Gambling Odds Explained: How to Beat the House
What is the magic that helps you win money at a casino? The answer is simple: casino odds. When these are against you, it's almost impossible to win, although the payouts could be much higher. Understanding how odds work is one of the essential steps on a way to successful gambling.
So, how do you beat the house?
THE PROBABILITY
Probability is the chance of an outcome. Let’s say you’re rolling a dice. If you bet on one of the six numbers being rolled, you can determine the probability of a win by dividing 1/6.
The result will be (no surprise) 0.167. Which means, your chance of winning is 16.7%.
Bookies will use the #/# ratio to help you understand the probability of winning.
LET'S CALCULATE THE ODDS
When you have two numbers divided in the way we've mentioned above, this is called fractional odds. When you learn how to read odds properly, you’ll find that the sum is in the form of a fraction. For example, if the odds are 4/1, this would be determined by doing the following equation: 1 / (4+1) which equals 0.20.
Multiply the 0.20 by 100 and your percentage is 20%.
Now that you know how to calculate odds, it’s time to learn about what’s most important with gambling odds: winnings.
ODDS & WINNING
If you see the odds 10/1, you can potentially win £10 for every £1 you bet. This is one of the simplest ways to compare odds and understand how they work. Now, if you see a smaller number in front and a larger number at the back of the equation, you’ll be betting more than winning.
For example, if you see “1/5”, you can expect to win £1 for every £5 that you bet.
DECIMALS AND WINNINGS
When you’re learning how odds work, you’ll often come across decimals. The decimal may look something like 5.0. This can be used to calculate your winning using a simple equation of:
(odds * stake) – stake
So, let’s assume that you bet £10 on a game with 5.0 winnings. The equation would be (5.0 * 10) – 10. Your winnings would be £40.
Now that you know how to understand odds, let’s take a look at the various different odds for the top games. The best gambling odds are often from games that are easy to win. When the odds are not in your favor, the rewards (odds) are going to be in your favor.
The casino likes being at a lower risk of losing, but high stakes players love when they’re able to win when the odds are stacked against them.
Payouts are much higher when the odds aren’t in your favor.
To learn what are the odds of your favorite games, keep reading at https://casinohex.co.uk/blog/how-casino-odds-work/