The house average or house edge is the amount the player loses relative to any bet made, on average. If a player bets on a single number in the American game there is a probability of 1/38 that the player wins 35 times the bet, and a 37/38 chance that the player loses their bet. The expected value is: -1*37/38 + 35*1/38 = -0.0526 (5.26% house edge)
The house edge should not be confused with the hold. The hold is the total amount of cash the table changes for chips, minus the chips taken away from the table. In other words, the actual “win” amount for the casino. The Casino Control Commission in Atlantic City releases a monthly report showing the win/hold amounts for each casino. The average win/hold for double zero wheels is between 21-30%, significantly more than 5.26% of all players’ money because players are making repeated bets after winning and losing portions of their total money. This is known in the casino gaming industry as “churning”.
So Jo and I took $1,000 to gamble with in Vegas and we came home with about $700. So Vegas got their 30% from us on this trip. Not a bad business, right?
Now the real question is what are the odds of finding really good Sushi in the middle of the desert? This picture was taken at a Sushi restaurant in Harrah’s, … hands down some of the best sashimi I have ever had.