What Is Gambling? Understanding the Basics Chapter One Chapter One

Take note of the standard deviation for the roulette wagers listed in Figure 9. In general, only progressive and streak side bets have a higher level of volatility. The odds are about 1-in 44.38 and this side bet pays 40-to-1. A side bet that is even more volatile than Lucky Ladies is the Dragon 7 side bet in EZ Baccarat. The single highest volatility hands for this game are four-ofa-kind and a royal flush.

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What is the house edge for casino games?

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Over the long run, the player expects to break even on his odds wagers. However, in craps, in order to get high variance without taking “odds,” the player will have to play high house edge wagers. The four wagers listed for craps in Figure 9 illustrate that a player can pick and choose his variance. The player can wager on even/odd, a column, a number straight-up, or he can mix and match as he decides.

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