You would be surprised to know
that many gamblers join online casinos without fully knowing
how good their odds of winning are at particular games.
Aside from simply not knowing any better, a major reason for
this is that players usually do not fully understand what a
payout percentage is. If you have scanned a few casinos
already, you have probably noticed claims on their website to
offer high payout percentages, or links to certified papers
evaluating payout percentages. This is very important,
because as I said, a payout percentage can be the difference
between a player winning or losing money.
To define payout percentage, it
is the amount of wagered stakes at a particular game in
relation to the amount of winnings paid out for that game over
a specified amount of time (which is usually a one month
period). For instance, let's say that $1,000 was wagered
at the blackjack tables (a gross underestimation in reality).
Now, if $950 was paid out in total winnings at the blackjack
table, the payout percentage is calculated by dividing the
total payouts by the total wagers (950/100) which in this case
equals .95. Multiply this figure by 100% and you have 95% -
the final payout percentage.
All casinos are now required to post their
monthly payout percentages for both individual games and and the average game
total in order to be receive certain endorsements by fair gaming agencies such
as the Kahnawakee Commission. As a smart player, you should only play at
casinos who consistently obtain at least a 97% payout average. Although
this number will vary from month to month, if the random number generator of the
gambling software is set to the appropriate algorithm, the payout percentage
will remain at a consistent level. In this case, average payouts, as well
as certain games like blackjack and craps, should mediate at 97%. Compared
to a payout of 93%, this could be the difference in a single hand, which
(depending on the circumstances at the time of the hand) could make or break an
entire bankroll.
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