| Playing in online casino websites is all about betting and wagering real money. Thus, you would probably notice that so much money is just getting in and out of the players’ hands and in the casino, and you must be wondering how do the casinos make money when all the games are incorporated with luck in winning.
Do the casino websites just have to rely on sheer bad luck (and sometimes stubbornness and naivety) of the players just to profit? How would they finance their website employees, online ads, and maintenance? Do all of the money will just go from the losing players to the winners, only using the casino as a gaming and money transfer medium? Well, it’s probably not. In fact, when it comes to online casino gaming, only one thing is for sure: the casino is going to make money, regardless of the odds and probabilities of every casino game they offer.
House Edge in the Casinos
Looking at the casino games, there is one important factor which guarantees that the casino website will earn profits in the long period of play. This is the HOUSE EDGE. It is one of the most powerful source of income for the house. While every player is wagering in the casino games, the house will constantly take a small amount from every winning bet.
The house edge is defined as the difference between the actual odds in any wagers made and the payout odds given by the casino. The actual odds refers to the wager’s ratio of winning, such as the 5:1 (from 30:6) true odds of the Big Red (or Any 7) bet in craps for example (means there are 6 instances of winning and 30 instances of losing in 36 dice outcomes). The casino only pays 4:1 if the bet wins, taking 1 unit out of the total 6 units away as the house edge. Thus, instead of breaking even, there is a 1/6 difference taken from your total winnings, or a 16.67% house edge. This house edge also means that in the long run, the casino will take 16.67% amount of your bankroll for that particular bet made, not including your losses whenever you lost your bets.
The house edge in online casinos is a sure way of gaining significant profits, disregarding the numbers of the players that win or lose in a particular period of time. Every casino game is structured in a way that allows the casino to hold an advantage at every game. Most experienced gamblers know which bets to make and to avoid in the games, as well as which games offer better odds than others, referring to their corresponding house edges. And basically, majority of expert players agree to the point that those bets that have the lowest house edges are the best bets to make.
Of all casino games, the ones that contains the biggest house edges are the slots and keno games, in which the house edge can be as high as 25%. These games provide the players with the chance of winning a very large jackpot prize in just one shot, but it usually takes a very long time and pure luck for them to achieve this jackpot. |
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