What is House Edge and how it effects gambling

btcltcdigger

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Quote from: aioc on October 09, 2020, 07:31:49 AM

Quote from: btcltcdigger on October 09, 2020, 06:14:08 AM

What if after 10 loses, the next one is a win, and i can get all my losses back

That's martingale it's not guaranty that what you expect will happen I tried it so many times but end up not the way i expected if you want to implement martingale be sure you have a lot of funds to chase your winning bet I experienced that I am one or two bet away from winning and getting all my losses but failed to get it for lack of big funds to implement martingale.

Ah yes, same happened with me.
It's surprising how big 1 satoshi initial bet can becoime if you have 10-15 loses in a row.
Burned around $20 in 20 games like that. Was not happy

aioc

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Quote from: btcltcdigger on October 09, 2020, 06:14:08 AM

What if after 10 loses, the next one is a win, and i can get all my losses back

That's martingale it's not guaranty that what you expect will happen I tried it so many times but end up not the way i expected if you want to implement martingale be sure you have a lot of funds to chase your winning bet I experienced that I am one or two bet away from winning and getting all my losses but failed to get it for lack of big funds to implement martingale.

btcltcdigger

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Quote from: Timelord2067 on October 09, 2020, 05:53:24 AM

House edge is simply the amount the house rakes in to cover their costs and plan for new ventures. Where the house makes it's real money is where the punters roll their winning back into vet more wagers at whatever game they are playing - even if they have a big win and eventually the gambler looses out. Always know when to fold/cash in/walk away.

That's the hardest part, and that's the part on which house edge relies.
There's awlays that one question in your mind, "what if"... what if i can double it.
What if after 10 loses, the next one is a win, and i can get all my losses back

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Quote from: imstillthebest on October 09, 2020, 03:39:07 AM

3 to 5 percent edge are high but this do depend on the game too .

good games like slots usuall have higher edge but i better play on games or on site that has 1 percent or lower edges than that although this wont mean that i can be a winner now but atleast i have more chance than ever.

your shared strats to beat the house is okay , i have tried this and seen many gamblers try that but is that all a myth ? because theres that time that we are gonna loose after trying these strats .

House edge is simply the amount the house rakes in to cover their costs and plan for new ventures. Where the house makes it's real money is where the punters roll their winning back into vet more wagers at whatever game they are playing - even if they have a big win and eventually the gambler looses out. Always know when to fold/cash in/walk away.

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Quote from: imstillthebest on October 09, 2020, 03:39:07 AM

3 to 5 percent edge are high but this do depend on the game too .

good games like slots usuall have higher edge but i better play on games or on site that has 1 percent or lower edges than that although this wont mean that i can be a winner now but atleast i have more chance than ever.

your shared strats to beat the house is okay , i have tried this and seen many gamblers try that but is that all a myth ? because theres that time that we are gonna loose after trying these strats .

House edge is an advantage to casino because they created the gambling activities and for them to earn they will going to make sure they will get the returns of their investment.

Meaning that casino are earning profits not by chance or luck. It was design for them ro earn and for you to play and making some fun with friends. Gambling should only consider as leisure and no way it could be a way to another source of income. Some gambler may feel lucky like hitting a jackpot but mostly gamblers will tend to lose. So make gambling a good leisure times.

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Quote from: Saisher on October 08, 2020, 09:05:10 PM

Quote from: Timelord2067 on October 08, 2020, 08:36:29 PM

I saw a thread in this board not that long ago asking what people thought was an acceptable level for a House Edge and while there was some discussion the consensus seemed to be in the 3% to 5% band as an acceptable House Edge

I'm ok with that percentage, there's still gambler who's going to win jackpot on that percentage, but the longer you play the house edge will play a big factor, best strategy is to always shift gear refresh or go for other games then comeback later I find success on this,

3 to 5 percent edge are high but this do depend on the game too .

good games like slots usuall have higher edge but i better play on games or on site that has 1 percent or lower edges than that although this wont mean that i can be a winner now but atleast i have more chance than ever.

your shared strats to beat the house is okay , i have tried this and seen many gamblers try that but is that all a myth ? because theres that time that we are gonna loose after trying these strats .

Saisher

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Quote from: Timelord2067 on October 08, 2020, 08:36:29 PM

I saw a thread in this board not that long ago asking what people thought was an acceptable level for a House Edge and while there was some discussion the consensus seemed to be in the 3% to 5% band as an acceptable House Edge

I'm ok with that percentage, there's still gambler who's going to win jackpot on that percentage, but the longer you play the house edge will play a big factor, best strategy is to always shift gear refresh or go for other games then comeback later I find success on this,

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Quote from: Johnyz on October 08, 2020, 05:08:24 PM

This is the edge of the gambling developer against the players so technically if the house edge is very high the chance to win on that gambling site is very low which every gamblers don’t like. This must be balance since gambling site wants to create profit as well same as the players. This is so easy to understand mate, and also important to know before you gamble.

