximum bet to something less exciting but more stable.