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What is the House Edge?

January 2, 2020 News

Knowing your odds is one of the most important parts of gambling, especially if you want to make a profit out of a pastime. Known as the House Edge, all casinos, Oklahoma casinos or otherwise, have a mathematical edge over the players. For the casino, this means that over time, the ‘house’ will rack up a profit based on percentage, which means for the player, an eventual loss. Although this can’t be avoided in the long run, knowing about the House Edge and which games have the highest/lowest (or no) House Edge can help you when deciding what to play.

Casinos Near Me and the House Edge

No matter how lucky you are or how much you love to gamble, you have to remember that casinos are businesses. Any investor that goes into a commercial venture does so for one main reason: to make a profit. One way that they make this happen is by making sure that almost every game is slanted in the casino’s favor.

This is called the House Edge and can be explained as the ratio of average loss versus the initial amount bet by the player. Another way to look at it is “how much money is a casino making for itself when compared to the money paid in player payouts?” The answer depends on the individual machine or table.

In general, this percentage falls into one of three categories: low, medium, and high House Edge. If you’re wondering, how much is this average at the casinos near me, look at the chart below. These numbers represent the House Edge game comparisons for most casino games.

Casino GameHouse EdgeCategory
Three-card, and video pokerUp to 3.5%Low
BlackjackUp to 2%Low
Roulette5.2%Medium
Medium slots5 to 10 %Medium
Simple slots3 to 20%Medium-High
Keno20-40%High

 

Does the House Edge Stop Me From Winning?

Before you go avoiding every casino in Oklahoma or elsewhere in the US, it is important to remember that a house edge does not automatically equal a loss. Imagine two runners who are taking part in a race where one is positioned two feet ahead of the other. Although that sprinter certainly has the advantage, it does not guarantee a win. It is the same with casinos.

Of course, the fact that a House Edge exists means that if we continue to play a game indefinitely, we would never win. Thankfully, most of us don’t have the time (or money) to play continuously, so there is the possibility of a win when playing any random game of chance. How can you do this? Simply walk away while you are up. Of course, this is hard to do, but it is one of the only ways to actually beat the House Edge while playing in Oklahoma casinos or any other gambling institutions.

You can also think of the House Edge in casinos as a tax. This is what pro-player Ken M. does. He explained in an exclusive interview that he never worries about House Edge and instead thinks of it as a tax of sorts. “Casinos near me, and Oklahoma casinos, in general, are going to apply a House Edge to their games,” He said. “This is a fact, and instead of worrying about it, I simply think of this amount as a tax that is applied to my winnings.”

He went on to say that he has never known a gambler who lost exactly the overall House Edge (around 3 percent) but has known people to lose much more and much less. This alone suggests that the House Edge can’t stop you from losing..or winning.

Should a High House Edge Stop Me from Playing a Game?

Paying a ‘tax’ doesn’t mean you can’t stay profitable, and it’s no reason to give up gambling for good. You should use the information you’ve learned about House Edge percentages when deciding which games to play for profit. For example, knowing that Keno has a 40% House Edge when compared to the much lower advantage of slots can make a huge difference when deciding where to bet your last dollar. However, it is important to remember that gambling at a casino is much more than just an effort to make some cash. Any activity you take part in should be fun. Otherwise, there is no gain in times when the house wins.

Consider this example. Liz and her husband Ben, love going to casinos on a semi-regular basis. Ben knows a great deal about the House Edge of each casino game. Liz has very little knowledge about these percentages. When deciding which game to play once they arrive, the husband and wife have very different strategies. Ben usually gravitates toward games with low mathematical advantage for the house like poker and baccarat. Liz always plays roulette. Ben thinks that this is silly since it has a much higher House Edge. Liz’s response: roulette is fun.

Which brings us to this final piece of advice. Learn as much about casino games, house rules, and edge as possible. Take into consideration how much of a ‘tax’ you will win on winnings on various casino tables or slots. Then, find a way to use this knowledge to your advantage while playing games that you actually enjoy. The House Edge will always have your back against the wall. So, instead of focusing only on your next big payout, soak up the moment. Doing so will guarantee you always walk away as a winner regardless of profit or loss.

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