Understanding House Edge in Provably Fair Dice

Introduction

Dice games are a fair game of chance.  If you take a standard dice, it allows the player a 1/6 chance of a win.  Fair dice games have grown in popularity in the online casino world.  They are easy to learn, and you have a fair chance to win.  It is also possible to make use of blockchain technology to track the probability of a win, increasing the odds if you are a more serious player.

In gambling, it is not only the player that has a chance at a win, but the House can also win.  A lot of players will gruffly state that the House always wins or has an edge.

Basic Concept of House Edge

A casino is a business.  They are not in the habit of just dishing out money left, right and centre.  They also want to generate a profit.  The House Edge in gambling refers to the percentage of probability that the House has of winning against a player at a certain game.

A game with a low House Edge would be a better choice to play to try and secure a possible win.

House Edge in Traditional Casino Games vs. Provably Fair Dice

In a traditional casino, the House Edge varies from game to game.  In a provably fair casino, it is basically a standard percentage (lower than 1% mostly) throughout.  In provable fair games, no game manipulation can occur.  It is mostly used in online casinos.

Cryptographic algorithms are used to ensure that there is absolutely no chance that a game result can be rigged.  Everyone has a fair chance at a win.  Provable fair casinos also build on a level of trust between the player and the casino.  The algorithms are visible, and players are able to verify the results.

With online gaming, no physical dice is used.  Random number generation “rolls the dice” for gameplay.  Using blockchain technology, not only can the casino staff verify the validity of the RNG system, but a player as well.

Calculating House Edge in Provably Fair Dice

Calculating a house edge in provable fair dice can help you to plan your play.  But how does one even go about trying to figure that out?  The following might be of value:

• Step 1:

Decide on the game to play and then familiarize yourself with the rules.  These should indicate to you how the house edge for that game is set up.

• Step 2:

Determine the probability of each variable outcome.

• Step 3:

Once you have determined this, multiply the probability of the various outcomes by the various payouts.

• Step 4:

Now we will go about to calculate the expected value overall of the game.  This you do by summing the expected value of all possible outcomes.

• Step 5:

Lastly, subtract now your overall expected value from 1, convert it to a percentage and there you have the house edge.

The ideal is to focus on games with a lower house edge for a better chance at a win.

How House Edge Affects Player’s Profit and Loss

Although gambling is a game of change, a player can still strive to play strategically.  Hoping to lower the house edge whilst simultaneously working to increase the odds of a win.

Also being in the business for the money, so to speak, the odd of beating the house is significantly low.  These odds decrease with the amount of time and money a player spends gambling.

The casino always has the advantage.  This advantage increases over time, considering also the amount of money and the speed at which a user plays.

Strategies to Counteract House Edge

Playing for strategy and not for luck can be a good road to travel in a casino setting, albeit online or in-house.  Trying to chase down the house edge is a noble, but not quite impossible task to achieve.

Take for example something as simple as Blackjack.  On the online platform, utilizing a cheat sheet and focusing on sensible plays greatly affects your chances to gain a return.  Doing this will help you to keep the house edge to minimum of less than 1%.

In slots games, it seems a fair bit easier to calculate your average house edge.  Just subtract your RTP (Return to Player) % from 100. From there choosing the slot with the lowest house edge would be best.

Benefits of Lower House Edge in Provably Fair Dice

All is not doom and gloom.  Provably fair casinos focus on a more constant house edge percentage in gaming.  This can be seen as a form of incentive to attract more players.  Especially if you are new to the game.

In an online sweepstakes casino, virtual currency is utilized.  Focusing on these types of sites and then selecting games with lower house edges, is a strategic move.  With the odds a bit better, the aim can be to improve one’s strategy and learn the ropes of the system.

The added benefit hereto is the knowledge base you will build that can be vested into ‘real world’ casino dealings.

Transparency and Trustworthiness in Provably Fair Systems

The provably fair system in gambling promotes fairness in game play.  Utilising the algorithms, there is no chance to rigg the system.  Even though everyone has an equal chance at a win, the option is still open for players to verify the validity thereof.

The algorithm system is fully visible and easily accessible.  This enhances the element of trust between a player and the gaming site he or she frequents.

Conclusion

It is so imperative to gamble responsibly.  The casino environment works hard to ensure transparency and fairness in gameplay.  They aim to offer players as much information as possible to allow for informed decisions to be made.

It is crucial to ensure that you know the terms and conditions for each game.  Specifically, what the wagering requirements are and also what the house edge is with regards to each unique game.  This will help players to focus more on a strategic gaming format rather than one of pure random luck.