Here's something from a guy who owned and operated casinos worldwide.
Read article hereCasino games are designed with a house advantage. Mathematically, the house advantage is a measure of how much the house expects to win, expressed as a percentage of the player's wager. For example, in a wager with a house advantage of 4 percent, the player will lose, on average over time, $4 for every $100 wagered. House advantages vary by region, casino and game. In some games, player betting or skill decisions can affect the house advantage, but it's important to keep in mind that the house always has some advantage against the typical player.
House advantages in popular casino games (assuming standard rules apply and players have average skills) range for baccarat from 1.1 percent to 14.5 percent; 0.5 percent to 1.5 percent for blackjack; 1.4 percent to 16.6 percent for craps; and 2.6 percent to 5.2 percent for roulette. Slot machines have house advantage of 0.4 percent to 15 percent. It is important to note that a player cannot influence the outcome of traditional slot machine play through any decision-making approach.
While the house advantage is useful for understanding the casino's expected win (player's expected loss) per bet, there are other factors that can have a profound impact on the amount a player might win or lose when gambling in a casino.
Because of the fact that the odds always favor the house, the longer or faster a person plays a casino game and the more they wager, the more the person should expect to lose. For example, if the house advantage for an average slot machine is 10 percent, then, on average, a player will win back $90 for each $100 wagered. However, if this player then re-wagers the $90, the player will again win back, on average, 90 percent of the $90, or $81. As the betting continues, over time players are more and more likely to lose money, rather than win.
In view of the above, do you think we're just wasting the time we spend in casinos? If we are going to lose anyway, why bother?
Your thoughts please. Thanks!