E:8 Understanding House Edge 101
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Opening Monologue
- Trump Taj Mahal inAtlantic City update!
- Presidential Election Betting - “Other” Dropped from +2500 to +1200 in a month! Gary Johnson is polling at 13%, if he reaches 15% he can make it on the televised Presidential Debates. Cousin Vito’s Twitter discourse with Poker player Daniel Negreanu
- Summer Trip Planning Talk - Cousin Vito decided on staying in Baltimore and choose the Horseshoe Casino (100x odds in Craps!)over Maryland Live, thanks to viewer input. Also, Cousin Vito may NOT visit the Big M Casino in Myrtle Beach after reading reviews!
- Vegas Bright Podcast Shout out! www.vegasbright.com A frequently updated blog and great podcast!
- neonvacation.com Shout out! An interesting site in the making!
Podcasters Talking Podcasting
- The Edge with Mark Thompson - Secrets of a Casino SuperHost
- http://www.edge-show.com
- Whale Hunting In The Desert: The Secret of a Las Vegas Super Host Steve Cyr (Sear)
- Average Whales these days is 100-250k. Asian customers still come with 500k-1M and they expect huge discount losses and higher limits. Lots of negotiating very Jerry Maguire style.
- Average players used to be over 60, now they are under 45.
- Great stories about being Larry Flynt from Hustler host.
- Born in a barn in Kansas to Vegas SuperHost!
- If there is one suite left who gets it? The foolish reckless roulette player or the blackjack strategist?
- This interview contains many great stories from starting out by raiding the Caesars Palace dumpsters for tips to enticing people with sky villas!
- Slot Whales??? $500 Video Poker? 400k Royal!
- So, much more in the interview itself! Seek out this podcast!
- Click the link on CousinVitosCasino.com to buy the book on Amazon for under $2!
Understanding House Edge 101
- In short, what is the House Edge. How do I find it? What does it mean?
- House edge is accomplished different ways for different games.
- “The house edge is the percentage of money that the player can expect to lose on each bet, averaged over the long term. The payback is the percentage of money the player can expect to get back from each bet, averaged over the long term. If the payback rate is less then 100%, as it is in all commercial gambling, it means that on average the player will lose money. The house edge and the payback add up to 100%. In American roulette the payback percentage is 94.7% and the house edge is 5.3% (94.7 + 5.3 = 100%).” *
- Comparisons on Hands per Hour v. House Edge for Casino Comp Purposes **
- Frequent Players v. Infrequent Players ***
- How does betting progression effect your bankroll and volatility ****
- Here are some great links on the subject…
- * https://www.problemgambling.ca/EN/ResourcesForProfessionals/Pages/GamblingandtheHouseAdvantage.aspx
- ** http://wizardsofodds.com/gambling/house-edge/
- *** http://crapspoopshoot.blogspot.com/2016/06/straight-talk-about-house-edge.html
- **** http://www.americancasinoguide.com/general-casino-gambling/volatility-in-casino-games.html