How do you calculate house edge...? - page 2.

BitcoinPanther

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Quote from: Hydrogen on January 13, 2023, 06:32:57 PM

There are different methods, with varying accuracy.

True there are lots of ways how to present house edge calculation some of it are:
House Edge = 100% - Payout Percentage
House Edge = (1 - (payout ratio / average bet)) x 100%
House Edge = (odds against winning - 1) / odds against winning
House Edge = (Probability of Losing x Loss per Loss) / (Probability of Winning x Payout per Win)
House Edge = (Probability of Losing x Loss per Loss) / (Probability of Winning x (Payout per Win - 1))

Quote from: Hydrogen on January 13, 2023, 06:32:57 PM

A more accurate way to calculate house advantage might be to determine bet win versus bet loss percentages. To a certain extent, the biggest advantage the house has is insider industry information and the power to set odds which can sometimes be misleading and inaccurate. There are sporting events where 2:1 underdogs should be betting favorites. The odds often do not reflect accurate statistics. Its a point bookmakers rely on, to fool gamblers who fail to realize odds often do not reflect mathematical probability.

In addition it is also stated that each game has its own house edge formula for calculating house edge like for example:

Slot machines: House Edge = (100 - payout percentage) / 100

Blackjack: House Edge = (total number of decks x (0.5% - 0.8%)) / (number of decks remaining in the shoe)

Roulette: House Edge = (number of zero pockets on the wheel / total number of pockets on the wheel) x 100%

Baccarat: House Edge = (number of decks x (14.36% - 1.17%)) / (number of decks remaining in the shoe)

Craps: House Edge = (total number of bet possibilities x (1 - (payout ratio / average bet))) x 100%

Video Poker: House Edge = (100 - payout percentage) / 100

We can see more example in this link: https://easy.vegas/gambling/house-edge-calculation

fullhdpixel

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Quote from: TimeTeller on January 13, 2023, 04:58:14 PM

Quote from: Johnyz on January 13, 2023, 04:27:00 PM

There are some site that offers a free simulator to check the house edge, and also asking the support can make things a lot more simple since the site should disclose it for them to be trusted by the gamblers. I’m not sure though if all the gamblers really concern about the house edge especially if they are already playing with the top site, because honestly I’m not making any effort to know this with the top sites.

That is true, usually the gambler doesn't check the HE if he is already playing on a reputable site.
Not many gamblers are worried about HE. But sometimes it is still good to know the HE being offered by the site.
Also, you can compare the HE from those top sites and decide which one of them is worth playing with.
Most of the time, you can get the info by checking the details of the game. If not, ask the support of the site.
It should readily be available anytime a customer should ask such info. If not, doubt the casino's operations.

Maybe those players do only care about having fun and usually the one that cares about the house edge are the gamblers who are serious about winning a profit. In each site, there must be a button or a tab to check the house edge of the games.

Sometimes it is also stated on their ann thread here in the forum. If not then we can follow the advice of @Johnyz or by you, which is to inquire on the casino's customer support. There is no point of hiding the house edge since the player can still play that game as all can still be dependent on luck. As long as the gambler is lucky then he can win no matter how high the house edge was. He can also lose even if the house edge is at its lowest point already.

Hydrogen

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There are different methods, with varying accuracy.

Most calculate house advantage by the percentage below 1.00 a gambler can win at near even odds. Many books will offer 0.96 versus 0.96. Rather than 1.00 versus 1.00. In which case, the house advantage will be considered near to 4% per bet.

But if I remember correctly, percentage gains compound over time. Which could carry a potential to negate the 4% house advantage.

A more accurate way to calculate house advantage might be to determine bet win versus bet loss percentages. To a certain extent, the biggest advantage the house has is insider industry information and the power to set odds which can sometimes be misleading and inaccurate. There are sporting events where 2:1 underdogs should be betting favorites. The odds often do not reflect accurate statistics. Its a point bookmakers rely on, to fool gamblers who fail to realize odds often do not reflect mathematical probability.

BitcoinPanther

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It was stated that one of the formula of house edge is

House edge = 1 - (payout percentage/100) or (1 - payout percentage) * 100%

So if the payout percentage of a casino is around 96% then the house edge computation will be:

1 - (96/100) = 1 - .96 = .04 = (converting to percentage) 4%

It is as simple as that ,IMO.

TimeTeller

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Quote from: Johnyz on January 13, 2023, 04:27:00 PM

Quote from: libert19 on January 13, 2023, 02:15:03 AM

...if it isn't stated by casino beforehand, and sometimes it's stated only for dice and not for other games (examples being card games, roulette, slots), in such cases how is it to be calculated?

