Casino house advantage
Everybody knows why casinos get rich. They have an advantage on every bet in games of independent trials. Every casino has its advantage against each player. It is called a house edge and exists in every online casino you play in. The house advantage is a percentage of a player's bets or a quantity that the house expects to win. For example if the house advantage is 5 percent the player will lose $5 for every $100 bets.
The player is not able to avoid the house advantage; he should choose a casino where the house advantage is lowered. That means that the player will have chances to win more and to lose less.
At certain games the house advantage covers some factors such as player's skills, the time spent on a game, bets amount. The player should know that a casino can't lose.
House advantage is different in various games. House advantages vary from casino to casino, from slot to slot. For a typical player with average skills house advantages in different casino games range from 5 percent to 1.5 percent for blackjack; 1.1 percent to 14.4 percent for baccarat; 1.4 percent to 16.7 percent for craps; 2.7 percent to 5.3 percent for roulette; and 0.5 to 12 percent for slot machines.
When a player involves an element of skill in playing or betting his chances to win are maximized. Slots, craps, roulette and other are the games of chance, which based on randomness. A typical player is not able to influence the outcome through any strategy. Each event in a game is independent and it's not influenced by previous events. For instance a roulette wheel is not more or less likely to land on black if it has just landed on red. You may lose and win but keep in mind that over time the outcome will be taken by the house advantage.
Experienced gamblers usually won't play for example slot machine games because there is nothing a player can do to change the house advantage. They prefer games of skill to games of chance because those will increase the winning chances such as poker.
Some may think that slots can cheat you. But it's not true. Regulatory agencies strictly control casinos and check if all games are determined by chance and you lose and win fairly.
If you know the house advantage you can have an idea of how much a casino expects to win. Some other factors can also influence the amount a player spends in casino games.
The longer a gambler plays in games of luck such as slots or craps, the more chance there is that the gambler will lose money because odds always favor a casino. For example the house edge for a slot machine is 10 percent. That means that a player will get $90 for each $100 wagered. But if the player re-wagers the $90 he will win back on average 90 percent of the $90 that is $81.
When you play the two-column roulette, bet $12 per column, the total is $24. The odds are 24-to-14. A win nets you $12. The casino grabs $24 when you lose and pays off $12 instead of $14. The house advantage arises because the payoff for winning a bet is below the odds.
The house advantage exists in four different ways. They are edge, vigorish or vig, return percentage, and hold. When you encounter them you shouldn't be confused.
Edge is a theoretical quantity. It's a percentage of the overall amount bet that the casino would earn from every wager a player makes. You can easily calculate that percentage. Let's take the two-column roulette for example again. A wheel makes 38 spins, the casino expects to win 14 rounds at $24 each, 14 x 24 - $336 and expects to lose 24 rounds at $12 for $288 in all. The total bet is $912 but the house grabs $336 - $288 or $48. This quantity is divided by the total bet and we get 5.26 percent, which would be the edge.
Vigorish in other words is a fee that the casino gets from bettors. Players pay the vig whether they win or lose. At craps, for example, the vig is 5 percent of the wager. When you bet $100, you give the dealer $105, $5 is the vig. If you win, you get back your $100 plus a $200 payoff; the casino keeps the $5. If you lose, casino gets the whole $105. But the vig is not the same in different games. At baccarat if you bet on banker and win, the winning banker pays you 100% - 5 %. The 5 percent is the vig. The loss means you lose the whole wager.
Return percentage (payout percentages) is the fraction of the overall bet that would go back to players if results were on the statistical button. This theoretical quantity usually use to describe slots payout. The edge for a 94 percent return is 100 minus 94 or 6 percent.
Hold is a tangible quantity and has 2 meaning when referring to slots or tables. On the slots hold is the amount cycled through the machine, that the casino keeps and based on tallies. And at tables the hold is the cash that casino keeps after players buy into a game.
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