Veteran gamblers know about the house edge in an in-person casino, but do the rules apply to online platforms? There is also a house edge for online casinos, and whether you are an experienced player or a beginner, it will do you well to understand the odds.
The online world for gambling has quickly gained more traction, and the development is ongoing. Who knows what we can expect in the next few years. One thing is for sure, learning the house edge to manage your bankroll will keep you from great losses.
Gambling in Sweden
Here in Sweden, the legal gambling age is lower than what we see in some other countries. An 18-year old can safely enjoy their favorite games in a digital virtual casino environment. Unfortunately, one needs to be at least 20 years and older to enter a gambling establishment.
The age restriction is what makes online casinos so popular. A great example is the casino.se, which doesn’t just offer online games only but also live events.
Our expert in online casinos, Dominic Andreasson, says there are many benefits that outweigh in-person establishments. To read more about Dominic’s extensive resume, visit here.
What is the House Edge?
The first step to managing your bankroll and regulating your wins is to understand what the house edge is. The house edge is the percentage in which the games are set in favor of the ‘house,’ which is the casino.
In-person casinos are notorious for a greater house edge percentage, which is where the phrase “the house always wins” comes from. Luckily, the chances are much better with digital platforms. You can play for real-world prizes and cash, and you might not have to spend much money to gain some wins.
The volatility for the house edge is better in the sense that it’s closer to 40/60 or 30/70 in some cases. This makes it very possible for gamblers and betters to get something in return, whether it’s a major jackpot or a small win.
Understanding the RTP
Take slot games, which is one of the more common and popular games available in online casinos; you will see what is called an RTP in every game review. The RTP stands for the ‘return to player,’ which indicates how much money the house will return to you.
Each game and each category will have a different RTP rating. You will find that with slot games, the RTP is quite high, with 96% as an average. To get a real sense of the house edge, you need to look at the total RTP for a game.
How to Manage Bankroll
Here in Sweden, you can bet as high as the game allows or be cautious and go with what you’re comfortable with. There are a few key points to help you manage your money responsibly that won’t result in major losses.
The first piece of advice is to not get carried away. With the ecstasy of the previous win still lingering, it’s very easy to get more and more generous with your bets. If you do not get your temptation under control, things can get out of hand.
Set your budget or betting range you can afford, and try your best not to exceed it. When we say affordable, we mean the amount you can afford to not get back. Once you understand the house edge and have played in an online casino or specific game long enough, you can easily get a better handle on the betting range.
Don’t forget that many gambling games in online casinos are contingent on luck. Yes, there could be some skill involved, but you will largely rely on probability. This usually happens when you play the same game over a long period. You will find that your wins slowly diminish, and the house edge gets riskier.
A way to combat this is to play in intervals. The moment you start to notice your luck dwindling is the perfect time to pull out of the game.
Another very important factor to keep in mind is chasing losses. We have seen our fair share of players that keep trying because they want to gain back what they’ve lost. This strategy rarely works out, so it’s better to figure out your limits and know when to quit.
What is a good way to help determine your betting limit? Only the money you don’t need should be considered. To keep within the betting limit, you should contain your excitement and try not to bet everything at once. If it results in a loss, it’s also very easy to want to gain back those losses.
Understanding the house edge, setting your own betting limits, and managing your bankroll successfully will keep you from suffering severe losses.