You may have heard the expression probability, odds and house advantage or edge- These are all expressions commonly used when talking about gamling and games. Of course they refer to the possibilities of winning in the games offered at the casino. Let us have a look at what these often used terms actually mean.

Gambling Mathematical Concepts

Probabilty is a mathematical concept regarding the chances of a certain outcome. The European Roulette for example has 36 numbers and a single zero. Therefore the are 37 possible outcomes of one spin on the wheel. If a bet is placed on a single number the probability of hitting that number is 1 to 37. The probability of the ball landing on a black number or a red number is – when using the European Roulette – will invariably be 18 to 37 since there are 18 black (and red) numbers on the Roulette. Statistically the ball will end on the single number once every 37th spin and 18 out of 37 times the outcome will be a black (or red) number. And yes, it is just statistically…

The term odds are used to express how much the casino pays if the player wins! If using the roulette as an example once more, you will know that if you are betting on a single number and this number is drawn the payout is 35 times the bet. This means the odds are 35 to 1 in this case. As some casino games are more complex the calculation of odds can be way more difficult, but it will always be possible to do the math.

The Advantage Of The Casino – The House Edge

The advantage of the casino – or the house edge as it is often referred to as – is the calculation of how much the casino on an average basis will earn by offering the game to the players. Although it may be hard to grasp at times a casino is actually just a business that needs to generate an outcome to the owners. The house edge – a certain percentage – is more often than not provided by the casino itself, as it can be very difficult to calculate. Without knowing both odds and probability it is impossible to put a number on the advantage of the casino. Of course the important thing to keep in mind is that the lower the houes edge is the greater are the chances of winning to the gambler! And the greater chances of winning to the player makes a low house edge like a drop of blood in sharkfilled waters!

As both probability and odds vary from game to game it is highly recommendable to know your game before joining the game. To know how big or small your chances of winning are is cruzial. You also might want to stay clear of games with a huge house edge. Doing your research on both the casino and the games may increase you winning chances significantly!

Comments closed.

Privacy Policy