I saw a thread in this board not that long ago asking what people thought was an acceptable level for a House Edge and while there was some discussion the consensus seemed to be in the 3% to 5% band as an acceptable House Edge

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Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

I would like to know What is House Edge and how it effects gambling ?
I am not new in gambling but still never understand this term clearly.

This is the edge of the gambling developer against the players so technically if the house edge is very high the chance to win on that gambling site is very low which every gamblers don’t like. This must be balance since gambling site wants to create profit as well same as the players. This is so easy to understand mate, and also important to know before you gamble.

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Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

I would like to know What is House Edge and how it effects gambling ?
I am not new to gambling but still never understand this term clearly.

You are not new in gambling but you don't know what hours edge is?
You don't forget to be active in gambling but you forget to make some research, we can identify things through research, there is always an answer when we take time for searching about it.

The House edge is all about favor on the casino itself, once the gambler wins on a specific game, the casino still wins and earned more money than the winners, it happens in the long term of the game when there are many players who try the game.

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Quote from: swogerino on September 30, 2020, 02:46:05 AM

House edge is what keeps casinos running.I personally like the most the poker house edge where I think it is the most crystal clear to players.In this case the house edge is the percentage the casino gets from each hand played and all players clearly see what it is.For me this is the perfect example of a house edge,all others like slots with RTP(Return to Player) etc that claim they give you back 96.7% for example they are only theoretical and I tend to not really believe them compared to the poker house edge.

I do not think it is the only thing that keeps casino afloat, some physical casinos have n entrance fee, a hotel suite, a restaurant and if they are shady casino, they get a kickback from money laundering. Shady casinos are rare though because crackdown on money laundering and illegal gambling is high. If you know the house edge of a game in a casino, you have more chance in winning because you will lose less and win more.

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In terms of the Roulette Wheel, it is the Green Zero, (or Green Double Zero for those wheels that have them).

If you bet black or red and green comes up, you loose. Put simply, that's the house edge, that 1 in 37 that let's the house rake in some funds.

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Quote from: smyslov on October 07, 2020, 09:16:42 PM

Quote from: swogerino on September 30, 2020, 02:46:05 AM

House edge is what keeps casinos running.I personally like the most the poker house edge where I think it is the most crystal clear to players.In this case the house edge is the percentage the casino gets from each hand played and all players clearly see what it is.For me this is the perfect example of a house edge,all others like slots with RTP(Return to Player) etc that claim they give you back 96.7% for example they are only theoretical and I tend to not really believe them compared to the poker house edge.

It's necessary I don't want to call it bad or evil but it's something that keeps the gambling casino running, it's not always 100% win for the gambling sites we have seen a lot of players winning a lot of jackpot gamblers comes to accept this house edge and it will affect how they play here as long as the gambling site has a good reputation, 100% of them are ok with the house edge

By default, gambling houses have a certain amount of edge. It's just a matter sometimes of how high the edge is. But there was also a handful of casinos in the past without house edge. I remembered there was Edgeless years ago which offered zero house edge games and certainly a different experience to gamblers. I cannot confirm if any of them is still operating until now.

The edge does not guarantee a win. After all, even in a 2% winning chance in dice, one could still end up winning. But the house edge effect is maximized in long stretches of playing time.

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Quote from: swogerino on September 30, 2020, 02:46:05 AM

House edge is what keeps casinos running.I personally like the most the poker house edge where I think it is the most crystal clear to players.In this case the house edge is the percentage the casino gets from each hand played and all players clearly see what it is.For me this is the perfect example of a house edge,all others like slots with RTP(Return to Player) etc that claim they give you back 96.7% for example they are only theoretical and I tend to not really believe them compared to the poker house edge.

It's necessary I don't want to call it bad or evil but it's something that keeps the gambling casino running, it's not always 100% win for the gambling sites we have seen a lot of players winning a lot of jackpot gamblers comes to accept this house edge and it will affect how they play here as long as the gambling site has a good reputation, 100% of them are ok with the house edge

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I will try to explain in as simple words as possible.

House edge in simple words means the profit that the house/casino expects to make each bet placed by the gambler.

Let us consider an example where the house charges 1% house edge now what happens when you bet on 50% dice win chance you should normally get 2.00 odds but because of the edge you will get 1.98 odds which means the 0.02 odds reduction is where the house expects to earn.

Suppose you made 100 bets of $1 each with 1% house edge, so basically you win 50 and loose 50 in normal circumstance so you will bet $100 while despite winning half the bets you will only earn $98 which means the house earns $2 with your betting.

