Casino, Sports Betting, and Lottery – A Comparison of the House Edge

The house edge, which is the commission that a gambling agent such as a

casino, a sportsbook (bookmaker), or a lottery administrator charges, is a

yardstick that measures how a specific gambling game is fair and reasonable.

It is one of the most important factors that every player should consider whenever he/she is engaged in any type of gambling, inasmuch as it indicates how much of the money wagered goes to the gambling agent’s pocket and how much is redistributed to the winners. Indeed, a house edge cannot be zero since casinos, sportsbooks, and lottery administrators have to make some money in order to cover their expenses, and to make some profit as well. Yet, a high house edge simply means that the players are unnecessarily being ripped-off, and as a result, any gambling game with a high house edge should certainly be avoided by a

knowledgeable gambler.

In this article, we shall compare, in the simplest way

possible, the house edges of a roulette, an evens-odd betting, and a Cash 3

lottery game as representatives of the three major gambling categories.

The Equation

The easiest way to compute a house edge is to compare the actual winnings that are

paid by the respective agents to the winnings that would be paid in a

fair game or bet. A fair game or a fair bet is one in which no commission

is involved; an obvious model is a game between friends. Therefore, in

percentage form, the house edge is obtained by subtracting an actual game winning

from a fair game winning and dividing the result by the fair game winning,

finally multiplying by 100. Thus,

House Edge = [ (fair game winning – actual game winning) / fair game winning ] *

100

Roulette

Because of its simplicity and popularity, we shall consider the roulette as a

representative casino game. A European roulette wheel has grooves marked by the

numbers 0 to 36; the American wheel (also called Las Vegas wheel) has an

additional groove marked as ’00’. So, the European wheel has a total of 37

numbers, while the American wheel has 38. Internet casinos usually make available

the option to select the type of wheel the customer prefers, but the brick and

mortar casinos normally offer only one type. The winning number in a roulette

game is the number corresponding to the groove where a spinning ball lands.

Now, consider a fair game in which 38 friends are playing the roulette at home,

and each one selects a number and places a $1 bet on the number (no two or more

players wagering on the same number). When the ball is spun and lands in a

groove, the number marking that groove will be the winning number.

The person who has selected this winning number collects all the money on the

table thus making him win $37. On the other hand, if the game were conducted in

a casino, the winner would be paid only $35. The difference between the two

winnings applied in the above equation gives us the house edge of a roulette game

as

( 37 – 35 ) / 37 * 100 = 2 / 37 * 100 = 5.4%

This means that every time you spend a $100 on an offline or online casino roulette, $5.40 goes to the casino and the rest is redistributed to the winners. Evidently, there are quite a number of casino games and the house edge varies

from game to game, many of them having a house edge less than that of the

roulette. For obvious reasons, a good gambler always prefers games that have low house

edges, while the casino itself loves those games with high house edges. For example,

the house edge of craps is 1.4% which makes it one of the most preferred casino

games by the players.

Even-odds Sports Betting

Again, because of its simplicity, we shall consider an even-odds betting as a

representative of this category of gambling. By even-odds we mean that the event

(usually a sports game) has equal chances of going either way. An example is a

tennis match between two competitive players each of which has an equal chance

of winning the match.

A fair bet, in this case, is just a simple bet between two friends who just

pick one of the tennis player as winner. If these two friends wager $1 each, the

winner will collect $2, thus winning $1. If instead the bets are placed

through a sportsbook, the winner will collect only $1.91, since the odds of an

evens game at most bookies and online sportsbooks is 1.91. If you are not familiar with the

decimal representation of odds, 1.91 is the same as 10/11 in UK notation and

-110 in US odds notation. Odds of 10/11 mean that you’ll win $10 when you wager $11; and odds of -110 mean that you have to wager $110 in order

to win $100. Anyway, since the winnings paid by a sportsbook is only $0.91, the house

edge of an even-odds betting
will therefore be

( 1 – 0.91 ) / 1 * 100 = 0.09 * 100 = 9%

So, this is how sportsbooks make a living. Since several internet sportsbooks offer odds higher than 1.91 in order to lure

bettors, the house edge could be smaller than 9%, which is one of the things that the bettor should be looking for when searching for a sportsbook. On the other hand, if the bettor is

wagering on parlays the house edge would be significantly higher than 9%; for

big parlays, it could go as high as 40%.

