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Glossary
38 terms used on Odds & Ends Lab, each linked to the pages that use it.
B
- Basic strategy
The published set of decisions the edge figure assumes on every hand. Twenty-One Notes covers the decisions themselves.
Used in: What is the house edge in blackjack: the sum, worked in pounds
- Binomial distribution
The pattern of results you get from counting successes over a fixed number of independent tries, each with the same chance of success.
Used in: What is casino house edge and how does it work?, A casino streak looks rarer when you hide the search that found it, A longer casino session changes more than the average loss
C
- Compensated machine
A machine that varies the chance of a prize according to results from previous games, as described in the Commission’s return to player guide.
Used in: One or more is not certainty: the sum, worked in pounds
- Complement
The chance that something does not happen, which is one minus the chance that it does.
Used in: One or more is not certainty: the sum, worked in pounds
- Count
The number of occurrences of the event in the sequence.
Used in: How do you read online casino probabilities without confusing the question?
E
- Expected cost (expected loss)
The stake times the house edge, added up over the hands played. An average, not a forecast of any one session.
Used in: What is the house edge in blackjack: the sum, worked in pounds
- Expected count
The average number of occurrences across the whole collection of possible sequences; it does not say the event must occur.
Used in: How do you read online casino probabilities without confusing the question?
- Expected loss
The average net cost across all the model's possible results. It is not what any one session loses.
Used in: A longer casino session changes more than the average loss
- Expected value
What a bet is worth on average: the chance of winning times what you win, minus the chance of losing times what you stake.
Used in: What is the house edge in blackjack: the sum, worked in pounds
H
- House edge
Expected net loss as a percentage of a stated stake base. Check whether that base includes later wagers in the same round.
Used in: What is casino house edge and how does it work?, A longer casino session changes more than the average loss, What is the house edge in blackjack: the sum, worked in pounds
I
- Independence
One outcome carries no information about the next.
Used in: What is casino house edge and how does it work?, How do you read online casino probabilities without confusing the question?
- Independent
Earlier results do not change the probability of the next trial. Here the word describes the trials, not the overlapping windows built from them.
Used in: A casino streak looks rarer when you hide the search that found it
- Independent trial
A trial whose result does not change the chance attached to any other trial.
Used in: One or more is not certainty: the sum, worked in pounds
J
- Jackpot
A named prize whose trigger, eligibility and size are defined in a game’s rules.
Used in: What is casino house edge and how does it work?, A longer casino session changes more than the average loss
M
- Money expectation
A weighted average of monetary outcomes; an expectation, not a missing third prize.
Used in: How do you read online casino probabilities without confusing the question?
N
- Net result
The difference between money returned and money staked in the calculation being described.
Used in: An average is not a session forecast, What is casino house edge and how does it work?, How do you read online casino probabilities without confusing the question?, A longer casino session changes more than the average loss
P
- Probability
A number from zero to one, often displayed as a percentage.
Used in: How do you read online casino probabilities without confusing the question?
- Progressive jackpot
A jackpot pool funded under stated rules, potentially including a seed and a ceiling. Its displayed amount and eligibility can change; consult the game rules.
Used in: What is casino house edge and how does it work?, A longer casino session changes more than the average loss
- Push
A blackjack hand that neither side wins; the stake is returned.
Used in: What is the house edge in blackjack: the sum, worked in pounds
R
- Return to player
The share of the money staked that is returned as prizes, averaged over a very large number of game plays.
Used in: One or more is not certainty: the sum, worked in pounds, What is casino house edge and how does it work?, What is the house edge in blackjack: the sum, worked in pounds
- Return to player (RTP)
Expected gross prizes as a percentage of stakes. With the same scope and stake base, it equals 100% minus house edge.
- RTP (return to player)
A monetary expectation: the average share of stakes returned over a very large number of plays. It is not the probability p of one outcome.
Used in: A longer casino session changes more than the average loss
- RTS
The Gambling Commission's remote gambling and software technical standards. RTS 7 covers the generation of random outcomes.
Used in: What is casino house edge and how does it work?, A casino streak looks rarer when you hide the search that found it
- RTS 7
The Gambling Commission's technical standard on the generation of random outcomes in covered remote products.
Used in: A longer casino session changes more than the average loss
- Runs test
A statistical test, described by NIST, that examines a whole defined sequence for non-randomness rather than one eye-catching patch.
Used in: A casino streak looks rarer when you hide the search that found it
S
- Self-exclusion
Asking an operator, or a scheme such as GamStop, to block you from gambling for a set period.
- Settlement rule
What each trial pays back for each outcome. Here, £2 back including the stake with probability 0.49, otherwise nothing.
Used in: A longer casino session changes more than the average loss
- Spread (variance)
How far a session can stray from the average; the statistician’s variance, shown on this page as one standard deviation.
Used in: What is the house edge in blackjack: the sum, worked in pounds
- Stake
The amount put at risk in a particular bet.
Used in: One or more is not certainty: the sum, worked in pounds, An average is not a session forecast, What is casino house edge and how does it work?, A casino streak looks rarer when you hide the search that found it
- Standard deviation
The square root of the probability-weighted mean squared distance from the expected result. It has the same units as the result and is not a maximum loss.
Used in: What is casino house edge and how does it work?, A longer casino session changes more than the average loss, What is the house edge in blackjack: the sum, worked in pounds
T
- True odds
What a bet would have to pay to be exactly fair, given how many equally likely outcomes there are. Paid odds are what the game actually pays.
- Turnover
The total amount staked across all trials. A returned stake that is staked again counts again, so turnover is not fresh money deposited.
Used in: A longer casino session changes more than the average loss
V
- Variance
How widely results scatter around their average. Its square root is the standard deviation.
- Volatility
How much a game's results swing around its average; a slot site's word for spread.
W
- Wagering requirement
A condition specifying a total value of qualifying bets before specified funds become withdrawable.
- Wagering requirements
Offer conditions specifying a required amount of qualifying stakes and how those stakes are counted. This page does not model promotions.
- Window
A block of three consecutive positions within the six-result history. Four such windows exist, and neighbouring windows share two trials.
Used in: A casino streak looks rarer when you hide the search that found it
- Withdrawal
A request to transfer eligible funds out of an account through a supported method.
Used in: A longer casino session changes more than the average loss
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