What is the House Edge and How Does It Affect Casino Games?

Question

What is the 'house edge' in casino games, and how does it impact my expected losses?

Answer 1

The house edge is the mathematical advantage that the casino has over the players. It represents the expected percentage of each bet that the casino expects to keep over the long run. For example, in a game with a 5% house edge, you can expect to lose 5% of the total amount you bet over time. This ensures that the casino will profit as more bets are placed.

Comments

Sadly none of this matters, as every game is rigged electronically now, meaning the house edge is more like 75%

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Here's one aspect of roulette wheels. If they are the traditional mechanical type (vs "virtual" wheels) that machine, over time, will exhibit biases which, if discovered, can actually tip things against the casino.

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There is exactly one bet at the casino with no house edge. That is the "odds" bet on the craps table. The "odds" bet will pay you the exact odds on hitting that role making it a neutral EV bet.

The casino takes a small edge on the 1 to 1 payout on the pass line itself (required in order to play the "odds" bet).

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I always assumed when I saw 97% payout   that it meant you lost 3% everytime you bet - you'd lose everything over time

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OUR FAVORITE (Yes our favorite) statement from new players ( and some old players) is : YES But I win with the 7 & the 11 on the pass line and come bet-  Oh Gee whiz.   OK sit down and work out the "real math" of that statement: You have 8 ways to win on the come out roll with the 7 & 11. That is a very low 22.22% ( less than 25% or 1 in 4) VS 28 ways ( 77.77%) Over 75% that you will lose with the 2,3,&12 or roll a point number 4-10 that you now have to roll TWICE to win and only pays even money. That is a good bet??  Those are not very good odds for the pass/come bettor. 22.22% VS 77.77% This is known as "Casino math ( House edge) VS Real math ( ROI). Any questions? Enjoy the show!!! Casino Math VS Real Math. ☯ "All This house edge is Crap with a Capital C in Craps" From the show on Y.B "Casino Math ( House edge) VS Real math ( ROI $$) .