Chances of Winning Money at the Casino
Everyone who takes part in real money gambling activities wants to win some money. But, what are the realistic chances of winning at the top rated online casinos? It is true that these are games of chance and that wins come as randomly as losses. As we acknowledge this fact, it is also very important to note that the casinos are making large amounts of money. If the games are played completely on luck then a lot of casinos would be broke.
Mechanism for Real Gaming
All real money games including sports bets have pre-set payouts that are arrived at by complex calculations. That is why different “odds” are paid for different bets. Each gambling game has a probability of being won, lost or drawn. These figures are arrived at after several million games are played.
How the Casinos Keep Making Money on Chance
As mentioned previously the games at casinos run on chance. Gambling licensing authorities make sure that the games offer fair-chance to players. The authorities audit the games for randomness regularly. Electronic games at casinos such as blackjack online and video poker machines use Random Number Generators to come up with an outcome for each play. This not only makes sure that each play is independent of the last but also prevents anyone from tampering with the system.
Clearly, there is a lot of work going into making sure that the games are random and fair. So, how do the casinos make their money? By working with the probabilities. They maintain their profits by making sure that the casino has a slightly higher probability of winning. Due to the strict enforcement rules, the casinos are restricted in the ways they can do this.
Ways to Keep the Casino Profitable
The gap between the probability of the casino winning and the player winning is the house edge. There are several ways that are used by casinos today to maintain a superior edge on their games. Below are some of the top ways that are used.
- The casino games are tweaked so that they have an inbuilt advantage to the house. For example, the game of blackjack is made less rewarding to the player over the long term by dealing the player’s cards first. By giving the player cards first the casino makes sure that player busts first. Therefore the player loses even before the dealer has had a chance to lose. There are many other features which are introduced in casino gameplay to make the game naturally more rewarding to the casino. At the same time being rewarding to the player. How they achieve this is discussed in the following section.
- Payouts are what the player gets from the house after the casino losses its bet against the player. Each time the player makes a bet on a casino game the casino makes a bet against the player. When the player wins, the casino loses and it pays the bet. The casino will wager more than the player for bets with unlikely outcomes. However, the casino wagers less than the odds of getting the win. This way the casino remains profitable even after paying out the jackpot. In roulette, the casino pays out 36 times your bet but a players chances of making the jackpot are 1 in 37.
- Return to Player Percentages are pre-set averages of the how much a game pays back to players. This figure is derived from a lot of plays. It is most used on automated gambling machines like slots and video poker machines. These machines are programmed to pay back a certain percentage of total bets on the machine. Usually, these machines will return up to 98% of the total bets as winnings. The casinos make their money on the two percent.
Why there are Still Thousands of Real Money Casino Game Winners?
There are a lot of myths that circulate among gamblers and even non-gamblers concerning casinos and their operations. One of them is that the casinos strategically choose to reward people at certain periods when the casino has made enough money. This is so far from the truth.
The casinos make their money on the numbers. Although, individual players can win large amounts of money at the casino the sheer numbers of players always equates out. The seemingly small edge of the house becomes bigger when a few million bets are placed. When the casino pays back 98% of a million dollars wagered, they make $20,000.00. The rest of the money is returned to players as winnings. This means that only a small percentage of players coming to the casino will be overall losers. In the short term at least.
The chances of winning at the casino in the short term are very real and very good. When using gambling strategies, some gambling games are more rewarding than betting on the stock markets. That old saying, “ every good gambler knows when to quit” is taken from the fact that as your bets approach a large number the casino’s advantage increases. In the long term (several millions of bets) the house always wins.