E-10: Comparing the Tables

Patreon

Compare the games for an hour of cheap fun and free booze.

Roulette can be competitive with Blackjack, because a player will always be placing fewer bets.

Roulette:

*Single zero wheel has a house edge of 2.7%

*30 spins per hour

Blackjack:

*House edge of 2% (not playing basic strategy)

*50 hands per hour.

Scenario:

*An average blackjack player at a full table, bets $5 per hand and plays 50 hands per hour. That's an hourly turnover of $250 and loses 2% or $5

*Compare that to roulette with 30 spins at $5 each at an hourly turnover of $150. With the house edge at 2.7% the total loss per hour would actually be $4.

E-9: Tipping your Dealer

Patreon

If the dealer is being friendly and dealing the game efficiently then you should definitely tip, regardless if you’re winning or losing

The average starting base wage for a dealer is only $5.50 ($11,500 per year)

 Tip Sharing:

*Most casinos require their dealers to share their tips. At the end of each shift a dealer tip take is counted. If their tips aren’t up to standard, other dealers and the pit boss will pressure them to put in more effort as it affects their salary.  

*Stops slum tables forming .The dealer at a $5 table will earn the same as the guy at the $100 table.

 How to Tip:

Ask the dealer how they prefer to be tipped

*Pass chips across the table.

*Place a bet for the dealer
.

Benefits to tipping:

*Creates a good table atmosphere

*The dealer will ensure you are comped/rated correctly.
*The dealer will keep an eye out for the cocktail waitress

How much to tip:

10-15% of your buy in, is a fair amount

(This is personal preference)

E-8: Video Poker Pay Tables

Patreon

To ensure you maximise your chances at a video poker machine, you must understand the pay table.

Pay table:

• The term 9/6 refers to the respective payouts for a full house and flush.
• You win 9 times your bet for the full house and 6 times for the flush.
• The higher these two number the lower the house edge.

Royal Flush:

• Almost every machine offers a royal flush bonus when playing the 5 coin max bet.
• This adds between 1-2% to the total payout of the machine.

Available Pay Tables:

• Always read the pay table carefully
• Look for 9/6 or better. 10/6 is out there and if you look off strip you can find 10/7.
• Always play max bet.

E-7: Gambler's Fallacy

Patreon

The Gambler's Fallacy is the belief that if an event has occurred repeatedly, then the opposite is due.

Examples:

*People often think that if heads has come up 5 times in a row on a coin toss, then tails will be  next.

*In roulette, gamblers believe that a colour is due because it hasn't come up for a while.

*Couples who have had a few boys try again because they feel a girl is more likely to be next.

*Monte Carlo 1913, the ball landed in black 26 times in a row. This caused inflated betting on red and players lost millions of francs thinking there would be an opposite consecutive run of reds.

This is not true at all.  All these examples have the same odds of occurring as they did the last time. 50/50.

E-6: Big 6 Wheel

Patreon

The amount of spaces on the wheel do not correspond with the amount paid out. Ex: The even money bet  has 24 spaces on the wheel, out of the possible 54.

So the house edge is taken from the 27 spaces it should be allocated. It is missing 3 spots.

As a whole the Big Six has a weighted casino edge of 15.5%

E-5: Video Poker vs Slot Machines

Patreon

The difference is that video poker players have to make decisions that affect the outcome of the game, whereas with slots the player has no input and the game is completely random.

Video Poker

• The player has to choose the machine
  correctly
• How many credits to play
• What cards to hold during the game
• All these decisions greatly affect the
  outcome of the game and will mean the difference between a winning or losing
  session.

Slot Machines

• Players have no decisions to make
• They are completely random
• Almost all of them have the same payout
  percentages

The only reason you should be selecting what slot to play, is for the entertainment value the game offers.

With video poker a player can grind out a consistent profit when playing correct strategy, while slot machines are always a losing bet in the long term.

E-4: House Edge

Download M4A

Patreon

House Edge is the average profit a casino makes from every bet placed.

Example:

Imagine your making a bet on the flip of a coin. The odds on winning will be 50/50. You bet a dollar on heads and win. Now you expect to get paid a dollar, but a casino wont pay you that. You'll most likely get 95 cents. Losing 5 cents to the house.

On the other hand, if it came up tails, meaning you lost, the casino will take your whole dollar.

That boils down to a house edge of 2.5%.

That's calculated by dividing the 5 cents you lost, by the 200 cents you should have won and then multiplying that by 100 to get a percentage.

Advise: Play games with a low house edge. (Blackjack, Video Poker)