Dear Mark,
The Mississippi Gaming Commission recently posted the "hold" percentage
for table games on the coast. Blackjack was listed at 14.58%. If, using perfect
basic playing strategy, the house edge is supposed to be approximately one half
of 1%. Am I comparing apples and oranges, or is the average blackjack player completely
ignoring basic playing strategy? Ray F.
Yes and yes. But for starters, Ray, you are confusing house edge with casino
hold.
The "house edge" is a predetermined percentage of each bet that the
house takes as payment for letting you sit at their tables. The casino's "hold"
is the share of the chips the player bought that are won back by the casino.
It’s not all that hard for the casino to turn a house edge of 1% and then,
“Presto! begone!” turn it into a 14+% hold.
Casinos, Ray, are not in the gambling business. They are in the math-and-time
business. Casino operators know that, even considering a halfway decent blackjack
player, the longer his keister is in their seats, the higher their hold will
climb.
Allow me to clarify. Most blackjack players give up 5% of their wager to the
house based on their shoddy play. (The house has a 5% advantage against the
“average” blackjack player. Incredibly, less than 1% of all blackjack players
employ perfect basic strategy.) Consequently, after 20 hands, based on perpetual
play, they should mathematically have $95 remaining. But the average player
stays stuck to the stool, so with their remaining $95, slowly but surely, they
fatten up their losses, giving the house a higher hold than the actual casino
edge on the game.
Multiply that, Ray, by 24 hours a day play, grinding away at squatters on hundreds
of blackjack tables across Mississippi, and 14.58% doesn’t really seem
all that high. The only one gambling here is the blackjack player, not the casino.
The only way you, the gambler, can avoid getting caught in this grind is to
shorten your gambling timeline. Casino operators know all too well that such
cautious behavior has negative implications on the casino’s hold. They
would much prefer to see you crazy glued to a stool and anteing-up casino chips
all day long.
Dear Mark,
I don’t gamble a lot, but when we have guests who think we’re lucky
to live only 15 minutes from a sharp casino, we always take them, and I play
craps, my favorite. I’ve been told that the best bet is on the pass line,
and wonder if it’s true. Brenda C.
Craps with cronies can be enjoyable entertainment, and based on your pass line
play, you’re already an expert among your friends. Still, less than 1% of players who belly up to the game understand dice as you do. Most
players are greener than the felt on the table. So, Brenda, allow me to give
your gambling gang and fellow readers the only bets you really want to make
on a craps table. The best bets on a craps game are the pass and come line bets
you subscribe to, those wagers with odds, and the placing of the 6 or 8. These
three wagers have a casino edge of 1.5% or lower. Stick to these three, and
you’ll be certified to get your teaching credentials.
Gambling Wisdom of the Week: Besides lovemaking and singing in the shower,
there aren’t many human activities where there is a greater difference
between a person’s self-delusional ability and actual ability than in poker.
-- Steve Badget
