Keno feels relaxed. You pick some numbers, sit back, and wait for the draw. It's slow, it's sociable, and the bets are small. It's also one of the most expensive games in the casino.
The house edge
Casino keno typically keeps 25% to 29% of every bet. Compare that with 2.7% for European roulette or about 0.5% for blackjack with basic strategy. Every dollar bet on keno costs around ten times as much as a dollar bet on roulette.
Why it doesn't feel expensive
Because it's slow. A keno draw takes a few minutes, so you place far fewer bets per hour than at a slot machine. Say you play $5 a game, 8 games an hour. That's $40 bet, and at a 27% edge you lose about $11 an hour on average. A $5 roulette player at a live table loses about $5.40 an hour while betting five times as much.
Online and video keno can be much faster, with games every few seconds. At that speed the high edge adds up quickly.
So is it worth it?
As a way to win money, no. Almost every other casino game gives you better odds. If you enjoy the social side of a keno lounge, keep the stakes small and treat it as the price of the evening. To see what your keno habit costs over a year, use the calculator with "Custom" and an RTP of 73%.
Sources
- Wizard of Odds: House edge of casino games compared