- How Much Money Do Casinos Have On Hand Calculator
- How Much Cash Do Casinos Keep On Hand
- How Much Money Do Casinos Have On Hand For Seniors
- How Much Money Do Casinos Have On Hand For Money
- For Most Tribal Members, Unclear That Casinos Have Helped Much. The majority of California tribal members do not benefit directly from a casino. While federally recognized tribes receive at least $1.1 million annually through the RSTF, this amount has eroded by inflation by roughly 20 percent since 1999.
- Then buy-in for more chips. “Let’s say you buy-in for $1,000 with the intention of making $50 bets,” Rubin says. “If you make $50 bets for 10 hours, without a significant loss, you will.
On Sunday night, I took a date to the Winstar Casino in Oklahoma to do some gambling. I’ve never really done much gambling there besides playing poker. We didn’t have much fun at the slots, which seemed tight, so we decided to try the table games.
We started with roulette and went on to play blackjack. I knew in a vague way that the Winstar (like other Oklahoma casinos) charges an ante when you place a bet. But this was the first time I’d spent much time at the tables paying that ante on every hand of blackjack and every spin of the roulette wheel.
Not only do casinos take money out of your pocket, they expect you to help pay their employees so they don’t have to, in the form of tips. “When you make money I make money,” they say, as if it is a project you are working on together. When you win big, they want a share of the riches.
Being a gambling writer who’s especially interested in the math behind the games, I started thinking about how to quantify what this ante does to the house edge.
I had a math teacher in high school who insisted that I “show my work.”
That’s what I intend to do in this post. Calculate the house edge for the table games I played at the Winstar Casino, accounting for the antes.
What’s an Ante?
An ante is a forced bet, usually in poker, that drives action to the game. In the Native American casinos in Oklahoma, it’s an amount you put up in addition to your bet that the house keeps whether you win, lose, or push.
It would be more accurate to describe this so-called “ante” as a fee for playing a hand of blackjack or for betting on a spin of the roulette wheel. The casinos love to use euphemisms to make a bad deal seem slightly better, and using the word “ante” instead of “fee” is just an example of this.
This has the obvious effect of costing you the amount of the fee multiplied by the number of bets you make. Even if you’re winning, the fees add up. They could easily be the difference between a winning session and a losing session.
How the Roulette Ante Affects the House Edge
The first weird thing about playing roulette at the Winstar Casino is that they don’t have an actual roulette wheel. There’s an animated roulette wheel that drives the results. That wasn’t THAT weird for me; I’ve played at plenty of online casinos that did the same thing.
But the online casinos use a random number generator program to produce their roulette results. That’s a computer program that generates thousands of numbers per second. When you hit the “spin” or “bet” button at an online casino, the RNG stops on whatever number it’s “thinking of” at that millisecond.
The roulette games at the Winstar Casino don’t work that way. They have a dealer with a deck of cards. The dealer scans the playing card into a machine, then the animated roulette wheel spins and lands on the space that corresponds to the card that was dealt.
I have no reason to think that the probability of the underlying game had changed. It was a standard American roulette wheel on the giant TV screen above the table. It had 38 possible results, 2 of which were green (the 0 and the 00). 18 of those results were black, while the other 18 were red, and so on.
The table limits weren’t unusual, either. $5 minimum on the outside bets, with a $500 maximum bet.
But I had to pay a $1 fee (the so-called “ante”) every time they spun the wheel.
I didn’t even realize that was the case until the dealer told me to put up the extra dollar.
How did that affect the house edge?
Let’s start by assuming that we’re going to “spin the wheel” 38 times, and we’re going to get statistically perfect results. We’ll also assume that I bet on black every time.
This means that I’ll win $5 on 18 spins, and I’ll lose $5 on 20 spins.
On top of that, I’m going to lose $1 on each of the 38 spins.
I have $90 in winnings, and $100 in losses on the spins. Add $38 to my losses, and I wind up with a net loss of $48 over 38 spins.
That’s an average loss of about $1.26 per spin.
