Understanding the House Edge
The house edge. It’s quite a headache for many players in the gambling world. As much as they can be complex, it’s important that you understand how they work by taking time to go through the house odds offered in the game you intend to play.
What is the House Edge?
In layman’s language, this means having an advantage over someone else. Let’s say that you play a boxing game against Floyd Mayweather, he will have an edge or advantage over you. The same concept applies to various online casino games.
The first step to understanding the term and how it applies is understanding the odds. All bets in casinos have a mathematical outcome. A simple example is a coin. If you flip the coin, you have 2 outcomes, the tails or the heads.
This means that you have a 50% chance of getting it right.
How Various Casinos Come Up With Various Odds
Odds change and casinos can change the odds to increase their profits because of business purposes. This means that various casinos will have different odds for the same game which means that the house edge varies from one casino to another.
With that in mind, you can determine what you’ll get in the long run in terms of payouts thereby informing your decision on where to play. Some of the games with varying odds include:
- European roulette
- Video Slots
For the latter, the house edge ranges from 2% to 10% while in Blackjack, the house edge stands at about 7%. For European roulette, 2.7% is the typical house edge, but below are some games with lower house edges:
- Caribbean Stud Poker: 5%
- Pai gow poker: 2.6%
- Video poker: 0.5%
- Three card poker: 1.5%
- Baccarat: 1.5%
- Craps: 1.4%
How to Play Around with the House Edge in casino Games
You also have a chance of playing around with the odds to ultimately bring the house edge down. In the same breath, some bets pose present more risks compared to others in games such as roulette. Take a bet on a red for an example. You have a 5/50 chance of winning. On the other hand, a bet on the numbers presents a 1 in 37 chance of winning.
If such bets present more risks, you can opt for the side bets which offer better odds. This, however, doesn’t mean that you will have your way. Rather, it means you have better chances of winning. In addition to knowing the odds and placing informed bets, you can also learn various approved strategies. Games such as blackjack have many strategies you can incorporate.
What Next After the House Edge?
Players can lower the house by learning the best ways to play at certain games. With that in mind, it is crucial to know that such betting strategies don’t promise wins, but since the house edge is all about numbers, you can play around with them.
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Blog Name: Understanding the House Edge
Posted On: 15/10/2018
Author: Robert Bowron