It should be apparent by now that the gambler is better off with casino games

than sports betting. It should also be noted that while the house edge could

be a major factor to consider while selecting a gambling game, it is by no means

the only one. For instance, one should consider the fact that casino games are

mostly games of chance, while sports betting also involves a learned decision in

selecting a pick, consequently leading to a higher probability of winning a bet.

Cash 3

Depending on the state you are in, this lottery game may be known by a

different name such as Pick 3, Play 3, Daily 3, etc. In this game, the player

selects a three-digit number from 000 to 999, and plays the number as a straight

or as a box. A straight play is a prediction that the number will come exactly

as selected while a box is a prediction for the number to come in any order. For

instance, if a player selects the number 672 and plays it straight, he/she will

win if the number drawn is exactly 672. Instead, if the player plays 672 as a

box, he/she will win as long as the drawn number contains a 6, a 7 and a 2, in

any order (276, for example). Obviously, a straight game pays much more

than a box game for the same amount wagered.

Now consider 1000 friends (maybe in a club) selecting a number as a straight,

each for $1, so that all the 1000 possible numbers are covered. When the winning

number is drawn, the person who has selected that lucky number will be deemed a

winner and will cash in all the $1000 collected, so making him win $999. This is

a fair game. In the case of state lotteries, however, the winner will be paid

only $500 in most states. Some states may pay a little bit less, others may pay

a little bit more, but $500 is more or less the standard. The winner therefore

wins $499. The house edge for a Cash 3 game will therefore be

( 999 – 499 ) / 999 * 100 = 500 / 999 * 100 = 50%

This house edge applies not only to the Cash 3 game but also to all state

lottery games such as Play 4, Cash 5, Mega, Fantasy 5, Lotto, Power Ball, etc.

So, whenever you are playing the state lottery, remember that you are wagering

only half of your money on the actual lottery; the other half, you are

just giving it away. Where this other half goes is not the gambler’s concern,

since his/her main objective is to win some money in order to pay the ever

present bills, or to get out of a miserable life, or to change his/her

20-year-old car. As regards contributing to education and other noble causes,

there are other means of collecting money called taxes and charities.

Unfortunately, many states do not allow casino games, and furthermore,

sports betting is illegal in the United States. The player is therefore left

with no choice but to cross state borders in search of a casino, or more

recently, to engage in online sports betting through the several offshore

internet sportsbooks. Nowadays, there is a plethora of trustworthy online

casinos and sportsbooks operating from Canada, the UK, Antigua, Costa Rica, and

so on.

The Conclusion

As far as the house edge is concerned, it has been shown that casino games

are the best choice for the gambler. On the other end, any state lottery is a

pretty miserable game to play. Nevertheless, besides the house edge, there is

also the possibility of winning to consider.

Casino games, like lotteries are mostly games of chance; the player just

selects a number or numbers and waits to see what luck brings him/her. There is

absolutely no basis to prefer one number to others. Some people try to analyze

previously drawn numbers in order to see the trend and predict the next numbers.

This strategy may work a few times, but not always. Keep in mind that it is the

players, and not the machines, who remember the previous numbers. In short, the

possibility of winning a roulette or the lottery entirely depends on luck.

While there is little or nothing that a roulette or a lotto player can do to

initially select a possible winning number, the situation could be quite

different in the case of betting. With a lot of information and some assistance from

sports handicappers, it is possible to predict the outcome of a sports event

with more certainty than predicting a Cash 3 number.

Play South Korea’s Casinos Online, But Not The Dubious Ones

The gambling and casino scene in South Korea is well organized and well structured, based throughout the major cities. South Korea casinos are quite popular too. As per the statistics of 2009, Korea casinos were the seventh largest casino market in the world with a revenue equivalent to US$2.4 billion.

The growth of casino culture in Korea is a result of phenomenal increase in Korea tourism during the last decade. It is quite likely casinos contributed substantially to the upswing in tourism in this highly urbanized East Asian country.

