This may seem strange, but the concept of house edge remains something abstract for a long time for many players. They do not understand what it means, where it comes from, and how it is calculated. If you belong to this category of gamblers, read the article to eliminate this gap in your knowledge once and for all. Let your approach to gambling become more scientific.
Basic Knowledge of the House Edge
There are multiple definitions of the house edge. For example, this:
The house edge is the mathematical advantage the casino has over players in almost all gambling games. It is calculated by the formula: 100% minus the game's RTP.
This means the casino pays less than it should, based on the probability of winning. Let's look at a specific example. Roulette will be the most convenient.
- European roulette features 37 numbers from 1 to 36 and zero. However, if you bet a dollar on some number and win, you get only 35$, although the real odds are 36:1.
- In the case of American roulette, the situation for a player is even worse. It features 37 numbers (add double zero), but the payoff from one number is still the same 35$ if you bet 1$. In other words, if you cover the entire field with the same-value chips, you are guaranteed to lose 1$ at European roulette and 2$ at American.
Likewise, if you bet on red/black, odd/even, or 1-18/19-36 roulette, the payout is 1:1, but in the case of zero, all bets like these will lose (except for some special rules in some casinos). It also guarantees an advantage to the casino.
This in no way can be considered cheating.
The casino is a business, and the purpose of the house edge is to make a profit. Otherwise, gambling houses would not exist.
House Edge in Various Games
Various games and even bets feature a house edge, although there are rare exceptions (e.g., some bets in craps). Video poker variations may give an advantage to the player if you play with the perfect strategy and make no mistakes.
In blackjack, the quality of the game directly affects the house edge. Professionals who have mastered card counting can achieve positive results in the long term in the game. That's why the casinos will try to ban such players.
House edge of each game is no secret, but in most cases, these figures are valid only when you perfectly stick to the optimal strategy. Therefore, if you still haven't decided which casino game is the best for you, don't be lazy to spend time and study statistics. Perhaps, you will radically change your preferences.
- Playing keno that features, on average, a house edge over 20% is not profitable.
- There is also no point in playing American roulette with a standard and a double zero if you can try your luck on European roulette.
- In games such as craps, all you need is to study the odds for each type of bet because their profitability for a player can vary a lot.
Remember, even a relatively stable casino game is possible only if you study the selected game's statistics and nuances.