Casino Mines Games ph a Particular Game Online
Let’s start by looking at the revenue sources an online casino has:
House edge is the amount a casino is expected to profit from each bet made on a particular game.
For example, if a player bets $100 on red playing roulette there are 18 red slots, 18 black slots, and 1 green slot. 18/37 times the bet will win, netting the player $100. However, 19/37 times the bet will lose, meaning the player loses their $100 bet.
To figure out the expected value of making a bet we use this equation: EV = ($ win x probability) + ($ loss x probability)
Plugging in that equation with our numbers it looks like this EV = ($100 x 18/37) + (-$100 x 19/37)
EV = ($48.65) + ($51.35)
EV = -$2.70
We can see that the expected value of making this $100 bet is -$2.70, which means that the house edge in this bet is 2.70%. That 2.70% is the profit casinos make in a day.
This equation can be used to figure out the house edge in any casino game and gives you an idea of which games are the best to play. Not all casino games have the same house edge and not all bets in the same game have the same house edge. Here are the lowest possible house edges for the most popular casino games (assuming no advantage play):
- Blackjack house edge – 0.5%
- Baccarat house edge – 1.06%
- Craps house edge – 1.36%
- European Roulette (single zero) house edge – 2.70%
- American Roulette (double zero) house edge – 5.26%
While these edges don’t seem particularly big, over the long run they really add up. Take our roulette example, from a $100 bet their expected value is $2.70. Say the total amount of red/black bets made on roulette for a day is $1,000,000 – their expected value is $27,000. That’s just for one bet type of one game!
Sweepstake casinos generally do not rely on the house edge in order to comply with legislations. They instead make money by selling virtual currencies and through other revenue streams.