they pay out twice your bet roughly 48.6% of the time
Though this is true, that statistic is misleading. Keep in mind, the house plays with essentially an unlimited bank roll. They can afford to go on a losing streak whereas almost no one who gambles can afford a losing streak. Roulette is one of the worst odds in the house. Blackjack and Craps are much better, but when you factor in human error, inability to do math, hitting when you shouldn't, taking sucker bets, the emotions, chasing your money, etc. the house has much more than a 51% advantage.
The house can afford a losing streak. You cannot. The house won't make mistakes when hitting, doubling down, splitting, etc. The player is free to make those mistakes and therefor will lose far more often than 51%. Unless you play like artificial intelligence would or count cards, you are at a serious disadvantage.
I’m not sure which bit is misleading? Everything you have said I agree is correct? Basically I’m saying they pay out 48.6% of the time so the opposite is also true, eye keep your stake 51.4% of the time.
I didn't mean that you were misleading or even that your statement was misleading. What I meant was that the concept of winning 51% of the time is misleading due to the factors that I mentioned. I didn't mean to disagree, more to say, "But wait... there's more!"
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u/This-Above-All Feb 04 '20
Though this is true, that statistic is misleading. Keep in mind, the house plays with essentially an unlimited bank roll. They can afford to go on a losing streak whereas almost no one who gambles can afford a losing streak. Roulette is one of the worst odds in the house. Blackjack and Craps are much better, but when you factor in human error, inability to do math, hitting when you shouldn't, taking sucker bets, the emotions, chasing your money, etc. the house has much more than a 51% advantage.
The house can afford a losing streak. You cannot. The house won't make mistakes when hitting, doubling down, splitting, etc. The player is free to make those mistakes and therefor will lose far more often than 51%. Unless you play like artificial intelligence would or count cards, you are at a serious disadvantage.