Since I’m basically putting $6 into action on every spin, an average loss of $1.26 per spin equates to an average loss of 21% of my bet.
That’s a lot higher than a 5.26% loss per spin.
In fact, that’s TERRIBLE.
Can You Do Anything to Lower the House Edge on the Roulette Games at the Winstar?
Here’s the thing:
I’m a low roller. (As you can imagine, gambling writers don’t make that much money.)
But if you have a bigger bankroll than I do, you can lower the house edge by betting more each time they spin the wheel.
The fee for the roulette games (and the craps games, for that matter) at the Winstar Casino remains $1 regardless of whether you’re betting $5 per spin or $500 per spin.
What does that change the house edge to?
You do the math the same way, but the average losses as a percentage of the money you’re putting into action drop as you raise the size of your bets, as follows:
- If you’re betting $5 per spin, your average loss per spin is $1.26.
- If you’re betting $100 per spin, your average loss per spin is $6.26.
- If you’re betting $500 per spin, your average loss per spin is $27.32.
This means the house edge at each of these levels is:
- At $5, the house edge is 21%.
- At $100, the house edge is 6.2%
- At $500, the house edge is 5.45%.
Notice how at $500 per spin, the house edge is almost normal–normal being 5.26%.
But your sole goal shouldn’t be to get the house edge as low as possible. You should also consider your average cost of playing per hour.
The roulette games moved along at the Winstar at a good clip–about 50 spins per hour.
To calculate your average loss per hour, you multiply the number of bets per hour by the average size of your bet, and then you multiply that by the house edge.
For a $5 bettor, this means you’re putting $6 into action 50 times per hour, for $300 per hour in total action. With a house edge of 21%, you can expect to lose $63/hour.
For a $100 bettor, you’re putting $101 into action 50 times per hour, for $5050 in total action. With a house edge of 6.2%, you can expect to lose $313.10/hour.
For a $500 bettor, you’re putting $501 into action 50 times per hour, for $25,050 in total action. With a house edge of 5.45%, you can expect to lose $1365.23/hour.
The big difference is between the $5 and $100 mark–you’re betting 20 times as much per hand, but the difference in the house edge is so great that your expected losses only go up by a factor of 5.
You’ll need to decide for yourself how much an hour of roulette is worth to you, but keep in mind, too, that these are long term averages anyway. Even if you’re betting $5/hand, you could come out a winner in the short term.
In fact, even though a lot of gambling experts eschew the Martingale System, Michael Bluejay wrote an excellent page about how the system does increase your probability of having a small winning session in the short run. This will, of course, over time, be balanced out by some large losing sessions.
(The Martingale System worked well enough for me Sunday night that I broke even at the roulette tables.)
What about the Blackjack Ante?
I’m going to look at the blackjack math a little differently, but I also should point out that the ante rules for the blackjack games are different. The fee changes based on how much you’re betting, as follows:
- If you’re betting $5 to $99 per hand, the ante is 50 cents.
- If you’re betting $100 to $999 per hand, the ante is $1.
- If you’re betting $1000 to $1999, the ante is $2.
- If you’re betting $2000+, the ante is $3.
The first thing I’m going to do when calculating the house edge for the blackjack (including the fee) is to look at the game’s edge based on the rules in place. This also assumes you’re playing with perfect basic strategy.
As it turns out, the rules at the Winstar blackjack tables are excellent:
- They deal from 6 decks.
- The dealer stands on soft 17.
- No doubling after splitting.
- No surrender.
- You can double on any 2 cards.
With these rules in place, if you use perfect basic strategy, the house edge is only 0.56%.
But that’s not taking into account the 50 cent fee.
Here’s how we’re going to get to that number:
Let’s start with an expected hourly loss figure that doesn’t account for the ante.
When I was there, we only had an average of 3 players at the table–me, my lady friend, and usually one other person. (That person kept changing, but we hung in there for quite a while.)
According to the Wizard of Odds, I can expect 105 hands per hour at such a table. At $5 per hand, I’m putting $525 per hour into action.
