New wager has lowest house edge
The game of roulette has experienced a resurgence in recent years, helped along by high-tech enhancements such as high-definition screens and electronic betting. It’s a game of pure chance and excitement, especially with the spinning wheel and ball dropping on a winning number.
To further enhance the game, Casino Gaming LLC has introduced a new betting option called "Colors," which pays off when red or black hits three consecutive times in a row.
Here’s how it works: a player can bet that either Black or Red will hit three straight times, and if it does the player is paid 8-to-1.
For instance, a $10 bet is rewarded with $80 if the selected color hits three consecutive times. As a "contract" bet, the wager remains up until it either wins or loses, thus it can’t be removed after the first or second spin.
"It’s an exciting option that players can easily understand," said Frank Mugnolo, president of Casino Gaming LLC and developer of the new bet. "Plus, with a house edge of only 4.34 percent, it has the highest return to the player compared to all the other roulette bets."
Based on a double zero roulette wheel, the 4.34 percent is indeed less than the standard 5.26 percent house advantage on all roulette bets.
Mugnolo added that, besides offering a new and exciting betting option, players can mix other bets with the Colors wager.
"If a player hits his color on the first two spins, he can always back up his Colors bet with a single bet on the opposite color – in effect hedging his Colors bet in order to guarantee a winning outcome," he said.
The new Colors bet is currently available on the roulette tables at The Orleans casino in Las Vegas, and should be landing at other Las Vegas casinos in the future.
Mugnolo said that other versions of the bet may be forthcoming. For instance, he said the number of consecutive color hits can be increased by the current three, which could also increase the payoffs into the hundreds and thousands of dollars.