The chance happening of fortunate or adverse events; fortune.
Once you place a bet on a game of luck, the House Advantage is predetermined so success is out of your hands. With some games of luck like Baccarat, Craps and Sic Bo, smart players only place a bet where the House Advantage is lowest.
Proficiency, facility, or dexterity that is acquired or developed through training or experience.
With games of skill, players make a decision that can affect the house advantage. There is still a lot of luck involved, but players can make their own luck by making smart decisions. Some examples of these decisions are whether to Stand, Hit, Split or Double Down in Blackjack, or which cards to hold in Video Poker.
Everything boils down to probability which we use to come up with our game strategies.
The quality or condition of being probable; likelihood.
A. The likelihood that a given event will occur.
B. A number expressing the likelihood that a specific event will occur, expressed as the ratio of the number of actual occurrences to the number of possible occurrences.
Every House Advantage or Payout percentage is based upon probability over the long term. What is the long term? The true Long Term is an infinite number of hands played, dice rolled or reels spun. Although there is never an infinite number of plays, as more players play more, something close to the true House Advantage is reached.
There are two reasons why people play a negative expectation game. The first is that its possible to get lucky in the short run and come out a winner. The second is that gambling is a form of entertainment. To get the most entertainment value from gambling, pick a game that you enjoy playing the most.