Any confusion then feel free to ask please

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Quote from: YuginKadoya on September 30, 2020, 03:27:03 AM

Quote from: swogerino on September 30, 2020, 02:46:05 AM

House edge is what keeps casinos running.I personally like the most the poker house edge where I think it is the most crystal clear to players.In this case the house edge is the percentage the casino gets from each hand played and all players clearly see what it is.For me this is the perfect example of a house edge,all others like slots with RTP(Return to Player) etc that claim they give you back 96.7% for example they are only theoretical and I tend to not really believe them compared to the poker house edge.

I agree, Mostly House Edge is to ensure that the casino will continue running and to not letting it to go bankrupt it had a tendency to let random select players to win to ensure that people will also give interest in playing gamble well, I think that is what the house edge stands for in my opinion, but like you said even though casino's are saying that they only had a lower house edge I never tend to believe it but the random selection always makes me wonder if I could also win the jackpot.

Foremost, casinos are business entities therefore they must plot their systems and operations in the way that they would gain profits. Hence, the house edge, it is what will ensure that casinos would attain these profits through adding percentage on the advantage on their side compare to the players’. And as stated by earlier commentators, house edge differ in every game in every casino.

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Quote from: swogerino on September 30, 2020, 02:46:05 AM

House edge is what keeps casinos running.I personally like the most the poker house edge where I think it is the most crystal clear to players.In this case the house edge is the percentage the casino gets from each hand played and all players clearly see what it is.For me this is the perfect example of a house edge,all others like slots with RTP(Return to Player) etc that claim they give you back 96.7% for example they are only theoretical and I tend to not really believe them compared to the poker house edge.

I agree, Mostly House Edge is to ensure that the casino will continue running and to not letting it to go bankrupt it had a tendency to let random select players to win to ensure that people will also give interest in playing gamble well, I think that is what the house edge stands for in my opinion, but like you said even though casino's are saying that they only had a lower house edge I never tend to believe it but the random selection always makes me wonder if I could also win the jackpot.

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House edge is what keeps casinos running.I personally like the most the poker house edge where I think it is the most crystal clear to players.In this case the house edge is the percentage the casino gets from each hand played and all players clearly see what it is.For me this is the perfect example of a house edge,all others like slots with RTP(Return to Player) etc that claim they give you back 96.7% for example they are only theoretical and I tend to not really believe them compared to the poker house edge.

Darker45

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House edge is simply the edge of the gambling house in which you are playing. In other words, the house has always the upper hand. However little or low it may be, it is still an edge and therefore the house is more probable to win than you or the gambler. It could be 2% or 1% or simply 0.9% or even lower. And, of course, it is primarily through house edge that the casino makes a profit.

So, basically, the game will not be 50:50 in terms of lose/win. However, you could make your winning chance 50%, which means the house has lost its edge as far as the game is concerned. But that does not mean the house has totally lost its overall edge. The house would compensate it with the payout. The payout will be lowered if you choose a 50:50 chance. So that makes up for it.

So, for example, if you bet $100 with a 50% winning chance and with a house edge of 1%, you will only get x1.98 payout. That's $98 in winning. Now, if you want your payout to be x2 so that your $100 would double per win, then your winning chance will also be reduced to 49.5%. Either way, the house has the upper hand. That's its edge.

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It was already explained above by the other users about the house edge. This is design by the casino for their advantage because for them gambling is a business while players play gambling for fun and excitement at the same time for profits if being lucky. This is just the simple analysis about gambling but others went too far that gets attached to gambling and become addicted to it. In that case more gamblers that were became addicted in gambling tend to lose huge money and even resort to selling properties due to huge debt.

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The house edge is the meaning itself this is the chance of the probability of the player and the casino if winning every time you will play a game there is a chance you will lose of it, and by the times goes by there is a chance you will know the technique how to beat this game, but I think you need to lose a lot of money first before you will get the strategy on winning of it. They already gave a different example, in a gambling place you can win but not all the time you will be a winner.

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Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

I would like to know What is House Edge and how it effects gambling ?
I am not new in gambling but still never understand this term clearly.

Here are some links that will explain about House edge and how does it affects your gambling plays.

https://www.legitgamblingsites.com/online-casinos/house-edge/
casino.org
https://www.gamblingsites.org/casino/beginners-guide/house-edge/

Each game would really have different house edge.

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Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

I would like to know What is House Edge and how it effects gambling ?
I am not new in gambling but still never understand this term clearly.

Just understand that casinos are businesses, so they add a slight advantage for themselves in all their games. It reduces the players chance to win and increases the chance for the casino will win in the long run. Basically, the casino wins more often than the players because of the house edge and these winnings are accumulated to pay out the jackpots and other promos. This mathematical advantage in the games slanted towards the casino's favour is called the house edge. Moreover, the house edge varies with the games. So high Return-To-Player(RTP) games has the lowest house edge and vice versa.

