Sure, casino, either online or offline might be the ‘Disneyland’ for you to amuse, enjoy and enthrall yourself and, at the same time, be the ‘possible ATM’ to receive some potential money when the right strategy and the right amount of luck factor favor you. But, all these, never come without a price, or for that matter, anything in this world never comes without a price and precisely, these casinos and their associated gambling business are never an exception. If that’s the case, what is that price you pay to the casinos in exchange for the potential bets or potential money you wager and which of course most of you are certainly unaware, especially, if you are new to this captivating world of casinos and gambling, in where anything and everything appears as an illusion to the novice gambler like you.
Not only the novice gamblers, even the occasional gamblers are not aware of this surprising price factor, as all they perceive about gambling is sheer chance or luck. But, that’s not the case entirely and one should understand that the gambling games, in harmony with the luck factor also depends upon certain mathematical calculations that define their working probabilities all the time. So, such a mathematical strategy is this ‘hidden’ price value that every gambler pays to the casino called the ‘house edge’, which denotes the average profit extracted by the casino from each potential player through their potential bets.
What is this house edge?
The way how you look at the casinos, both the online and the land-based ones, the potential medium to earn some lucrative money, the casinos also eye you as a potential medium to earn some profit, for which they have decided to run this business of gambling. This profit is what makes the casinos and their associated owners rich or sometimes even allow them to survive in this business and is, therefore, unavoidable.
This profit or the advantage that every casino obtain on your betting possibilities is called the ‘house edge’, which again can be explained as the difference between the possibility of you winning against the possibility of you not winning, or in other terms, the possibility of the house winning. Since the odds associated with various games vary and so this house edge factor, which varies greatly between the various games.
For example, in general, the roulette game is said to have 5% of house edge, which means, for every dollar you bet, you would only be paid back with 95cents on your winning by the casino and the remaining 5 cents remain the profit or the house edge for the casino. So, the longer you play, the longer you would be paying towards the house edge factor, as your bets keep on increasing.
House edge explained in detail
This house edge should not only be seen as the opportunity for the casinos to earn some definite profit, but also an opportunity for a player like you to understand and attack the game strategically so that you earn the maximum benefit, or at least, escape unpleasant losses. Hence, understanding the house edge is certainly important for any gambler like you so that you make most out of the bets you wager on a specific game type.
The house edge can be best explained with the double zero roulette game or the US version of the roulette game, in where the odds of you winning in the available 38 variations, that is the numbers 1-36 and the positions 0 and 00, is calculated as follows,
Out of the 38 variations, only the 18 black positions or numbers could offer you with a win and therefore your winning chances are,
18/38 = 47.3%
When you calculate the winning probabilities of the house, you should also consider 0, and 00 positions too and therefore, it has 20 possible positions of winnings (18 red places and the 0 and 00 places) that offer the following percentage of winning chances.
And the house edge, which is the difference in discrepancies among your winning possibilities and the house’s winning possibilities, is,
52.6-47.3 = 5.3%
This is how the house edge is calculated for the US roulette game and therefore, varies for different games in accordance with their available odds and combinations.
Points to the gambler
A gambler like you should understand this strategy and choose your game accordingly so that you could make most of it, without losing ‘much’ on this house edge factor. But, an interesting and more exciting news is that there are only very few reliable casinos that offer equal-odds game varieties in where, the odds of you and the casino winning remains the same, or in other words, no house edge at all. To enjoy such gambling experience, go to https://betvoyager.com/equal-odds/