Basic information about House Edge
Gambling, whether in a casino or online casino can be great fun but before a gambler bets too much he should know a little basic math.
The fun of gambling is betting against the house and winning free money. The catch is, most gamblers lose. Why?
Lets's start with the games themselves. They are stacked in favor of the casino at the get-go.
For example, if a gambler plays roulette in a casino with two zeros, commonly called American Roulette, there are a total of 38 numbers counting the two Zeros. So if you bet one Euro, and the casino paid true odds, then if a single number was hit, the casino should pay out 39 Euros, the players initial Euro back, plus 38. But the reality is a winner gets paid 36 Euros,
This is termed the house edge, and every game in the casino has a certain house edge, some decidedly worse than others.
Casinos never go broke offering games, because mathematically, over the long haul, they always have a mathematical edge. Thus, if a gambler rolled 7’s on the come-out roll in craps 10 times in a row, the pit boss may examine the dice to see if they are loaded, if a gambler was physically at the casino, but over the days, weeks and months, they’ve got nothing to worry about.
The Fun Factor
Knowing the house edge is not enough though, otherwise, everyone in the casino would play blackjack. There is also the fun factor.
In exchange for the possibility of winning thousands, gamblers submit to the house odds in slots for the possibility of a giant jackpot. But submitting to the house odds also plays in effect in the better probability games too.
Let's say a gambler was willing to risk 1000 Euros playing blackjack. Then the best way to have a chance and winning a thousand euros would be to make a single, thousand euro bet on blackjack. They would either win a thousand euros on this proposition or lose their thousand euro note.
The problem with that equation is that it's no fun to make just one bet and walk away, particularly if you spent 300 euros on plane tickets, food and hotel room to go to a physical casino. So most gamblers keep playing and playing, and gradually the house advantage eats up their money.
How to avoid the house advantage grind?
First, play a game like blackjack or roulette that has a relatively low house advantage. Second, learn all there is to know about the game. Gamblers who play blackjack, for example, must always play basic strategy, and craps players must avoid sucker bets, otherwise, they give away an additional three to five percent to the house. Finally, limit play to a few games as possible while still having fun.
The house edge works over the long haul for the casino, but over the short term, if a gambler plays right and knows the best strategy, the house can be beaten.