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#1
11-14-2005, 11:58 AM
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The True Cost of Table Games
Ok, so, I play lots of live poker. I usually play 40-80 or 80-160. Every once in awhile, when I have time to kill or feel too tilted to play poker, but am not going home yet, I play some blackjack or mini baccarat. Often, it's $25 minimum. But anyway...I know what the actual cost of these games is based on the edge. But I dropped like 400 this weekend at it and it kinda pissed me off. But then I say to myself, well it really cost X. But basically, I look to run up like 200 into 1000 or whatever and quit and most of the time lose the 200. Does the fact that I usually lose what I gamble at these games change the overall cost? Obviously, mathematically it doesn't, so I dunno what I'm getting at here. Just kinda irritated lol. I probably should just not play these games at all, but sometimes I feel like it. I don't go off for huge sums (like thousands). So what's it actually cost? [img]/images/graemlins/smirk.gif[/img]
Jeff 
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#2
11-14-2005, 12:53 PM
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Re: The True Cost of Table Games
if you play according to basic strategy, the theoretical house edge on blackjack is around 0.5%, and baccarat slightly over 1%. however, the actual house edge among all players is higher because of people who don't know the correct BJ plays, and betting the "tie" in baccarat which has a house edge of 14%.
according to the American Casino Guide 2005, the gross profit margin reported on all wagers in both games are about the same, about 2.6%. the "hold" percentage, or total amount retained from player chip buy-ins, was just over 13%. this means that if you were a 'typical' player, your $200 would turn into $174 if all your sessions were averaged out. assuming you get 60 hands dealt per hour at a full BJ table, perfect basic strategy should "cost" you about 0.3 times your average bet per hour. for mini-bac, betting only on the dealer and getting 100 hands per hour, you would theoretically lose one full bet per hour. comps from the casino can partially offset these edges. the standard rate is about 20% of your average bet per hour given back to you from the players club program.
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#3
11-14-2005, 01:24 PM
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Re: The True Cost of Table Games
don't blackjack losses offset poker winnings for tax purposes? this seems like it could be a significant factor, especially considering that the nature of these games with respect to how buyins/cashouts are tracked would allow for a higher practical EV than your theoretical EV ... if you know what I mean.
PS. dont cheat on your taxes
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#4
11-15-2005, 07:43 PM
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Re: The True Cost of Table Games
[ QUOTE ]
Ok, so, I play lots of live poker. I usually play 40-80 or 80-160. Every once in awhile, when I have time to kill or feel too tilted to play poker, but am not going home yet, I play some blackjack or mini baccarat. Often, it's $25 minimum. But anyway...I know what the actual cost of these games is based on the edge. But I dropped like 400 this weekend at it and it kinda pissed me off. But then I say to myself, well it really cost X. But basically, I look to run up like 200 into 1000 or whatever and quit and most of the time lose the 200. Does the fact that I usually lose what I gamble at these games change the overall cost? Obviously, mathematically it doesn't, so I dunno what I'm getting at here. Just kinda irritated lol. I probably should just not play these games at all, but sometimes I feel like it. I don't go off for huge sums (like thousands). So what's it actually cost? [img]/images/graemlins/smirk.gif[/img] Jeff [/ QUOTE ] If you're playing $25/hand BJ with perfect strategy, it's costing you about $10-12/hr, even less if you're sitting at a full table. In any event, if the alternative is sitting in your normal 80-160 game on tilt, I'm sure you're losing less per hour playing BJ.
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