Every serious gambler knows that every bet is defined by pure simple mathematics. You must take in account factors that include odds of a bet winning, payouts for the winning bet and some interesting things happen. A lesser known statistic and just as important is knowing exactly what the casino’s advantage on each bet is.
House edges vary between games (Keno is particularly loathsome at 27% while basic bets in baccarat are under 1.25%). Roulette’s house edge clocks in at 5.26% How is this calculated? A straight-up bet requires 1 of 38 numbers (the 1-36 numbers along with 0 and 00) to come in, meaning you are facing odds of 37-1 against your number winning.
When you are lucky enough to win a straight-up bet, however, the payout is only 35-1. Putting this into dollar terms, a winning $1 bet on the number $19 will result in a $35 profit when the true odds dictate that you should receive $37 instead. Taking this into consideration, you can calculate the house edge of roulette by simply taking that $2 difference and divide it by 38 (the total amount of numbers on the table).
Now that we know how the house edge works, let’s take a look at the odds you face on each inside bet as well as the corresponding payouts.
The house edge on outside bets work on the sample principle but, as you’ll see in the following table, both the odds against winning and the payouts are much lower.