Measuring Casino Game Returns
Knowing how to accurately measure casino game returns is a vital tool for anyone who really enjoys playing casino games – whether at a land based casino or online. Whatever your game or games of choice, understanding how to implement the proper measurement tools can greatly influence the outcome of the games, as you will now be in a position to select games based on probable outcomes.
Getting A Grip On House Edge
The house edge refers to the extent of the advantage that the casino enjoys in any given game. It is important to remember that some types of bets lend themselves more toward a higher house edge than others. It is important to not only know which games to play and which to avoid when wanting to see returns, but also to differentiate between different bets.
A Little Word Called Variance
Most players have an idea as to what the house edge is, but few players really understand the concept of variance. Most people don’t realise just how little Lady Luck really has to do with anything – and that casino games, much like life, has everything to do with mathematical algorithms. In layman’s terms, variance calculates exactly how far from or how close to the house edge you are. In a low variance game, players can expect to basically get what they expect to get – staying very close to the house edge.
Adversely, as the variance fluctuates and increases, players will start to move further and further away from the expected return.
Understanding variance will determine which games are preferable based on the player’s financial situation as well as a combination of other factors. High variance games, for instance, will offer up large jackpots for the taking – provided that the player indulging in those games is more willing to lose a bit of money more often. Low variance games will not yield quite the exceptional return offered by high variance games, but players won’t walk away out of pocket nearly as often as with high variance games.
The question then begs: are you going at it fast and fragile, or slow and steady? Understanding variance will help with this decision.
High variance games include Keno and Bingo, as well as certain types of bets such as straight-up bets in Roulette and proposition bets in Craps.
Low variance games include most typical table games such as Roulette and Blackjack.