Interestingly, gambling in Korea was restricted to placing bets on horses till 2000. However, within a short time, the scenario underwent a sweeping change when the country lifted the ban on gambling, paving the way for more than 20 casinos to emerge scattered across the entire country. Online casinos nevertheless had to struggle to make their presence felt in this country as the government was reluctant to allow land-based casinos to operate on the Internet. The situation seems to have changed now with more than 130 online casinos operating in Korea, a clear fact that the online gambling fad has also bitten this country’s populace.

If you are playing Korea casinos online or, for that matter, any game play that accepts bets online, a well-researched review is something you cannot do without. Here are a few tips that will help you find a dependable site that will provide quality entertainment and also a great gaming experience.

Try To Get Answers To The Following Questions:

* Is the casino licensed in a trusted jurisdiction?

* Is the online site operated by a reputable Korea casinos software provider?

* Does the casino offer fair payout percentages and returns to players?

* Is the casino offering a good casino bonus with fair betting requirements?

* Has the online casino a fair selection of games to choose from with a variety in each category, such as Progressives, Slots, Video Slots, Poker, and Blackjack to name a few?

Even if you feel confident enough that you have done thorough research, nothing beats evaluating the system on your own. Remember, rogue online casinos exist in Korea, too, as elsewhere in the world. Rogue casinos do not credit due bonuses you earn, delay or default in crediting withdrawals, and sometime don’t make payments. Weeding out the dicey ones from among the numerous positive sites spread on the Internet, though not easy, can be done. Just look out for the following:

* See if the site provides the name of the owner with an address. If it does not, then exit the site in a jiffy and for good.

* If the owner is mentioned, find out if the company is listed on the native stock exchange and if it offers gaming online too. If the answer is yes to both the questions, then you are in the safe zone.

Go ahead and play in online casinos. Just make sure the one you choose from among the various South Korea casinos is reputable and has passed all the stringent checks made by the best reviewers-and most importantly by you.

Las Vegas "Whales"

What Las Vegas jargon names “whales” is in fact the creme of the high rollers species. They are a handful of people that in some opinions don’t exceed 500 individuals in the world. Las Vegas hoteliers are nuts about them; some claim four or five of those whales bet much more than the rest of the thousands customers they receive daily. No wonder they are suspected of going as far as selling their first born child to get one of those whales into their gaming area.

Five tips to recognise a whale

* the size of the bet: $50,000 is the low end; Australian tycoon Kerry Packer likes to play seven blackjack hands at one time; his top bet was $375,000;

* the line of credit: 4 to 5 million dollars for one weekend; a fortune for us ordinary earthlings, pocket money for a “whale”;

* the treat: whales get all the freebies from the hotel they play: fine dining, luxury accommodations, private jet transportation, expensive gifts… often the US visa for the Asian high rollers;

* the escort: it usually includes bodyguards, beautiful gals and close friends; Las Vegas history saved for the record a legendary tale in which the Saudi Prince Adnan Khashoggi dropped for a bet at Stardust with an entourage of a dozen people;

* the generosity: whether they win or loose, everybody’s happy as long as they play; “whales” don’t spare tips & gifts.

While the “whales” number just a few hundreds in the world, the amounts they can afford to lose are purely impressive; that is why hoteliers pay specially trained staff for “whales hunting”. The Asians form a big part of this exclusivist market, about 80 %. The bottom line is to keep them coming in, at the same rate, after nine eleven.

Unfortunately, Las Vegas seems to be experiencing a decrease in whale strands these days. One reason, that all hoteliers agree about, is they don’t get as much privacy in Las Vegas casinos as they would normally get in other gaming destinations of the world. While hotel owners in Las Vegas await their VIP saloons approved, the “whales” gamble in Macau, Monaco or Australia.

Choose Your Poker Card From a Vast Collection

In the present scenario, one can find a huge variety of card games in the world of betting; but among the whole lot poker is the most popular card game. The poker is the most energising game which has unique kind of rules and regulations with it. It is different from other card games; green table cloth is a term in poker which is quite popular among the players. A poker game is considered incomplete without poker cards; it is just like a key to a lock and a driver to a car. Many people look at the designs when selecting cards in a game. Poker cards have many designs on it, ranging from a simple design to a complicated design; some involve graphics while some are blank. Some cards have such designs which help the player in memorizing patterns.

