Due to the probabilities of this bet hitting and subsequent payout, the casino has a house edge of 5.5%. Typically, the 2 and 12 pay double, and everything else pays even money. A field bet is a one-roll bet that a 2, 3, 4, 9, 10, 11, or 12 will hit on the next roll. Let’s consider a field bet as an example.
In order to determine house edge on any given bet, we have to take into consideration the probability of that particular bet hitting, and the resulting payout. For example, if you wager $10 on a bet carrying a 1.4% house edge, your expected loss is 14 cents. The above are from NV.Īnother way to look at house edge – It is the percentage you are expected to lose on a bet. This percentage varies from game to game, bet to bet, and even casino to casino. House edge is simply the percentage advantage the casino has over the player. The casinos are not in business to lose money.
