True Odds - and how the house edge is calculated.

[Lillyflow]

I used to deal “dice” here in Vegas.  Along with this I was also what they call a “Card Snapper”  which means I dealt all variations of blackjack and Pai Gow poker.  I also worked in the poker pit  dealing Texas Hold ‘Em. 

The thing that was cool about “dealer school” was the details I learned about True Odds vs Casinos Payouts and how, in old school gambling, this was where they would calculate the “house edge”.  

This was applied to dice - also known as craps. 

The reason I am bringing it up here is  purely out of wishful thinking - since I do not think any electronic or online casino follows traditional payouts, like in a real pair of dice. 

Is there any where to find out the exact probabilities of results on the games here at Stake?   I assume payouts are determined by how likely or unlikely a certain result will be achieved.  Usually the difference between the odds of a result happening and the amount the house will pay for such result is the house edge. 

So if the probability of landing a 9 on roulette is 36:1  they usually pay a few steps less than the true odds of it happening. So not 36:1 but what is it here 35 to 1?   

The greater the distance between the reward and the actual likelihood of getting the result, the bigger the house edge or the mathematical  advantage.  

I think keno here has very stiff payouts. (Just sayin). 

Any thoughts?   Who can point me to the text somewhere that shows the games various result possibilities?  

✨🍎✨

Lets see some math nerds School me on this topic.  (math nerds are hot. ) 

 

 

 

 

[gougou]

keno ithink too has the worst payouts.ok on 2.3.4 numbers but 10/10 only 100x?

in my country keno with 80 numbers and 20 balls falling if you get 10/10 you get 1000000x

here with 10/10 or ?/? so few?

[Lillyflow]

Just now, gougou said:

keno ithink too has the worst payouts.ok on 2.3.4 numbers but 10/10 only 100x?

in my country keno with 80 numbers and 20 balls falling if you get 10/10 you get 1000000x

here with 10/10 or ?/? so few?

Yes exactly, 10/10 should be HUGE.

 

[maverick528]

I already talked about this somewhere else in forum, but it can be said again since there are lots of ppl that dont understand how the house edge subject is dealt with in Stake.

The house edge is implemented in a different way depending on the game, because by the way all the different games works, it cant be done always in the same way.

For example in roulette here in Stake the house edge is implemented in the classic way that mortar and brick casinos do it.

If you bet for example at red or black, or at even/odd, you dont have 50% chance of winning, cause the house edge is implemented with the "0" number that makes you bust in this kind of bets.

Your chance of winning is 18/37, because there are 18 red numbers (if you are betting red) and there are 37 total possible outcomes.

Or if you decide to bet to a specific number, there is a 1/37 chance of getting it, but you get paid 36X when you win.

For better understanding, you can say that in a perfect world with this chance, if you bet 3700 times in roulette to a single number you will hit it 100 times. If you are betting 1 dollar each time, your total wagered amount will be 3700 dollars, but you will get only 3600 dollars from this 100 times you hit. In this case the house edge in roulette is 2.7%, and this is the 100 dollars missing.

Making the same experiment with red colour for example, if you bet 3700 times on average you will win 1800 times, you will wager 3700 dollars and get 3600. Same house edge as when playing a single number.

 

[zeriko]

I think the reason why 10 out of 10 in Keno isn't the massive multiplier that one would assume it would be is due to the fact that not hitting 10 out of 10 and hitting say 8 out of 10 you still get a reward, it's not like dice where it's an all-or-nothing type of game so hitting 9800x is pretty binary , either u hit it or u don't. U get more leighway to miss the 10/10. I hope that makes sense

[williamshennie9]

8 hours ago, zeriko said:

I think the reason why 10 out of 10 in Keno isn't the massive multiplier that one would assume it would be is due to the fact that not hitting 10 out of 10 and hitting say 8 out of 10 you still get a reward, it's not like dice where it's an all-or-nothing type of game so hitting 9800x is pretty binary , either u hit it or u don't. U get more leighway to miss the 10/10. I hope that makes sense

The same applies to plinko. You win money with the smaller multipliers, and with dice, you either win or lose (no inbetween). So that's why it is easier to hit 1000x on dice compared to plinko, or hit 100x on keno compared to dice.

[Shaniqua]

21 hours ago, Lillyflow said:

Yes exactly, 10/10 should be HUGE.

 

i dont think it works like that, maybe if they remove 3/10 multipliar to and make it to 1.3 then there is room to raise the 100x to a lot more like 1000x but idk the maths

[zeriko]

1 hour ago, williamshennie9 said:

The same applies to plinko. You win money with the smaller multipliers, and with dice, you either win or lose (no inbetween). So that's why it is easier to hit 1000x on dice compared to plinko, or hit 100x on keno compared to dice.

Yeah plinko is very similar in that regard and also hitting the 1000x is just harder odds wise

[KiXxnTRiXx]

100 percent agree on Keno. It has been more and more stiff on paying out the more i play it. Yeah some players gets the luck of the draw and hittinf big, but for the players that wants to build from a small balance is most of the time screwed. Because the longer you play it, the more likely hood to go bust. I miss the old keno that doesnt give a sea of reds every few rolls...