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Casino, Sports Betting, and Lottery – A Comparison of the House Edge
The house edge, which is the commission that a gambling agent such as a
casino, bookmaker (bookmaker) or bill lottery administrator, is a
criterion that measures how fair and reasonable a specific game of chance is.
This is one of the most important factors for every player to consider whenever engaging in any type of game, as it indicates what portion of the money wagered goes into the game agent’s pocket and how much is redistributed to the winners. This is because the house edge cannot be zero since the administrators of casinos, sportsbooks and lotteries need to earn money to cover their expenses and make a profit as well. Yet a high house edge just means that players are getting ripped off unnecessarily, and therefore any game of chance with a high house edge should definitely be avoided by a
knowledgeable player.
In this article we will compare, in the simplest way
possible, the house edges of a roulette wheel, an even-odd bet and a Cash 3
lottery game as representatives of the three main game categories.
The equation
The easiest way to calculate the house edge is to compare the actual winnings that are
paid by the respective agents to the winnings which would be paid in a
fair game or bet. A fair game or fair bet is one in which no commission
is involved; an obvious pattern is a game between friends. Therefore, in
as a percentage, the house edge is obtained by subtracting an actual gambling win
of a winning fair game and dividing the result by the winning fair game,
finally multiplying by 100. Thus,
Edge of the house = [ (fair game winning – actual game winning) / fair game winning ] *
100
Roulette
Due to its simplicity and popularity, we will consider roulette as a
representative casino game. A European roulette wheel has grooves marked with the
numbers 0 to 36; the American wheel (also called the Las Vegas wheel) has a
additional groove marked ’00’. Thus, the European wheel has a total of 37
numbers, while the American wheel has 38. Internet casinos usually make available
the possibility of selecting the type of wheel that the customer prefers, but the brick and
Mortar casinos normally only offer one type. The winning number in roulette
play is the number corresponding to the groove where a spinning ball lands.
Now consider a fair game in which 38 friends are playing roulette at home,
and each selects a number and places a $1 bet on the number (not two or more
players betting on the same number). When the ball is thrown and lands in a
groove, the number marking that groove will be the winning number.
The person who selected that winning number gets all the money on the
table earning him $37. On the other hand, if the game takes place in
a casino, the winner would only be paid $35. The difference between the two
the gains applied in the above equation give us the house edge of a roulette wheel Game
as
( 37 – 35 ) / 37 * 100 = 2 / 37 * 100 = 5.4%
This means that every time you spend $100 on offline or online casino roulette, $5.40 goes to the casino and the rest is redistributed to the winners. Obviously, there are a number of casino games and the house edge varies.
game in game, many of them having a lower house edge than the
roulette. For obvious reasons, a good player always prefers games that have a low house.
edges, while the casino itself likes those games with high house edges. For example,
the house edge in craps is 1.4%, making it one of the most popular casinos
games by players.
Even odds sports betting
Again, due to its simplicity, we will consider an even odds bet as a
representative of this category of game. By equal probabilities, we mean that the event
(usually a sports game) has an equal chance of going either way. An example is a
tennis match between two competitive players each having an equal chance
to win the game.
A fair bet, in this case, is just a bet between two friends who come
choose one of the tennis players as the winner. If these two friends bet $1 each, the
winner will receive $2, thus winning $1. If instead the bets are placed
through a sports betting, the winner will collect only $1.91, because the odds of a
the evens stake at most bookmakers and online sportsbooks is 1.91. If you are unfamiliar with the
decimal representation of odds, 1.91 is identical to 10/11 in British notation and
-110 in US odds rating. Odds of 10/11 means you will win $10 when you bet $11; and odds of -110 means you need to bet $110 to
to win $100. Anyway, since the winnings paid by a sports betting is only $0.91, the house
edge of an even-odds bet will therefore be
( 1 – 0.91 ) / 1 * 100 = 0.09 * 100 = 9%
This is how sports betting makes a living. Since several sportsbooks on the Internet offer odds above 1.91 in order to attract
bettors, the house edge could be less than 9%, which is one of the things a bettor should look for when researching a bookmaker. On the other hand, if the bettor is
when betting on bets, the house edge would be significantly higher than 9%; to
big parlays, it could go up to 40%.
It should be obvious by now that the player is better off with casino games
than sports betting. It should also be noted that even though the house edge might
be a major factor to consider when selecting a gambling game, it is by no means
the only. For example, it must be taken into account that casino games are
mainly gambling, while sports betting also involves a scholarly decision in
selection of a choice, therefore leading to a higher probability of winning a bet.
Species 3
Depending on the state you are in, this lottery game may be known to a
different name such as Pick 3, Play 3, Daily 3, etc. In this game, the player
selects a three-digit number from 000 to 999, and plays the number as a
or in the form of a box. A straight play is a prediction that the number will come exactly
as selected while a box is a prediction for the number to come in any order. For
example, if a player selects the number 672 and plays it directly, he/she
win if the number drawn is exactly 672. Instead, if the player plays 672 as a
square, he wins as long as the drawn number contains a 6, a 7 and a 2, in
any command (276, for example). Obviously a straight game pays a lot more
than a box game for the same amount wagered.
Now consider 1000 friends (perhaps in a club) picking a number as a straight,
each for $1, so all 1000 possible numbers are covered. When the victory
number is drawn, the person who selected that lucky number will be considered a
winner and cash out all $1,000 raised, earning him $999. It is
a fair game. In the case of state lotteries, however, the winner will be paid
only $500 in most states. Some states may pay a little less, others may pay
a little more, but $500 is more or less the norm. The winner therefore
wins $499. The house advantage for a Cash 3 the game will be
(999 – 499) / 999 * 100 = 500 / 999 * 100 = 50%
This house edge applies not only to the Cash 3 game, but also to all states
lottery games such as Play 4, Cash 5, Mega, Fantasy 5, Lotto, Power Ball, etc.
So, every time you play the national lottery, remember that you are betting
only half your money on the actual lottery; the other half you are
just give it away. Where that other half goes is not the player’s concern,
since its main objective is to earn money in order to pay the most
present bills, or get out of a miserable life, or change his
20 year old car. When it comes to contributing to education and other worthy causes,
there are other ways to raise money called taxes and charities.
Unfortunately, many states do not allow casino gambling, and furthermore,
sports betting is illegal in the United States. The player is therefore left
with no choice but to cross state lines in search of a casino, or more
recently to engage in online sports betting across the several offshore
sports betting on the Internet. There are a plethora of trusted sites online these days.
casinos and sportsbooks operating in Canada, the United Kingdom, Antigua, Costa Rica and
soon.
The conclusion
When it comes to house edge, it has been shown that casino games
are the best choice for the player. At the other end, any state lottery is a
pretty miserable game to play. However, besides the house edge, there is
also the possibility of winning to consider.
Casino games, like lotteries, are primarily games of chance; the fair player
selects a number or numbers and waits to see what luck brings. There are
absolutely no reason to prefer one number to others. Some people try to analyze
previously drawn numbers to see the trend and predict the next numbers.
This strategy may work sometimes, but not always. Keep in mind that this is the
players, not machines, who remember previous numbers. In short, the
chance of winning at roulette or the lottery depends entirely on luck.
Although there is little or nothing a roulette or lotto player can do to
initially select a possible winning number, the situation could be quite
different in the case of bets. With lots of information and help from
sports handicappers, it is possible to predict the outcome of a sporting event
with more certainty than predicting a Cash 3 number.
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