Gambling Probabilities and Odds Tips 1-5

To really make a difference in your game you should spend a little time learning about probability and odds in games. To save you the research we have put together this mini guide for you to become odds and probability superstar!

1) What is Probability?

Mathematicians use probability to measure how frequently something will happen. Take a dice as an example. If you are going to roll a dice, there are 6 possible outcomes so if you guess number 1 will appear then this has a probability of 1 in. In terms of odds this would be a 6 to 1 chance.

2) Know the two types of odds!

The first type is the odds that something will happen. Let’s look at the roulette wheel. There are 37 numbers for the ball to land on. This means if you pick one number then you have odds of 37 to 1 that it will be the correct number. The second type of odds is the actual payout you get should the number come in.

3) Why two different types of odds?

The first type is a statistical calculation. The second odds factor in what is known as the ‘house edge’. The house edge usually is about 5% and it is this edge that allows casinos to make a profit. In the above example the odds statistically may be 37 to 1, but the payout will be 35 to 1.

4) Luck does not exist.

There is no such thing as luck when it comes to betting. Luck is for losers.

5) Probability in the long run only.

Odds and probability work best over large spaces of time. In a short space of time you will not have enough information to have accurate probability.