5%
The house edge can be calculated as follows.
HE= 1- (Odds * Win chance)
For example, if you set the odds to 2, the win chance would be 0.475
So, the house edge is 1 - (2 * 0.475) = 0.05 = 5%
Yes you're right and with this formula you can also calculate your actual winning chances when you know the house edge and the odds.
| Winning chances= | 1 - HE |
| Odds |
But you can also calculate the House edge without knowing the winning chances and the odds.
When a dice game/hi-lo game prevent to bet on a range of value you just need to divide this range by the max value.
Here we have (5250-4750)/10 000 = 0.05 = 5%