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Games available in most casinos are commonly called casino games. In a casino game, the players gamble casino chips on various possible random outcomes or combinations of outcomes. Casino games are available in online casinos, where permitted by law. Casino games can also be played outside of casinos for entertainment purposes, some on machines that simulate gambling. Tug of war is an easily organized, impromptu game that requires little equipment. ...
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Caravaggio, The Cardsharps, c. ...
One dollar chips from various Las Vegas casinos. ...
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Online casinos, also known as virtual casinos or internet casinos, are online versions of traditional (brick and mortar) casinos. ...
House advantage or edge
Casino games generally provide a predictable long-term advantage to the casino, or "house", while offering the player the possibility of a large short-term payout. Some casino games have a skill element, where the player makes decisions. While it is possible through skilful play to minimize the house advantage, it is extremely rare that a player has sufficient skill to completely eliminate his inherent long-term disadvantage (the house edge or house vigorish) in a casino game. Such a skill set would involve years of training, an extraordinary memory and numeracy, and/or acute visual or even aural observation, as in the case of wheel clocking in Roulette. For Eudaemons in mythology, see Daemon. ...
The player's disadvantage is a result of the casino not paying winning wagers according to the game's "true odds", which are the payouts that would be expected considering the odds of a wager either winning or losing. For example, if a game is played by wagering on the number that would result from the roll of one die, true odds would be 5 times the amount wagered since there is a 5 to 1 probability of any single number appearing. However, the casino may only pay 4 times the amount wagered for a winning wager.
The house edge (HE) or vigorish is defined as the casino profit expressed as a percentage of the player's original bet. (In games such as Blackjack or Spanish 21, the final bet may be several times the original bet, if the player double and splits.) This article is about the gambling game. ...
Example: In American Roulette, there are two zeroes and 36 non-zero numbers (18 red and 18 black). If a player bets $1 on red, his chance of winning $1 is therefore 18/38 and his chance of losing $1 (or winning -$1) is 20/38. Roulette is a casino and gambling game named after the French word meaning small wheel. In the game a croupier spins a wheel in one direction, then spins a ball in the opposite direction around a tilted circular surface running around the circumference of the wheel. ...
The player's expected value, EV = (18/38 x 1) + (20/38 x -1) = 18/38 - 20/38 = -2/38 = -5.26%. Therefore, the house edge is 5.26%. After 10 rounds, play $1 per round, the average house profit will be 10 x $1 x 5.26% = $0.53. Of course, it is not possible for the casino to win exactly 53 cents; this figure is the average casino profit from each player if it had millions of players each betting 10 rounds at $1 per round.
The house edge of casino games vary greatly with the game. Keno can have house edges up to 25%, slot machines can have up to 15%, while most Australian Pontoon games have house edges between 0.3% and 0.4%. Pontoon is an unlicensed variant of the American game Spanish 21 that is played in Australian and Malaysian casinos[1]. In Treasury Casino, Brisbane, it is known as Treasury 21[2], in Jupiters Casino, Gold Coast, it is known as Jupiters 21[3], in The Reef Casino, Cairns, it is...
Roulette is the exception; calculating the house edge of a casino game is not usually such a trivial exercise. Combinatorial analysis and/or computer simulation is necessary to complete the task.
In games which have a skill element, such as Blackjack or Spanish 21, the house edge is defined as the house advantage from optimal play (without the use of advanced techniques such as card counting), on the first hand of the shoe (the container that holds the cards). The set of the optimal plays for all possible hands is known as "basic strategy" and is highly dependent on the specific rules, and even the number of decks used. Good Blackjack and Spanish 21 games have house edges below 0.5%. This article is about the gambling game. ...
Card counting is a card game strategy used to determine when a player has a probability advantage. ...
This article is about the gambling game. ...
Standard deviation (Volatility Index, VI) The luck factor in a casino game is quantified using standard deviation (SD). The standard deviation of a simple game like Roulette can be calculated using the binomial distribution. In the binomial distribution, SD = sqrt (npq ), where n = number of rounds played, p = probability of winning, and q = probability of losing. This assumes a result of 1 unit for a win, and 0 units for a loss, rather than -1 units for a loss, which exactly double the range of possible outcomes. If we flat bet at 10 units per round instead of 1 unit, the range of possible outcomes increases exactly 10 fold. Therefore, In probability theory and statistics, the binomial distribution is the discrete probability distribution of the number of successes in a sequence of n independent yes/no experiments, each of which yields success with probability p. ...
SD (Roulette, even-money bet) = 2b sqrt(npq ), where b = flat bet per round, n = number of rounds, p = 18/38, and q = 20/38.
For example, after 10 rounds at $1 per round, the standard deviation will be 2 x 1 x sqrt(10 x 18/38 x 20/38) = $3.16. After 10 rounds, the expected loss will be 10 x $1 x 5.26% = $0.53. As you can see, standard deviation is many times the magnitude of the expected loss.
The range is six times the standard deviation: three above the mean, and three below. Therefore, after 10 rounds betting $1 per round, your result will be somewhere between -$0.53 - 3 x $3.16 and -$0.53 + 3 x $3.16, i.e., between -$10.01 and $8.95. (There is still a 0.1% chance that your result will exceed a $8.95 profit, and a 0.1% chance that you will lose more than $10.01.) This demonstrates how luck can be quantified; we know that if we walk into a casino and bet $5 per round for a whole night, we are not going to walk out with $500.
The standard deviation for the even-money Roulette bet is the lowest out of all casinos games. Most games, particularly slots, have extremely high standard deviations. As the size of the potential payouts increase, so does the standard deviation.
