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Most players are not going to know how much their average wager will be in games like blackjack relative to the original wager, thus any statistic based on the average wager would be difficult to apply to real life questions.
The conventional definition can be helpful for players determine how much it will cost them to play, given the information they already know.
However the statistic is very biased as a measure of risk. In Caribbean stud poker, for example, the house edge is 5. However the ratio of average money lost to average money wagered in Caribbean stud is only 2.
The player only looking at the house edge may be indifferent between roulette and Caribbean stud poker, based only the house edge.
If one wants to compare one game against another I believe it is better to look at the ratio of money lost to money wagered, which would show Caribbean stud poker to be a much better gamble than roulette.
I personally opt to include ties although I respect the other definition. For purposes of comparing one game to another I would like to propose a different measurement of risk, which I call the "element of risk.
For bets in which the initial bet is always the final bet there would be no difference between this statistic and the house edge.
Bets in which there is a difference are listed below. The standard deviation is a measure of how volatile your bankroll will be playing a given game.
This statistic is commonly used to calculate the probability that the end result of a session of a defined number of bets will be within certain bounds.
The standard deviation of the final result over n bets is the product of the standard deviation for one bet see table and the square root of the number of initial bets made in the session.
This assumes that all bets made are of equal size. The probability that the session outcome will be within one standard deviation is The probability that the session outcome will be within two standard deviations is The probability that the session outcome will be within three standard deviations is The following table shows the probability that a session outcome will come within various numbers of standard deviations.
I realize that this explanation may not make much sense to someone who is not well versed in the basics of statistics.
If this is the case I would recommend enriching yourself with a good introductory statistics book. Although I do not mention hold percentages on my site the term is worth defining because it comes up a lot.
The hold percentage is the ratio of chips the casino keeps to the total chips sold. This is generally measured over an entire shift. A mathematician alone can not determine the hold because it depends on how long the player will sit at the table and the same money circulates back and forth.
There is a lot of confusion between the house edge and hold, especially among casino personnel. The following table shows the average hands per hour and the house edge for comp purposes various games.
The house edge figures are higher than those above, because the above figures assume optimal strategy, and those below reflect player errors and average type of bet made.
This table was given to me anonymously by an executive with a major Strip casino and is used for rating players. It's hard to win, but if you do it pays out 36 to 1.
So we turned to Forbes Magazine, which in a report about Best Bets at the Casino , said two popular games -- the Wheel of Fortune and the ever-popular slot machines -- have the lowest odds of winning, with a house edge of 10 percent or more.
Professor of Analytics Michael Magazine has crunched the numbers, and agreed that blackjack is the best way to go home with money in your pockets.
He said if you take a little time to learn the game, you have the best odds of winning. But Magazine cautioned that he's not promoting gambling, because he said even games with the best odds still favor the house.
Finally, if you really enjoy playing the slots, here is some good information to know, from state casino reports we examined.
With slots, the more money you put in per bet, the higher your chance of winning. If you put the max in a penny machine, which is usually around 50 cents, you have much better odds than if you put in 2 cents.
You can learn more about specific odds of slots machines in each state that has casino gambling by visiting the American Casino Guide.
Actions Facebook Tweet Email. Blackpool and The Fylde College has become the first educational establishment in Britain to offer training and qualifications in gaming.
The gaming academy came into existence after changes in the Uk gaming laws and created a skills gap in the industry. Students are trained in every aspect in a casino form running card tables to servicing slot machines.
By: John Matarese News 5 Staff. But they are doing themselves a disservice, he said. Blackjack Blackjack has the best odds of winning, with a house edge of just 1 percent in most casinos, Bean said.
Plus, you are playing against only the dealer, not hooded poker champions. Craps So from the Blackjack table, he suggests moving on to the dice game Craps, the game with the second best odds, also nearly Roulette Bean said your next stop should be the Roulette wheel.
It's simple, and pays fairly well. The casinos, understandably, did not want to talk about games with poor odds. The Experts Agree Professor of Analytics Michael Magazine has crunched the numbers, and agreed that blackjack is the best way to go home with money in your pockets.
In the long term the house doesn't lose," Magazine said. If You Love The Slots Always gamble responsibly, and don't waste your money.