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I have a friend I’m really fond of who believes in all kinds of conspiracy theories. He’s a nice guy, but he thinks the earth is flat.

In other words, it answers what games do casinos make the most money on question: Games with high house edge percentages (i.e. Keno, bingo, etc.) are best for the operator. So, in a way, it answers the what is the best casino game to win money online question, but from the perspective of the operator.
In addition, individual casinos get more income when they find a method of increasing their house edge, the amount of time on each game and the average bet size. Therefore, the minimum amount is required in most table games. The maths is simple, the casino expects to make a certain amount of money for each round.

He’s also convinced that the casino makes all its money from cheating. In fact, he told me once that the only fair game in the casino is craps, because you can’t fake the roll of the dice.

I’m not sure why he thinks dice are immune to being “fixed” while roulette wheels and playing cards aren’t. I understand how any of those devices could be fixed.

The casino expects the player to get 60 hands per hour, so their total bets per hour equal $120. Using the same 2 percent house edge, the casino will retain about $2.40 from their play. Giving back 30-cents equals a comp value of 12.5 percent, which is pretty good. Most casinos hold the line between 10 and 15 percent.

But casinos don’t need to fix any of these devices to make a profit.

They have a really simple means of making a profit and keeping their games completely random.

They examine the odds of winning for a game, then when they set their payout odds, they set them lower than the odds of winning.

What Are Odds and How Do They Work?

One of the ways of looking at the probability of something happening is by looking at the odds that it will or won’t happen.

Probability is just a ratio that compares the number of ways a specific event can happen with the number of ways it can’t happen.

Here’s an easy example:

You flip a coin. What’s the probability that you’ll get heads as a result?

It’s 1/2, 50%, or 1 to 1.

That’s the probability expressed as a fraction, as a percentage, and as odds.

1 to 1 means there’s one way to lose and one way to win.

When you roll a 6-sided die, what’s the probability of rolling a 6?

There’s one way to roll a 6, and there are 5 ways to roll something that’s not a 6.

So the odds are 5 to 1.

But there’s more to odds than that.

Odds also is a way of describing how much your bet pays off.

If you received 1 to 1 odds on guessing a coin toss, that would be called even money. You could bet $100, and if you won, you’d win $100. If you lose, you’d lose $100.

If you received 5 to 1 odds on guessing the outcome of a die roll, you’d break even over the long run. You’d win $500 every time you won, but you’d lose $100 on the 5 out of 6 times that you lost.

The way the casino makes its profit is by paying you winnings that are lower than the odds that would make a game break-even.

For example, if the casino made you risk $110 to win $100 on a coin toss, in the long run, the casino would make a profit.

50% of the time, they’d lose $100. The other 50% of the time, they’d win $110. It’s easy to see how they could make a profit doing that, right?

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Or, if the casino paid off at 4 to 1 on guessing the correct outcome on a roll of a single die, they’d be making a clear profit, too, right?

5 out of 6 times, you’d lose $100. Only once out of 6 times would you win $400, which means the casino would come out ahead in the long run.

The Effect of Short Term Variance

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If this is how the bets are set up, and if most people know it, why do people still gamble on casino games?

There are 2 reasons:

The first is that people are woefully uneducated about basic math in this country. Fewer casino customers than you think understand how the math behind these games works.

The second is that when you’re dealing with random events, in the short run, anything can happen, no matter how unlikely.

If you guess that a 6 will come up on the next roll of a 6-sided die, you’re PROBABLY going to lose.

But sometimes you’ll win.

And sometimes you’ll win more often than you statistically should in the short term.

In math, there’s something called the Law of Large Numbers.

This is the premise that if you repeat something random often enough, eventually, your actual results will resemble the statistically predicted results.

If you roll a 6-sided die 6 times, you might get the same number 3 or 4 times.

But if you roll a 6-sided die 6000 times, you’ll usually see a pretty even distribution for which number comes up.

This short term variation is what gamblers call luck.

That’s how some gamblers walk away from the casino winners even though the odds are against them.

How the Casino Makes Its Profit from Blackjack

Blackjack seems like a game where the casino couldn’t have an edge. In fact, it seems like a game where a smart player might get an edge over the house just by knowing how to play his cards.

After all, the odds of getting various cards are the same for both the player and the dealer.

AND the player gets a 3 to 2 payout anytime he gets a 2-card total of 21.

How on earth does the casino stand to profit on a game like this?

It’s simpler than you think, actually. The house edge in blackjack comes from the fact that the player has to play his hand before the dealer plays hers.

If your hand busts, you lose your chips immediately, before the dealer plays her hand. Even if the dealer busts, too, you’ve lost your money.

That, by itself, is enough of an advantage for the casino to make a profit.

Even if you play with perfect basic strategy, you’ll probably bust your hand around 30% of the time.

Even if the casino busts, too, you’ve already lost your bet.

The other advantage the casino has is if the dealer gets a natural, you don’t even get to play your hand. Your only hope is if you also have a natural, which is treated as a push. You don’t win any money, nor do you lose any money in that situation.

How the Casino Makes Its Profit from Craps

Craps is known for being exciting and for having a wide variety of bets you can make.

But every bet at the craps table (save one) pays off at less than the odds of winning. The only bet where that isn’t true is called (appropriately enough) the odds bet, and it pays off at true odds.

But to place that bet, you must have first placed a bet on the pass line or the don’t pass line. (Or the come or don’t come.)

Those are the best bets at the craps table, by the way, but they still give the house an edge of 1.41% or 1.36%. The other bets at the craps table are all far worse, and they all result in a profit for the casino because they don’t pay off at the same odds they have of winning.

Here’s an example of a craps bet, its odds of winning, and the payout odds for that bet:

The “any 7” bet is a single-roll bet that the results of the next roll of the dice will total 7.

The odds of winning that bet are 5 to 1.

The payout is 4 to 1.

Sound familiar?

I used the same example in the introduction when I talked about the probability of rolling a single die.

How the Casino Makes Its Profits from Roulette

Roulette is my favorite example of how probability works, especially as it relates to casino games and the house edge. It’s a simple game, too.

You have a spinning wheel with 38 possible outcomes. The pockets in this wheel are numbered 0, 00, and 1-36. The 0 and the 00 are both green. Half the numbers 1 through 36 are black, and the other half are red.

You have a variety of roulette bets available to you, but all of them share the same house edge. (Well, except for one bet, which I’ll explain here, too.)

The easiest bets, and the