Baccarat is a game that exudes refinement, conjuring images of men in tuxedos and women in posh evening gowns laying down chips as the dealer distributes cards. But there’s more to this game than meets the eye, with some players using advanced strategies to reduce the house edge.

To begin a round of Baccarat, the dealer will give two cards to the player’s space and the banker’s space. The winner is determined by which hand totals closest to 9. A winning bet pays out 1:1, while a losing bet loses its stake and is returned to the player. If the banker’s and player’s hands are tied, a Tie bet is paid out at odds of 8:1. The rules vary slightly by casino, but most online casinos will offer these same betting options.

Regardless of where you play, the first active game space at the table is the banker’s spot. The banker isn’t a real person, but a virtual player that the players compete against. The dealer passes out two cards to the banker’s space face-up and, once all bets have been placed, the player and banker hands are dealt.

Aside from the bets on player and banker, a variety of side bets are available in Baccarat. These wagers can be a great way to add more excitement to the game. However, it’s important to understand the odds behind these bets before placing them.

While most players are quick to bet on the banker, it’s a mistake to assume that this is the best strategy for every situation. In fact, the player hand wins more often than you might think. In a recent study, a group of researchers examined the results from 2,645 games of baccarat. They found that bets increase as a streak of losses continues and decrease as a streak of wins continues. This indicates that a gambler’s risk-taking behavior changes as their winning streaks change.

Baccarat is a popular choice among high rollers, who make up two-thirds of the game’s volume in Las Vegas casinos. Whether you’re a high-roller or just starting out, there are some basic tips to help you win more often and enjoy the game.

A key rule of baccarat is never to bet more than you can afford to lose. This simple staking system will help you stay in the game for longer and protect your profits. If you’re playing a low-stakes game, start with $10 bets and increase them after each win. This will prevent you from making huge bets when you’re not feeling lucky and allows you to stretch your bankroll over more rounds. If you’re a beginner, try the 1-3-2-6 strategy or a reinvention of it called the 1-3-2-4 system, which increases your bets by two units after each win but doesn’t let you increase your bet size more than you can afford to lose.