Say Hello To The World Of Casino Odds
Online casino newbies tend not to be all that bothered about things like casino odds, strategies, payout percentages and the house edge. Once you’ve been at it for a while and you’ve found your feet though, it can become a different story!
Knowing about odds and which casino games offer the best and the worst ones is a great way to boost your average winnings. It means you won’t be sucked in by glitzy games that promise the world but really only payout a jackpot once a year.
If you want to know more about the world of online casino odds, you’ve come to the right place. Read on to get the low down on the basics of what you need to know.
Are Online Casino Odds Better Than Land-Based Ones?
Yep, they completely, absolutely definitely are. It’s not just an urban legend that online casinos payout more. The truth is that more often that not, it’s a fact.
On average, a real life land based casino pays out 88% of every Canadian dollar back to the player that wagered it. At online casinos the payout can be up to 95% to 97% and sometimes higher.
There’s a couple of logical reasons why online casinos payout more in winnings:
- Online casinos don’t have as much overhead as land-based ones. With no rent to pay, fewer employees’ salaries that need to be paid and no heating or electric bills etc to pay for a giant premises, online casinos can afford to let their players win more.
- Traditionally, casino gambling has always been about the full on casino experience not just the betting element. People grab a drink, socialize, dance and even sleep at the casino itself. But at an online casino there’s nothing else to do but gamble. That means people are more likely to not stick around long and wander off somewhere else. To counteract that, the casinos give players more wins!
What Does ‘The House Edge’ Mean?
Explaining what the house edge is can be little complicated but we’ll make it as simple as possible. OK, full disclosure. This isn’t going to be the most exciting thing you’ve ever read. But pay attention because it will be one of the most useful things you can ever know about gambling.
The house edge is the difference between the true odds of a game and the odds an online casino pays out when you win.
The best example of this is if you think about what happens when you bet $1 on a single number bet on in American roulette game with two zeros on. There are 38 spaces on the wheel (that’s 36 spaces for the numbers, the 0 space and the 00 space.) If the ball lands on your number you’ll get your $1 back and $35 in winnings. Sounds good right? Well, all is not as it seems. That’s because technically speaking, there is a one in 38 chance of the ball landing on your number.
The true odds here are 37 to 1 but the game odds are 35 to 1 and that difference is what makes up the profit for the casino. It’s the house edge.
Which Games Have The Best Odds?
Sure, slots are the most popular games at online casinos but they’re also the one’s with the worst odds. If the main thing you’re looking for in a casino game is the maximum chance of winning and the highest possibilities of leaving with a profit, you should aim for the skill games as opposed to random games like slots.
Keep in mind that these low house edge estimates are based on the fact that you play perfectly, using optimal strategy. While it’s obviously possible for players to learn perfect strategy, it’s pretty hard going and most players except the very best will struggle to play an ideal game.
What is Payout Percentage?
The payout percentage is probably not what you think it is. There’s a widespread belief that the payout percentage represents how much money a player will get back over time. Most people think a casino that says it has a 97% payout rate means you’ll get $97 back on a $100 deposit, but it doesn’t!
It means that casino pays back 97% of all the money wagered by all the players. So, for example if $100,000 is wagered by players at the casino in a day, the casino will keep only $3,000 and pay the rest back. What this payout doesn’t take into consideration is the kind of game that you personally play. And remember, it doesn’t mean that you’ll necessarily win 97% of your money back. You could end up blowing your bankroll. Or you could end up busting the house and walk away with a personal payout percentage of 5000%.
Use Payout Percentages to Your Advantage
Now that you know a bit more about online casino odds, you should be able to pick the games you want to play for profit more easily! Just make sure you learn game strategy before you hit the felt or spin for riches at the slots. If you can figure out how to carve away some of that house edge, you could find yourself having the upper hand.
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