Math and online casinos may not appear to have much in common on the surface. However, math is everywhere and plays a significant role in online casinos. Humans always want ways to predict gambling outcomes, and math is an integral part of this. Math and online casinos are intertwined in various ways. Math applies in everything from calculating bonuses to calculating probabilities of outcomes.
Return to Player (RTP) and House Edge
The RTP is calculated on what a player receives back on average from a bet. The payout is calculated over time instead of on individual bets. The average RTP on gambling games can range from 92% to 98%. In most cases, the RTP is a precise percentage, and high RTP slots may even have a return percentage of more than 98%.
The house edge refers to the casino’s profit as a percentage of a player’s original bet. It is basically the mathematical edge that the house has over players. It’s the difference between the odds of winning and the payout odds the casino offers. For example, the house edge on a game of blackjack may be 2%. This means the player loses 2% and has an average return of 98%.
Probability theory and odds
Players need to decide whether to place a bet or not by how likely it is to be successful. Technical training can help you advance your career, and mathematical training can help you understand probabilities in gambling. Odds are basically varying formats for presenting probabilities. Getting the implied probability of an outcome requires dividing the bet amount by the total payout.
A key to deciding whether to place a bet is determining if the probability is higher than the implied probability. The odds on display don’t reflect the true probability of an event occurring. The payoff on a win is always less than what a player would receive if the odds reflected true chances. This is due to the bookmaker’s profit margin which is included in the odds.
Wagering requirements
When players claim bonuses, they come with wagering requirements. Players must bet a certain amount before withdrawing money from their accounts. If the amount they have to bet is anything higher than 30x to 50x, this can be challenging to meet.
The game contribution percentage shows how much a game counts to playthrough requirements for bonuses. Slot games usually contribute 100%, apart from ones with a higher payout percentage and progressive jackpots. Other games such as table games and video poker may contribute anywhere between 0% and 50%.
Cashback percentage
Online casinos calculate cashback percentages on a daily, weekly, or monthly basis. The cashback percentage usually varies between 5% and 20%. Regular gamblers who make frequent deposits or regularly replenish their accounts with large amounts of money may be eligible for larger cashback percentages. A positive mindset alone won’t help players to increase the cashback percentage they receive.
Random Number Generators
Random Number Generators (RNGs) rely on complex algorithms to randomly generate numbers. This ensures that the symbols on slot reels are arbitrary and unpredictable. RNGs at licensed casinos are regularly audited and certified by independent test laboratories to ensure results are random. This means that each game round is independent of the previous one and players have a fair chance of winning.
Sports betting odds
Sports betting odds are there to indicate how much a bettor could win by betting on a specific outcome. American odds have a plus (+) or minus (-) sign. The negative numbers are for the favorites and the positive numbers are for the underdogs. The probability that an underdog will win is lower so the payout is higher. For example, +150 is the amount a bettor who wagers $100 will win. The bettor would then receive $250 for a win.