Suppose you wish to have a get together and think of inviting your friends and relatives; then having a poker club is the best idea that one can have. In such poker clubs, you can select poker cards which are not only unique in design, but also have weird patterns. This will create a huge impact on your friends and relatives and they will be impressed with your thoughts and innovations. In addition to this, this technique will give a new look and will make the atmosphere cool and rocking. You can engrave your name, or your group name, and the name of your home as well. Moreover, you can involve any kind of innovation in your cards which makes the game more interesting and exciting than ever before.

It is very obvious that you need to pay extra amount in order to innovate your creations. Further, you have an advantage of choosing any kind of material of your own wish. The long lasting feature of the cards is solely dependent on the kind of material you have chosen. Usually, people use plastic for poker cards, but paper is also very durable and helps in making your game simple. Each material has its own rate, paper costs a different rate, while plastic has its own rate; you need to select the material depending on your budget. Just as rates are different, the advantages of each material are also not similar. If you wish to play the poker game only once, you need to use paper cards as they are for use and throw purpose.

Casino Slots

Casinos introduced slot machines for the wives and girlfriends of gambling husbands with the intention that men would get more time to spend on gambling. In recent times, the game has become very popular amongst both men and women visiting the casinos. Instant jackpots and ease to play are some of the reasons why increasing number of people are drawn towards slot machines.

Casino slots can be classified into straight slots and progressive slots. Straight slots have set jackpot payouts according to the machines payout schedule. For instance, if playing on a straight quarter slot, winning a jackpot by betting on a quarter will give 200 coins, a two-quarter bet wins 600 coins, and the jackpot amounts to 2000 coins. On the other hand, progressive slot machines have jackpots tied into a bank of machines, a carousel of machines, or even other machines at a different casino. The progressive jackpot is displayed on an electric board, which is attached to the progressive slot machines. Further more, the progressive jackpot increases with every play on each slot machine of the progressive group. The payouts on progressive slots can reach to extremes and can range from several thousands to multi-million dollar payments.

A casino has many other attractions such as the 3-reel slot machine, 4-reel slot machine and the 5-reel slot machine. Often odds increase with more reels in a slot machine. The other attraction includes the fruit machine, and uses a video monitor in place of standard reels. Similar to these, various new slots are introduced in casinos every season. Every time they come up better gimmicky names and enhanced digital effects, thus maintaining and increasing the attraction.

These slot machines are designed with a feel and look of the conventional mechanical models, but they work on a complete different principle. Dissimilar to the conventional mechanism the outcome of each pull in modern slots is controlled by a central computer inside the machine, and not by the motion of the reels.

Poker Game and Its Variants

Poker has been known to exist since 1829. This card game was first recorded to be played in New Orleans with a deck consisting of 20 cards. Four bettors were involved in the game at the time. The game began to use a deck of 52 cards since 1850. Since the introduction of the game, poker has developed rapidly and becoming one of the most popular gambling games. Along with the development of casinos and other gambling houses, this game received many variants mostly created in mid 1900s in the United States. Some of the most popular variants of poker include:

1. Straight

Straight is the oldest variant of poker games. This variant allows a complete hand dealt to each of the players. During one round, the gamblers are permitted to change their bets (either raising or re-raising). This variant was later developed into more complex forms of card game such as Primero and three-card brag.

2. Draw Poker

While straight is a three-card hands game, draw poker uses five-card hands. In this type, after a complete hand is dealt and the players put their wagers, these players can change their hands by discarding unwanted card in hand and dealing with new hands. Developments in this variant create more kinds of draw games such as California lowball, Gardena jackpots, Kansas City lowball, Badugi, Baduci, California high/low split, Q-ball, and some more.

