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The term is simple: House Edge is the difference between the probability of casino's win and player's win. If I say, house edge is 2% then the probability that result of the bet will in favour of house is 51% and that of player is 49%.
Let's take a simple example of Dice game. Suppose a dice game has a house edge of 2% then it will pay you 2.00x for rolling above 51 or below 49. Ideally, it should be 2x for rolling above 50 or below 50. But due to house edge factor, the probability of you winning the bet as a player falls from 50% to 49%.
Should it be the house has 52% of winning while the player has only 48% because the house has 2 percent edge? Correct me if I am wrong, but in my point of view it should be 52 by 48 or 16:13. I'm not that good in gambling and I just recently learned and tried executing gambling tips based on house edges and odds. Please excuse me if I am mistaken.