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Game odds vs. real return

9 December 2017

By playing basic strategy at blackjack, making the correct plays at craps and only playing on single zero wheels at roulette, you can do well at the casino. However, there is a gambler's saying: “When I win the lottery, I’m not going to play in a casino; I’m going to buy a casino.”

The reason that saying was made up is simple: The house has the edge on all the bets offered. Here is one example: The odds on craps, with double odds is 0.60, that less than 1% edge the casino has over the player. But, the Nevada Gaming commission reported that casinos are earning approximately 14% returns from the game. How is that possible, a 13.4% profit on a game that has only less than 1% advantage?

Knowledge is the answer! You need to know how to play the game successfully and know the odds or advantage for each game. Don’t jump into a game with serious money just for the experience of playing. Learning at the table is one way of learning, but it is also the most expensive way. Read every thing you can find about your game.

Use the internet, take a class, and get the knowledge before playing. It’s the same technique you would use when learning golf, tennis or any sport. Know before playing.


BET YOU DIDN'T KNOW

• In 1972, the Aladdin Hotel-Casino in Las Vegas was the first to introduce double odds at the craps table.

• Evelyn Adams, a woman from New Jersey, hit the lottery twice in four months in the 1985 and 1986. She hit once for $3.9 million and then, four months later, hit again for another $1.5 million. The odds of that happening were calculated at the time to be about 17 trillion to 1.

• Mike Orkin, a gambling odds author, has estimated that if a car gets 25 miles per gallon, and a gallon of gas is bought for every Lotto ticket bought, there will be enough gas for about 750 round trips to the moon before the jackpot is won.

• Your odds of hitting a royal flush are about 1 in 40,000. At 600 hands an hour (average play) and 8 hours a day, you can expect to hit a royal once every 8.3 days on average.

• In 1950, an unknown sailor playing craps at the Las Vegas Desert Inn threw 28 straight passes. The odds of that event happening again are almost 13 million to 1. When the sailor ended his play he left with a total of only $750.

• There is a story about Nick “The Greek” Dandolos explaining the game of keno. He said a man might stick his head in a gas oven and get struck by lighting before he was asphyxiated. The odds of that happening are about the same as hitting 14 out of 20 numbers while playing the game.

• The 1913 Kentucky Derby had the longest longshot in the history of the race. Donerall was the winner at 91 to 1 odds. Putting $2 on Donerall would have produced $184.90 win.
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Best of John Marchel
John Marchel
John Marchel is an author, speaker, teacher and player -- what John plays are casino games. He’s been a casino player for over 25 years and has played successfully in Europe, Panama, the Caribbean, Canada, Atlantic City, Las Vegas, on Indian reservations, cruise ships and in over 350 casinos throughout the US. He is also the author of six books about gambling, and has written numerous magazine articles and is currently a columnist for three gambling magazines and one internet magazine.

Since 1988 John has combined his experience as a manager, teacher and player to present seminars and lectures about gambling. In addition, John has had an Internet website since 1995 that offers books, special reports and tips about gambling. He also publishes a monthly Internet gambling newsletter. The newsletter keeps subscribers alert to trends, information and winning techniques that allows them to be more successful when visiting casinos.

John Marchel Websites:

johnmarchelgambling.com

Books by John Marchel:

KISS Guide to Gambling

> More Books By John Marchel

John Marchel
John Marchel is an author, speaker, teacher and player -- what John plays are casino games. He’s been a casino player for over 25 years and has played successfully in Europe, Panama, the Caribbean, Canada, Atlantic City, Las Vegas, on Indian reservations, cruise ships and in over 350 casinos throughout the US. He is also the author of six books about gambling, and has written numerous magazine articles and is currently a columnist for three gambling magazines and one internet magazine.

Since 1988 John has combined his experience as a manager, teacher and player to present seminars and lectures about gambling. In addition, John has had an Internet website since 1995 that offers books, special reports and tips about gambling. He also publishes a monthly Internet gambling newsletter. The newsletter keeps subscribers alert to trends, information and winning techniques that allows them to be more successful when visiting casinos.

John Marchel Websites:

johnmarchelgambling.com

Books by John Marchel:

KISS Guide to Gambling

> More Books By John Marchel