If you have ever played at a real money online casino, you must have heard the term ‘The house always wins.’ How true is this common saying, especially concerning online gaming? This article will help you demystify this myth.
The negative mathematical expectation
Players always look for smart ways to beat casinos. However, there’s something only a handful of players know and understand. Every casino game has a negative mathematical expectation. This implies that no player has a chance of beating any casino in the long run.
You may likely win over a very short range of, for instance, a hundred and fifty spins. But it does not always work. The same goes for every winning system that enterprising players devise.
Do casinos rely on one-time bets for massive profits?
The reality is that most casinos do not rely heavily on one-time bets for their profits. But they rely on the players returning, again and again, to win more or with hopes of winning back their hard-earned cash.
However, the odds of winning twice or even three times become smaller and smaller pretty quickly. For instance, in roulette, let’s say you bet on the ball landing specifically on one of the numbers within the first third; you have at least a 1/3 chance of winning. This means your payoff is precisely what you bet 3x.
If you place another bet again next round evens, and then again on the following round on number, let’s say 6, your chances of winning all the three suddenly increase to 1/3 x ½ x 1/36 = 1/126.
This is where casinos make their profits or money. Most players don’t do an excellent job of considering the product of the three bets. Instead, they consider the three bets one at a time.
The Casinos house edge
Most casinos usually give themselves a house edge ranging from 5 percent to 10 percent of the value of your bet. This means the casino takes home a 10 percent profit on your bet. Some casinos even aim for as much as 25 percent profit.
For instance, if you bet $100, the casino aims to get back anything from $5-10 profit. Let’s assume all the bets are just one-dollar wagers on the roulette table. This gives the casino an excellent chance of securing the $5-10 from you. But if you place the whole money, i.e., $100, on red in a single bet, the casino may easily lose another $100.
Conclusion
Casinos always win since they do an excellent job keeping their players betting. This means that the more you bet, the more money the casino wins in the long run. However, applying some strategies can help reduce your chances of losing.
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