Wednesday, February 17, 2010

Wildcard Wednesday - Blackjack 6-5 Payout??

As a casino gambler I am an avid follower of news and regulations in my home state. I actively followed Amendment 50 which loosened the restriction on the “Blue Laws” which have been in place since Colorado legalized gaming in 3 mountain towns in 1992. I was very surprised to learn about a new proposal via a financial website I track.

The proposal is paying 6-5 for Blackjack versus 3-2 which is the current norm across the country with the exception of some single deck games in Las Vegas. The Denver Post interpretation is that the new payout structure would allow Colorado casinos to have a 2.9% house edge rather than a 1.5% edge. In terms of real money, a player with correct betting strategy over the long term should currently expect to lose $1.50 for every $100 wagered.

The wizard of odds proposes odds of 0.43% house edge with the current structure and 1.79% with the new structure. I usually play with 1 other player at that table and can expect about 125 hands per hour. At $5 per hand I expect to lose about $3 per hour over the long term. With the new structure my losses over the long term would now be $11 per hour.

Next week I will dissect my craps strategy based on average throws per hour and my average wager, but I will certainly be less fond of playing blackjack.

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