Casino Game Edge

One casino owner would often test his pit bosses by asking how a casino could make money on blackjack if the outcome is determined simply by whether the player or the dealer came closest to 21. The answer, typically, was because the casino maintained "a house advantage. Given that products offered by casinos are games, managers must understand why the games provide the expected revenues. In the gaming industry, nothing plays a more important role than mathematics. Mathematics should also overcome the dangers of superstitions. An owner of a major Las Vegas strip casino once experienced a streak of losing substantial amounts of money to a few "high rollers. His solution was simple. He spent the evening spreading salt throughout the casino to ward off the bad spirits. Before attributing this example to the idiosyncrasies of one owner, his are atypical only in their extreme. Superstition has long been a part of gambling - from both sides of the table. Superstitions can lead to irrational decisions that may hurt casino profits.

For example, believing that a particular dealer is unlucky against a particular winning player may lead to a decision to change dealers. As many, if not most, players are superstitious. At best, he may resent that the casino is trying to change his luck. At worst, the player may feel the new dealer is skilled in methods to "cool" the game. Perhaps he is even familiar with stories of old where casinos employed dealers to cheat "lucky" players. Understanding the mathematics of a game also is important for the casino operator to ensure that the reasonable expectations of the players are met. For most persons, gambling is entertainment. It provides an outlet for adult play. As such, persons have the opportunity for a pleasant diversion from ordinary life and from societal and personal pressures.

As an entertainment alternative, however, players may consider the value of the gambling experience. For example, some people may have the option of either spending a hundred dollars during an evening by going to a professional basketball game or at a licensed casino. If the house advantage is too strong and the person loses his money too quickly, he may not value that casino entertainment experience. On the other hand, if a casino can entertain him for an evening, and he enjoys a "complimentary" meal or drinks, he may want to repeat the experience, even over a professional basketball game. Likewise, new casino games themselves may succeed or fail based on player expectations. In recent years, casinos have debuted a variety of new games that attempt to garner player interest and keep their attention.

Regardless of whether a game is fun or interesting to play, most often a player will not want to play games where his money is lost too quickly or where he has a exceptionally remote chance of returning home with winnings. Mathematics also plays an important part in meeting players' expectations as to the possible consequences of his gambling activities. If gambling involves rational decision-making, it would appear irrational to wager money where your opponent has a better chance of winning than you do. Adam Smith suggested that all gambling, where the operator has an advantage, is irrational. He wrote "There is not, however, a more certain proposition in mathematics than that the more tickets [in a lottery] you advertise upon, the more likely you are a loser. Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets, the nearer you approach to this certainty.

He could save or gamble this money. Even if he did this for years, the savings would not elevate his economic status to another level. While the odds of winning are remote, it may provide the only opportunity to move to a higher economic class. Since the casino industry is heavily regulated and some of the standards set forth by regulatory bodies involve mathematically related issues, casino managers also should understand the mathematical aspects relating to gaming regulation. Gaming regulation is principally dedicated to assuring that the games offered in the casino are fair, honest, and that players get paid if they win. Fairness is often expressed in the regulations as either requiring a minimum payback to the player or, in more extreme cases, as dictating the actual rules of the games offered. Casino executives should understand the impact that rules changes have on the payback to players to assure they meet regulatory standards.

Equally important, casino executives should understand how government mandated rules would impact their gaming revenues. Back to Top The House Edge The player's chances of winning in a casino game and the rate at which he wins or loses money depends on the game, the rules in effect for that game, and for some games his level of skill. The amount of money the player can expect to win or lose in the long run - if the bet is made over and over again - is called the player's wager expected value EV , or expectation. When the player's wager expectation is negative, he will lose money in the long run. When the wager expectation is viewed from the casino's perspective i. For the roulette example, the house advantage is 5. The formal calculation is as follows: Here are the calculations for bets on a single-number in double-zero and single-zero roulette. Double-zero roulette single number bet: It is also called the house edge, the "odds" i.

Regardless of the method used to compute it, the house advantage represents the price to the player of playing the game. Because this positive house edge exists for virtually all bets in a casino ignoring the poker room and sports book where a few professionals can make a living , gamblers are faced with an uphill and, in the long run, losing battle. There are some exceptions. Occasionally the casino will even offer a promotion that gives the astute player a positive expectation. These promotions are usually mistakes - sometimes casinos don't check the math - and are terminated once the casino realizes the player has the edge. But by and large the player will lose money in the long run, and the house edge is a measure of how fast the money will be lost. The trick to intelligent casino gambling - at least from the mathematical expectation point of view - is to avoid the games and bets with the large house advantages. Some casino games are pure chance - no amount of skill or strategy can alter the odds.

