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Gambling games odds

If you wish to enter the arena of gambling then you should understand the laws of probability. Probability is what rules the game of gambling and the better you understand it the better are your chances of understanding how to make yourself win.

Understanding the odds

Casino games odds and its role in gambling

In simple words probability is the scope of a particular outcome happening. It's as simple as judging the chance of being hit in a road accident when crossing a road. Probability helps you guess what your scope if for winning a particular bet when you gamble. This helps you make a judgment keeping in mind the chance of the bet being the winning bet.

Example of odds

Say you have with you a bag with 3 balls with 2 being red and 1 green. So the probability of your picking a green ball without having a look ends up being 1 is to 3. Similarly the probability for you picking a red ball is 2 is to 3. Thus the probability of red is higher than green as there is 66.66% chance that you would pick red and 33.33% chance that you would pick green. This way you judge the bet you shall take keeping in mind the probability of your bet winning.

Odds and their role

Probability in casinos always has the odds not in your favor but in the casino's favor. Let's keep the example we spoke a while back. Say the casino gave you a 2 is to 1 deal for picking up the red ball and in each round you bet $10. Say you had 4 trials in which you lost 3 times and picked a red ball the 4th time. This way you lost $30 to win $20 thereby giving the casino a profit of $10. Obviously you may say that what if I win all 4 times; anything can happen but you should know that no casino would let you win every time you play. If that was the case they would not be in business.

Roulette Odds

American roulette wheel has 37 divisions (including the 0 and 00) so your probability of winning is 37:1 and on winning you get 35:1. The variation between the probability of making a winning bet and the real payout is what is referred to as the house edge. Whether playing online or in a land casino understand probability to better your scope of winning.