THE HOUSE EDGE AND HOW KNOWING IT CAN HELP YOU WIN

Published on June 20, 2014 in Casino Tips

Casino Neon BannerEveryone knows that the house has an edge, a large edge. If the house didn’t have an edge, there’d be no way that they could continue to run without going bankrupt. That being said, knowing your odds can give you a strategic advantage; one that could help you win more often with less risk. For those who are new to online casinos, here is the definition of the “house edge”.
 

The “House Edge”

The “houses edge” is the advantage that the casino, or online casino, has at any point during any game. It is a calculation based on years of statistical studies, expressed as a percentage, which is based solely on the difference between the likelihood that you will win and the likelihood that you will lose. Under normal circumstances, the house edge is almost always favoured to the house, thus the terming “house edge”.

Here Is An Example Of How The House Edge Is Calculated. In this example, we will be focusing on Red and Black bets at the Roulette table. Most people assume that because there are only two colours, they have a 50/50 chance of winning. However, that’s not true as there is the addition of the two zeroes. After everything is factored in, this is what you have.

38 Total Landing Spots, 18 Winning Landing Spots, 18/38 = 47.37% Chance Of Winning

This means that the house has a 52.73% chance of winning whereas you only have a 47.37% chance of winning. In the long haul, that means they will clean up and you’ll go home with less than you started with (if anything).
 

How To Benefit From Knowing the House Edge Chances

It is not difficult to find out the house edge for each game in a casino or online casino. Most of these calculations can be found online with a basic search for “house edge calculations” or some other derivative of the term. Once you know the house edge, you know which games to focus on and which ones to stay away from.

If you hit a lucky streak, knowing what your chances of continuing in that streak will help you immensely. It will help you know how much to set aside, how much to chance and so much more. If you know that statistically you will lose 53% of the time, you could set aside 53% of your winnings after each win. In doing that, you will always leave with money in your hand.

Using the house edge can help you save face (and winnings) by giving you a number to hold on to. Most gamblers focus on hitting “one more time” and forget what they are risking. In doing this, they end up losing it all. If they knew the house edge, they would know when to pull out and effectively walk away a winner most every night!