Gambling Guide of Online
Casinos
Gambling Odds
Gambling is based on statistics. More precisely,
gambling odds are based on the subdiscipline of statistics known as
probability. Much of what is discussed when it comes to gambling odds
revolves around something known as the house edge. The house edge is a
number representing the mathematical advantage that the casino (the
house) has over you, the player. Now we can't fool ourselves, the
casinos always have the advantage statistically. In the long run we
should all lose at every casino game. Fortunately we don't have to
play over the long run, we can just jump in and jump out if we manage
to go up a little money.
So now that we know the odds are always stacked against us in
gambling, what's the meaning of all this? Well the point is to play in
such a manner that we reduce the house edge to lower than average. We
can't ever get it below zero, but we can try. As mentioned in the
gambling strategy page, gambling odds are reducible with the right
game play. That game play usually involves a mix of 'basic strategy'
over the majority of bets, and some advanced strategy or systems when
it comes to particular situations for particular games.
The house edge is usually written in the form of a percentage. For
example, the house edge on roulette is 5.26% (on an American wheel),
meaning that on average, the house will win approx 105 times by the
time you win 100 times. The house edge is a variable, and as such can
vary according to other influences, such as playing style and decision
making. Roulette is a game where the odds are fairly static, as the
players don't get to influence what goes on in the game. The only real
fluctuation comes from small changes in the rules of the game or style
of the table and wheel, which are set by the casinos.
For another example take blackjack. There is no standard house edge in
this game, because the player participates so much in the outcome. If
you don't know basic blackjack strategy you face house odds of 2 to
3%. If you play with the basic strategy you can get quite close to
zero, but rarely achieve a house edge below 0.5%. There is one example
within blackjack where the house edge can be reduced to below 0%, and
it suddenly becomes the players edge. This extreme example is in the
case of blackjack card counters, who keep track of how many of each
denomination of card have been played from the shoe, and compensate
their betting strategy accordingly. This is a rare skill and has
recently been countered pretty much completely in Las Vegas. These
days a lot of casinos are playing with 6 decks, and reshuffling after
only a deck or two's worth of cards have been played through.
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Now that you understand what the house edge is, you
have a much better understanding of the concept of gambling odds.
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