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Quote from: Darkelf11 on September 27, 2020, 11:05:36 AM

Quote from: webtricks on September 27, 2020, 10:41:32 AM

Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

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The term is simple: House Edge is the difference between the probability of casino's win and player's win. If I say, house edge is 2% then the probability that result of the bet will in favour of house is 51% and that of player is 49%.

Let's take a simple example of Dice game. Suppose a dice game has a house edge of 2% then it will pay you 2.00x for rolling above 51 or below 49. Ideally, it should be 2x for rolling above 50 or below 50. But due to house edge factor, the probability of you winning the bet as a player falls from 50% to 49%.

Should it be the house has 52% of winning while the player has only 48% because the house has 2 percent edge? Correct me if I am wrong, but in my point of view it should be 52 by 48 or 16:13. I'm not that good in gambling and I just recently learned and tried executing gambling tips based on house edges and odds. Please excuse me if I am mistaken.

It will be 51/49, not 52/48. As I said house edge is the difference between the probability that house will win and the probability that player will win. So 2% house edge is 51 - 49 = 2.

You can also understand it like this - player will win 2.00x if he rolls between 51-100 or 1-49. That's 49 possibilities out of 100.

Have a look here, Primedice has 1% house edge so player will win if he rolls over 50.49 or below 49.50. So player's winning probability is 49.5. Hence, the house edge is 1% (50.5 - 49.5)

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Quote from: webtricks on September 27, 2020, 10:41:32 AM

Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

~

The term is simple: House Edge is the difference between the probability of casino's win and player's win. If I say, house edge is 2% then the probability that result of the bet will in favour of house is 51% and that of player is 49%.

Let's take a simple example of Dice game. Suppose a dice game has a house edge of 2% then it will pay you 2.00x for rolling above 51 or below 49. Ideally, it should be 2x for rolling above 50 or below 50. But due to house edge factor, the probability of you winning the bet as a player falls from 50% to 49%.

Should it be the house has 52% of winning while the player has only 48% because the house has 2 percent edge? Correct me if I am wrong, but in my point of view it should be 52 by 48 or 16:13. I'm not that good in gambling and I just recently learned and tried executing gambling tips based on house edges and odds. Please excuse me if I am mistaken.

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Quote from: Darkelf11 on September 27, 2020, 10:14:08 AM

The phrase already explains itself. It's the edge of the casino which is also the house to the players of the casino. Imagine having them the higher chance of winning over the gamblers on their casino. For example, Casino A has 1% more chance of winning over the player. It's the reason why players has the possibility of losing more in the long run, but it can be managed if you are good at it and if you are a experienced.

It's the advantage of the casino, it's hard to determine when will we be able to win against mmthe House but if we're lucky enough we will be able to win or choose games with lowerhoise Edge for a chance to win, many says we can't beat the house which is true but there were times that we might win when we're able to handle our game and stop when our stra2seems not working and only favors the house.

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Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

I would like to know What is House Edge and how it effects gambling ?
I am not new in gambling but still never understand this term clearly.

The term is simple: House Edge is the difference between the probability of casino's win and player's win. If I say, house edge is 2% then the probability that result of the bet will in favour of house is 51% and that of player is 49%.

Let's take a simple example of Dice game. Suppose a dice game has a house edge of 2% then it will pay you 2.00x for rolling above 51 or below 49. Ideally, it should be 2x for rolling above 50 or below 50. But due to house edge factor, the probability of you winning the bet as a player falls from 50% to 49%.

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Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

I would like to know What is House Edge and how it effects gambling ?
I am not new in gambling but still never understand this term clearly.

The phrase already explains itself. It's the edge of the casino which is also the house to the players of the casino. Imagine having them the higher chance of winning over the gamblers on their casino. For example, Casino A has 1% more chance of winning over the player. It's the reason why players has the possibility of losing more in the long run, but it can be managed if you are good at it and if you are a experienced.

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Quote from: SuperHero87 on September 27, 2020, 06:37:41 AM

I would like to know What is House Edge and how it effects gambling ?
I am not new in gambling but still never understand this term clearly.

Well then if you are not new onto gambling, make sure that you are not also new to self-research of the doubts you are having. Just by searching "House Edge" in the search bar on the above side of the forum, there would be a lot of threads that would help you understand. Here's one that helped me back then to understand House Edge again.

Beginner's guide to House Edge and RTP
https://bitcointalksearch.org/topic/beginners-guide-to-house-edge-and-rtp-5242329

Since this is self moderated, I hope this reply and the thread I redirect you to read already fulfilled your doubts and questions with House Edge. Better lock this thread as well in the bottom left corner of this thread. Thanks!

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I would like to know What is House Edge and how it effects gambling ?
I am not new in gambling but still never understand this term clearly.

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