House Edge on Craps like games
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August 10th, 2015 at 2:36:27 PM
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Which way should the House Edge on place-like bets be calculated?
(a) Based on the win/loss of the wager for each roll of the dice
(b) Based on the ratio between the true odds of the payout when the bet is resolved.
I'm asking this question because "Dice Ball" has been introduced on trial in my local casino and they have a pamphlet with the various bets and House Edge. I described this game at https://wizardofvegas.com/forum/gaming-business/game-inventors/18111-ricoh-coventry-showcase/2/ .
There's a neat idea whereby they have a number of place-like bets. These payout on five rolls of the dice (e.g. 2 or 5, 3 or 4, 6) and lose on any seven; however like the Big 6 bet they only pay Evens. The question is What is the House Edge for this bet?
Personally I think they should compare the true payout (i.e. should pay out a total of £2.20) to the actual payout (£2) rather than looking at 36 rolls, you win 5 and lose 6, thus only lose £1 per 36 rolls = 2.78%.
Any thoughts?
(a) Based on the win/loss of the wager for each roll of the dice
(b) Based on the ratio between the true odds of the payout when the bet is resolved.
I'm asking this question because "Dice Ball" has been introduced on trial in my local casino and they have a pamphlet with the various bets and House Edge. I described this game at https://wizardofvegas.com/forum/gaming-business/game-inventors/18111-ricoh-coventry-showcase/2/ .
There's a neat idea whereby they have a number of place-like bets. These payout on five rolls of the dice (e.g. 2 or 5, 3 or 4, 6) and lose on any seven; however like the Big 6 bet they only pay Evens. The question is What is the House Edge for this bet?
Personally I think they should compare the true payout (i.e. should pay out a total of £2.20) to the actual payout (£2) rather than looking at 36 rolls, you win 5 and lose 6, thus only lose £1 per 36 rolls = 2.78%.
Any thoughts?
August 10th, 2015 at 3:40:35 PM
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IMO the 'per roll' should be considered if you are the type of player who picks up bets and changes them all the time
the 'per resolved' should be your thinking if you never pick up bets - that is me
the 'per resolved' should be your thinking if you never pick up bets - that is me
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
August 12th, 2015 at 11:01:15 AM
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I look at the per roll house edge for no reason other than it's easier to estimate rolls per hour than decisions. This requires you to make some rounding assumptions since many rolls are on the come out when everything is off, but if you're looking at the long term some Fermi estimation should work out.
To answer your question, I think both are required to fully understand the game.
To answer your question, I think both are required to fully understand the game.
Its - Possessive; It's - "It is" / "It has"; There - Location; Their - Possessive; They're - "They are"
August 12th, 2015 at 2:14:06 PM
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Thanks for the replies - I am trying to find which number the casino should give in its documentation.Quote: ahiromu...I think both are required to fully understand the game.
For instance there's a great deal of difference between the "Big 6" bet (at Evens) and the Place 6 (at 7/6). This game offers the equivalent of Big 6 and states the house edge as 2.78%, whereas wizard states it at 9.09% ( https://wizardofodds.com/gambling/house-edge/ ). The latter figure is based on outcome not per roll.
When people read that (UK) roulette is 2.70% they might think that a Big 6 isn't such a bad bet, whereas the payout is quite stingy.
