May it be an online casino or a live casino, there is always this notion that the ‘house’ always wins. The ‘house, in this context, refers to the gambling institution- whether it is a casino, a horse race track, lottery, or any others.
The house always wins simply because no matter what the player or the punter does, a portion of their winnings will always go to the institution. This is just a means for the place to earn money because, as you know, a gambling institution is a business and it is made as a means of earning a profit.
What is the House Edge?
The house edge is basically the term used to refer to the percentage profits that go to the casino or gambling institution’s coffers on every game. That is why when you look at some information about your favorite casino games online, you will find that all of them come with a corresponding house edge.
The house advantage, as it is also called, can sometimes be just 1 or 2% while there are others that might reach 15, 25, or even 30% (or more). The house edge, then, is just a representation of the average gross profit that the casino can expectedly get out of each and every game that is played inside the premises.
A great example of this is the roulette. The 00 roulette wheel has a house edge of 5.26% and every $1 million in corresponding bets that were made at the table, the casino management can expect to pocket a bit more than $50,000. Although you might think that that is just a small number, the casino averages millions of dollars per night which translates to tens and thousands of dollars in their coffers by the end of the night.
Why Players Are Losing
The typical player might have heard about the house edge but really does know the implications that it has on their bankrolls. They think that if they wager a certain amount of money, then the house edge only affects that wager and nothing more. That is just a gross misunderstanding of the concept.
You have to look at it this way: The house edge actually takes into account all of your winnings. So, no matter how much money you wager and no matter how many games you win or lose, the house will ultimately get a percentage of your winnings depending on the game that you’ve played.
The Best and Worst Games in Terms of the House Advantage
As mentioned earlier, the house edge differs depending on the game that is played. One of the reasons why people love playing blackjack is due to its very low house edge of only 1%. If you play your cards right, you might even go as low as 0.5%.
Another popular game with a relatively low house edge is craps. In one of its game modes, you could essentially get the biggest portion of your winnings simple because the house edge is only at 0.8%.
The worst offenders are the slot machines and Keno with house edges of 17% and 25%, respectively.