Casino Odds – What’s your Chance?

Any gambler, from novice to expert to professional, knows how important the odds are. The lower the odds, the less chance you have of winning, but the greater the return when you do.

Before playing and betting, it is important to have a good idea of what odds are and how odds can affect your gaming experience and your ultimate gambling return and profit.

What are odds?

Odds are basically probabilities. Odds relate to the potential outcome in any bet and are expressed in fractional or decimal form. For example, if you bet on black in a game of Roulette, you would have a one in two chance (50%) of winning, but this would only be true of there were no ‘greens’ or 0’s. This is where the houses margin comes from.

If you know what the odds are, you can bet more intelligently and strategically based on your chance, or the probability, of winning.

Best Odds and Worst Odds

The first important point to consider when attempting to understand the concept of best and worst odds, is that casinos want to make money. Therefore, while it is very possible that you might win loads of cash, the odds are stacked in favor of the house. This is called the HOUSE EDGE. As a percentage, you can think of the house edge as how much the casino hopes to make from each credit bet.

For example if the house edge is 5.26% in a game of American Roulette, this means that for every 100 credits bet, the house will keep 5.26 of them. Games with good odds are blackjack, perhaps because of the potential element of player control, skill and strategy involved.

However, bad odds are not always ‘bad’. Not for those who win after placing a bet on a ‘bad’ odd. Progressive slot machines are such examples. While odds are very poor, they feature huge multimillion dollar jackpots which can be won from just a few cents!

Beating the Odds…

If you want to beat the odds, the best way to do this is to research gambling strategies connected with the game you are interested in. Be aware of the House Edge and bet accordingly. After all, the amount that you bet is completely in your control.

For this reason, Poker is an extremely popular game due to it being a communal game with players playing against each other and the skill involved in doing so.