House Edge Explained – Getting More Value With BitKong’s 1% House Edge Games
Would you like to know more about how the house edge works at casinos? In this article, we will go over how the money comes back to the player when they make a bet and how you can make the most of each bet you make.
BitKong is releasing its Bonus Boost and 1% House Edge features to make more choices available to the player. When you activate the Bonus Boost function, the world of crypto bonuses offered by BitKong.
As an alternative, now you also have the option to enable the 1% House Edge function. This choice comes with its own set of benefits. While it means minimal retention on your payouts, it also grants you access to various bonuses and benefits, regardless of whether your Bonus Boost is active or not.
But first, we'll need to go over the concepts of Return to Player and House Edge so you can get a better grasp of how your money will get back to you when you choose either feature.
Casino House Edge Explained
The casino house edge is the amount of money the casino takes over players' wagers as a fee in a game, expressed as a percentage. It represents the average amount of each bet the casino expects to keep.
The house edge is the difference between the odds of winning a bet and the payout if a player wins. At most casinos, different games have different house edges, so it's essential to understand them before playing.
This can help players make informed decisions about their bets and overall strategy, keeping in mind that in Bitcoin casinos such as BitKong, some of the return to player money comes from the money awarded as bonuses and some from the lost money wagered by the players.
"With the launch of the 1% House Edge feature, the return to player money will be given back to the player on every winning bet, which means increased payouts across all our games."
Knowing the Return to Player Percentage (RTP) and how you get it on each site can help you make informed decisions when playing casino games. The RTP represents the average amount you can expect to win back over time, and it's a crucial factor in maximizing your gaming experience.
Casinos offer RTP through two primary mechanisms:
- The first is standard gameplay, which involves fixed percentages that indicate the average amount returned to players over an extended period of play. Game designers usually advertise these percentages in each game description.
- The second mechanism is through bonuses and promotions, such as deposit bonuses, free spins, and cashback offers. These incentives can temporarily increase your RTP, but it's paramount to understand that the core RTP of the games themselves remains unchanged.
Therefore, it's essential to consider both standard gameplay RTP and promotional offers when evaluating your overall potential returns.
How to Calculate the House Edge?
Essentially, the house edge is the percentage of the total payout that the casino retains from all the bets placed by players. Thus, the house edge is directly extracted from the potential payout of the next bet.
Calculating the expected loss is a crucial aspect of playing at crypto casinos, but not all sites retain the same percentages.
For instance, at BitKong, the house edge is 1%, one of the lowest in the crypto casino industry. This also means that the casino keeps 1% of all bets placed by players over time. The remaining percentage goes back to the player as a return-to-player percentage.
For calculating the expected loss for a $1 bet, 1% of $1 amounts to $0.01. Thus, by subtracting the expected loss from the payout, i.e., 2.00 - $0.01, you get the final payout amount of $1.99.
How Can Bitcoin Casinos Lower The House Edge?
Bitcoin casinos can lower the house edge by cutting out the intermediary and reducing transaction costs. Traditional casinos rely on third-party payment processors to process transactions, increasing the fees and commissions. Bitcoin transactions, on the other hand, are processed directly between the casino and the player, eliminating the need for intermediaries. This allows Bitcoin casinos to offer lower fees and commissions, which in turn can translate into a lower house edge for players.
Choosing Between 1% House Edge and Bonus Boost at BitKong
When it comes to choosing between BitKong’s "Bonus Boost" and the "1% house edge" options, players should consider their betting preferences and goals. If a player is focused on maximizing their payouts and is comfortable with a higher house edge, activating the "Bonus Boost" function can be a good choice.
This option will allow the player to access the full range of bonuses available and increase their overall return to the player through tournament prizes and multipliers, like the ones awarded at Bitcoin Keno. You can learn more about our bonuses for players, including the new no-deposit bonus (faucet tournaments), by clicking here and here.
On the other hand, if a player values lower risk and is willing to do without some bonuses, choosing the "1% house edge" function may be a better option. With this alternative, your payouts will have a low retention (of 1% rate), reducing potential losses and keeping more winnings in the player's pocket. At the end of the day, the choice depends on each player's preferences and goals.
It is worth mentioning that the 1% house edge not only offers higher payouts, but you also keep some of the BitKong bonuses like the no-deposit bonus, the magic wheel, the weekly tournaments, the chat rains, giveaways, and the multipliers of Tower and Mines.
Why Pay Attention at the House Edge?
Players should pay attention to how the house edge and return to player percentages are distributed in the crypto casino they choose to play on because it can significantly impact their overall gaming experience and potential returns.
Understanding these concepts can help players make informed decisions about their bets and gameplay strategies, ultimately leading to more value for their money. Additionally, some casinos may offer different bonuses and promotions that can temporarily increase the player's RTP, but it's essential to consider both standard gameplay RTP and promotional offers when evaluating the overall potential returns.
Therefore, it's crucial to choose a crypto casino that provides a fair and transparent distribution of the house edge and RTP percentages, giving players a better chance to maximize their returns and enjoy their gaming experience.
1% House Edge available at BitKong
You can now change between our Bonus Boost mode and the 1% House Edge mode in any of our games.
With the introduction of the 1% House Edge mode, we're taking a significant step towards reshaping the crypto casino landscape. This feature amplifies the potential returns for our players and underscores our commitment to transparency and fairness.
The essence of crypto gaming lies in decentralization, anonymity, and the empowerment of the individual. By reducing the house edge to a mere 1%, BitKong ensures that players retain a more significant portion of their winnings, enhancing their overall gaming experience. This move aligns perfectly with the foundational principles of cryptocurrencies and blockchain technology, where power is redistributed from centralized entities to individual users.
Moreover, the flexibility to switch between the Bonus Boost mode and the 1% House Edge mode ensures that players can tailor their gaming experience based on their preferences. Whether you're in it for the thrill of the bonuses or the allure of higher payouts, BitKong offers a platform that caters to every gamer's desires.
As we evolve, BitKong remains dedicated to innovation, continually seeking ways to enhance the player experience. We invite you to dive into our world, explore the new 1% House Edge mode, and witness firsthand the revolution we're bringing to the crypto casino industry. Here's to more wins, higher payouts, and an unmatched gaming experience!