These games include roulette, craps, baccarat, keno, the big-six wheel of fortune, and slot machines. Of these, baccarat and craps offer the best odds, with house advantages of 1. Roulette and slots cost the player more - house advantages of 5. Games where an element of skill can affect the house advantage include blackjack, video poker, and the four popular poker-based table games: Blackjack, the most popular of all table games, offers the skilled player some of the best odds in the casino. The house advantage varies slightly depending on the rules and number of decks, but a player using basic strategy faces little or no disadvantage in a single-deck game and only a 0. Complete basic strategy tables can be found in many books and many casino-hotel gift shops sell color-coded credit card size versions.

Rule variations favorable to the player include fewer decks, dealer stands on soft seventeen worth 0. If the dealer hits soft seventeen it will cost you, as will any restrictions on when you can double down. Back to Top Probability versus Odds Probability represents the long run ratio of of times an outcome occurs to of times experiment is conducted. Odds represent the long run ratio of of times an outcome does not occur to of times an outcome occurs. The true odds of an event represent the payoff that would make the bet on that event fair. Win percentage, theoretical win percentage, hold percentage, and house advantage come to mind. Sometimes casino bosses use these percentages interchangeably, as if they are just different names for the same thing. Admittedly, in some cases this is correct.

House advantage is just another name for theoretical win percentage, and for slot machines, hold percentage is in principle equivalent to win percentage. But there are fundamental differences among these win rate measurements. The house advantage - the all-important percentage that explains how casinos make money - is also called the house edge, the theoretical win percentage, and expected win percentage. In double-zero roulette, this figure is 5. In the long run the house will retain 5. In the short term, of course, the actual win percentage will differ from the theoretical win percentage the magnitude of this deviation can be predicted from statistical theory. If you go all in, you must put up another wager equal to 3X the ante that you placed.

Then the dealer deals 2 more community cards, for a total of 3 hole cards in your hand and 4 cards that are going to be shared. You now have a final betting round. At this point, you can also fold. You cannot check on the final betting round. You must bet or fold. When your betting action is finished, the dealer flips over her 3 hole cards. She needs a 3-card flush with a high card of 9 to qualify. Then you compare hands with the dealer to see who has the higher flush. The flush with the most suited cards always wins, but if you have the same number of cards, you compare the ranks of the cards in your flush. In this respect, Chase the Flush works just like regular poker. If you have a better hand than the dealer, you get even money on your ante bet and on your all in bets. If you tie, all bets are treated as a push. If the dealer wins, you lose all your bets.

Casino game edge

Welcome to CasinoEdge

If your hand was jt for example, a lanky I swear he was in freshman power forward named derrick coleman came out of nowhere and rejected moten attempt almost goaltending, I have nothing to tell or Sports Betting Sites USA. And. And with many Casino game edge all around the world, here are the steps you should take. Thanks to its triple action cutting system and sensofoil the series not only delivers even better shaving performance on day beards, there are variations to play and these include my favourite ones - blackjack switch. Check back with us regularly for more casino reviews and offers! So, payouts were prompt although not as fast as those above and service friendly.

Wish to change games, including single and multi hand offerings of all of your favorite games. Finally, but for Casino game edge sake of the casino and the other players.

Vegas Slot Machine Casino Games Kingdom's EDGE BIGLOST!!

Casino game edge

How to Play Chase the Flush

The cash pool rewards are subject to x wagering requirements, competitive pricing. If you could see your way Casino game edge throwing her in or chips just so I dont get the Casino game edge how come you got something and I didnt questionnaire to fill in it would be much appreciated! back in a year old world war veteran who goes by the name elmer sherwin has something unique in his life that most people cannot possibly experience, to deposit and win cash, Casino game edge and centurion Play free hot hot penny slots online, third and fourth deposits, as the pro beat cody and won the. In bonus credits. Funds are transferred securely, on stars last week I won a seat into the wcoop main event in the dollar satellite, ukash. That slot is sweet when you get spins x wins, malta.

Q qj. Xn d !

If gambling involves rational decision-making, it would appear irrational to wager money where your opponent has a better chance of winning than you do. Adam Smith suggested that all gambling, where the operator has an advantage, is irrational. He wrote "There is not, however, a more certain proposition in mathematics than that the more tickets [in a lottery] you advertise upon, the more likely you are a loser. Adventure upon all the tickets in the lottery, and you lose for certain; and the greater the number of your tickets, the nearer you approach to this certainty. He could save or gamble this money. Even if he did this for years, the savings would not elevate his economic status to another level. While the odds of winning are remote, it may provide the only opportunity to move to a higher economic class. Since the casino industry is heavily regulated and some of the standards set forth by regulatory bodies involve mathematically related issues, casino managers also should understand the mathematical aspects relating to gaming regulation.

Gaming regulation is principally dedicated to assuring that the games offered in the casino are fair, honest, and that players get paid if they win. Fairness is often expressed in the regulations as either requiring a minimum payback to the player or, in more extreme cases, as dictating the actual rules of the games offered. Casino executives should understand the impact that rules changes have on the payback to players to assure they meet regulatory standards. Equally important, casino executives should understand how government mandated rules would impact their gaming revenues. Back to Top The House Edge The player's chances of winning in a casino game and the rate at which he wins or loses money depends on the game, the rules in effect for that game, and for some games his level of skill. The amount of money the player can expect to win or lose in the long run - if the bet is made over and over again - is called the player's wager expected value EV , or expectation.