3. Stud Poker

Next to the straight variant, stud poker is the second oldest kind of poker game. The rule of this game is that a hand is dealt in a combination prearranged. The combination may be in the form of face-down and face-up, or streets round. The most common variant of this game is the seven-card stud, followed by the five-card stud. Other forms of this variant also include six-card stud, Mexican stud, Caribbean stud, Mississippi stud, Kentrel, Razz, etc.

4. Community Card Poker

Referred from its name, this game uses face up community cards which are shareable for players and dealt at the center of the gambling table. This game is basically the variation of stud poker. Different from the stud poker, players in community card poker are dealt with incomplete hands combined with community cards to create a complete hand. Currently, one of the most popular community card pokers is Texas hold ’em which was created around 1920s. Other examples of this variant include Omaha hold ’em, Manila, Pinatubo, and Pineapple hold ’em.

5. Other Variants

Apart from variants mentioned above, there are other kinds of card games using poker rules such as:

– Strip Poker

This variation uses the usual rules, except that the players must remove their clothing if they lose bets. Commonly this type uses simple card game variant such as the five-card draw.

– Five-O Poker

This game is played by two players who must play five hands of five cards continuously. When these five hands are down, a one-round betting is begun.

– Video Poker

Commonly available at casinos, video poker machines allow single player to bet, deal, and discard or replace cards. The outcome determines how much money the player will receive.

Online Slots for Real Money

The slots machines are the machines to which you insert a coin and press the lever, after pressing the lever the machine will automatically give you the result.

They are very simple to operate and can be found at various places such as coffee shops, casino places, brick casinos, airports to name a few.

They are highly popular games and that is why people from all across the world looking and trying their luck at these machine.

If you also love to play slots then you should consider playing it at online because at online slots sites you can play your favorite games at any time and will not have to leave your home for a moment.

This will save your precious time as well as will save money for you. You should keep an eye at the Random Number generator machine (RNG), whenever playing slots.

RNG is the basic of this game. Due to modernization of the slots it is very important to keep an eye about the random numbers of the machines. If the machine is giving out only a few common numbers you should avoid playing at that machine.

Slots Machines and its variants:-

There are basically three types of machines are found. The first one is real slots machines, which has three to five reels in its own.

The second one is video slots: – They are more complexes slots at the moment and have better payouts with quality video and audio. As a player you can win enormous money if playing at progressive slots.

Facts and Myths about Slots machines

These days’ people believe some silly stuff that even doesn’t exist in nature. I am talking about it in the context of slots machines. You know very well that slots machines are one of the most popular gaming stuffs around the world and people from across the world uses slots either online or going to any other live slots machines.

That is why we thought that we should give you proper knowledge about slots machines. The facts and the myths about the slots so that you can just play your favorite game at any given time and do not get in any panic.

The basic myth about this game is they go through a pre programmed way which is totally wrong. The fact is the slots machines are random and are independent in all the spins that taken place in past or going to take place in future.

Myth: – They are programmed to pay you just a certain amount of money that you have won at any jackpot.

Fact: – this is a myth as well because they are designed to give you random responses and act independently in each spins.

Another myth about the game is they pay more when player card is not in used that are totally wrong once again and they do not relate with any players playing card.

If you are an online slots player you should know the details of the games before joining any particular site to which you are going to invest your hard owned money. You should first keep the track record of the casino site or should know about the machine very properly before joining it.

Check these things out and you would become a better player. The facts and myths are simply giving you the right answer and I hope they would be very useful/helpful in your playing

Casino Slots Go Online!

Casino slots are liked by a lot of gamblers with the ease of strategies, rules and small bets for playing. Therefore with the creation of the game online lots of gamers that did not have the chance to visit the actual gambling room and play the game have received the access to the world of virtual Slots. Casino slots are each individually set to a payout rate, or payback percentage, when they are put together at the factory. What a casino does is buy a set of slot machines at payback percentage that vary a little, but as a whole average out to a known number.

Online casinos also imposed higher payback. You would get a payback amounting to almost 98% of every dollar you spend on a slot machine. Online slots are so simple that you need not spend any time understanding the rules and regulations. Just go out there and spin the reels. Slots games online usually offer multiple paylines. And when you play on all of them, you get more chances of winning.

