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Michael Ejercito
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 Posted: Wed Apr 13, 2005 9:00 am Post subject: House Edge |
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I know this term applies to the advantage the casino has. I would
like a detailed explanation.
Michael |
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Gregg Cattanach
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| Posted: Wed Apr 13, 2005 2:00 pm Post subject: Re: House Edge |
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Michael Ejercito wrote:
| Quote: | I know this term applies to the advantage the casino has. I would
like a detailed explanation.
From the WinCraps help file: "The average percentage of a player's wager |
that the house earns as a result of making a less than true payoff is termed
the House Advantage (Also termed the house percentage, edge, PC, vig, or
expected value.) The greater the house advantage - the less there is for
you. "
On a simple bet in craps like the Any Craps bet, (A one-roll proposition
that the shooter will roll a 2, 3 or 12). The odds are 8:1 against, and
they pay 7:1 if you win. If you look at all 36 rolls and their probablities
and what you win or lose with each number, you expect to lose $4 over the
full list of 36 rolls, so the HA is 4/36 or 11.1%
For other bets and complete games like blackjack the calculation is
obviously much more complex.
--
Gregg C. |
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Bill Bennett
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| Posted: Thu Apr 14, 2005 5:01 pm Post subject: Re: House Edge |
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"Gregg Cattanach" <[email protected]> wrote in
news:[email protected]:
| Quote: | For other bets and complete games like blackjack the calculation is
obviously much more complex.
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For blackjack, the house edge calculation assumes perfect basic strategy by the
player. If you make a lot of mistakes, house edge is irrelevent. |
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