If you’re new to the world of online Casinos then you probably don’t know much about betting odds. Although an assortment of numbers and calculations can be tricky to get your head around at first, once you understand the basics you’ll soon find them a help, not a hindrance. Once you know how odds work and how they affect the games you play you’ll have a better insight into online gambling, and your chances of success will be greater. The more you know about a game, the better your chances are of placing a winning bet, and this is especially true in games that require skill and strategy, such as blackjack.
Simply put, odds reflect the probability of a certain outcome. All possible outcomes in any event will add up to 1, or 100%. Odds refer to the ratio of money that could be won to the money that is bet.
EXAMPLE: If the odds are 2-1, for every $1 you bet you could make $2 profit
To truly understand odds you also need to understand probability, so lets clear this up for you too.
At the most basic level, betting on any casino game provides you with the chance to try and predict the outcome of an event, such as the roll of the dice in craps, or the turn of a card in blackjack. If your prediction happens to be correct, you’ll win money, and if it’s not, you’ll lose. For any event there are a number of outcomes that may occur and you can wager on one, or in some cases, on several. When you roll a dice for example, there are 6 different outcomes that may occur, so the probability of landing the number you bet on is one in six. If you understand how probability works and how it relates to odds, you’ll find that making a bet is so much simpler, and you stand a better chance of winning.
Calculating the Odds
Odds are always calculated according to outside factors and as such will differ between Casino games. Games that require a level of skill will probably give you better odds when playing. Here are some examples of the basic ways in which Casino odds are calculated:
EXAMPLE #1: Blackjack
Blackjack odds are calculated by the probability that you will go bust if you ‘hit’ on any particular hand value. Your chances of going bust increase as the value of your hand increases. Also, the fewer packs that are used in the game, the easier it is to work out the chance of any certain card be dealt. Learning basic strategy and applying it in blackjack is essential to winning, but knowing how the odds work and how to calculate them will also give you the edge.
EXAMPLE #2: Craps
Craps is played by rolling two dice and betting on the total outcome. 2, 3, 11 and 12 are the least likely outcomes, whilst 7 can be achieved through the most combinations and therefore is the most likely to be rolled. A Pass Line bet therefore has the highest odds, which makes it a very popular bet with players. Craps, unlike blackjack, is very much a game of chance and there’s little you can do to change the outcome when rolling the dice, but by placing the bet with the best odds you can maximise your chances of winning.
Now that you’ve got to grips with odds and probability, use your new-found knowledge when playing at Canada’s best online casinos and win big!