Online Gambling Statistics
In the online casino industry and almost every other instance of gambling, the outcome which involves you winning is put to chance, and the house normally holds the advantage. You can’t outwit odds, but there are certain bets you can place that lower the house’s advantage over the course of a game.
For every bet, you place, there is a percentage that states you will win and one that says you will lose, but professional poker players own private jets while beginners lose all their money in ten minutes. What we are trying to say is that there is still an element of skill in online gambling. We like to call these casino games, where how you play can influence the outcome, Skill Games, and the games of chance Luck Games.
The most common games of luck are the online slots, progressive jackpot games, Bingo, Keno, Lotto, and scratch cards. All of the Table Games, on the other hand, are considered to have an element of skill. The exception is sports betting, which is now offered at a lot of new online casinos. If you know a lot about the sport you can accurately predict who is going to win a game. Knowledge will give you an edge over the house, so the casino includes the odds in your bets, using something called an Implied Probability.
You also need to know about the RTP – Return to Player, House Advantage, and how to calculate different types of Odds. Knowing all of this will make you a better gambler. One thing is for sure, and that is, online casinos have better odds than their land-based equivalents.
Percentage Fractions or Decimals?
How the odds are written largely depends on the country that the online casino is based in and the history of the game. The clearest example of this is American odds, used in sports betting, which are given in fractions rather than the decimals used in the rest of the world. A 1% return minus stake can be expressed as 1.01 and 1/100. They are all the same thing, but it can take some getting used to. Percentages are used for RTPs in online slots, and odds in table games like Blackjack, Poker, Roulette is normally given as a fraction, but it is the most noticeable in sports betting.
Winning Statistics for Online Slots and Progressive Jackpot Games
When online slots first started to make an appearance, they were developed by casino software companies like Microgaming – who brought out the first online slot in 1994 – and IGT. There were other developers, but, they all had a land-based slot first approach. At the time an RTP of about 80% was common, but as online casinos became more popular increasing the RTP was a way in which developers and casinos stayed competitive.
NetEnt started up in 1996, and Playtech released their first games in 1999, and both these companies played a massive role in raising the average RTP. Today we find NetEnt online slots with RTPs between 95 – 98% and the rest of the industry followed their lead.
NetEnt’s willingness to let new casinos and smaller sites host their online slots and casino games was also a turning point for the industry. To this day some developers insist on only letting larger online casinos host their games, but once NetEnt started the flood gates opened, and you could choose between a lot of developers at most decent online casinos.
RTPs are significantly lower at progressive jackpot slots. It is common to see RTPs in the high 80%s and low 90%s, because the appeal to play them is very much the large jackpot. The cut to the RTP, compared to the regular online slots, is feed straight into the progressive jackpot. It is important to keep in mind that slots with many features like Free Spins, Wilds, Sticky Reels, and other many other rewards that you might assume that it is a good slot, and it might be, may have a lower RTP value.
How is RTP Calculated?
Return to Player (RTP) is a percentage calculated over the long term that shows what percentage of their bets the players are likely to win back. If you were to play an online slot machine for an infinite time with endless money you would end up with a result matching your RTP. Chances are however that you will stop short of infinity. Say you stopped after wagering £1000, the maths would dictate that you would have lost £70 at a slot with an RTP of 93%. However, you may instead have won thousands of pounds.
Flip a coin a hundred times and it can be tails every time, but statistically, the results are 50/50.
And a higher RTP will win you more money statistically over time. It will also keep you playing longer which gives you more chance to land the big win. What we have basically described is short term volatility compared to a long-term predictability.
Don’t confuse the RTP with the Hit Frequency, which is a measure of how often the slot lands a winning combination. A lot of wins is sometimes perceived as a good thing, even when most of these wins are at or below the wager. The hit frequency has nothing to do with the RTP, but it can be an indication of significant short term volatility.
None of this would be possible without a Pseudorandom Number Generator. If you know a thing or two about suffixes, pseudo means fake, artificial, the appearance of, and it is used because the numbers generated aren’t truly random. They are pretty close but a computer can’t really make entirely random numbers. Algorithms that work on pseudorandom number generators are what power slot games. There is also some form of Cryptographic Generator included in the algorithm to stop people from predicting the algorithm.
Winning Statistics at Table Games
Different table games offer you different odds, and what is more, different bets in the games carry different odds. It is obvious stuff, but properly understanding it is one of the best things you can do for your bankroll. Some of the best bets that you can place at an online casino are at the Baccarat, Craps, and Blackjack tables.
Betting red or black in roulette normally carries odds of 48.65%, but betting on a single number in European roulette decreases your chance of a successful outcome to 2.7%. The House Edge on a single number bet and most other bets in American roulette is 5.26%. This is only going to make sense to you if you have played roulette, but you can generally work out the house edge by dividing the number of zeros on the wheel by the number of pockets, and most wheels have two more pockets than they need to be even. There are so many variations of roulette, and this is only the most basic look at roulette odds.
