Dear
Mark,
I've heard from other individuals and read from you
about the “house edge” when it comes to
certain casino games. So, if you wouldn't mind, can
you explain to me how the house advantage on a roulette
table is determined? Michael K.
The
casino’s edge or advantage is different from game
to game and from the distinct wagers on those games.
The best way to understand the concept of the casino
advantage is to think of it as a hidden tax when you
win a bet, NOT when you lose your wager. Yes, Michael,
you are reading this correctly! It is when you win that
the casino reaches for
your wallet. By not
receivinga fair payout for a winning wager, you
are charged this secret levy that you probably don’t
realize you’re paying.
In roulette, a fair payout on a $1 winning number
is $37. However, the casino only pays you $35. It
retains the extra $2, giving the house its 5.26%
advantage. It is that $2 into the casino’s
coffers that gives the casino its profits.
Your goal as a smart casino player is to lessen
this concealed charge. By reducing the casino advantage
with bets that carry a low house edge, you will
minimize your losses and have a much better chance
of winning.
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