Back in the 17th century the Venetian authorities decided to open a dedicated gambling hall to cope with demand over the harvest season, something that was only meant to be temporary, but quite quickly became a permanent addition to the city-state. Amazingly this was the world’s first genuine and state regulated casino establishment despite many thousands of years of gambling, and it was therefore also the beginning of the concept of house edge, learn more @ Wizard Slots.
You may well have heard senior and experienced gamblers grumbling about house edge, or at least working on ways in which they can reduce it. Indeed, reducing the house edge at a casino is pretty much the aim of the game, as it will mean that you have a better chance of winning. But what about house edge in slots? It is slightly more difficult to understand here. Keep reading for an article on house edge in slots explained.
What does the concept of house edge mean?
First off, what does the concept of house edge actually mean? Well, it’s all to do with the odds of each casino gambling game, as pretty much every single one of these will have odds that tip in favour of the actual casino offering them. In short this is exactly what house edge is – the overall probability that the casino will win instead of you, the gambler.
Now, house edge is different depending on what game you play, with table games like blackjack often being referred to as having the lowest house edge, and games like slots having the largest. Sometimes house edge can even be different depending on what game variety you play, as with American and European roulette.
Why must house edge exist in casino gambling?
Hang on a minute! Why does the casino always have to have the best odds? Doesn’t exactly sound fair, does it? But in actuality there is a very clear reason why house edge must exist in casino gambling, if it didn’t then there would be no guarantee of casinos being able to survive financially.
And anyway, where do you think they get the money to build all these ludicrously huge casinos from? The house edge!
A couple of ways to work out house edge in slots
The house edge of most table games is common knowledge by now, however it is slightly more complex when it comes to slots. There are a couple of main ways to work out the house edge with slots:
· RTP: RTP stands for Return To Player, and this is the simplest way to work out what the house edge will be on any given slot game. It is given as a percentage that indicates how much on average you will receive back from your stake. 96% tends to be the average here, meaning you’ll win £96 from £100 on average.
· Slot variance: Slot variance, also known as slot volatility is another way in which you can estimate the house edge of a slot game. In this case volatility points to how successful high or low bets will be on a given title, as well as the probability of large sporadic jackpots, or more regular small jackpots.