House edge on buying he 5/9

[grinder2017]

Need a math person here. I know that the house edge on buying the 5/9 commission of 1% paid on winning bets on a $20 bet is 2%. What is the house edge when the casino only charges $1 commission on a winning bet of $38 that pays $57 for $1? Also if it is not to much to ask what is it at $30 and $36?
Cheers
Grinder

[House of Orange]

Wizard of Odds!

[grinder2017]

HoO I looked there and didn’t see it
Grinder

[heavy]

I'm confused as to where or how you're coming up with a 1 percent commission on a $20 bet on the five or nine. Let's go back to what you bet and what they pay you. You bet $20. They pay you $30 minus a $1 vig. $29. My math tells me that $1 is 5 percent of $20, so the commission is 5 percent - not 1 or 2 percent.

As far as break points for additional commission - that seems to vary per casino. Usually they'll let you push them on the first $25 worth of buy ($24 - 26 on the five/nine) but after that it's strictly $20 increments.

If you're asking what the house edge is, that's a whole 'nuther question. My standard answer on this question is this: "There is no house edge on a losing bet - you just lost your bet. If you won the bet - who gives a shit? Just lock up your winnings and go from there."

Seriously, though, Wizard of Odds usually has these kinds of answers, but if you're really desperate to sort it out I'll be glad to provide you with a mathematical formula direct from my Casino Math Text Book. Not to be facetious here. But once you learn this stuff . . .

[House of Orange]

Stolen from Wizard of Odds.
Buy — 5 and 9
COMMISSION
PAID ALWAYS WIN ONLY
Bet resolved 4.76% 2.00%

I am assuming this is a $20 buy. I have never seen a casino accept a buy 5/9 with vig upfront? If you just love the 5/9 buy, play in Mississippi!

[grinder2017]

I do play in Mississippi and the Nuggett chargers a $1 commission on a $30 buy. Another casino I play does not go to $2 until you bet $40 they let me buy for $38 with only a $1 commission paid on winning bets.
Cheers
Grinder

[grinder2017]

Heavy you are correct it is a 5% commission my mistake I need to do a better job proof reading. Please send me the math formula and thank you.
Cheers

[heavy]

Expected Value (EV) is a function of BOTH the probability of winning and losing the bet as well as the amount won or lost. The forumula includes a few mathematical symbols I don't thinkg I can find on my keyboard here, so I'll just write those out in plain English. Expected Value is a bet's value from a PLAYER's perspective.

EV= SUM of (Net Payoff times the Probability of the Net Payoff)

House Advantage or House Edge is essentially the opposite of the player's expectation expressed as a percentage of the wager. The odds of the various casino games are commonly known, so there's no need for you to learn how to calculate them. In fact, they're usually calculated using the Expected Value formula, but can be verified by computing them directly from the odds payoff versus the true payoff. Again, more formulas than I want to go into with this keyboard.

I'll see if I can't e-mail you a couple of pages from a casino math book with some simple formulas for you.