Since I’m playing according to perfect basic strategy, my expected loss per hour just on the blackjack action (without the fee) is 0.56% of that, or $2.94/hour.
But I’m also losing 50 cents per hand to the fee. With 105 hands/hour, that’s another $52.50 in hourly losses. (I also get to add that to the hourly action.)
So with the fee, I’m wagering $577.50 and losing $55.40 of that.
That’s an effective house edge of 9.59%.
I don’t need to tell you that this has a terrible effect on what would otherwise be a great blackjack game.
What If You Increase Your Bet Sizes?
If you were paying attention during the roulette section, you probably already realize that if you raise the size of your bets, you can lower that house edge.
Let’s say you’re betting $99/hand instead. Now you’re putting $99 X 105 into action per hour, or $10,395. Your expected loss on that is $58.21.
You’re still paying $52.50 in fees, though, so your expected loss goes up to $110.71.
On total action of $10,447.50 in action, that’s a house edge of 1.1%.
Now that’s more like it. If you have the bankroll to afford this kind of action, it makes a lot of sense to bet $99/hand instead.
But here’s something interesting:
Watch what happens when you start betting $100/hand instead of $99/hand:
Your fee doubles. It’s now a dollar instead of 50 cents, which means that you now have $105 in hourly fees.
Your expected hourly loss besides that doesn’t change much. You’re putting $10,500 into action each hour instead of $10,447.50. Your expected loss on that is $58.80 instead of $58.21.
Add those together, and your hourly loss is $163.80 instead of $110.71.
So the house edge when you’re betting $99 is only 1.1%, but when you’re betting $100, it’s 1.54%.
If you really want to drop the house edge, though, just raise the size of your bets to $999.
$999 X 105 = $104,895
0.56% X $104,895 = $587.41
$587.41 + $105 = $692.41
$692.41/$105,000 = 0.65%
If you have the bankroll to afford that kind of action, it’s worth doing. You’ll find plenty of casinos in Las Vegas which don’t offer a house edge that low.
You might even be able to get an edge at this kind of game with a card counting strategy, although I suspect most people don’t have the bankroll for that. Also, I have a feeling–and I’ve read forum posts suggesting–that the security at the casinos in Oklahoma frown even more on blackjack advantage players than the casinos in Las Vegas do.
Conclusion
The fees (or so-called “antes”) for the roulette games and the blackjack games at the Winstar Casino in Oklahoma have a significant effect on the house edge.
In fact, if you’re a low roller, the best thing you can do is to avoid the roulette game altogether. If you do play roulette, try to avoid betting the minimum. Bet as much as you can comfortably afford, and remember that the house always wins in the long run anyway.
With the blackjack games, be careful with the amount you bet. The house edge can change dramatically between $99 and $100 per bet just because of the rising size of the fee.
You’ll find other posts in forums complaining about the antes at the casinos in Oklahoma. I’ll refrain from any histrionics here. You know what the deal is now, so if you want to play, that’s your business.
It does remind me of the old joke about the guy who plays in this lousy poker game. One of his buddies asks him, if the game’s so bad, why do you keep playing?
Because it’s the only game in town, he replies.
Itis important to note that since casinos are private businesses onprivate property, they can ban anyone for almost any reason.
However,getting banned from a casino just because you are getting too ‘lucky’is out of question. Reason? The casinos undoubtedly have a muchbigger bankroll than you. This means that they can afford to waituntil they catch up with you. The statement ‘the house always wins’gets a much deeper sense when you relate it to this.
Butwhat if you used a method that actually gave you an advantage overthe house? Supposing you decided to up your skills with, perhaps,shuffle tracking, hole card peeking, and card counting, dice settingin craps, among other strategies?
Ifyou’re still losing, the casino will hardly pay any attention toyou at all. On the other hand, if your strategies are keeping you ona win streak, which they will notice because they are always on thelookout, they are bound to take some measures against you.
These measures could include anything from backing you off to a specific game type and tightening up their procedures to eliminate your advantage, among others. They are unlikely to ban you for winning unless you are upsetting other players in some way.
IsCard Counting Considered Legal in Casinos?
