House edge always matters, it's just a different way of expressing the expected value of a bet.
If the house edge is 1%, you expect to lose 1% of your bets overall.
Now, if you are playing a 50% chance of winning dice game that pays out 1.98 x your bet, you can't lose 1% of your bet in 1 roll, but the house edge is still 1, and it still matters because if you do win you only get 1.98 your bet instead of the 2x you should get.
If the house edge is 1%, you expect to lose 1% of your bets overall.
Now, if you are playing a 50% chance of winning dice game that pays out 1.98 x your bet, you can't lose 1% of your bet in 1 roll, but the house edge is still 1, and it still matters because if you do win you only get 1.98 your bet instead of the 2x you should get.
But even if the payout is 2x and 50% seems like strategies would still fail with not much difference, its what i read around here
If the payout is 2x and the odds of winning is 50% you expect to break even.
you are right but also note that there are 50% chance to lose too, either you break even or make your lost a lot more, and so the probabiity of you hiting 30x lose streak is always there
Yes, but you have the same probability of a 30x win streak. And if the odds of winning are 50% and the payout is 2x you will win the same amount on your 30x win streak as your 30x losing streak, so you expect to break even.
If you are going to be doing any sort of regular/serious betting please everyone look up and understand the term expected value. It's basic statistics and will at least give you some of the information so you can be aware of what's happening. I'm not saying to never take a -ev bet, but at least look up the basics so you know the odds and can understand what's happening and how the casinos make their money.
