Curious as to what all casino games have in common? Each one is made to fleece you out of as much cash as possible. However, this is not all. In addition, they make you feel like you have a fighting chance. AND they do their best to keep you cheerful during the process.
Feeling content while experiencing financial loss may seem impossible. The gambling business, however, has done fantastic work toward this end. Even money bets are available on several casino games. This is a deceptive term. True even money bets are not available in any casino.
An even money bet is one in which the probability of success is the same as the payout probability. Seems too difficult? It’s not as difficult as it sounds.
The finest illustration is a coin toss. It’s equally likely that the coin will land on heads or tails. An even money bet is one in which the payout for a successful coin flip is the same as the original wager.
The expected value of even money bets is zero. It can take thousands of spins, but if you play long enough, you’ll break even.
Below, we’ll go through what are sometimes referred to as “even money bets” in casinos. It explains why they are not true even money wagers.
Even Money Bets in Roulette
Numerous “even money” wagers are available in roulette. Black, red, even, odd, or the numbers 1-18 or 19-36 can all be wagered on. Although the payout for each of these wagers is 1, they are not true even money bets. If the dice rolls a 0, you’re out of luck. Because of this, the house has a distinct edge.
On a roulette wheel with a single zero, the house edge is 2.7 percent. The percentage is 5.26 percent on a roulette wheel with two zeros.
Bets on the en jail rule roulette wheel are the closest thing to a true even money bet in the game. Only few zero-centered wheels have this feature. If the roulette ball falls on zero, the wager is “incarcerated” until the following outcome. If the next outcome would win the bet, you get your money back. If the following result would lose the bet, you lose your money.
While the house still has a slight advantage, it is the smallest possible advantage in a game of roulette.
Even-Money Bets in Baccarat
Betting options in baccarat include the banker, the player, and a tie. Banker and player bets are about even money, but a loss occurs on a tie. Betting on the banker in baccarat is not an even money bet due to the possibility of a tie and the commission you must pay if your bet wins.
In baccarat, the true house edge on a banker bet is 1.06%. It’s 1.24% for a player wager. You should never pick the tie bet because it is far higher than 10%.
Even Money Bets in Craps
Craps is the one casino game that consistently provides an even money wager. There is, however, a catch:
Before you can make the even money wager, you must first make a bet that pays less than even money. The casino still has a tiny advantage because of this.
There is a house edge of about 1.4% on a pass bet. The house edge on the don’t pass bet is about 1.35 percent.
You can make an odds bet after the outcome of the pass line wager has been determined. The odds bet offers actual even money regardless of the amount wagered. In some gambling establishments, you can place an odds wager worth up to one hundred times your original pass line wager.
You can get odds on the point by betting that it will be rolled again before a seven is rolled. If the point is a 4 or 10, the odds bet pays 2 to 1, if it’s a 5 or 9, 3 to 2, and if it’s a 6 or 8, 6 to 5. This is an exact even money wager, as those are the odds that they will be rolled.
Craps odds wagers are among the top casino wagers. Card counting in blackjack and playing winning poker are examples of advantage play, and both are superior.
Want to minimize the casino’s advantage? Always bet the maximum amount when the odds allow it.
Other Games With Equal Odds
Blackjack and some varieties of video poker have house margins of half a percent or less, making them a little less than even money on each hand. However, many players treat them as roughly even money games despite the fact that this is only possible with the right approach and the best regulations.
This is often the case if your performance is rewarded monetarily. If you play a game with a low house edge, you may be able to earn enough in comps to cover your losses.
The odds on many casino games are quite close to even. However, the house still holds a slight advantage in each. If you really want to gamble, you’d be better off finding a friend to flip a coin with you. However, if you must gamble, you should take every precaution to lessen the house’s advantage.
The odds of winning any given gambling session are highest when you play at a game with the smallest house edge. It’s a good way to stretch your money, too. You can play for a longer period of time if you have a larger bankroll.