Online casino games offer a fun and exciting way to spend time. Choosing games with the best odds and probabilities can go a long way in ensuring that you have a wonderful gaming experience. Pick casino games with the worst odds and probabilities and it won’t be long before you kiss goodbye your bankroll.
Odds and probabilities are important aspects of gambling mathematics. In fact, they could be related to the payoff of a particular game. For instance, when a wager pays off at the same odds as the probability of winning the bet, there’s an even money situation.
When it comes to gambling, probability describes the chance or likelihood of a particular outcome happening in a give situation.
The probability of something happening can be expressed as a percentage, fraction or odds. They are all numeric values and are numbered from 0 to 1. If something has a probability of 0, it means it could possibly never happen. In other words, a probability of 0 is an impossible outcome. For instance, if you roll a 6-sided dice (a dice that is numbered 1 to 6), the probability of getting a 7 is zero.
On the other hand, something that has a probability of 1 is certain to happen. Let’s give an example. If you roll a dice numbers 1 to 6, the probability of getting a 1, 2, 3, 4, 5 or 6 is one.
Probability may also be expressed as a percentage as mentioned above. In our first example, the probability of getting a 7 was 0%, whereas in the second example the probability of getting a 1, 2, 3, 4, 5 or 6 was 100%.
You can calculate the probability of an outcome easily. To do this, take the number of ways of achieving an outcome and divide it by the number of outcomes.
Let’s look at this example. To calculate the probability of flipping a coin and getting it to land on tails, you will want to consider the total number ways the coil could land on tails. That is one on a normal coin. Then divide that one by the number of outcomes; in this case, it is two (tails is one possibility and heads is the other; therefore there are two possible outcomes).
Therefore, the probability of getting tails is ½ or 50%. If asked to present it as a decimal, it will be 0.5.
Odds are also used to express probability. When probability is expressed as odds, it shows the number of ways an outcome is likely to happen compared to the number of ways it is less likely to happen.
Odds are the ratios of the chances of losing compared to the likelihood of winning. In short, it is the average frequency of the eventual loss to the average frequency of winning. Many people often mistake odds with probabilities, but they are actually different.
Let’s look at another example. When you flip a coin, the odds of getting a tail are 1 to 1, also referred to as even odds. If you roll a 6-sided dice and you want to determine the odds of rolling a 1 and there are 5 ways of not rolling the 1, and only one way of rolling the 1, the odds will be 5 to 1. When that is expressed as a fraction, decimal and percentage, it will be 1/6, 0.1667 and 16.67% respectively.
The importance of odds and probability in gambling
Bets too pay off at certain odds and when they do so at the same odds as probability of winning the same bet, you get an even money situation. In this case, you will get half the time and the other party wins half the time.
For instance, if you stake $5 to win $5 on a coin flip, that’s an even odds bet. It also means the outcomes offer even odds. So you will probably break even over time.
However, suppose you stake $1 to get heads on a coin flip, but if you win, you earn $2. You would win a large amount of money over time because you would win $2 half of the time, but you would lose $1 half of the time.
The profit that casinos make comes from the difference between the odds they payout on a particular bet and the odds of winning the bet. For example, at the roulette table in even money bet on a black, if you stake $5 on black, you will win $5 if you land the ball on black. But if the ball lands on red or green zeros, you lose the $5.
The American roulette wheel can generate 38 possible results, with 18 of them being black. So, the probability of winning a bet on black is 47.37% or 18/38. That means that the casino will slightly win half the time, and that’s how the casino makes a profit.
With the odds of winning a bet on black being 20 to 18, it means there are 18 ways to win and 20 ways to lose. The casino house edge increases as the difference between the odds that are paid out and the winning odds increases.