From sticky-floor California card rooms to the tuxedo-laden casinos of Monaco, baccarat has long been the game of choice for high rollers. Unlike blackjack, roulette or other casino games that require skill, baccarat relies on chance and the luck of the draw. It’s a game that’s easy enough for beginners to understand, but it’s also sophisticated enough to attract experienced players. And with the right strategy, it’s possible to improve your long-term results.

In baccarat, two cards are dealt to the player and banker. The goal is to get a hand closer to 9 than the other player’s. If the first two cards total 8 or 9, they are deemed “naturals” and automatically win, except in cases where the two hands produce naturals of equal value, which is then determined by drawing additional cards.

Whether you play on a real-world table or online, it’s important to establish a bankroll before the games begin. Set a specific amount that you’re willing to spend, and stick to it. Baccarat can be an exciting and addictive game, so it’s easy to lose track of how much you’re spending. If you’re losing, it may be tempting to chase your losses and double your bets. However, this strategy is rarely successful and can quickly drain your bankroll.

To avoid getting carried away, it’s a good idea to follow the Martingale betting system. This system is used for casino games that pay even money, and it’s simple to apply to baccarat. This method involves increasing your bet by one unit after every loss, then returning to the original size after a win. Using this system can help you build a solid bankroll over time, but be sure to gamble responsibly and never exceed your set limits.

Aside from the main bets on the Player, Banker and Tie, there are a number of side bets available. These wagers are placed before the cards are dealt, and their odds vary by platform or establishment. One popular bet is the player pair, which wagers that the player will receive identical cards on the deal. This bet pays 11:1 odds. Another option is the banker pair, which offers 5:1 odds.

Traditionally, baccarat is played in special alcoves in the casino, separated from other tables and the general casino action. It’s often a high-limit game, and it’s usually played with real cash rather than chips. In American casinos, this is generally $100 bills, while in Europe, it’s the oblong “plaques” that are stacked in front of winning players.