Otherwise, the player loses his $1 to the casino. This means that for a $1 bet, if the player wins the bet, the player keeps his own $1 and in addition gets $h from the casino. The payout of a bet on the roulette table is expressed as h to 1. Half of the sectors 1 – 36 are red and the other half black (see the following photos). The American roulette wheel has 38 congruent sectors numbered 0 and 00 and 1 through 36. In this post, I discuss the game of roulette and demonstrate how the house edge of 5.26% is derived. This is the essense of the law of large numbers. But the long run average of making thousands of bets at the roulette table is predictable and stable. The results of individual bets made at the roulette table may be unpredictable. But if the player plays long enough, the casino wins. A player may feel lucky on a given night at the table. In the long run, the casino will win 5.26 cents for each dollar wagered at the roulette table (i.e. They know how this principle of probability will impact their bottom line. The people running the casino know these five words and their implication. Why? Five words – the law of large numbers. The game of roulette is a wheel of fortune, unfortunately not for you but rather for the casino.
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