As the number of rounds increases, eventually, the expected loss will exceed the standard deviation, many times over. From the formula, we can see the the standard deviation is proportional to the square root of the number of rounds played, while the expected loss is proportional to the number of rounds played. As the number of rounds increases, the expected loss increases at a much faster rate. This is why it is impossible for a gambler to win in the long term. It is the high ratio of short-term standard deviation to expected loss that fools gamblers into thinking that they can win.
The volatility index (VI) is defined as the standard deviation for one round, betting one unit. Therefore, the VI for the even-money American Roulette bet is sqrt(18/38 x 20/38) = 0.5. The variance (v) is defined as the square of the VI. Therefore, the variance of the even-money American Roulette bet is 0.5, which is extremely low for a casino game. The variance for Blackjack is 1.2, which is still low compared to the variances of electronic gaming machines (EGMs). Slot machines in the Trump Taj Mahal A slot machine (American English), fruit machine (British English), or poker machine (Australian English) is a certain type of casino game. ...
It is important for a casino to know both the house edge and volatility index for all of their games. The house edge tells them what kind of profit they will make as percentage of turnover, and the volatility index tells them how much they need in the way of cash reserves. The mathematicians and computer programmers that do this kind of work are called gaming mathematicians and gaming analysts. Casinos do not have in-house expertise in this field, so outsource their requirements to experts in the gaming analysis field, such as Mike Shackleford, the "Wizard of Odds". Michael The Wizard of Odds Shackleford (born in 1965 in Pasadena, California) is a professional actuary and an Adjunct Professor of Casino Math at the University of Nevada, Las Vegas. ...
Categories of casino games There are three general categories of casino games: table games, electronic gaming machines, and random number ticket games such as Keno and simulated racing. Gaming machines, such as slot machines and pachinko, are usually played by one player at a time and do not require the involvement of casino employees to play. Random number games are based upon the selection of random numbers, either from a computerized random number generator or from other gaming equipment. Random number games may be played at a table, such as Roulette, or through the purchase of paper tickets or cards, such as Keno or Bingo. Slot machines in the Trump Taj Mahal A slot machine is a certain type of gambling machine. ...
This article describes the lottery game. ...
Slot machines in the Trump Taj Mahal A slot machine (American English), fruit machine (British English), or poker machine (Australian English) is a certain type of casino game. ...
Classic pachinko machine Pachinko parlor at night Entrance to pachinko parlor in Shibuya, Tokyo, Japan. ...
Random number may refer to: A number generated for or part of a set exhibiting statistical randomness. ...
A random number generator is a computational or physical device designed to generate a sequence of elements (usually numbers), such that the sequence can be used as a random one. ...
Roulette is a casino and gambling game named after the French word meaning small wheel. In the game a croupier spins a wheel in one direction, then spins a ball in the opposite direction around a tilted circular surface running around the circumference of the wheel. ...
This article describes the lottery game. ...
Look up bingo in Wiktionary, the free dictionary. ...
Common table games
Cards Pontoon is an unlicensed variant of the American game Spanish 21 that is played in Australian and Malaysian casinos[1]. In Treasury Casino, Brisbane, it is known as Treasury 21[2], in Jupiters Casino, Gold Coast, it is known as Jupiters 21[3], in The Reef Casino, Cairns, it is...
This article is about the card game. ...
This article is about the gambling game. ...
Blackjack Switch is a variant of blackjack in which a player is dealt two hands and is allowed to switch cards. ...
Casino war is a casino card game based on the childrens game of War. ...
// Caribbean stud poker is a casino table game with rules similar to five card stud poker. ...
Chinese poker is a card game that has been played in the Asian community for many years. ...
Faro is a card game, a descendant of Basset. ...
Four card poker is a relatively new casino game similar to three card poker, invented by Roger Snow and owned by ShuffleMaster [1]. The player makes an ante bet and may also make an Aces Up bet. ...
For other uses, see Let It Ride (disambiguation). ...
Pai Gow poker (or Double-hand poker) is an Americanized version of Pai Gow, in that it is played with playing cards using poker hand rankings, while Pai Gow is played with Chinese dominoes. ...
Red Dog, also known as Yablon, Ace-deuce, In between or Between the sheets, is a game of chance played with cards. ...
Texas Holdem Bonus Poker is a gambling card game is owned and licensed by Mikohn Gaming/Progressive Gaming International Corporation. ...
Three card poker (trademark name) or tricard poker is a poker-based game that is played in casinos. ...
Two-up is a traditional Australian gambling game. ...
Dice / Tiles Craps (previously known as crabs[1]) is a casino dice game. ...
A set of Chinese dominoes. ...
A Sic bo table Sic bo (骰寶), also known as tai sai (大細), dai siu (大å°), big and small or hi-lo, is an unequal game of chance played with three dice, and of ancient Chinese origin. ...
More of a carnival game than anything else (no gaming commission in the world will allow it), Chuck-a-luck is a simple game. ...
Random numbers // The Big Six wheel, also known simply as The Big Six, is an unequal game of chance, played using a large vertical wheel that can be spun. ...
Roulette is a casino and gambling game named after the French word meaning small wheel. In the game a croupier spins a wheel in one direction, then spins a ball in the opposite direction around a tilted circular surface running around the circumference of the wheel. ...
Common non-table games
Gaming machines Classic pachinko machine Pachinko parlor at night Entrance to pachinko parlor in Shibuya, Tokyo, Japan. ...
Slot machines in the Trump Taj Mahal A slot machine (American English), fruit machine (British English), or poker machine (Australian English) is a certain type of casino game. ...
A Video Lottery Terminal or VLT is a gambling machine that allows gamblers to bet on the outcome of a video game. ...
Video poker is a casino game based on five-card draw poker. ...
Random numbers It has been suggested that this article or section be merged with Housie. ...
This article describes the lottery game. ...
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