“Where are you getting this 2% figure? “
Years ago a study was done in Atlantic City … they hired temporary workers to observe live games from the surveillance room and keep track of how the players actually played the hands. My years in the casino business confirm that this is a valid number. Nearly every casino rating system is based on it, though many of them aren’t really aware of it … they simply do what has been proven to work.
“House advantage is the percentage the house would be expected to make if everyone played using the basic strategy, i.e. hit in this situation, double down in this one, etc.
You described only Theoretical House Advantage (EV) in the case in which all players play perfect Basic Strategy; it will be somewhere between +0.2% and about +2% depending on the house rules and number of decks . The EV of a player using an advanced strategy would be different, it would actually be negative. And the Actual Observed EV (which is the number that is meaningful in the real) world is about 2% from observation.
“Hold is what is actually made due to players deviating from that strategy. “
Hold has nothing to do with the players deviating from any strategy. I attempted to explain Hold previously but it is a confusing concept; perhaps you would read it again, although it actually has nothing to do with the original question posed by the OP and is really only of interest to casino executives.
“I thought so too, but he later said: 'jakesteel: Your real answer is 2%. ’ I don’t know which of the OP’s questions he thinks he’s answering.”
I am replying to “What is each hand worth, on average, win or loose, to the House? “. The answer to that question is: Approximately 2% of the bet. The other numbers and the mention of Hold by the OP are all pretty much red herrings and bear no relation to the actual question.
“You’re wrong; go read a book.”
The subject of Expected Value would require more time and effort than I am willing to expend right now; after all, entire books have been written about it. If you feel suggesting a book that will help fight your ignorance of the subject is not in the spirit of the board, perhaps you should start a new thread asking for an explanation of EV since the OP has been answered and your question is really a new one.
Fantome, I repeat, please don’t take my posts as any sort of personal attack. We are dealing here with some very subtle distinctions in a very complex matter that very few people understand and I am doing my best to explain them in this limited format. Peace.