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Whether you play slots, craps, blackjack, roulette
or any other game in a 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.
I encourage you to play resposibly by betting within
your limits and by recognizing that over time the house will come out ahead.
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Understanding the house advantage.
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.
For example, in a wager with a house advantage of
5%, the player will lose, on average over time, $5 for every $100 wagered.
House advantages vary by region, casino
and game. In some games, player betting or skill decisions can affect the house advantage, but it's important to keep in mind
that the house always has some advantage against the typical player.
While the house advantage is useful for understanding
the casino's expected win (or a player's expected loss) per bet, there are other factors that can influence the amount a player
might spend when gambling in a casino.
Lenght of time played, speed of play and amount wagered.
Because
the odds always favor the house, the longer or faster a person plays a casino game, the more the person should expected to
lose. In the same way, the more a person wagers, the more the person should expected to lose.
For instance, if the "hold percentage" (or house advantage)
for a typical slot machine is 10%, then. on average, a player will win back $90 for each $100 wagered.
However, if
this player then re-wagers the $90, the player will again win back, on average, 90% of the $90. or $81.
As the betting continues, over time players are more
and more likely to lose money, rather than win. An individual may lose more or less than the average, but the machine always
comes out ahead in the long run
Skill.
The chances of winning are maximized when games involving an element
of skill (in playing or betting) - such Blackjack or Video Poker - are played at the highest level.
However, with few exceptions, it's important to remember
that the house continues to have a statistical advantage in every play of every game, even against a skillful player.
Understanding gambling.
To
understand gambling, it's also important to understand the concept of "independent events." Each spin of the wheel or roll
of the dice is considered an "independent event."
Meaning that the chances of a specific outcome remain
the same and are not influenced by previous events. For example, if a player has just rolled snake eyes, the player is no
more or less likely on the next roll to get sneke eyes again.
Slot machines are not any more or less likely to hit
a jackpot just because they haven't hit for a while. And roulette wheels are no more or less likely to land on Red if they
have just previously landed on Black.
So-called gambling "hot streaks" are merely random
sequences of events perceived by players to be favorable. Over time, the overall outcom of the game will favor the casino
and always approach the house advantage.
Government regulation.
While some people believe that casinos can "rig" slot
machines and other games, the reality is that the actions of every casino in the United States are tightly controlled by regulatory
agencies, which ensure that all the games are fair and determined by chance.
Slot machines must meet stringent technical
and operating standards, including specific payout percentages, before they ever reach the casino floor.
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