Baccarat

Baccarat is the simplest table game in the casino with the best odds. No decisions affect the outcome—you simply bet on Player, Banker, or Tie, and fixed rules determine whether each hand draws a third card. This simplicity, combined with a house edge under 1.1% on Banker bets, makes baccarat the game of choice for high rollers worldwide. The game generates more revenue in Macau than all other table games combined.

How Baccarat Works
Card Values and Scoring
The Three Bets
Third Card Rules
Baccarat Math
Baccarat Variants
Strategy and Myths
Baccarat vs Other Games

How Baccarat Works {#how-it-works}

The Basic Process

Bet placement: Choose Player, Banker, or Tie before cards are dealt
Initial deal: Two cards each to Player and Banker positions
Third card rules: Fixed rules determine if either hand draws
Comparison: Hand closest to 9 wins
Settlement: Winning bets paid according to odds

Hand Positions

Position	Meaning
Player	One of two competing hands (not "your" hand)
Banker	The other competing hand (not the house)
Tie	Both hands equal

Important: "Player" and "Banker" are just names for the two hands. You can bet on either regardless of which side you prefer.

Betting Flow

Phase	Action
Betting open	Place chips on Player, Banker, or Tie
Cards dealt	Dealer handles everything
Result	Automatic - no player decisions
Payout	Winners paid, losers collected

Card Values and Scoring {#card-values}

Card Point Values

Card	Value
2-9	Face value
10, J, Q, K	0 points
Ace	1 point

Calculating Hand Totals

\text{Hand Value} = (\text{Sum of Cards}) \mod 10

Only the rightmost digit counts. If cards total more than 9, drop the tens digit:

Cards	Sum	Hand Value
7 + 2	9	9 (Natural)
K + 5	5	5
8 + 7	15	5
9 + 9	18	8
6 + 4 + 9	19	9

Natural Hands

Total	Name	Result
8 or 9	Natural	No more cards drawn
Natural vs Natural	Comparison	Higher natural wins
Equal Naturals	Tie	Tie bets win

A natural 9 beats a natural 8. Both beat any non-natural hand.

The Three Bets {#betting-options}

Banker Bet

Metric	Value
Payout	0.95:1 (5% commission)
House edge	1.06%
Win probability	45.86%
Tie probability	9.52%

Why 5% commission? Without it, Banker would have a player edge. The commission ensures the house maintains advantage.

Player Bet

Metric	Value
Payout	1:1 (even money)
House edge	1.24%
Win probability	44.62%
Tie probability	9.52%

No commission, but slightly worse odds than Banker.

Tie Bet

Metric	Value
Payout	8:1 (sometimes 9:1)
House edge	14.36% (8:1) / 4.84% (9:1)
Probability	9.52%

Never bet Tie. Even at 9:1 payout, it's mathematically inferior to Banker or Player.

Bet Comparison Table

Bet	House Edge	EV per $100	Recommendation
Banker	1.06%	-$1.06	Best bet
Player	1.24%	-$1.24	Second best
Tie (8:1)	14.36%	-$14.36	Avoid
Tie (9:1)	4.84%	-$4.84	Still avoid

Third Card Rules {#third-card}

Player Third Card Rule

Player Total	Action
0-5	Draws third card
6-7	Stands
8-9	Natural - stands

Simple rule: Player draws on 0-5, stands on 6-7.

Banker Third Card Rules

Banker's action depends on Player's third card:

Banker Total	Draws When Player's Third Card Is	Stands When
0-2	Always draws	Never
3	0-7, 9	8
4	2-7	0, 1, 8, 9
5	4-7	0-3, 8, 9
6	6-7	0-5, 8, 9
7	Never	Always

You don't need to memorize this. The dealer handles all decisions automatically.

Why Banker Has an Edge

The Banker rules are designed to respond to Player's third card:

P(\text{Banker wins}) = 0.4586 > P(\text{Player wins}) = 0.4462

This 1.24% advantage for Banker is why casinos charge 5% commission.

Baccarat Math {#math}

Expected Value Calculations

\text{EV (Banker)} = (0.4586 \times 0.95) + (0.4462 \times -1) + (0.0952 \times 0) = -0.0106

\text{EV (Player)} = (0.4462 \times 1) + (0.4586 \times -1) + (0.0952 \times 0) = -0.0124

\text{EV (Tie 8:1)} = (0.0952 \times 8) + (0.9048 \times -1) = -0.1436

Probability Distribution

Outcome	Probability	Cumulative
Banker wins	45.86%	45.86%
Player wins	44.62%	90.48%
Tie	9.52%	100%

Long-Term Cost

Total Wagered	Banker Loss	Player Loss	Tie Loss
$1,000	$10.60	$12.40	$143.60
$10,000	$106	$124	$1,436
$100,000	$1,060	$1,240	$14,360

Variance and Standard Deviation

\sigma_{\text{Banker}} \approx 0.93 \text{ per unit bet}

\sigma_{\text{Player}} \approx 0.95 \text{ per unit bet}

Baccarat has relatively low variance compared to slots, making results more predictable.

Calculating Commission Impact

\text{No-Commission Banker EV} = (0.4586 \times 1) - (0.4462 \times 1) = +0.0124

Without commission, Banker would have 1.24% player edge—hence the 5% tax on wins.

