Buy bet house edge
December 1st, 2022 at 8:59:15 AM
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I'm having trouble understanding one part of how the house edge is calculated on Buy bets as shown on the WoO page about craps:
https://wizardofodds.com/games/craps/basics/#defining-the-house-edge
It says that when the vig is paid on wins, the 4/10 pays 39 to 20. That makes sense.
However, when the vig is paid up front, the 4/10 pays 39 to 21. The '21' part makes sense since that includes the vig. But shouldn't the pay part be 40?
I mean, I get that you only collect 39, but that's because you're paying the vig to keep the bet up.
Shouldn't it be calculated as 40 to 21? Calculating as 39 to 41 seems like the vig is being paid twice.
If I'm wrong, please tell me. If I’m right, tell Mike.
https://wizardofodds.com/games/craps/basics/#defining-the-house-edge
It says that when the vig is paid on wins, the 4/10 pays 39 to 20. That makes sense.
However, when the vig is paid up front, the 4/10 pays 39 to 21. The '21' part makes sense since that includes the vig. But shouldn't the pay part be 40?
I mean, I get that you only collect 39, but that's because you're paying the vig to keep the bet up.
Shouldn't it be calculated as 40 to 21? Calculating as 39 to 41 seems like the vig is being paid twice.
If I'm wrong, please tell me. If I’m right, tell Mike.
I invented a few casino games. Info:
http://www.DaveMillerGaming.com/ —————————————————————————————————————
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
December 1st, 2022 at 11:18:06 AM
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Easiest way to calculate vig paid up front is 1/21 since the bet pays fair on $20 but $1 of $21 goes to the casino no matter what
Or look at the bet in two parts: $20 + $1 = $21 On a loss you lose $21. On a win you get paid $40 to $20 but the casino takes the $1 so it’s $39 to $20 net
Return can also be calculated as 1/3 chance of a $60 for $21 payout = 20/21
Incidentally, it’s probably better to bet $39 since I’ve been told it still costs $1. I assume you could wager $40 and it’s counted as $39 + $1
Or look at the bet in two parts: $20 + $1 = $21 On a loss you lose $21. On a win you get paid $40 to $20 but the casino takes the $1 so it’s $39 to $20 net
Return can also be calculated as 1/3 chance of a $60 for $21 payout = 20/21
Incidentally, it’s probably better to bet $39 since I’ve been told it still costs $1. I assume you could wager $40 and it’s counted as $39 + $1
It’s all about making that GTA
