Here’s the thing about casino gambling for most people:
In the long run, it’s an expense.
It’s NOT a revenue stream.
Sure, some people get lucky and hit a progressive jackpot early in their casino gambling career. And some people learn how to count cards and get an edge over the casino
But, for the average casino gambler, playing casino games costs money.
The purpose of this post is to look at how much money casino gambling costs and whether it’s worth it.
The Concept of Negative Expectation
With almost no exceptions, every bet on every casino game is a negative expectation bet. This is a mathematical expression that refers to whether a bet is expected to win money or lose money. A bet that’s expected to win money is a positive expectation bet, and a bet that’s expected to lose money is a negative expectation bet.
And “expected” has a specific, mathematical meaning, too.
Here’s an example:
If you have a 47.37% probability of winning a unit and a 52.63% probability of losing a unit, you’re facing a negative expectation bet. Over time, you’ll have some wins and losses,