| Constantly refreshed listing of articles about casino games, playing technique and the casino industry |
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***GambLux EDITOR ARTICLES*** |
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Can you beat the Gambling Odds?
[Thursday, July 13, 2006]
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A lottery is renowned as offering worse odds than other gambling games. But other games too in a formal gambling scenario (such as a casino) weigh the odds in favor of the people who are running the games. Casinos have something called the vig (short for vigorish) which is the built-in house advantage on most bets on any game in a casino.
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Statistical Edges against the Player for Casino Games are:
| Game |
% |
Casino |
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| Baccarat |
1.17-14.1 |
Blackjack |
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| Normal |
10.0-20.0 |
| Perfect Strategy |
1.2-2.0 |
| Strict Card Counting |
0.0-2.0 |
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Craps |
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| Normal Bets |
1.4-16.7 |
| Single Odds |
0.8 |
| Double Odds |
0.6 |
| Ten Times Odds |
0.0 |
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| Keno |
29.5 |
| Roulette (0 + 00) |
5.26 |
| Slot Machines |
2.0-35.0 |
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Sports Betting |
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| Football and Basketball |
4.54 |
| Single Bets |
10.0 |
| Two-Bet Parlays |
12.5 |
| Three-Bet Parlays |
31.3 |
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| Horse Racing |
19.0 |
Horse racing gives you a high barrier to jump before you can start to enjoy your winnings. You are betting against everyone else at the track and you find that the track organizers take 17% of all money bet. A factor called breakage (where the house rounds every payoff down to the nearest dime), add another 2%. So this is 19% percent to overcome before breaking even. If you win 50%, you can pocket only 31% because the race track takes the rest.
The above percentage points in the table are the odds stacked against players, the percentages of defeat built into every casino game, sports game, or horse race you bet. The Roulette percentage (with the 0 and double 00 on the wheel) means that if you bet $100 per hour, you will lose an average of $5.26 an hour.
Craps, despite is complicated variations on placing bets, is popular with players. The reason is that once you understand what is involved, you can get your money paid as true odds. True odds reduce the house's edge in Craps to less that 1 percent. Next to playing Blackjack with extreme discipline (and goodness knows that is tough enough), these are the best odds that you can get in a casino.
The facility with which people play Slots disguises the bad odds that slot machines give players in return. They literally swallow your money, which is why casinos make two thirds of their profits from slots. So, if you are a smart gambler, you will avoid Slots just like you avoid Lotto machines.
Regarding Roulette, where a ball spins above a wheel and then lands on a certain number, group of numbers, or color, has a strong appeal. It seems to be a perfect game for anyone looking for a true game of chance. However the numbers 0 and 00 on the roulette wheel gives the house a 5.26 percent advantage on all bets a significant edge.
Many people feel that Blackjack (also called 21) is the easiest and best game to play in a casino. This can be true, although it depends on how you play. You need to refer to notes that guide you how to use a 'perfect strategy' and how to count cards.
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