|Las Vegas Detailed Weather|
Jersey Boys - Save Over $50
Tickets from $75
Tickets from $49
Understanding the Odds
Whether you play slots, craps, blackjack, roulette or any other game in a Las Vegas casino, it is important to remember that games of chance are based on random outcomes and always favor the casino.
These games of chance are a form of entertainment, at a price to you, the player. Casino gaming should not be considered a way to make money.
Las Vegas Casino House Advantage Explained
Las Vegas casino games are designed with a house advantage. Mathematically, the house advantage is a measure of how much the house expects to win, expressed as a percentage of the player's wager.
The house advantage is the difference between the true odds and the odds that the casino pays you when you win.
The question was, "How do I read/understand the Casino House Advantage?"
To explain casino house advantage in details, take a look at the 3 Las Vegas casino games below taken from the chart on the previous page and their respective house advantage.
|Blackjack||0.5% - 1.5%|
|Roulette Double Zero||5.26 %|
|Nickel Slots||7% - 12%|
Now let's focus on the Roulette game with "Double Zero" which is your typical Las Vegas Roulette wheel.
Remember on a Las Vegas Roulette wheel there are 36 numbers plus the zero and double zero (shown in green), so there are 38 numbers where the ball can land.
When you place a bet on a single number the odds of the ball landing on your number are 37 to 1. If you win the casino pays you 35 for your dollar bet. You keep your original dollar, and are paid an additional $35 so the total returned to you is $36. The difference is two dollars (38 minus 36).
Divide the $2 by 38 which is the true odds and you come up with the house edge of 5.26%.
What this means, is that you could actually cover all the numbers on the Roulette wheel and still lose money because the house will always retain 5.26% of the wager.
Now you can see why Blackjack is one of the most popular casino card games in the world because of it's low house advantage. And why casinos consider slot machines their "bread and butter".
Thanks again, Miss CT Miller
Quick Game Tutorial
What are "odds"? In casino gambling, are odds applicable over time, or do they apply to each individual game or trial? What is the "house advantage"? Which casino games represent the best odds for a player? Does the "house" always win? What does "playing with the casino's money" mean? What is the rule of thumb regarding "when to walk away"?
This website encourages you to play responsibly by betting within your limits and by recognizing that over time the house will come out ahead.
If you wish to view a full copy of the AGA Code of Conduct for Responsible Gaming, log on to the AGA website at www.americangaming.org.
If you wish to view the AGA’s win-loss brochure, “The Guide to House Advantage”, log on to www.americangaming.org
Copies of the brochure “When the Fun Stops – Understanding Compulsive Gambling” are available at most Casino Cages, and Players Club Desk.
If you feel you need help, please call the following 24-hour confidential national hotline:
Nevada Council on Problem Gambling 1-800-522-4700