This article has been created for those interested in online casinos, specifically which casino games offer the best chance of a win when playing for real money. Every casino has a built-in advantage on all of its games called the house edge. Below we are going to take a more detailed look at how this works and what it means for you as a player.
What is The House Edge?
All casinos are out to make a profit and to do this they use something called the house edge which is a percentage of all the bets their players make The house edge percentage is not related to the total amount wagered. Instead, it indicates the average loss to the original bet.
As the house edge relates to the original bet, it is quite easy to estimate your losses when you are playing a single gaming session or hand. If the percentage is high the bigger the advantage is for the House (the online casino).
For instance, if you chose to play on a game that had a 0.30% house edge then you could reasonably expect to lose 30p. Similarly, if you are playing a game that had a house edge of 5% then you could reasonably expect to lose £5.
The majority of online casinos are open 24/7 and are played by people from all over the world so all those small percentages soon begin to add up and this is how all casinos make their profit.
However not all games have the same house edge percentage and that is what we are going to talk about next.
How the House Edge Differs
Casino games are offered in a wide variety to suit different types of players, but one thing that links them all is that they have been created to give the house (the casino) an overall advantage. Some games have fixed house edges whilst others can vary depending on the rules of the game and the deck size Remember the higher the house edge the more you stand to lose on your original bet.
- Baccarat has a house edge of 1.06% when you are betting on the banker. It has a 1.24% when betting on the player. If the tie is chosen then the house edge will increase to 14.36%.
- Craps has a large variety of betting options, each has a different house edge. Any seven bets have a high house edge of 16.67%, two, twelve and all hard hops have an edge of 13.89%. The pass/come bet has an edge of 1.41% and the don’t pass/don’t come has an edge of 1.36%. If you are taking odds on four or ten, five or nine or six or eight then the house edge is 0.00% making these wagering opportunities some of the best from any casino game. Remember though, that this bet must be paired with a negative expectation wager.
- If you are playing blackjack using Vegas rules then the house edge is relatively low at 0.28%.
- American roulette with its double zero has a house edge of 5.26% whilst the European version with a single zero has an edge of 2.70%.
- Slot machines have different house edges attached and can vary from 2% up to 25% upwards.
- Video poker games also vary in the house edge with some giving the player a slight advantage over the Casio. The traditional Jacks or Better version of poker has a house edge of 0.36%. Three-card poker has a 7.28% edge on the pair plus option. Choosing to ante and play has a 3.37% edge attached. Caribbean stud poker has an edge of 5.22%.
Counting the Cost of the House Edge
One interesting way that players can use the house edge is to calculate how much their entertainment costs. All casino games should be viewed as entertainment by the average player, they should never be viewed as a way of making money, and you should never chase any losses.
Knowing what the house edge is as well as knowing your average bet size and the average number of bets you are going to make in an hour means you can work out how much your hobby costs you. Once you have gathered this information multiply them together to get the average amount of money you stand to lose in an hour.
For instance, if you were to play roulette the European version has a house edge of 2.70%. You can expect to play around 40 hands per hour. If you were to wager £100 per bet, over an hour that would add up to £4000 with an expected loss of £108.
As mentioned earlier slot machines have varying house edges so for this example we shall assume a 10% edge. Slot games are fast and you could easily hit 600 spins in an hour. Although the majority of players would not bet £100 each spin if you did you could stand to lose a massive £6000.
Even though some games like slot machines provide a larger percentage for the house their payouts ensure that players return to try their luck slots are the largest revenue generator at both land-based and online casinos around the world.
In Conclusion
If given the right circumstances, the house edge can be turned to the player’s advantage in games of video poker or using certain betting options in craps, although this does not guarantee a long-term profit opportunity. By far the best way to view the house edge is to accept that the odds are not in your favour. Once you have accepted this then you can concentrate on having a fun and entertaining time, which is the main reason for playing in the first place.
