As far as my own logical reasoning is concerned, the party which has the edge will almost always turn out the winner, especially in the longer term. In this case, the house.
Yes, this is correct. What Diced90 says is correct, if each player plays only once ever in his lifetime. Then you would have 49.5% winning players and 50.5% losing players. But this is not the reality
Lets say a gambler plays 1,000,000 times against a house edge of 1%. He always stakes 1 unit per play/bet. He would lose 505,000 units and win 495,000, netting him a loss of 10,000 units. So on average he loses 0.01 units per unit staked. You can't beat house edge in games of luck longterm. You play against a machine that is programmed to take 1%, 2% or whatever from your stake on average.