Average house or house edge (also called expected value) is the number of players losing relative to each bet made, on average. If a player bets on a single number in an American game there is a 1/38 chance that the player wins 35 times the bet, and a 37/38 chance that the player loses the bet.
The presence of green squares on the roulette wheel and on the table is technically the only house edge. Outside bets will always disappear when one or two zeros appear. However, the house also has an edge in deep betting as the payout is always set at 35 to 1 when you mathematically have a 1 in 38 (1 in 37 for French / European roulette) chance of winning the straight bet on a single number.
To show the house edge on the inside bet, imagine placing a $ 1 straight bet on all the numbers inside (including 0 and 00) to ensure a win: you will only get back 36 times your original stake, after spending $ 38.] The only exception is a five-figure bet where the house edge is much higher (7.89% on an American wheel),
The house edge shouldn’t be confused with a ‘handle’. Holding is the average percentage of money originally brought to the table that the player loses before he leaves – the actual “win” amount for the casino. The Casino Control Commission in Atlantic City releases a monthly report that shows the number of win / hold for each casino.
The average win / hold for a double zero wheel is between 21-30%, significantly more than the house edge of 5.26%. This reflects the fact that players keep making the same money over and over again. 23.6% hold, for example, would imply that on average, a player bets the total he brings to the table five times, because 23.6% roughly equals 100% – (100% – 5.26%) ^ 5 .
For example, a player with $ 100 makes a $ 10 red bet (which has a nearly 50/50 chance of winning) is very unlikely to lose all of his money after only 10 bets, and will most likely continue betting until he loses all his money or decides to leave. A player who makes a $ 10 bet on a single number (with only 1/38 chance of success) on a $ 100 bill is much more likely to lose all his money after only 10 bets.
In the early frontier betting saloon the house will set the odds on the roulette table at 27 to 1. This means that on the $ 1 bet you will get $ 27 and the house will keep your initial dollar. Today, most casino odds are set by law, and that should be between 34 to 1 or 35 to 1. This means that the house pays you $ 34 or $ 35 and you can keep your original $ 1 bet.