House Edge – What is it?
In a nutshell, the house edge is the advantage that the casino has over the player at the casino. The house edge is calculated over a longer time period, and this means that, like all businesses, casinos need to have a long term advantage in order to make a profit. Players stand the chance to win money based on short term odds, which are much more variable and speak to the here and now, the luck at the moment.
No discussion on the house edge, and what it is, would be complete without some specific detail regarding the games themselves. Online casino games are genuine form of entertainment, though, and despite the desire to know the house edge, this aspect should not be overlooked.
Casino Games and the Risks Involved
Nevertheless, casino games are also a version of risk management, and the more players understand house edge – what is it, the more they will appreciate the chances of winning that they have, and the fact that the casino is going to win over the long run. That is, unless they appreciate the fundamentals of risk management, when to bet and when to walk away.
One of the first questions regarding house edge that any casino player should ask is which game has the lowest house edge, or profit margin for the casino. The short, and qualified answer to this question is poker. Poker is the one game at a casino where the house edge cannot be calculated. Skill and strategy plays such a major role in this game, and there are simply too many variables available and needing to be considered during game play. This is why the casino generally works on a commission basis in order to make this a profitable game.
Winning with a Low House Edge
The game with the lowest house edge that is a calculated number is craps. The game of double odds craps, specifically, has the lowest house edge, which is merely 0.6%. Were we to ask at this point, house edge – what is it, then the answer would be that over time, for every 100 coins that a player wages on the game, he is expected to win back 99.4 coins. Similarly, a competent blackjack player, using basic strategy effectively and correctly should on average win 99.2 of the coins back. An appreciation of the nuances and variations of luck on the day will keep blackjack players interested.
A Pictorial Illustration of House Edge
Roulette is one of the best games, however, to answer the question of house edge – what is it? A traditional casino table game that uses the iconic roulette wheel. Roulette is simply a game of chance and the house edge is represented by the single green number 0 on the wheel. A certain number of spins on average will yield this number, and then the players lose all bets such as those on red, black, odds or evens. Obviously the house edge increases should the wheel contain two, 0 and 00, slots.
The 0 in roulette, therefore, is an excellent representation of the house edge at a casino, and perhaps the ideal pictorial image to retain when answering the question of house edge – what is it?