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The casino house edge is the best indicator for deciding which casino games https://online-casinos-review.info/ offer the best odds for gamblers. In order to understand the house edge, we must look at other common gambling terms like the payout ratio and game odds. These are all factored together to determine the house edge and hold.
What do these terms mean? They can seem a bit confusing to the newcomer, so we have described each one below with examples of how they are calculated.
The payout ratio, often just called the payout, refers to the amount of money, relative to your initial bet, that will be rewarded upon a win. For example, a gambling event may payout 5:1. This means that a $1 winning wager would profit $5 with a $6 total payout.
The potential profit of any bet can be calculated from the payout ratio using the following formula:
Profit = [(a + b) x wager] - wager; where the payout ratio is a:b
The win rate is the same thing as the odds of winning and is usually reported as a fraction or percentage. For example, in craps there are two dice rolled and 36 possible combinations. Six of these combinations would produce a seven, making there a 6/36 or 16.67% chance that betting on a seven would win.
*Note: the odds are a fixed mathematical certainty and do not change based on previous outcomes. Popular gambling theory like the Gambler's Fallacy suggests an expected outcome that does not occur is more likely to occur in the future. This is not true; every turn is an independent event.