Playing online casino games can be a bit frustrating and difficult for first time casino players. You will come across some general terms that are tossed around a lot and chances are that you do not know their meaning.
Here are some terms that usually appears in online casino website:
- A House Edge. House Edge or vigorish or casino advantage is the built in advantage that a casino will have over its players or defined as the casino profit expressed as a percentage of the player’s original bet. Every game has a certain “house edge” and this is stated in a percentage. If a game has a house edge of 6%, the casino is theoretically expected to win $6 for every $100 that the player wagers.
For example, you bet on the flip of a coin, the probability of heads or tails is 50-50. This would be an even money bet. If you bet a dollar and was paid a dollar when you won, you would be paid TRUE ODDS. However if the online casino only paid you 95 cents every time you won instead of a dollar the House edge would be 2.5%.
The house edge of casino games vary greatly with the game. It is important for a casino to know both the house edge and variance for all of their games. The house edge tells them what kind of profit they will make as percentage of turnover, and the variance tells them how much they need in the way of cash reserves.
- The Gamblers Fallacy. Also known as Monte Carlo Fallacy. The belief that in a series of chance, the probability of an event occurring increases with the number of times another event has occurred in succession. So basically, if you are on a losing streak, you keep betting even more because you figure that at one point or another the streak has to stop and that you will win. This is incorrect because random events like the roll of a dice or the spin of the roulette wheel are not affected by something that has happened in the past. The odds are the same every time. So, if a coin is flipped 10 times and lands on “heads” every time, a person employing gambler’s fallacy would believe the probability of the coin landing on “heads” the 11th time would be very low. The truth, however, is that the probability of a coin being “heads” or “tails” is 50% every time the coin is flipped. The probability remains the same.
- The Multi-Player Games. It is a casino game that allows more than one player to participate simultaneously with other players and play in free tournaments. You can also play over the Internet, a network or LAN with one of the players hosting the games. There are complete instructions for setting these games up. You can play the game modem to modem if you choose. This is common in table games like Blackjack, Poker, Roulette, Craps and Bingo where you are playing along with or against other players. Some online casinos offer their players the chance to chat while playing these games as well. So, you could be playing Poker or Bingo with other players while also chatting to them at the same time.
- The Free-roll. A Free-roll is simply a tournament that does not require an entry fee to play although some free-rolls require a payment at some point to gain entry to the tournament. . These tournaments may award cash prizes or entries into other tournaments with cash prizes. Typically, free-roll tournaments have many players fighting for a very small prize pool. However, since you pay nothing to enter, you have nothing to lose and you can just enjoy yourself and sharpen your skills.
Free-roll tournaments can be genuinely free, may require a payment of points, or on some occasions require a deposit of funds into the player’s account. The winnings are either real money, points, merchandise or entry tickets to other tournaments.
Casinos frequently offer them to frequent and/or high-value players in games such as craps, blackjack, video poker and slot machines.