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It is the high ratio of short-term standard deviation to expected loss that fools gamblers into thinking that they can win.
It is important for a casino to know both the house edge and variance for all of their games. The house edge tells them what kind of profit they will make as percentage of turnover, and the variance tells them how much they need in the way of cash reserves.
The mathematicians and computer programmers that do this kind of work are called gaming mathematicians and gaming analysts.
Casinos do not have in-house expertise in this field, so outsource their requirements to experts in the gaming analysis field.
From Wikipedia, the free encyclopedia. Not to be confused with Arcade game or Cassino card game. For the video game, see Casino Games.
Table games [ edit ] Baccarat Blackjack Craps Roulette Poker Texas hold'em , Five-card draw , Omaha hold'em Big Six wheel Further information: Table game.
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