or luck :P I have won on them ;)
Why casinos always win?
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They don't always win.
Casinos always win because the expected value in the games you gamble in is negative. For example, if you win $10 when rolling a 5 or 3 on a die, but lose $3 on all other rolls, the expected value is negative because on average, you will lose $2. In other words, to win $10, you will usually lose $12 first. Casino game are rigged like this, so the casinos always win (unless you win big in relatively few rounds and then stop playing, which is statistically unlikely). You could call it cheating, but if you play knowing the chances, then the casino has only shown that it is smarter than you.
Jan 10, 2015
0
#5
Other than the amount of money involved they win not because they cheat.
They win because the rules in all table (I refuse to talk about these silly coin machines..) are biased towards the casino.
As an example, let´s talk about roullette. If you bet plain on a number y if it comes out from the spin then you get your money back plus 35 times your money.
This is compatible with 36 number except that in a regular roulette there is one ZERO (sometimes ZERO and ZEROZERO) amking up 37 numbers.
They don´t need to cheat as their payout is calculated based on 36 numbers but there is in fact 37 (or even 38).
Similar rules apply to other types of gambling games.
Regarding what awesomechess1729 (long name...) mentioned about simple games, let´s talk about fifity-fifty games. Head and tails , for example.
In a non-biased coin, the probability of winning is 50%. So, you would expect to get double your money in case you win. Casinos do no offer this game but, if they did. I bet (hehehe..) they would pay about 1.85 to 1.95 times your money. It is their margin.
If you open the site of any bookmaker (mainly sports events) you will notice that their margin in any type of bet is about 10%.
I am not saying one is not to gamble, all I am saying is that he who baks the game, will - in the long run - definitely win.
Yes, you can enter a casino and make a win. You can win eery time you enter a casino in your life. But the casinos do not bother about you. In fact it is good for them that someone wins, because this will make the others pursue the same fate as yours: be a winner.
But, in the long run, they win !!
Go, Intellectuals !!
The more you gamble at a game that's slightly biased against you, the less likely it is that you'll come out ahead. Also if you start out with less money than the house, even in a fair game, it's more likely that you'll go bust and have to stop before the house would go bust.
Yes, the games are designed in favor of the casino, and I've read that psychology seems to further skew this in favor of the casino, at least for the average player.
Players come there to have a good time, and they want some exitement.
This leads to them making emotional decisions on when to continue playing, when to stop and when to get more money and play some more.
Unsurprisingly those emotionally driven decisions are not what would be the optimal choice from a mathematical viewpoint, and so the win/loss balance will be further skewed towards the casino.
Dec 1, 2015
0
#10
Casinos are like any other business; they are in it to make a profit.
Wherever you find casinos you will find a state regulatory commission which oversees the casino's operations. Casinos do not cheat because to do so would risk being put out of business. In Nevada, casino employees must have a state issued work card which prevents those with a felony conviction from working in casinos. They do their best to keep out the criminal element.
The games offered by a casino are designed to favor the house by a small percentage, usually around 2% to 5%, less than State Sales Tax in most cases. Because the games are based on random conditions there are possibilities for short term individual winning streaks. People actually win quite often, but they usually keep playing. If they keep playing, the odds will eventually take over and they will lose. It's a matter of time.
Of the total money people buy in to a game, the house expects to hold, overall, about 12%. That means the average player on an average session, will lose about 12% of what they buy in for. That 12% pays for all the wonderful and fun things provided by a casino for free.
In Roulette, every bet favors the house by 5.26% except for one bet. In a double OO game you can bet on the O, OO, 1, 2, 3 which pays 6 to 1. To pay true odds it should pay 6.2 to 1 but there are no chips valued at .2 so 6 to 1 is the best they can do. That particular bet favors the house by 7%.
With perfect play it is possible to win at Blackjack and Video Poker consistently. "Perfect Play" means you must never take a chance and you must never make a mistake. It's a job and you are a machine. Not many people can play like that. Those who can, if detected, will be barred from that game but still allowed to enjoy all the other amenities offered by the casino.
When you go to a casino you might win, you might lose, you might break even, but however you do, have a good time!
If I remember correctly Blackjack had about 49/51 win chances with perfect play, 49 % for you and 51 % to the house
It used to be possible to win at blackjack with card counting--I had a boyfriend who was quite good at it--but now the casinos shuffle together a large number of decks and reshuffle well before they are exhausted, which stops card counting from working.
Dick Feynman asked a professional gambler how he made money given the house edge, and the gambler said "I don't bet against the house. I make side bets against amateur players."
The summer I was 21 I paid for a trip to Montreal by playing chess for money in the parks, probably using the same strategies the pro gambler did!
Dec 12, 2015
0
#13
The book "bringing down the house" is a vivid description of just how successful it was possible to be counting cards, and just how unpleasant the opposition could get when they were on the losing side for a change. Also an enjoyable movie, if I recall.
awesomechess1729 wrote:
Casinos always win because the expected value in the games you gamble in is negative.
This is pretty much all there is to say.
Even in games where individual players might have a positive expectation value, the pool od players has a negative expectation value by way of "rake," which is the at-table equivalent of a vigorish.
Beautiful!
The assumption that casinos always win and cheat is a misconception that needs clarification. While it's true that casinos have a house edge designed to ensure they make a profit over time, it doesn't mean players can't win. Many players do win substantial amounts regularly, and the percentage of players winning has been increasing over the years.
Luck and skill play crucial roles in gambling outcomes, and responsible gambling strategies can enhance chances of success.
Reputable casinos operate fairly and transparently, adhering to strict regulations to prevent cheating. It is important to choose legal gambling resources that you can trust, for example, at https://leafletcasino.com/online-casino/luxury-casino/ you can read a review about Luxury Casino, which will definitely be an ideal option for every player where you can test your skills and be calm about the resources that you transfer to this service. These trustworthy online casinos offer a safe environment for players to enjoy their favorite games without fear of being cheated.
Do they cheat?
Abraços.