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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.
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Let's say you are being compared to John Doe and the casino is trying to decide who to give a comp to. You go to the casino every weekend, while Mr.
Doe only goes once a month. The casino is trying to get Mr. Doe to go to the casino twice this month instead of just once.
This is because the house will always get their money back. And most of us do NOT know how to count cards.
If we did we wouldn't be working for minimum wage. Yeah I'm going to give you basic strategy because that's all I know.
Might be your casino, but out of all the blackjack dealers here that I mingle with the majority know how to count cards. See that attractive lady in a sleek dress wandering the room?
She's most likely an escort. Not really a secret, but most Casino games give the house an edge. The longer you play, the more you will lose.
They didn't build a bunch of Casinos in the middle of the desert Vegas to give away money. I have only gambled a few times, a handful in vegas and once at the HRH here in Tampa, but have never once not come out ahead.
So what you're really saying is, casinos don't cheat, right? The dealer is a card counter? OK, but how would this help the dealer since he doesn't decide whether to hit, stand, split, etc.?
Welcome to Reddit, the front page of the internet. Become a Redditor and subscribe to one of thousands of communities. Want to add to the discussion?
Report comments that violate these rules. Thanks for your cooperation and enjoy the discussion! The hell happened there? Seems like that should have raised a few red flags somewhere.
Since they need to pay out a minimum? Slots near the front of the casino tend to be the worst, for obvious reasons.