have special markings,
sometimes a star, a joker, a casino logo or the
like, and these offer the highest payouts –
and the highest house edges. When you approach the
wheel, you will notice a glass-covered counter in
the front that has the same bills and symbols as
are on the wheel. You make your wager by placing
your money or chips on the bill or symbol of your
choice. The wheel is then spun and where it lands
(usually the casino bank account!) determines your
payoff. If you bet on the one-dollar bill, you are
paid one dollar for every dollar you wagered. (You
bet $10, you win $10.) If it lands on the five-dollar
bill, you are paid five dollars for every dollar
you wager. (You bet $10, you win $50.) Simple.
Unfortunately, the
very best bet at most Wheels of Fortune, the $1
bill, hits only 24 times out of 54 possible decisions.
That means you lose five times for every four wins,
yet, the casino will only pay $4 for a $4 wager,
not $5, as the true odds indicate, resulting in
an 11 percent edge for the house. Yikes! That’s
for Las Vegas and most other casinos in America.
However, in Atlantic City, the $1 only hits 23 times
out of 54, for a house edge of almost 15 percent.
Double yikes!
The following chart
explains the total number of possible decisions
for each “landing post or bill,” the payoff,
and the casino edge. Since the Las Vegas Wheel of
Fortune is the norm, Atlantic City is in parenthesis.
| Symbol Total # |
|
Payoff |
Casino Edge |
| $1 |
24 (AC:23) |
1:1 |
11.1% (AC:14.8%) |
| $2 |
15 |
2:1 |
16.6% |
| $5 |
7(AC:8) |
5:1 |
22.2% (AC:11.1) |
| $10 |
4 |
10:1 |
18.5% |
| $20 |
2 |
20:1 |
22.2% |
| joker |
1 |
40:1 (AC:45:1) |
24% (AC14.8%) |
| symbol |
1 |
40:1 (AC:45:1) |
24% (AC14.8%) |
As you can clearly
see, with the Wheel of Fortune, or Wheel of Misfortune,
all the bets are bad, badder, baddest and puke producing.
However, like any form of wagering, there are better
“bad” bets and worse “bad” bets.
If, for some unaccountable reason, you are compelled
to place a wager on the Wheel of Fortune (like say
a deranged criminal is threatening to pop you if
you don’t bet the wheel), and you are in Atlantic
City, put your money on the $5. If you are in Vegas,
put your money on the $1. If you are sane, then
go to another game.
Visit Websites Of The Scoblete Network
www.goldentouchpoker.com
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Columns By Franki Scoblete
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