A Comprehensive Guide to The House Edge in Casino Games
The house edge is defined as the casino profit expressed as a percentage of the player’s original bet. The house edge is the ratio of the average loss to the initial bet.
Live casino games typically provide a predictable long-term advantage to the casino, while offering the players the possibility of a short-term gain that sometimes can be large. Some casino games have a skill element, where the players’ decisions have an impact on the results.
When players lose their bets, the house wins the bet. When the players win, the house pays out. Read our guide to learn about the house edge in casino games.
The House Edge
The most important gospel about all the live casino games is the house edge. The house edge is the ratio of the average loss to the initial bet. This is the math that ensures casinos’ continued profitability.
All casino games are set up to offer payouts which are less than the true odds of winning the game.
The easiest example to understand the house edge is the live roulette game. A roulette wheel has 38 pockets where the ball can fall. Two of them are green, eighteen are red and eighteen are black. Over 38 spins, you can expect the ball to hot black 18 times, hit red 18 times and hit the green 0 once.
The player places 37 individual bets of €10 each and the total bet amount becomes €370. According to the average, the player would win 18 times when hitting black getting €360 in return, while the remaining 19 bets lose. Out of a total spend of €370, the player is expected to receive €360 back. The house edge for this bet is 2.7%.
The house edge of casino games varies with the game, with some games having an edge as low as 0.3%. Slot machines can have house edges up to 15%. The house edge in top live roulette casinos in the UK is 2.70% for a European-style, single-zero wheel.
Probability in gambling
The probability of an event in gambling is the measure of the chance that the event will occur as a result of the wager made. It is impossible to discuss the house edge without probability in the live casino games.
Any wager made, that can give you an edge over the house or not, can be given a number representing its probability. This number is always in-between 0 and 1.
An event with a probability of 0 can never happen, and an event with a probability of 1 must always happen.
Numbers between 0 and 1 can be expressed in 3 ways.
- As percentages
- As decimals
- As fractions
A less common way of looking at a probability is in the odd format.
Getting an edge over the casino
The advantage players in the live casino games can get an edge over the house.
Blackjack, a game of cards, is the most common example where you can get an edge over the casino. But you can’t get an edge by just playing the hands correctly. In Blackjack, the aim of the player is to achieve a hand of cards whose points add up closer to 21 than the dealer’s hand. Many hands are played from the same deck of cards, so what happens in one hand will influence what happens in the remaining hands.
Another casino game where you can get an edge over the house is video poker. You need a perfect strategy to get an edge at video poker.
The best video poker games have pay tables which lowers the house edge to 0.5% or less.
The players’ club card entitles you to 0.2% or more in the refund.
If you find a video poker game with a low house edge and combine that with a players’ club card that offers a reasonably high rebate percentage, you can get an edge over the top live roulette casinos.
Understanding the house edge is a critical part of being an educated gambler. Live Roulette info has got plenty of experts to help you increase your odds to win in the live roulette games. They serve as a ready resource for each casinos promotion offers and live roulette bonuses.
SummaryName: A Comprehensive Guide to The House Edge in Casino Games
Author: Stephanie Regan
Published Date: 19/08/2019