Baccarat Variants {#variants}

Mini Baccarat

Feature	Mini Baccarat	Full Baccarat
Table size	Small (7 players)	Large (14 players)
Dealer	One, handles all	Three dealers
Speed	Fast (200+ hands/hr)	Slow (40-60 hands/hr)
Minimums	$10-25	$100-500+
Card handling	Dealer only	Players may touch
House edge	Same	Same

Mini baccarat has identical odds but faster pace—higher hourly loss rate.

Midi Baccarat

Middle ground between mini and full baccarat:

9 player positions
Players can touch cards on highest bet
Moderate pace
Medium minimums

Chemin de Fer

Feature	Detail
Banking	Players take turns as Banker
Decisions	Players can choose to draw
Commission	5% on Banker wins
House role	Facilitator only
Common in	European casinos

Player decisions make Chemin de Fer slightly different mathematically.

EZ Baccarat

Feature	Detail
Commission	None
Dragon 7	Banker wins with 3-card 7 = push
Panda 8	Side bet on Player 3-card 8
House edge	1.02% (Banker), 1.24% (Player)

Eliminates commission but Banker pushes on specific outcomes.

Speed Baccarat

Feature	Detail
Betting time	10-12 seconds
Hands per hour	120-180
Cards	Face-up immediately
Best for	Experienced players

Live Dealer Squeeze

Feature	Detail
Card reveal	Dramatic slow reveal
Interaction	Chat with dealer
Pace	Slower for suspense
Appeal	Entertainment value

Strategy and Myths {#strategy}

The Only Real Strategy

Strategy	Recommendation
Always bet Banker	Best mathematical approach
Never bet Tie	14% edge is unacceptable
Ignore patterns	Previous results don't predict future
Manage bankroll	Set loss limits, stick to them

Scorecard Myths

Myth	Reality
"Banker streak continues"	Each hand independent, 45.86% always
"Player due after losses"	Gambler's fallacy - no memory
"Patterns predict outcomes"	Random results show apparent patterns
"Choppy tables favor Player"	No predictive value

Betting Systems Analysis

System	Short-Term	Long-Term	House Edge
Martingale	Frequent small wins	Rare catastrophic loss	Unchanged
Paroli	Ride winning streaks	Same expected loss	Unchanged
Flat betting	Steady	Steady loss	Unchanged
Card counting	Minimal edge	Not worth effort	~0.01% improvement

Card Counting in Baccarat

\text{Maximum Edge from Counting} \approx 0.15\%

Unlike blackjack's 1-2% edge, baccarat counting provides negligible advantage:

Factor	Blackjack	Baccarat
Potential edge	0.5-2%	0.01-0.15%
Bet variance needed	1-12x	Extreme
Practical?	Yes	No
Casino tolerance	Low	Doesn't matter

Edge Sorting (Historical)

Phil Ivey famously won millions using edge sorting:

Identified asymmetrical card backs
Requested specific shuffling procedures
Courts ruled this violated casino rules
Modern casinos prevent with better cards and procedures

Baccarat vs Other Games {#comparison}

House Edge Comparison

Game	House Edge	Skill Required
Baccarat (Banker)	1.06%	None
Blackjack (basic strategy)	0.5%	Medium
Craps (pass/don't pass)	1.41%	None
Roulette (European)	2.70%	None
Slots	2-15%	None

Why High Rollers Choose Baccarat

Factor	Advantage
Low house edge	Minimizes long-term loss
No decisions	Can't make mistakes
High limits	Casinos accommodate large bets
Fast resolution	Clear win/loss each hand
Superstition friendly	Ritual doesn't hurt odds

Expected Hourly Loss

Game	Hands/Hour	Avg Bet	Hourly Loss
Mini Baccarat	200	$100	$212
Full Baccarat	50	$500	$265
Blackjack	80	$100	$40
Roulette	40	$100	$108

Despite low edge, mini baccarat's speed increases hourly losses.

Online vs Land-Based {#online}

RNG Baccarat

Factor	Detail
Speed	Very fast (60+ hands/hour solo)
Minimums	$0.10-1
RTP	Same (house edge identical)
Fairness	Certified RNG, audited
Experience	Less atmosphere

Live Dealer Baccarat

Factor	Detail
Speed	Moderate (40-60 hands/hour)
Minimums	$1-5 typically
Dealers	Real humans, streamed
Squeeze options	Available at premium tables
Social	Chat with dealers/players

Table Selection

Priority	Best Choice
Lowest house edge	Standard Banker bet
Entertainment	Live dealer with squeeze
Learning	Free play RNG
High stakes	VIP live tables
Fast play	RNG or speed baccarat

Bankroll Management {#bankroll}

Session Bankroll

\text{Session Length} = \frac{\text{Bankroll}}{\text{Bet Size} \times 1.5}

Bankroll	Bet Size	Expected Hands
$500	$25	~13 hands
$1,000	$50	~13 hands
$5,000	$100	~33 hands

Win/Loss Limits

Limit Type	Recommendation
Loss limit	50% of session bankroll
Win goal	30-50% profit
Time limit	Set before playing
Stop-loss	Walk away when reached

The Commission Factor

Remember: Banker wins require 5% commission tracking.

Banker Wins	Gross Win	Commission	Net Win
10 × $100	$1,000	$50	$950
20 × $100	$2,000	$100	$1,900

Some casinos collect commission per hand; others track and collect at table change.

Baccarat Calculator - Calculate odds and EV
Baccarat Strategy - Optimal play guide
Bankroll Calculator - Session planning

Baccarat

Baccarat

Frequently Asked Questions

Evgeny Volkov

Related Calculators

Related Terms

Explore More Tools