The House Edge – A Guaranteed Win for the Casinos

Here’s why it’s important to know the house edge, which is the amount of money the casino expects to win from you over time when you play the games. The bigger the edge, the more they win. The smaller the casino advantage the longer your money may last. You are at risk for a quicker loss on any type of bet within a game that has a house edge of more than 2%.

Here is the house edge, AKA casino advantage, for some of the most popular gambling games in casinos today:

Roulette

There are 38 numbered positions that players can wager on in a number of ways. Betting a single number and winning will net you a payoff of 35 to 1. Therefore the casino makes a 2 unit profit for each win. 2/38 = 5.26% advantage for the house. Your expected loss over time is $5.26 for every $100 wagered. on a single number.

Craps

Type of bet Edge

Pass Line 1.4%

Place 6, 8 1.5%

Any Seven (one roll wager) 14.36%

Baccarat

Bet Bank. 1.06%

Bet Player 1.24%

Bet Tie 14.38%

Basic Blackjack

By far the best table game as long as the player uses correct basic strategy and the house offers favorable rules such as:

Blackjack pays 3 to 2

Dealer stands on soft seventeen

Double after splitting pairs

Double on any 2 cards

Re-split pairs

Surrender allowed

Look for these rules and you’ll enjoy a house edge of about 0.5%.

It’s worth noting that many casinos have switched to hitting soft 17. This increases the edge to 0.7% but it’s still a good game. Be aware of games that pay only 6 to 5 for a player blackjack instead of the customary 3 to 2. Simply put, a 3/2 game nets a player $15 for a $10 bet, whereas a 6/5 game only pays $12. That’s a -$3 loss for every blackjack! Not good. Unfortunately, the Vegas strip is converting to 6/5 games.

Blackjack Variants

Two low edge blackjack variants are:

Spanish 21. 0.7%

Blackjack Switch 0.6%

Carnival Games

Remember the infamous words of the carnival showman P.T. Barnum? ” There’s a sucker born every minute”. A number of games are dubbed carnival games because of a higher house edge than the traditional offerings of blackjack and baccarat. They are:

Texas Holdem Bonus 2.0%

Three Card Poker 2.3%

Ultimate Texas Holdem 2.5%

Four Card Poker 2.8%

Casino War 2.9%

Crazy 4 Poker 3.4%

Let it Ride 3.5%

Mississippi Stud Poker 4.9%

Caribbean Stud Poker 5.2%

Also, be mindful of the optional bonus or side bets at the tables. Most games have them, including those with a low edge.The winning payout amounts look very attractive and players can win even if the original wager is lost to the house. However the house edge jumps to double digits on most of these wagers.

Sports Gambling

When betting on sports games, the house takes a “vig”, slang for vigorish, when bettors make an even money wager. For example, a $10 bet on the Buffalo Bills, vs. the Miami Dolphins will cost $11. Player wins $10, the house keeps $1.

Slot Machines

It seems the everybody loves the penny slots these days. Multi-coin, multi-line with striking themes, graphics and bonus features. Players can wager as little as fifteen cents up to three or four dollars per spin. the edge on the pennies ranges between 10 & 15%! The hold on dollar and higher machines is much lower, ranging from 2 to 5%. If you’re going to bet max on the pennies, you’re better off playing the bucks.

If you like machines study up on video poker. Learn how to read the pay tables that are posted on each machine. There is a skill element to video poker. Choosing the right game can drop the house edge to less than 1%. Good Luck!


Importance of Taking Risk in Life

Is life devoid of risk? Surely not! Our lives are full of risks of all shapes and sizes. When we go on road we risk getting hit by a vehicle; when we take an examination we risk failing; and when we start a business we risk losing the capital. In fact life is full of risks. Should we completely stop taking any risk? It’s like asking should we stop living. Stop giving too much thought to risks.

It’s part of the human nature to avoid taking a risk. However, if you dream big then you must be ready to take chances. The human history is full of examples when people took huge risks and got incredible success. If you want to achieve great success then you must be taking big risks too. There is no big gain without big risks. The richest people in the world are mostly businessmen. They take huge risks in starting their ventures. Statistically most businesses fail. However, when a business venture becomes a success it generates a huge amount of money for its owners. Most of us have to fight against the odds and risk big things in order to gain any success.

Not only average people, but even fairly successful ones have to take risks to achieve a bigger success. The world famous animation filmmaker Walt Disney had to put all his money in his dream project Disney World. He also took huge amounts of loan to build the tourist attraction based in Florida in the US. The risk paid him off well and today more than 5 crore people visit Disney World annually, making it one of the world’s most popular tourist destinations. He was lucky that he achieved success with the venture. It could have gone the other way and he could have lost all he had earned in his life.

The film industry is full of examples of filmmakers putting all money in a venture and losing big time. The legendary filmmaker Guru Dutt was broke after his film Kaagaz Ke Phool bombed at the box office, while another famous director Raj Kapoor suffered heavy losses when his dream project Mera Naam Joker was a commercial failure. Both were successful filmmakers of their era but lost money in those ventures. However what made them winners was that they kept taking further risks and both made lots of money in their next ventures, Chaudhvin Ka Chand and Bobby respectively.

Several times you have to take risk to get a bigger success even if you are quite comfortable in your life. Rajkumar Hirani was a successful advertisement film maker, running his own advertising studio before 2003. However he wanted to make his mark in the Hindi film industry and took the risk by refusing to take new advertisement projects to focus on his film venture. He kept writing script of a new film while his advertisement film career was going down as a result. It was a risk because he could not have found any producer for his film and there was no guarantee that the film would become a success at the box office, ensuring further work for him. Still, Hirani took the gamble. He looked for a film producer once the script was ready. Luckily he got a producer and his film became a critical and commercial success on its release. The title of the film was Munnabhai M. B. B. S.

Several times we fail when we take risk. Yet even failure makes us wiser and we learn many lessons. Film actor Amitabh Bachchan had an ambitious plan to start a company on the pattern of a Hollywood film studio. He launched his company Amitabh Bachchan Corporation Limited (ABCL) in 1995. The gamble did not pay off and the company went bankrupt. Even in failure Amitabh learnt lessons and years later he realized the importance of a good script when producing a film. Now when he produces a film he takes a close look at the script. As a result, his new ventures like Paa have done well at the box office.

Take risks for bigger gains. Even if you fail you will learn invaluable lessons that will help you achieve bigger success in the long run.