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If you start with $100 and make $10 repeated bets in blackjack with a payout rate of 98%, you are likely to end up with only $10 after 450 hands.
(The casino keeps on average 20 cents of every $10 bet).The truth of the matter is that in the long run, the house always wins….
:woo-hoo:
casinogames wrote:….The truth of the matter is that in the long run, the house always wins….
Definitely! Just take a look at all the billion dollar casinos in Las Vegas …. they were not built on the money the winners took home …. they were built on all the money the losers left behind.and …. I can guarantee the casinos are not paying 5% to accept credit cards.
I have a merchant account and I only pay 2%.
The casinos do far more volume than I do, so I imagine they are able to negotiate an even better rate.
I’d add also that the profit is on the “wagering” rather than the “deposit”. If you deposit $100 and wager it x10 (ie $1000 of bets), the profit of 2% is on every $100 of that $1000.
Also – don’t forget the law of the gambler states that “he/she will continue to bet until there is no money left”
Cheers
Simmo!
Ah
– I am stating to understand.The 2% profit a casino makes is on the money wagered and NOT the deposits.
But I am still a bit confused?
How is the money wagered calculated?
Any input you can give me?
Vincent
amount wagered is equal to the number of bets times the average size of the bet.
For example, if you have a player who plays blackjack for example and bets $20 per hand. One day, he plays 500 hands of blackjack and betting $20 per hand. On that day, he wagered a total of $10,000 (500 times $20).Hope that helps,
burgi
Thank you for that, it helped