There are some site that offers a free simulator to check the house edge, and also asking the support can make things a lot more simple since the site should disclose it for them to be trusted by the gamblers. I’m not sure though if all the gamblers really concern about the house edge especially if they are already playing with the top site, because honestly I’m not making any effort to know this with the top sites.

That is true, usually the gambler doesn't check the HE if he is already playing on a reputable site.
Not many gamblers are worried about HE. But sometimes it is still good to know the HE being offered by the site.
Also, you can compare the HE from those top sites and decide which one of them is worth playing with.
Most of the time, you can get the info by checking the details of the game. If not, ask the support of the site.
It should readily be available anytime a customer should ask such info. If not, doubt the casino's operations.

KTChampions

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Leading Crypto Sports Betting & Casino Platform

Quote from: libert19 on January 13, 2023, 02:15:03 AM

...if it isn't stated by casino beforehand, and sometimes it's stated only for dice and not for other games (examples being card games, roulette, slots), in such cases how is it to be calculated?

In some games, the mechanics of the game (and the odds) are obvious - in card games, dice, roulette, etc. and you can make the calculation yourself, and in some games everything is not obvious at all (slots and similar games) and no calculation is possible so the chances (and the house edge) in them are set programmatically.
In general, you need to know the probability of all events and the odds that the bookmaker gives if you guessed them - then you can make a calculation in order to understand what is the house edge.

Fatunad

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Some are already giving out links but some YT might be better if we do have this type of question.

https://www.youtube.com/watch?v=P8l9FoV1z5o
https://www.youtube.com/watch?v=Jk2cqYHnJHk

Heres some relevant thread for some calculation.
https://bitcointalksearch.org/topic/frustration-of-calculating-house-edge-on-dice-sites-4487738

Johnyz

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Quote from: libert19 on January 13, 2023, 02:15:03 AM

...if it isn't stated by casino beforehand, and sometimes it's stated only for dice and not for other games (examples being card games, roulette, slots), in such cases how is it to be calculated?

There are some site that offers a free simulator to check the house edge, and also asking the support can make things a lot more simple since the site should disclose it for them to be trusted by the gamblers. I’m not sure though if all the gamblers really concern about the house edge especially if they are already playing with the top site, because honestly I’m not making any effort to know this with the top sites.

coolcoinz

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Quote from: libert19 on January 13, 2023, 02:15:03 AM

...if it isn't stated by casino beforehand, and sometimes it's stated only for dice and not for other games (examples being card games, roulette, slots), in such cases how is it to be calculated?

Here's a good explanation of how house edge works and can be calculated. It contains examples for various games.
https://easy.vegas/gambling/house-edge-calculation

If you don't want to do the math and the casino doesn't give any hints, your best option is to choose a different one that is a bit more transparent.

klidex

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Quote from: ryzaadit on January 13, 2023, 06:04:44 AM

Hey @libert19

If you playing on provider, they always give you the information like how many deck in the game (for example BJ/BACCARAT) but also they give you some overview for the RTP % too. You should try to see on the "Information Game".

If you playing in Evolution Games, easy to be find. Just find the setting logo, and you can find it there.

Previously, were you really able to understand and understand what the OP was asking.
In essence the OP is asking how to calculate a winning percentage or RTP in a game in a casino. So I think you only need to answer what is asked, not instead offer a gambling or casino place.
When it comes to RTP, I'm sure almost all casinos, whether they're trusted, popular or not, definitely have %RTP in every game description.

ryzaadit

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Hey @libert19

If you playing on provider, they always give you the information like how many deck in the game (for example BJ/BACCARAT) but also they give you some overview for the RTP % too. You should try to see on the "Information Game".

If you playing in Evolution Games, easy to be find. Just find the setting logo, and you can find it there.

swogerino

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Bitcoin Casino Est. 2013

Quote from: libert19 on January 13, 2023, 02:15:03 AM

...if it isn't stated by casino beforehand, and sometimes it's stated only for dice and not for other games (examples being card games, roulette, slots), in such cases how is it to be calculated?

For the slot machines you have to check the "Edge" which is in the description of every slot page before you start playing it.For example if the edge says 3.96% it means that 3.96% of 100% will be for the casino and the rest for the players.However not to be confused that if you play 100 dollars you will get 96.04 dollars back,no,that edge is calculated for a huge number of spins,more than millions of spins in total from all players and from that amount 96.04% is returned to all players,the lucky ones make the big wins,as the slot machine uses RNG -random number generator to do their calculation and no one knows the moment when the slot machine will be in a pay mode.

If this is not in the description,do not play at such casinos,the big ones all of them have it in their description page.

libert19

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...if it isn't stated by casino beforehand, and sometimes it's stated only for dice and not for other games (examples being card games, roulette, slots), in such cases how is it to be calculated?

Topic: How do you calculate house edge...? - page 2. (Read 323 times)