Online slot owners offer you to learn the necessary terminology. As it can be seen, everything is in your hands, just be braver and go ahead to winning in the free casino slot games! Online slots seem to becoming the big craze nowadays. Everyone is scrambling to find the new site with the best casino games on it. Online slots actually find their roots in American history. A man by the name of Charles Fey created the prototype form of this game all the way back in 1887 in San Francisco, California.

Slots online are no less enticing. Online slots are based on a random number generator which makes each spin independent of the previous one. Each spin is a new spin and is generated randomly. Online casino slots are loose. Because with the lower overhead, no slot employees to pay, and lower taxes, they can afford to pay more back to their customers.

Online casino slots are an exciting form of gambling that offers you the opportunity to win several times your original bet. These slots are of various types where the player should make sure to look at the payout schedules on the machines and to look first at the payout tables and pay attention to them. Online Casinos will run slot tournaments to get all their players together and enjoy a great time and off course bigger prices. Free roll tournaments are also popular because even though they are free to join, real money can be won! Online casino slots makes possible to play and gamble from the comfort of home. If you want to play casino slots, you won’t have to learn any rule or technique, you just have to click and wait for the luck.

What You Should Know About Free Casino Play

For those of you who truly enjoy the thrill of gambling yet don’t see yourself flying off to Vegas for the weekends to play the slots machines or try your hand at poker, there is now an interesting alternative which is growing quite popular with individuals from all walks of society – free casino play online. Gambling in moderation can be exciting and challenging for people of all ages and now internet casino sites are making it much easier to participate in the rush.

What are some reasons you might want to try online casino games? Some people like the challenge and thrill of competing and simply want to have a good time. Others are very much into competing to win and earn some extra cash to purchase those extras that a normal paycheck may not cover. Whatever your reason, with today’s computer technology and graphics, you can find just about any game online that is normally played in a real casino to include online slots, roulette and video poker, just to name a few, and enjoy the same fast pace thrilling atmosphere as if you were really there in person.

For many people gambling is seen as an adventure and free casino play can help satisfy that adventurous streak without cutting into your budget. Its main advantage is that you can play for free as long as you want without the pressure of feeling you have to gamble with real money, at least until you feel confident enough to do so. You can try your hand at various games, experimenting and gaining skills that help you become good before placing a “real” bet.

Another advantage is that online casino sites are available 24 hours a day, 7 days a week. Therefore you can play at your convenience. There are no travel expenses incurred to another city or state in search of casino facilities, no excuses to be made for taking time off from your job, no inconveniences in your work schedule as you can play anytime after work or weekends and you need go no further than your favorite sofa in the living room laptop in hand and enjoy your game! You choose the time and place, without having to interrupt either work or family responsibilities. In fact, you can even invite others of your family and friends to join in the games, turning the adventure into an enjoyable and memorable friends and family affair.

How to Play Mahjong – What the Heck’s a Goulash?

If you’ve never experienced the hum and buzz of excitement around a game of American Mahjong, then you are missing out on one of the hottest gaming trends in American history. Thanks in no small part to its rich history and continuing evolution, Mahjong is a great way to bring family and friends together for a challenging and exciting game of strategy. Once you learn how to play Mahjong, other games just won’t even compare.

Every great game has its own specialized vocabulary and American Mahjong is no exception. In fact, newcomers to the game can often be overwhelmed by the sheer number of names for hands, game variations and special situations during game play. But this only adds to the allure of the game and lends a sense of exclusivity to the experience. One such term you’ll encounter in American Mahjong is a Goulash.

Basically a Goulash occurs when a game ends in a draw. Players can opt for a Goulash when all the walls, including the hot wall are exhausted completely and no one has yet declared mahjong. Each player must donate 100 points to the kitty (similar to the pot in Poker) after which the game starts again. During a Goulash though the Winds don’t rotate as they normally would. Another variation on the Goulash involves playing instead for the whole kitty rather than points. In this variation it is more difficult to go out because only one Charleston is allowed while Chows are not allowed at all. The winner that declares mahjong will take the entire pot.

Learning how to play Mahjong is a rewarding and exciting experience. Sure, your friends and family might start to wonder what strange language you’re speaking, but they will soon join in the fun!