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House edge and Casino Odds
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In most casino games there is a built in advantage for the casino. This is known as the house edge and this is how the casinos are making its money.
If you play Roulette its easy to calculate the house edge. The European wheel has 37 outcomes and pays a winner 35:1. If you bet on every outcome, 0-36, you have to bet 37 units and will get 36 units back. The difference is the house edge. In the long run you will always loose 1/37 or 2.7% of your turnover when playing roulette.
The house edge differs from game to game, and with good strategy you can minimize it. In some games like Sports betting, Blackjack and the best Video pokers you can even overcome it and get a negative house edge, which means you will win in the long run.
If you play for the excitement and fun the house edge is still important. You should play with much lower wagers when you are playing games with a high house edge like Keno or Caribbean Stud. If you wants to gamble with big money you should choose games with lower house edge like Baccarat, Blackjack or the best Video poker games.
A betting system for Roulette or any other game can newer change the house edge, it can only change the standard deviation of the result.
Here is the approximate house edge for some popular casino games. For games partially of skill perfect play is assumed.
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Game
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House Edge (%)
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Skill Factor
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Keno
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25-29
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No
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Sports Betting
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6-8
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High
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American Roulette
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5.3
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No
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Caribbean Stud Poker
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5,2
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Low
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Slots
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2-10
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No
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Let It Ride
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3.5
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Low
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European Roulette
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2.7
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No
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Pai Gow Poker
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2.5
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Medium
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Craps
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1.4
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Low
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Baccarat
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1.2
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Low
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BlackJack (Basic Strategy)
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0.5
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Medium
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Video Poker
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-0.1 - 5
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High
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BlackJack (Card counting)
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-1
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High
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