The House Advantage

You don't think those gleaming pleasure palaces called casinos make enough money to offer live bands and free entertainment? Wake up! All games of chance are based on odds: the mathematical calculation of a given outcome's likelihood. And you can be certain that the casino, or house will have the best odds for every game.

A simple way to think about odds is to take out a coin. If you flip it into the air, odds are one in two that the coin will land with the coat of arms. There are only two sides to a coin, so there are only two possible outcomes. Simple right? Even if you take that coin tossed it 25 times and it always comes up heads it is just a fluke. Every toss are independent of each other.

Of course, casino games are more complicated. Once you have figured out the number of possible outcomes, you can figure out the probability or odds of getting a particular outcome. Surely casino don't offer simple games like betting on the coin toss. Instead, they favour games with a great probability of outcomes and variable odds. The one thing all games in a casino have in common is that their odds ultimately favour the house.

At the casino. you might be on a winning streak, but odds are that over time the house will win back the money you bet on and more. This is called the "House Advantage" If after your hot streak has cooled, you come back, , it is a given that you will pay back every cent that you have earned from the casino. BUT, odds don't take into consideration, dumb blind luck. That's why all gamblers have their lucky charm and superstitious practices.