How to Calculate Your Expected Value in Casino Bets

Understanding expected value (EV) is crucial for anyone looking to make informed decisions while placing bets in a casino. Expected value represents the average amount one can expect to win or lose per bet if the same wager is repeated many times. By calculating EV, players can assess whether a bet is favourable or not, helping them manage their bankroll wisely and enhance their overall gaming strategy.

To calculate the expected value of a casino bet, you multiply each possible outcome by the probability of that outcome occurring, then sum these products. For example, in a simple roulette bet on a single number, the probability of winning is 1/37 (in European roulette), and the payout is 35 to 1. The EV is calculated as (1/37 × 35) + (36/37 × -1), which results in a negative value, indicating a loss in the long run. This principle applies across various casino games, highlighting the inherent house edge that favours the casino over time.

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