Quote:billryanCasinos don't make their money by collecting your losing wagers.

I'm still trying to wrap my head around that one.

If all the house did was give money away (even at reduced odds), I don't see how they'd make any money at all.

Collecting the even money wager more often than paying the even money wager works too.

tuttigym

tuttigym

At a $5 table, if I buy-in for 10 units to bet on the PL only, that typically lasts me 30 to 90 minutes before I lose it all or double my money.

I'm changing my strategy this year to buy-in for 15 units, and have a backup buy-in, for a total of 30 units; which is about the same amount of money as buying in for 3X 10 unit sessions.

I usually intend to play for 3-5 hours or more. I'm not used to being on my feet so I could really use a comfy bar chair when I'm not shooting (and Bubble Craps has the chair). At this point the casino could keep their $15 tables because the Bubble Craps can handle the lower limit players ($195 on the PL, $390 2X Odds, & $390 Place Bets)

Quote:DieterI'm still trying to wrap my head around that one.

If all the house did was give money away (even at reduced odds), I don't see how they'd make any money at all.

Collecting the even money wager more often than paying the even money wager works too.

Take roulette. If you bet a number, it is one in thirty-eight that it hits. If the casino paid true odds, you'd lose 37 times, win the 38th and be even. but it only pays 35-1 so it is the lack of full pay that gives the casino its edge. I look at it as a tax on each win.

tuttigym

Quote:tuttigymMr. Ace2 and Mr billryan: There may be 1% of players who get into the weeds and think about "variance" and HE or HA. The rest of the vast majority of "players" gamble to have some fun, enjoy the excitement, and maybe win. By misdirecting ones focus with gambling micro-management is not helpful.

tuttigym

By strange coincidence, that's about the same percentage of people who win.

Quote:billryanTake roulette. If you bet a number, it is one in thirty-eight that it hits. If the casino paid true odds, you'd lose 37 times, win the 38th and be even. but it only pays 35-1 so it is the lack of full pay that gives the casino its edge. I look at it as a tax on each win.

I understand that a win is paid at 95% (well, 36 for 1 on 38) when a loss costs you 100%.

What I'm saying is I'll gladly let you pay 1:100 on a red/black if you push all my losing bets.

In third grade terms, house edge means you lose a little more than you win. That can either be because you lose more often than you win, or the prize for winning is less than your chance of winning compared to the cost of playing, or a mix of both.

tuttigym