How Important is the Low House Edge When Selecting Our Bets
One good question is how important is the low house edge when we choose our bets on the casino floor? We all know that the house is a average profit that a casino will make when games are played. Different games will have different house edges. In fact, there are games that have a mix of different bets of varying house edges.
Here are a few reasons why we need to select the bets with the low house edge and avoid the worst casino bets. First is that a low house edge will give you more chances to win a game. Next is that every time you play a game the casino takes away a part of your cash you use to play, a lower house edge therefore means your bankroll will last you longer in games with a lower house edge. And lastly, the longer your bankroll lasts means that you'll have more chances to win.
One important term we have to remember when dealing with this issue is called the grind. Let's say your bankroll is exactly 100 dollars. You play on a game that has a 2% house edge. So, let's say you played your whole bankroll and guess how much you have left? Theoretically it will be 98 dollars.
So, for your next game you only have 98 dollars to play with. Let's say you use it to play on a game that has a 10% house edge. After playing your whole bankroll you'll have 10% (theoretically) less what you have left. The continuous reduction of your bankroll over time is what we refer to as the grind. It is obvious that the lower the house edge the slower is the grind on your bankroll.
There is no real formula that effectively beats the house edge but there are ways that we can take a better position. First is to play the games that have the lower house edge and avoid the worst casino bets. A lot of these games are table games and games that include some form of player skill like blackjack or video poker, etc.
Next is to learn basic strategy for games that require a player's skill to win more. A good example would have to be blackjack where a player who uses basic strategy is able to lower the house edge down to 0.5%. Another thing is to bet in smaller amounts thus limiting how much cash is exposed to the casino advantage. A good come back is to get comps. You may not win cash every time, but getting free meals or a discounted room is a good way to get your money back. Last piece is to quit when you've already won so that you'll walk away with more money in your pocket.
A lower house edge is important so that you can win more, lasts longer, and have better chances of making it big.