The house edge for slots games is anywhere from 2% to 15%+ and is one of the worst bets you can make in the casino.
Blackjack, video poker and some bets on craps are the only times in a casino where the house edge shrinks to below 1%.
Blackjack, video poker and some bets on craps are the only
times in a casino where the house edge shrinks to below 1%.
Edward Thorp is a mathematician who did a lot of analysis about blackjack over 50 years ago.[1] He's a seminal figure in this field.
Here's one site I recall mostly because it has a memorable name: http://wizardofodds.com/
It's obviously not common knowledge to the person that's asking the question. :~) Thanks for the source though.
That said, the edge is not always below 1%. It varies based on the rules. Some games don't allow a surrender, for instance, which changes the edge pretty drastically.
Strange dichotomy to those of us who have been to a casino. They tell you right at the games — you don't need to be an industry insider.
No casino in the states of NV, CA or LA has ever informed me nor have I seen other patrons be duly made aware of the 2%-15% for the slots nor the 1% for Blackjack, Video poker or Craps.
In Nevada, I don't see any stipulation they're even required to, by the Nevada Gaming Commission. [1]
[1] LICENSING AND CONTROL OF GAMING - GENERAL PROVISIONS
For instance, it makes good business sense for a casino to advertise their 94.64% slot return since they still have an edge. You don't have to be an industry insider or close to it to learn this information, as you implied.