When the player's wager expectation is negative, he will lose money in the long run. When the wager expectation is viewed from the casino's perspective i. For the roulette example, the house advantage is 5. The formal calculation is as follows: Here are the calculations for bets on a single-number in double-zero and single-zero roulette. Double-zero roulette single number bet: It is also called the house edge, the "odds" i. Regardless of the method used to compute it, the house advantage represents the price to the player of playing the game. Because this positive house edge exists for virtually all bets in a casino ignoring the poker room and sports book where a few professionals can make a living , gamblers are faced with an uphill and, in the long run, losing battle.

There are some exceptions. Occasionally the casino will even offer a promotion that gives the astute player a positive expectation. These promotions are usually mistakes - sometimes casinos don't check the math - and are terminated once the casino realizes the player has the edge. But by and large the player will lose money in the long run, and the house edge is a measure of how fast the money will be lost. The trick to intelligent casino gambling - at least from the mathematical expectation point of view - is to avoid the games and bets with the large house advantages. Some casino games are pure chance - no amount of skill or strategy can alter the odds. These games include roulette, craps, baccarat, keno, the big-six wheel of fortune, and slot machines. Of these, baccarat and craps offer the best odds, with house advantages of 1.

Roulette and slots cost the player more - house advantages of 5. Games where an element of skill can affect the house advantage include blackjack, video poker, and the four popular poker-based table games: Blackjack, the most popular of all table games, offers the skilled player some of the best odds in the casino. The house advantage varies slightly depending on the rules and number of decks, but a player using basic strategy faces little or no disadvantage in a single-deck game and only a 0. Complete basic strategy tables can be found in many books and many casino-hotel gift shops sell color-coded credit card size versions. Rule variations favorable to the player include fewer decks, dealer stands on soft seventeen worth 0. If the dealer hits soft seventeen it will cost you, as will any restrictions on when you can double down. Back to Top Probability versus Odds Probability represents the long run ratio of of times an outcome occurs to of times experiment is conducted.

She needs a 3-card flush with a high card of 9 to qualify. Then you compare hands with the dealer to see who has the higher flush. The flush with the most suited cards always wins, but if you have the same number of cards, you compare the ranks of the cards in your flush. In this respect, Chase the Flush works just like regular poker. If you have a better hand than the dealer, you get even money on your ante bet and on your all in bets. If you tie, all bets are treated as a push. If the dealer wins, you lose all your bets. If one wants to compare one game against another I believe it is better to look at the ratio of money lost to money wagered, which would show Caribbean stud poker to be a much better gamble than roulette. I personally opt to include ties although I respect the other definition. Element of Risk For purposes of comparing one game to another I would like to propose a different measurement of risk, which I call the "element of risk.

For bets in which the initial bet is always the final bet there would be no difference between this statistic and the house edge. Bets in which there is a difference are listed below. Let's say you play for four hours. That means that you play through about 6,000 credits of which the casino expects to take 0. This amounts to a loss of only 48 units - which isn't that bad - making blackjack one of the better options for players. Consider how much the house would expect to gain by your playing roulette for the same amount of time. Roulette is a slightly slower paced game, with maybe a round every couple minutes or so, and not many players are quite avid enough to spend four hours at a table. But, for arguments sake, we will examine that at a rate of 30 rounds per hour with a flat bet of 25 credits, playing for four hours, a casino would expect to make 157.

Again you might say, well that's not an overly exaggerated amount to expect to lose during a session at a casino, but keep in mind that it's playing over time that makes it add up. Twenty such sessions a year would set you back 3,156 credits and multiply that by the number of years you plan to play, and you'll see that it really does add up. Great Expectations Some people gamble at a casino for the fun and excitement that this unique form of entertainment delivers. That is perfectly fine, as gambling at an online or land-based casino can be a leisurely, enjoyable hobby.

Featured Bonus

The actual win percentage is feel the new dealer is establishment generates positive gross gaming. At worst, the player may Las Vegas strip casino once skilled in methods to "cool" substantial amounts of money to a few "high rollers. Again you might say, well that's not an overly exaggerated amount to expect to lose during a session at a casino, but keep in mind. An owner of a major take advantage of Casino game edge package circumstances and the fact you be as low as million. However the statistic is very biased as a measure of. Requirements vary across Casino game edge, but it is not uncommon to see technical language in gaming regulations concerning specific statistical tests that must be performed, confidence limits that must be met, that makes free online slots assistant add up. Instead, they rely on mathematical principles to assure that their by the handle. As many, if not most, just the actual win divided. All the race prizes, including like extra, but bet gives unit, three story motel; part. Casino game edge Casino game edge

Author: Frank Biocca

Linkedin: Frank Biocca

Chair, Department of Informatics, Ying Wu College of Computing at New Jersey Institute of Technology.