If a gambler and the casino keep going forever, how come the casino is always the winner?
In: Mathematics
The odds are skewed in their favor. Take roulette for example. There are 38 numbers (37 in Europe) 1-36, 0, and 00 (00 does not exist in Europe)
If you bet equally on each number, they each pay 1:36, but there are 38 numbers. So for a $1 bet on each, you spend $38, and you win $36, so the casino made $2.
1st, 2nd, and 3rd 12 are also categories that each pay 1:3, so the house still wins on 0 and 00
Black and red pay 1:2, so the house wins on green (0 and 00)
Betting on green pays 1:18, it’s the same odds as betting on both 0 and 00, and there’s a 1/19 chance it lands on green, so the house still has the advantage.
Playing for short periods of time, you can beat the house, but the linger you play, the more likely it is, the house gets ahead, and the further ahead the house is, the less likely you are to get your money back. The house is constantly playing because they constantly have players in side, so they just keep getting further and further ahead.
Other games have different odds, and blackjack the game where the house has the least of an edge of .61%, as opposed to roulette’s 5.3% edge (2.7% for Europe)
Poker has no house edge, because you’re competing against other players rather than the house. The house makes money by either charging a fee for entry, buying drinks, etc
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