Cardcounting is a common strategy where the player assigns value to eachcard played so far. There’s absolutely nothing illegal aboutkeeping tabs of what is being played, and if practiced smartly, itshould help you overcome odds favoring the house.
Butsince the casinos are private businesses that choose their customers,there are occasions where they might ban you because of cardcounting. This does not often happen right away as they have measuresthey take against card counters when they are beating their houseedge.
Oncethey notice you card counting, most casinos will simply ask you totry your luck at another game. Although you might see this as unfair,the casinos have this much power and they can tell you to move toanother game just because ‘you are too good’ for that specificone. They can even deny you from playing for no reason at all. But ifthey tell you to move, better oblige as doing otherwise would begiving them a ticket to ban you.
Thereare, however, a few exceptions such as Atlantic City where courtsruled that card counters not be banned from casinos. In such cases,it would not be a surprise if they tried to restrict you to very lowwagers and anemic bet spread. This would render counting cards acomplete waste of time as your expected returns would be below the‘minimum wage’.
Itis important to note that it is not uncommon for casinos to resort tomaking excuses to escort you out, sometimes rather obscure ones whenthey catch you counting cards in blackjack exceptionally well.
ReasonsWhy a Casino can Ban You
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Regardlessof who you are, there are some actions or reasons that can have acasino kick you out, or ban you altogether.
Suchreasons include;
Cheatingin a Casino
In21stcentury, it would be considered utterly foolish if you walked into acasino with the intention of cheating. With the highly sophisticatedsurveillance technology, it is impossible to try and swindle off acasino as they have eyes on you from every angle.
Theirmonitors are not only manned 24/7, but also do their AI software pickand recognize patterns of a somewhat dodgy player.
Beforetrying to swap out chips, slip a card into your hand, or try anyother trick, make sure you are well prepared for the repercussions.
NotObserving Casino Etiquette
Sinceyou will be interacting with more than one person, there are casinoetiquettes which are meant to be observed to keep the place in order.Getting excessively drunk, taking pictures, loitering around acasino, and being rude to casino staff and other guests are some actsthat might get you kicked out of the casino.
Observingthe set casino etiquette will go a long way in making your stay thereworthwhile.
SuspiciousGambling Patterns
Thereare some times that you may rouse suspicion even if you are notstrictly cheating. And if a casino finds your actions repetitivelysuspicious, that might be a direct ticket to being thrown out or animminent ban.
Canan Online Casino Ban You?
Casinobans are not restricted to land-based ones. There are a couple ofviolations that may lead to a player being banned from playing in anonline casino. They include:
UnderageGambling
Thelegal age of gambling in casinos is 16-21 years depending on thegeographical location. However, some players assume that they cansimply bypass that since it is an online casino.
Whileit might be difficult for a casino to accurately verify age of a newplayer, catching you will lead to instant banning from their site.So, if you are an underage trying your way into an online casino,better wait till until you’re of legal age before you try yourluck.
OpeningMultiple Accounts on One Site
Openingmultiple accounts on one site and using the same verificationdocuments is enough reason for a casino to ban you. Most onlinecasinos have a policy of one account per person.
Ifyou have to open more than one account, do so on different sites.After all, there’s more than a dozen legit casinos online.
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AbusingWelcome Bonuses
Itis not a surprise to see most online casinos offering ratherattractive welcome bonuses to its new players. However, you stillfind some players trying to come up with some sketchy ways to benefitmore from such bonuses, which might see to some violations of the setconditions.
Mostonline casinos have sophisticated software which flags you instantlyin case of such an attempt. Whereas they might not always ban you forthis, any winnings as a result of violating bonuses terms are notpaid out.
Conclusion
How Much Money Do Casinos Have On Hand For Seniors
Casinoscan be explained as ‘completely sovereign’ from their way ofacting as they please. They are business enterprises and seeing thatthey are always private, they are more than willing to do anything tosafeguard their losses, even if it means kicking you out of thepremises.
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It is, therefore, advisable to adhere to their set regulations and take caution against being overly smart with them.