Law of Averages in Casino Gaming
The law of averages, also known as the law of large numbers, is a probability concept in gaming. It states that as the number of trials increases, the average outcome will tend to even out over time. This rule applies to diverse situations but is more commonly used in gambling.
Today’s casino news will concisely discuss the law of averages/large numbers in casino games by giving diverse examples.
Law of Averages: A Hidden Rhythm of Randomness and Chance
The law of averages is a mathematical term, but it does apply to some of the best casino games we play today. The law states that things tend to even out after many trials. Now, let’s take the illustration of a fair coin toss (heads/tails). Both sides of the coin have a 50% chance of coming out or 0.5(½).
When we flip the coin about 4 times, there’s a high possibility of having three heads or vice versa. Could we have consecutive heads after 400 trials? The odds of flipping 12 consecutive heads is about 1:4,096, so getting 400 heads in a row is incredibly low, almost impossible. Therefore, the outcome could even out after 400 tosses of the coin.
The law of averages is often mistaken by gamblers who think the odds of real money online casino games would “even out” in only a short period. This leads to the belief commonly referred to as the “gambler’s fallacy.” Players tend to think that if an outcome has occurred more frequently in the past, it won’t happen again; they feel it is time for a shift in the result. This narrative doesn’t apply to the law of averages as it states that events “even out” only in the long run. When it will happen is not fixed.
Your Chance With the Law of Averages in a Casino
One of the most common mistakes online casino gamers make is to think that, in many cases, the law of averages would scale through and provide them with the margin to eventually win or continue to win. However, players should know that the law of averages/large numbers works perfectly in a 50/50 game scenario.
In a casino setting, most casino games don’t have 50% odds of winning due to the “house edge.” The house edge is implemented to give casinos an advantage over the players. As a result, players always have between 25% to 49% of winning in most casino games. In contrast, the casino has a 51% to 75% advantage.
For instance, if you play baccarat online, you’re expected to bet on either the player, the banker, or a tie. The banker has a lower house edge of 1.06 odds. If you bet on the banker for a while and experience consecutive winnings initially, the law of averages predicts the casino will eventually recoup its 1.06 odds in the long run.
Casino Games and Odds
The law of averages applies in numerous live and online casino games but is most common in popular variants such as roulette, blackjack, and slot machines.
If you play a slot game like the Fishing Fortune Game, the law comes into play over the long run. Each slot machine spin is like a single event, and the Law of Averages suggests that the outcomes should start to even out over many spins.
So, let’s say a slot machine is programmed to pay out prizes with a specific frequency, such as every 1 in 100 spins. In the short term, some players win more frequently than others or might lose several times. However, over many spins, the frequency of winning combinations should align with the game’s programmed payout percentages, and the results should begin to even out.
Final Thoughts
The law of averages balances the equation between losses and wins. If you’ve had a good run of wins due to some casino promotions, then it’s noteworthy that such wins only last for a while. Also, if you have been losing, it begins to fizzle out as you continue to play in the long run. However, it is unknown when it will happen. Therefore, it’s essential to avoid chasing after losses.
