Fair Payouts In Casino Games OnlineBy: Joe Valentino, Saturday January 26th 2013
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Fair payouts in online casino games are those that reduce the house edge to zero. This means that if players wager at these payouts for a long enough time they will neither win money nor will lose money. Neither will the online casinos make any money if they offer these payouts. When online casinos offer players a service they incur a cost. If they offer fair payouts then they will not be able to cover their costs and hence will not be commercially viable. Therefore the payouts actually offered in online casino games are marginally less than the fair payouts. It needs to be immediately clarified the online casinos are not doing anything wrong by offering less than fair payouts.
Players should have some idea of how fair payouts can be arrived at. In some online casino games the fair odds can be calculated mathematically. If players can list out all the possible outcomes of an event and also those which will result in a payout, then the mathematical calculation is possible. The simplest example of this is online roulette. Let us say that a person has a wagered on red numbers. The total outcomes of a spin are 37 in European Roulette. 18 of these are favorable for a bet on red and 19 are not. Therefore the fair payout for this bet should be 19 to 18. The actual payout is 1 to 1, which is marginally less than the fair payout. Similar calculations can be done for many of the bets in dice games like craps and sic bo. Video poker variants are extremely popular at online casinos. In these games a single bet pays out on a number of different outcomes at different rates. The calculations of fair payouts are slightly more difficult than in roulette, but can be done.
In most of the other online casino games the player will not be able to compute the fair payouts mathematically. In some games he is not given the required information to list out all the possible outcomes. The classic example of this case is online slots. The player does not know how many numbers of each symbol are there on each reel. Hence he cannot list all the possible outcomes. The developers of online slots have this information and they tweak the actual payouts so as to offer an average return of around 95%. As in video poker, online slots offer multiple paying opportunities on the same bet. Therefore it is not very meaningful to look at the fair payouts for each outcome. The average return for the whole game is a more meaningful indicator. Players can test out the average return values indicated by the software provider if they are so inclined. Using the free play chips provided by online casinos, the player can run the game on auto play for a large number of spins and ascertain the percentage of the initial bankroll retained.For an average return of 95% the fair payout would be about 5% more than the actual payout.
In games like blackjack, the computation of fair payouts is hampered because of the frequent decisions that are made by the player. These give rise to a number of alternative possible outcomes, which are so large that calculations become impractical. Average returns are ascertained in these games through complicated computer simulations. In most blackjack variants the actual payouts are set so that the average returns are about 99% based on optimum play. In this case the fair payout would be about 1% more than the actual payout.
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