Cleveland: Knowing the odds before you bet

11:53 PM, May 15, 2012   |    comments
  • Share
  • Print
  • - A A A +

CLEVELAND -- The thrill of the game. It's why people still throw good money on the table, despite the "house edge."

Dom LoRiggio, author of "Casino Craps - Shoot to Win," spoke to Channel 3 News' Lynna Lai about what that means.

"Every bet that is made to the casino is to the casino's advantage," says LoRiggio.

The house edge for craps is 1.4 percent. But as LoRiggio teaches in his book, and on the website, the game employs skill. And he says with practice, you can turn the tables.

"With the skill of throwing the dice, again, something that I've done and something we've talked about [in the book] that game can be beat."

Meanwhile, blackjack has one of the best return percentages, between 6 to 1.5%.  That means, if you bet 100 bucks, you can expect to win back $94 to $101, depending if you play by basic guidelines.

"If you learn a simple method of card counting, you are going to turn the table and beat them at blackjack," says LoRiggio.

One of the most popular games -- slots. It's among the simplest to play and the biggest moneymakers for casinos. Expect to win back $95 of the $100 that you wager. 

Same holds true for roulette. That game has a 5 percent house edge. So the spinning wheel only brings back $95 in the long run.

But in the short run, it's all about the hope of hitting it big.

Last year, non-Indian casinos in the U.S. raked in an estimated $35 billion.


Most Watched Videos