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© 2024 CasinoPilot.ca. All rights reserved.The best casino game odds refers to numbers which show the likelihood of an event occurring. Casino odds are used to determine the competitive edge and summarize the possible amount of money one could potentially win. For instance, roulette odds are used to determine just how much a player can win once the wheel starts spinning and the ball lands on the pre-selected number.
When it comes to gambling odds on casino games, the likelihood of a particular outcome is predetermined. Sticking with roulette, a bet on an outcome such as an odd or an even number has around a 50/50 chance of being successful. This is known as a low odds bet, and the corresponding payout will be small.
On the other hand, if you decide to place your chips on a single number, the likelihood that the ball will fall in that particular slot is far less. The odds are high that you won’t be successful, and so if you do get lucky, the payout will be bigger.
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It is very important to know how odds work, especially if you are playing in real money casinos. We are all familiar with terms such as probability, likelihood and chance, and tend to think of odds as a synonym – but these familiar terms cannot be used interchangeably with odds. An important point to remember is that:
It can be helpful to think of odds as the probability of losing a particular bet; low odds are given on a bet that you are less likely to lose, and high odds on a bet that you are more likely to lose.
In fact, it is a bit more complicated than that. Casino odds are of course linked to probability, but there are other factors at play, as we will see in this guide to understanding odds.
Gambling odds differ from statistical odds in what they express. Rather than an accurate representation of the true likelihood of a particular outcome, casino odds simply show the relationship between the stake and the potential payout.
How closely the odds reflect the real-life probability of a given outcome depends on a few different considerations, including the type of casino game you have chosen to play, and the casino itself.
So, we’ve seen that betting odds are distinct from probability, but we still don’t know how to calculate odds. In actual fact, the calculation of the odds has already been done for you, by the casino. With online betting, you as a player have no control over how the odds have been set, but you can help your chances by understanding odds and developing an odds strategy.
Traditionally, gambling odds have been expressed using two numbers to show the relationship between the stake and the potential payout.
Let’s take odds of 5/1, sometimes written as 5-1, as our example. The 5 refers to the payout, and the 1 to the stake. In this simple example, for every unit of currency bet, a win pays out x5. So, for a $10 bet, a win would net $50 for the player, plus the original stake.
If you’re looking at a casino odds guide, it’s important to understand how to read the numbers. Where the first number is higher than the second, the potential payout is more than the stake, and the odds – and resultant payout – are higher.
Conversely, if the second number is higher than the stake, the odds are lower and the payout will be less. Taking our example and inverting it, odds of 1/5 will return a win of just $2, plus the original $10 stake.
Things can get a little more complicated than that, so here we’ll use a couple of examples to explain gambling odds and how to calculate them.
To convert odds into payout, there are three steps:
When you use this formula, it’s easy to see that low odds pay out low, and high odds pay out high.
Let’s take odds of 9/4 (high odds) versus 4/9 (low odds).
A win on a $10 stake at odds of 9/4 will yield a payout of $32.50
A win on a $10 stake at odds of 4/9 will yield a payout of $14.44
In practice, it is usually quicker to find an online odds calculator and enter the odds and the stake. The payout will be calculated for you. We will go into more detail about reading the odds in a moment, but first a word about probability.
True probability is simply the mathematical likelihood of a particular event occurring or not occurring. To use a very simple example, every time you flip a coin, the probability of it landing on heads (or tails) is exactly 50/50, or 1 in 2.
The probability of getting heads in a single flip is 50%, but when placed into a sequence of flips the mathematics quickly gets very complicated. Even though each individual flip is a 50/50 chance, logic tells us that throwing heads twenty times in a row is very unlikely. And we’d be right.
This mathematical truth is the secret behind strategies like the Martingale system, where a player will double the stake after each loss, then return to the base stake after a win. This system will be confounded by a very long losing streak, when either the stake will exceed the maximum bet, or more likely outstrip the player’s bankroll.
Not every situation is as simple as a coin toss, and it’s not a straightforward matter to calculate probability. Just ask a mathematician. Happily for casino players, the heavy lifting has been done for them.
