How to Calculate House Edge of Gambling Agents
House edge is referred to the commission, which any of gambling agents such as sportsbook or bookmaker, casino or administrator of lottery games charge from their customers. The house edge can be considered as one of the yardsticks, from which we can measure the responsibility as well as fairness of any gambling agent. This is one among the essential factors to be considered by each of the players before they get involved in any kind of gambling activities.
House edge can indicate the amount of money that gambling agents may take and amount that is redistributed among winners. From this, clearly we can say that house edge of any gambling agent as sportsbooks, administrators of lottery games and casinos cannot be equal to zero. This is because; gambling agents have to earn some money from the wagered amount of players, so that they can cover all their expenses and can earn huge amount of profit. In addition, house edge may indicate unnecessary ripping off the players. Hence, experienced and knowledgeable players should definitely avoid playing casino games in gambling outlets offering high value of house edge. Therefore, this article has given its prime concern in highlighting the comparison of house edges obtained from roulette casino games and Cash 3 lottery games.
How to Calculate House Edge
The best and easiest way of calculation of house edge can be done via comparison of actual paid winnings of players from respective agents with the winnings, which players may obtain in any of the fair games or bets. Fair games or fair bets are free from any type of commission or house edge. In fact, this game can be considered as game among friends. Hence, if we go to calculate house edge in terms of house edge, it can be obtained from subtraction of actual winning of players from winnings from fair game and division of result with winnings from fair game. Lastly, the whole result is multiplied with 100.
How to Calculate House Edge of Roulette
We know that game of roulette can be played in simple and easy manner. Therefore, we have taken the game of roulette as one among the representatives of casino games. In roulette games, winning number is considered as the number, which corresponds with the groove at which spinning ball stops. For instance, you are playing fair roulette game with your 37 friends. Each of them has selected one number and place bet of $1 bet on it. When the ball rotates and lands on wheel, the number corresponding to the groove is known as winning number. The player placing bet on this winning number accumulates $37. However, in case the game was conducted in casino, winner can receive $35. Therefore, as per the method of calculation of house edge, house edge for roulette game is only 5%.
How to Calculate House Edge of Cash 3 Game
Cash 3 games are known by many other names as Play3, Pick 3 and Daily 3. In this lottery game, players have to select any one among the 3-digit numbers in between 000 and 999. The players have to play the numbers either as straight or box. Now, suppose that 1000 friends are playing fair Cash 3 game and have selected one particular number as straight box. Each of the players have placed $1 bet in the game, so that all 1,000 numbers get covered. When the winning number is drawn, the player selecting this number can collect $1,000. On the other hand, in state lotteries, winning player can receive only $500. Therefore, according to the method of calculating house edge, house edge for Cash 3 game is only 50%.
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