Understanding Casino Odds
When the term 'Understanding Odds' comes to mind, people tend to think that you need a good amount of math knowledge to give yourself an edge in the game. However, this is quite the opposite when it comes to casino betting and is relatively straight forward, even for the novice gambler.
Knowing the odds for different casino games is going to help you in the long run as you can change your gambling strategy based on the specific game you are playing. Additionally, the odds can differ in different parts of certain casino games, whereas some games maintain the same odds while you play.
Roulette is probably the most popular casino game available and like every other game, odds play a huge part. Learning the odds for every type of bet is vital in Roulette, knowing how often you are expected to win will benefit your strategy and will help you understand the variance involved in the game.
As Roulette is a relatively easy game to learn, the house edge is fairly higher than on other games, but is still a profitable game to be playing. Studying the odds and knowing the basics is essential; the following table will help you understand how the odds work within the game.
|Bet Type||Payout||Probability (-5.26% of House Edge)|
If you are fairly new to the gambling world and how the payout works, then the following example will help you understand: If you were to place $1 on odd which has odds of 1:1, you would get $2 back if you were to win - the $1 which was your original bet and an additional $1 for winning the bet.
Converting this as a percentage is simple, 1:1 is the equivalent of 100%:100% (100% of your bet is paid back at a 100% rate if you were to win).Essentially, if you were to win the bet you will win the amount of money that you place on the bet at 1:1 odds.
Using that as a guideline, you can apply it to every part of betting with Roulette. If you were to bet on a 2:1 shot and won, you would receive the initial bet back and two times that amount as a win, e.g. $1 for your bet and an additional $2 (2x your original bet). The odds 2:1 converted to a percentage would be 200%:100% (100% of your bet is paid back at a 200% rate if you were to win). The more you practice playing this game, the easier it will be to remember odds for each type of bet that you can place.
Blackjack is a very different game to Roulette as you have to make decisions for each bet you have made. Despite the game offering more favorable betting odds than other games, it takes a lot more thought and understanding to try and beat the house.
For example; each player has to make a decision to hit, stand, double or split for each hand dealt, which changes the odds during play. Also, each casino has their own set of house rules to when a player can double down, split, or whether or not the dealer hits on soft 17. These differences will therefore alter the house advantage which you should be aware of. The following table explains the odds for two basic bet types in Blackjack.
|Blackjack(21)||3:2 or 6:5||1 Deck - 4.82%|
|Blackjack(21)||3:2 or 6:5||2 Decks - 4.78%|
|Blackjack(21)||3:2 or 6:5||3 Decks - 4.76%|
|Blackjack(21)||3:2 or 6:5||4 Decks - 4.75%|
|Blackjack(21)||3:2 or 6:5||5 Decks - 4.75%|
|Blackjack(21)||3:2 or 6:5||6 Decks - 4.74%|
|Blackjack(21)||3:2 or 6:5||7 Decks - 4.74%|
|Blackjack(21)||3:2 or 6:5||8 Decks - 4.74%|
|Other Winners||1:1||49.55 - 49.15% *|
* House Edge in blackjack differs between 0.45% and 0.85%
As you can see, the number of decks will affect the probability of being dealt blackjack - the more decks in play then the less profitable the game is. In relation to the payout odds, they can be calculated relatively easily.
For example: Having a winning hand in blackjack has a payout of 1:1, this means if you were to place $1 on a hand and you won that hand, you would receive $2 back. The initial $1 back from your bet and an additional $1 for winning that bet. Converting this to a percentage is done in the same way as Roulette. 1:1 would be represented as 100%:100% (100% of your bet is paid back at a 100% rate if you were to win).
The odds of getting blackjack are 3:2, which may look confusing at first but is easy to calculate. For example: If you were to place $1 on a hand and hit blackjack, you would receive $1 back from your original bet and an additional $1.50 for winning the bet.
These odds converted to a percentage are represented as 150%:100% (100% of your bet is paid back at a 150% rate if you were to win. If you are new to gambling and want an easy way to remember what 3:2 represents, just half both sides of the odds and you will see it as 1.5:1, which can help you calculate your potential winnings.
These games might seem like just a card game for your entertainment, but taking them seriously can be beneficial for you in the long term. As the house edge can differ in certain games, you should try and take advantage of the harder games which have less of an edge. Treat the game like a business and you can have huge success.