Any time you play a casino game, it's extremely important to know the house edge. After all, the house advantage lets players know their chances of actually beating casinos in the long-term.

Blackjack is one of the better games in terms of house edge since the casino only has a 0.5% advantage when perfect strategy is used. American roulette, on the other hand, gives casinos a much bigger edge at 5.26%.

However, house edge isn't the only thing that you need to consider with casino games. Probability is also very important to players - especially in regard to bankroll management. We'll discuss probability more below and how it relates to bankroll management.

How does Probability work in Casino Gaming?

Many people realize that probability is the likelihood that something will happen. For example, if you flip a coin, there's a 1:1 chance that it will be heads. Likewise, if you bet on a single number on the American roulette wheel (38 numbers), you have a 38:1 of winning. So as you can see, gaming probability is simply how likely your bet is to win.

How does this work in Bankroll Management?

Considering how the house edge directly shows your chances of winning profits in casino games, it's easy to ignore probability. But this concept is actually really important for those who want to last in the casino gaming world without burning through their money.

If you've only got a $100 bankroll, it's not a good idea to make low probability wagers like a single number bet in roulette. Sure the payoff for a winning single number wager is 35:1; but as stated before, your odds of success are only 38:1. So on average, you're only going to win this bet once every 38 times.

A better idea is to make high probability wagers if you've got a small bankroll. This way, you're winning bets at a high frequency, which will help sustain your bankroll and keep you in the game. Of course, those with a huge bankroll can feel comfortable placing both high and low probability bets because their roll can absorb losing streaks better. So the overall point is to look at your bankroll's size before making any risky wagers.