An understanding of the odds is important before you start learning how to gamble.
Understand the Odds
Odds are the ratios that tell you how likely something is to occur. For example, if you have a 1 in 100 chance of winning, then you have a 90% chance of losing. If you want to bet on a sure thing, then you should look for games with very low odds.
When you understand the odds, you will know if you are being offered a good deal or not.
Have an Understanding of Probability
Probability is the study of chances. It is useful to know the likelihood of different outcomes, as well as the likelihood of different outcomes happening at the same time.
By having a good foundation of probable outcomes will give better judgment on what your next move should be. Therefore, this is going to greatly minimize potential losses and move forward with informed gambling decisions.