Element of Risk or House Edge per Bet Unit
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 | 4 votes (100%) | ||
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4 members have voted
April 30th, 2013 at 8:56:28 AM
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In gaming, if I am correct, Element of Risk is defined as the House Edge / Units of Bet. "Element of Risk" seems too literal. Why not just call it House Edge per Bet Unit (HEPBU) HEPBU is also quite pronounceable and hot. What do you think?
April 30th, 2013 at 9:48:25 AM
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Actually, I've never heard any of both terms. Actually "House edge" is already understood as the houses "hold" per bet. The only ambiguity is for games with several betting stages, like in BJ or poker based games.
April 30th, 2013 at 9:50:13 AM
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You're right, perhaps not mention this term is easier for all.....
May 1st, 2013 at 6:37:32 AM
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I believe that Element of Risk is actually a term coined by The Wizard, so rather than explain it myself and do it injustice, we'll see if The Wizard notices this thread and explains his term.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
May 1st, 2013 at 8:33:49 AM
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Quote: MangoJActually, I've never heard any of both terms. Actually "House edge" is already understood as the houses "hold" per bet. The only ambiguity is for games with several betting stages, like in BJ or poker based games.
But "Hold" is over time and is usually well above the House Edge. A roulette bet will be at 5.26 percent House Edge but the HOLD at the end of the shift is usually in the high teens to low twenties.
May 1st, 2013 at 8:42:51 AM
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Quote: FleaStiffBut "Hold" is over time and is usually well above the House Edge.
That's why it is hold per bet. Even the house cannot change the dynamics of their games.
May 1st, 2013 at 9:29:06 AM
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I don't think you should try and call it hold per bet, as it creates unnecessary confusion with actual hold (itself a only somewhat useful indicator of table game health).
Wisdom is the quality that keeps you out of situations where you would otherwise need it
May 1st, 2013 at 10:01:32 AM
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May I suggest instead that it be theoretical hold per dollar bet.Quote: MangoJThat's why it is hold per bet..
This emphasizes the theoretical value of twenty-six cents per Red Chip at roulette.
May 1st, 2013 at 11:01:45 AM
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I like it as Element of Risk.
Stephen Au-Yeung (Legend of New Table Games®) NewTableGames.com
May 1st, 2013 at 11:04:57 AM
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Quote: MrCasinoGamesI like it as Element of Risk.
Me too. I'm too used to the term now.
May 1st, 2013 at 3:38:28 PM
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Quote: FleaStiffMay I suggest instead that it be theoretical hold per dollar bet.Quote: MangoJThat's why it is hold per bet..
This emphasizes the theoretical value of twenty-six cents per Red Chip at roulette.
The idea behind element of risk is to capture the fact that some bets have a larger average wager than one unit due to in-game strategy. For example, whatever you bet on any roulette wager is one unit and that can't change over the course of the bet. But the average wager in blackjack is about 1.13 units due to the times you split and/or double. Element of risk is theoretical loss divided by average wager. That's different than the house edge, which is theoretical loss divided by initial wager (one unit).
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice."
-- Girolamo Cardano, 1563
