In very early frontier gambling saloons the house would set the odds on roulette tables at 27 for 1. This is to say that for a $1 bet you would get $27 and the house would keep the original $1 bet. Casino odds are now governed by law and they are now 34 to 1 or 35 to 1.
Another way of looking at house edge is to call it the expected value. This is the amount that the player will lose relative to any bet that is made.
In European Roulette there is a probability of 1/37 that the player wins -and 36/37 that the player loses.
So that means -1 x 36/37 + 35 x 1/37 = 0.0270 or 2.70% house edge.
Outside bets will always lose when single or double zero comes up. The house always has an edge on inside bets because the payouts are always set to 35 to 1. When mathematically, you have a 37 to 1 chance at winning a straight bet on a single number. For me to explain house edge on inside bets, imagine putting straight $1 bets on all inside numbers including single and double zeros to assure a win. You would only get back 36 times your original bet having spent $38.
Its really important not to confuse house edge with the hold. The hold is the average percentage of the money originally brought to the table that the player loses before he/she leaves – the actual win amount for the casino.
And one more thing……………….. The difference between a call bet and an announced bet is that a call bet is a bet called by a player without placing any money on the table to cover the cost of the bet. This is considered betting on credit and is illegal. An announced bet is a bet called by a player for which he/she places enough money to cover the bet on the table prior to the outcome of the spin.
I hope this made sense to you all!! For other information about Roulette then look at other articles i have written about Roulette or come and have a look at my blog about Roulette.
Adrian
http://www.winningroulettesystem.org.uk
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