You always loose, and the house will be the winner ?

strunberg

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Quote from: OgNasty on March 01, 2022, 07:31:36 PM

It really isn’t difficult to understand that the house has an edge and eventually everyone will lose money to the house. An easy way to think of it is that the lights in Las Vegas cost a lot of money to keep turned on. The casinos that pay for the electricity have one main customer (aka source of income). So it’s the gamblers in Las Vegas who really pay for all those lights.

Same thing with internet casinos. They have servers and employees, etc. Maybe less overhead that allows for a smaller house edge, but in the end it is the customers that pay for those things. If the house didn’t have an edge, the casino couldn’t stay in business and wouldn’t exist.

all of that has been set to make house always win, they have alot trick to deceive us, with high cost from operation they must earn profits to pay it.with many trick tha will done ,its very rare to see majority player win in the same. money circulation in this business was very huge but need backe up from regulator ofcourse it required in huge amount.

OgNasty

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It really isn’t difficult to understand that the house has an edge and eventually everyone will lose money to the house. An easy way to think of it is that the lights in Las Vegas cost a lot of money to keep turned on. The casinos that pay for the electricity have one main customer (aka source of income). So it’s the gamblers in Las Vegas who really pay for all those lights.

Same thing with internet casinos. They have servers and employees, etc. Maybe less overhead that allows for a smaller house edge, but in the end it is the customers that pay for those things. If the house didn’t have an edge, the casino couldn’t stay in business and wouldn’t exist.

Cookdata

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If you continue to wager many times, regardless of the outcome, the house always wins ( either win or loss).
Let's imagine an average casino has a 5% house edge and you have $1,000 to wager on a game. If you win the first round, you'll have 5% to pay to the casino and the remaining 95% will go to your balance, if you lose, the same thing would happen. In the long term, the house will always win, but if you play and win the first bet, you will hardly lose to the casino, but the chance of winning the first bet is X, which is impossible to calculate.

cryptoblitzen

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Considering the casino is fair, your chances of losing and winning are the same for every bet you make. You have to understand the basic concept of RTP and house edge. On average all casinos have around 96% RTP, meaning that if you bet $100, you get back $96 on average, $4 is casinos profit. Playing games of change (like slot machines) in the long run, this would play out more clearly. There are plenty amount of information explaining how casinos work, a simple explainer video on YT would do the job. Always remember that a casino for a player is not a way to profit, it's a way to spend time and gamble money that you can afford to lose.

altcointalk14

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Quote from: sm2021 on November 02, 2021, 02:44:25 PM

I have been reading about house edge, and honestly didn't understand it well.

I am wondering, if I keep winning will my chance of winning further decrease ?
Let's say, I am playing with 70% chance, and increasing my bet amount after a loss, and keeping enough money to cover till loss streak of 20. (which is insane!), and I continue to win, does it mean at some point my loosing streak will exceed 20, and bust all my bankroll ?

What coco23 described explains your game idea quite well.
However, I understood your question a little differently. When it comes to house edge, every casino can have a different one. In short, this is the casino's "commission". The higher it is, the more likely you are to lose. So you should choose casinos with as little house edge as possible.

coco23

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Your questions are pretty basic. No ofense, but I would suggest you take a basic online course in probabilty theory to get a bit deeper into the subject

In short:

Quote from: sm2021 on November 02, 2021, 02:44:25 PM

I am wondering, if I keep winning will my chance of winning further decrease ?

In normal betting games, different rounds are typically independent from each other (so that the outcome of the previous round does not influence the next round). That means for any round: It does not matter what your result of the previous round was. Whether you lost the last 5 rounds or you won all of them has nothing to do with the result of the next round whatsoever.

Quote from: sm2021 on November 02, 2021, 02:44:25 PM

Let's say, I am playing with 70% chance, and increasing my bet amount after a loss, and keeping enough money to cover till loss streak of 20. (which is insane!), and I continue to win, does it mean at some point my loosing streak will exceed 20, and bust all my bankroll ?

This is a popular strategy, however, will fail in the long run under normal circumstances (i.e. when the house has a small edge).
The probability seems small to lose 20 runs in a row, however your average gains will also be relatively small as you have to maintain your safety net of the money of 20 rounds.
This strategy is very similar to putting your money on 35 (out of 36 + 0) numbers on a roulette table. Your probability to lose is small, but your gains are also small.

sm2021

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I have been reading about house edge, and honestly didn't understand it well.

I am wondering, if I keep winning will my chance of winning further decrease ?
Let's say, I am playing with 70% chance, and increasing my bet amount after a loss, and keeping enough money to cover till loss streak of 20. (which is insane!), and I continue to win, does it mean at some point my loosing streak will exceed 20, and bust all my bankroll ?

Topic: You always loose, and the house will be the winner ? (Read 185 times)