The probabilities of most casino game outcomes have already been calculated, using complex mathematics. It’s these probabilities from which casinos establish the odds. As we have seen, low odds are assigned to a more probable outcome, and high odds to an outcome that is less probable – that is, less likely to occur.
We have already looked at fractional odds, and learned the simple formula for calculating the payout. These days, odds are frequently displayed in a decimal format, especially in the Canadian market.
Decimal odds are often favoured by casino players, because they are much simpler to understand. The decimal odds have been calculated to include the original stake; all that is required to determine the payout is to multiply the decimal odds number by the stake.
Using our previous examples, fractional odds of 9/4 translate to decimal odds of 3.25, and 4/9 is expressed as 1.444. If the stake was $10 as before, simply multiply by 10 to get the payout.
Going back to roulette, an outside bet is a binary choice between two outcomes; red or black, odd or even, low or high. The fractional odds are 1/1, expressed as 2.0 in decimal. In other words, a successful bet will result in you doubling your stake.
The take-home lesson from this is that outside bets are a good idea if you want to stretch your bankroll for longer. The riskiest roulette bet is on a single number – odds of 35/1 or 36.0. Your $10 stake will yield $360 payout, but the chances of it happening are very small.
So far, we have looked at table games like roulette and baccarat as our examples of gambling odds explained. Most online casino players will be more interested in learning about the odds of winning slots.
Casino slot machines are governed by the RNG; the random number generator. This is a piece of computer code that seeks to simulate an entirely random outcome to each spin of the reels. Because of the RNG, it is not really possible to calculate the odds of a particular outcome of a single spin. Rather, the outcomes over time and many games are expressed as an odds ratio known as the return to player ratio – RTP.
RTP is easy to understand as it is given as a percentage; smart players will choose slots with an RTP of 97% or above. This means that over time, you can expect to get 97% of your staked money back. Note that no slots have an RTP of 100% or more, but a high RTP slot will allow you to play for longer. This gives you more time to try and hit that jackpot.
If casino odds reflected the true probability of an outcome, the odds of winning at a casino would be much better. The difference in the odds vs probability comes from the house edge – the built-in advantage that the casino gives itself.
Back to roulette again. Remember those outside bets? They set the odds at 1:1, a payout based on the probability of winning being 50%. The true probability of landing an outside bet is actually 48.6% for European Roulette. This is because of the zero pocket; if the ball lands there, the house wins all the money staked. American Roulette has a second zero pocket as well, further increasing the house edge.
House edge is given as a percentage. European Roulette has a house edge of 2.7%, meaning that a player can expect to lose this percentage of their staked money over time. Thus, it is the same as the RTP, but expressed inversely.
Probability is the true likelihood that something will or will not happen. Odds are the relationship between the stake and the win payout. The probability influences the odds, but the casino gives itself an advantage known as the house edge. If the ball lands on red in roulette, the casino pays out bets as if the probability were 50%. In fact, the presence of the zero pocket reduces this probability to 48.6%.
The short answer is not really. Given enough time, the casino will probably win – they wouldn’t stay in business otherwise. However, you can make some wily choices to overcome the house edge in certain games. Blackjack is a particularly good candidate for manipulating the house edge, because it involves skill as well as luck. With a good blackjack strategy, the house edge can be lowered to practically zero.
Games of chance like slots and roulette often have streaks of losing or winning. This is not something that can be predicted, so if you have depleted your bankroll with a losing streak it might be time to call it a day. Chasing losses can work out, but you can never tell how long your streak will last.
The same goes for wins – quit while you’re ahead and you’ll get the better of the casino this time.
When it comes to gambling odds, look at the house edge or the RTP of any given game. This is basically the same thing written two different ways. Low house edge = high RTP, which is what you want. Low house edge games include blackjack, certain slots and video poker.
Online slots are controlled by the RNG, which simulates real life conditions. It is possible to program an unfair house advantage into the RNG, which is why all reputable casinos have their RNG regularly audited by an unbiased third party.
You can get slightly better odds if you play with the best casino bonus Canada. Since the bonus will give you more money to play for outside your original bankroll, the odds of winning will increase. How much depends on the bonus.