Live Dealer Casinos and Understanding the House Edge
Live Dealer Casinos and Understanding the House Edge
It is a fact of life that casinos must make money in order to stay in business, and the house edge provides the means for the casinos to do just that. The savvy gambler will take the time to learn and understand what the house edge is on the games that they play, and then takes every opportunity to trim this down to 2 percent or less. Some of these opportunities would include ideas like playing single zero roulette, or playing basic strategy blackjack, or even taking even money bets on craps.
This doesn't mean that you can't play other games that you might prefer, like slots or baccarat. You may find the pace of these other games more to your taste, or you might enjoy something more relaxing than playing at a blackjack table. When you understand how the house edge works and just what this means in your game of choice, then you will be able to make informed decisions which better suit your play style, budget, and temperament.
In order for a casino to make sure that it will make money, it needs alter the payouts from true odds to casino odds, guaranteeing themselves a percentage of every wager. The difference between true odds and casino odds is called the house edge, which varies from game to game and can range from as low as 1.1% all the way up to 40%.
One example of how this works can be found in the game of roulette. On the American roulette wheel there are a total of 38 pockets, with the odds of 37 to 1 that any particular number will win on a spin. However, if you place a wager on a number and win, then the casino will only pay out 35 to 1. This means that if you bet $1.00 on each number on the board, making your wager a total of $38.00 on a sure thing, you will still only be paid a total of $36.00 (your payout of $35.00 plus your original $1.00 bet). So, even if you bet on every number, you will still lose $2.00. Therefore, the house edge on any single number in American roulette would be 2/38, or 5.26 percent.
In games of chance you will find that the house edge is typically high. Games like Keno only payout 50% to 75% of the money that they take in, making the house advantage 25% to 50%. There really isn't much that you can do to control the house edge in a game of chance. The best that you can do is to learn which bets are the most advantageous and then avoid those "sucker bets" (the ones with the extremely high house advantage).
In games of skill, like blackjack or poker, the house edge is normally much lower, usually around 5 percent. You can trim the house edge even lower by following the basic strategy rules and learning good money management strategies. Skill, discipline, and knowledge are the best weapons that you can use in fighting the house edge, no matter what game you decide to play.
There isn't any magic formula or theory that will let you win 100% of the time, but knowing the house rules and the house edge will certainly give you the information that you need to make your game time more fun and profitable. Taking the time to learn before you play will help you play with peace of mind. And always remember to have fun! Good luck!
It is a fact of life that casinos must make money in order to stay in business, and the house edge provides the means for the casinos to do just that. The savvy gambler will take the time to learn and understand what the house edge is on the games that they play, and then takes every opportunity to trim this down to 2 percent or less. Some of these opportunities would include ideas like playing single zero roulette, or playing basic strategy blackjack, or even taking even money bets on craps.
This doesn't mean that you can't play other games that you might prefer, like slots or baccarat. You may find the pace of these other games more to your taste, or you might enjoy something more relaxing than playing at a blackjack table. When you understand how the house edge works and just what this means in your game of choice, then you will be able to make informed decisions which better suit your play style, budget, and temperament.
In order for a casino to make sure that it will make money, it needs alter the payouts from true odds to casino odds, guaranteeing themselves a percentage of every wager. The difference between true odds and casino odds is called the house edge, which varies from game to game and can range from as low as 1.1% all the way up to 40%.
One example of how this works can be found in the game of roulette. On the American roulette wheel there are a total of 38 pockets, with the odds of 37 to 1 that any particular number will win on a spin. However, if you place a wager on a number and win, then the casino will only pay out 35 to 1. This means that if you bet $1.00 on each number on the board, making your wager a total of $38.00 on a sure thing, you will still only be paid a total of $36.00 (your payout of $35.00 plus your original $1.00 bet). So, even if you bet on every number, you will still lose $2.00. Therefore, the house edge on any single number in American roulette would be 2/38, or 5.26 percent.
In games of chance you will find that the house edge is typically high. Games like Keno only payout 50% to 75% of the money that they take in, making the house advantage 25% to 50%. There really isn't much that you can do to control the house edge in a game of chance. The best that you can do is to learn which bets are the most advantageous and then avoid those "sucker bets" (the ones with the extremely high house advantage).
In games of skill, like blackjack or poker, the house edge is normally much lower, usually around 5 percent. You can trim the house edge even lower by following the basic strategy rules and learning good money management strategies. Skill, discipline, and knowledge are the best weapons that you can use in fighting the house edge, no matter what game you decide to play.
There isn't any magic formula or theory that will let you win 100% of the time, but knowing the house rules and the house edge will certainly give you the information that you need to make your game time more fun and profitable. Taking the time to learn before you play will help you play with peace of mind. And always remember to have fun! Good luck!
