What does it cost to play blackjack?

Here's a way to figure out what it will cost you to play. Note that EV, or expected value, isn't the same as the actual results you will experience, but represents an average over time. You're unlikely to hit your EV during any one session, or even group of sessions.

First of all, calculate your average bet. Then multiply that by the house advantage for your particular game; multiply that by hands per hour to get the cost per hour.

For instance: double deck, $15 minimum (our intended average bet), 3:2 BJ, full table (about 60 hands per hour). House advantage with perfect basic strategy: (.65) x $15 x 60. You are betting about $1000 an hour (because of double downs and splits) and figure to lose 6.50 of that.

Your average bet is $25. You are betting about $1700 an hour and figure to lose about $12.

Same as above, but you play inaccurate basic strategy. 2% house edge, your losses are tripled. $36 an hour,

Same as above, but you play lousy basic strategy. 4% house edge, your losses are x6. $72 an hour.

You play 6:5 Strip crapjack. You play perfect Basic Strategy. You're still fighting a 2% edge. Or...you play inaccurately. 4%. Or you play like a lobotomized baboon. 6%!!

So people sitting at a 6:5 Strip $25 minimum BJ table who don't know what they're doing are bleeding over $150 an hour!! Even if they DO know what they're doing...$50 an hour.

Also...if you're not at a full table,. hands per hour goes up proportionately, and so does your cost.

It's an expensive fucking game unless you play where there are good rules AND you play well. So only play the good games, and learn and follow Baisc Strategy perfectly. Play only at full tables. The BJ table is one place where ignorance and stupidity have a direct, quantifiable cost.

    A sound, factual post - not withstanding the uncalled for "F" bomb. Intelligent gamblers should take heed.

To calculate the cost of playing blackjack per hour, multiply your average bet by the house edge and the number of hands played per hour. Perfect strategy minimizes losses, while errors increase them. Avoid 6:5 tables, play with full tables, and choose games with favorable rules to cut costs. Ignorance and poor strategy can be expensive in blackjack.

Good and accurate explanation, Kevin.

That's a good overall synopsis, Kevin. You might add the negative / positive swing aspect of playing the game, too. Negative variance ( a reduced actual $  outcome vs calculated EV) is a natural part of blackjack math and playing the game, too. Those situations are charcterized by successive round / session losses; the dealer wins more hands than the math says he/she should, etc. Time to go to the overpriced buffet..or at least get out until the next ensuing shoe *l*. OTOH, positive variance occurs, too. EG players winning more hands than the EV math indicates happens as well. The latter is the best of times for a decent basic strategy player at a 3:2 game with decent rules. Your reference to EV as an " average over time" is represented by and includes these negative and positive swings that happen in the real world. Recognizing them at the tables is relevant, considering that even perfect basic strategy players at a 3:2 game with decent rules are still playing a negative EV game if that's all the info they're using.

Good post..you should make more of these. *l* 

I tend to ignore variance in these analyses because the player, in choosing to play blackjack rather than, say, craps or slots, has already chosen low variance. Any variation in rules, playing style, etc. won't have much effect on variance.

The primary reason for the low variance is a combination of the player's high win rate (44%) combined with the mostly even-money payouts (the player's average win is 1.05 bets). It's not that much different than a coin flip (which also has low variance).

You do bring up one point I'd like to address. Individual session results don't matter.  The only thing the player really needs to know is what size session bankroll to have, and that's a function of so many variables, it's impossible to discuss here. I've heard others use 20 maximum bets as their session stake, but the only real consideration is what constitutes a "session" and how long it will be before you resume.

For comparison purposes, I and many other players consider 80 bets to be an absolute minimum VP session stake. And really, I consider myself to be in the midst of one long session.

You're describing the 'long haul' aspect...where all the actual outcomes/ results become more true / aligned/ correlated with the expected math.

And that's the only thing that matters, in terms of game selection, skill, rules, and such. I know that many casual gamblers focus on the short term and not expectation. My point is that the short term is less than irreelevant, in that focusing on it--or even simply paying attention to it at all--can lead to bad gambling decisions.

Countless times, I've played +EV games and got my head handed to me. If I had quit playing because of that, I'd be subjecting myself to the "short term results matter" fallacy. Just like someone who plays a wretched game and happens to win will probably talk himself into believing it was a smart play.

It's an important point, Kevin.  Mathematically, you only get one gambling session per lifetime.  Think about it:  if you leave Las Vegas and don't come back for a year, does that start a new session?  How about if you leave for three months?  If you go up to your room overnight to sleep?  If you stop for an hour for lunch?  If you wait three seconds between bets?  It's all the same mathematically, although it's different psychologically.  Best to not get caught up in that; a lot of "winning systems" (including Martingale) focus on your session wins, it's not mathematically sound.  Some authors will also state that you should play differently in the "short run," that high-variance plays don't make sense unless your "session" lasts thousands or millions of bets, but there's no credible math to determine exactly what the correct strategy is for a "short session."

Once you're at the table, you can decide how much to bet on each hand. You have the option to bet more or less than the minimum requirement, within the table's stated limits. Your betting decisions will determine how much you stand to win or lose on each hand.