Odds in Online Poker can get quite complicated and the only way to properly get a grasp on them is to study the game, but it can really improve your game. Committing poker odds to memory can help you keep a cool head because it will give you an objective way to look at your calls. The odds are different for each hand because there is a different probability of each hand losing.
There are all kinds of the theories and rules used to calculate different poker odds. You might have heard players talk about counting the outs, but there are endless poker odds that you can learn. The chance of each hand winning, or memorize that there is a 0.0032% chance of being dealt a royal flush.
Video Poker, like online slots, uses a pseudorandom number generator to create the appearance of randomness. When you shuffle a deck of cards there aren’t 52 to the power of 52 combinations as we incorrectly hear quoted but 8×10^67 combinations. That is a ridiculously big number, and a computer can’t even begin to approach the random innate nature of the universe.
That being said, they can get close enough to fool anyone. The RTPs of video poker are often around the high 96% – 99% mark. The computer is playing even odds, with only a slight advantage. This is much better than the odds you are going to get playing poker at a casino, and you don’t need to get out your good jacket.
Odds play the biggest role in Blackjack because it is so easy to determine the odds for every card combination. These odds are the foundation of all blackjack strategy, which work by keeping the odds as much in your favour as possible. The odds are pretty easy to work out, and all you need are basic maths skills to realize that there is a 4/52 chance of any single card coming up -1/13 if it is simplified. You can then apply basic mathematics to work out the chance of going bust.
The reason that so many high rollers gravitate to Baccarat is that it has very little house advantage. If you are going to place big bets you want the most chance of winning them back, that just makes sense. The best you can do in baccarat is to bet on the banker at a house edge of 1.06%. If you bet on the player you play at odds of 1.24%. The banker wins a little more than the player because of pushing ties and this is reflected in the odds.
A Craps table has some of the best odds in an online casino. The pass line bet pays at a house advantage of 1.41% and backing up your bets is the only bet that we can think off with plays at even odds; you have to make a bet first to place it, so it isn’t true even odds. The don’t pass line bet is actually better than the pass line bet at 1.40%, but the table might get annoyed with you if you always play the dark side. The bets in the middle of the table, play at some of the worse odds in the casino, and that is a clear example of how playing a little differently can improve your overall house advantage over the course of a game.
Live Dealer Games
Live Casinos are sometimes broadcast out of land-based casinos. The odds will normally be as good or better than if you walked into the casino.
Winning Statistics at Sports Betting
The outcome of a sporting event isn’t determined by chance, and for this reason, the odds in sports betting sites are a little different. This is most noticeable in how the odds are included in the payout for a win. If you bet on the favoured team, you will win less than if you bet on the underdog and they win, but you are betting against bookmakers that are paid a lot of money to accurately guess the winner.
The odds given by bookmakers are called the Implied Probability for a good reason. The bookmaker can only make an educated guess and assign a number to it. This lets you shop around for odds that you find more favourable.
If Barcelona is set to play Valencia, and you think that Valencia doesn’t stand a chance, but you find a bookmaker that disagrees, betting on that site and winning will result in a larger payout. Sometimes the difference in odds given is a result of bookmakers just trying to balance their books, and it has very little to do with the anticipated results. Public opinion and general hype around large sporting events like derbies will also prop up the odds.
Popular sports will offer propositional sports bets. These are things like who will be the first to score, etc. Propositional bets often have very large payouts. This is because specific events need to occur for them to win. The odds of Korbin Smith scoring the first try in this afternoons rugby match are 81.00. It is unlikely considering his position but the extreme odds make wagering a couple of GBP very appealing.
The bookmaker also doesn’t have time to go through all of these propositional odds. They normally set them tight to make up for this, but every once in a while, there are favourable odds in the proposition bets that you can make some serious money from especially if you know a lot about the sport.
Betting on less known sports isn’t just a great way to fill in the time while you wait for the next large event. There are some serious winning opportunities tucked away in the obscure sports. Popular events have tight odds, but bookmakers have to loosen odds to entice people to bet on smaller events or lesser-known sports.
Winning Statistics at Other Casino Games
Bingo, Keno, and Scratch Cards all rely entirely on luck. You can calculate the probability of winning at all these games, but the game provider and online casino will have little to no effect on the odds that the games are played at. With Online Bingo, the more cards that are in play the more chance that you have of winning, but the same could be said for any of the other cards in play.
The chance of one person getting a bingo within 12 numbers drawn is 0.00199521. This number goes up as more time passes until it is eventually inevitable that someone will win. You will probably need a computer if you want to calculate more bingo probabilities and statistics.
Statistically, Keno is one of the worst games that you can play, and there is no combination of balls that you can choose which are any more likely to win than any others. The house advantage is around 30% – 50% at a land-based casino and it can get to the low 20%s at online casinos.
There is a lot of variation in the odds when it comes to Scratch Cards. Most scratch card online and offline give you about a 1:4 chance of winning something, but the catch is that around 60% of these winnings are below £20. There is a smaller chance of winning more, and a chance that you won’t break even on the cost or bet to play. Typically the lower the get rich quick potential the better the odds.