Every single game in a casino is run by understanding the odds. That’s right even the slots. In fact the lots have a the highest odd in favour of the casino and the not the player. Remember that old pearl of wisdom “The house always wins.” Well it is true; a casino is after all a business and must make profit.
Playing at the tables gives the player a higher odd in the in favour, but many find the tables daunting and have the idea that you have to have a lot of money to be able to play a table.
In a very simplistic explanation – which will be elaborated on – odds are the little numbers that tell you how much you stand to win per bet that you place. These numbers will look something like this 10/1. These are tell you, starting from the right, that for each dollar that you bet, you stand a chance of winning 10. Easy enough to understand, right? Playing at the tables offers you much higher odds than playing at the slots.
Fractions And Percentages
These odds are more correctly called Fractional odds. The high the right number and the lower the left number the greater are the odds in favour of the house. For example an odd of 5/2 means that for every 2 dollars you bet you can win 5, there for you have to bet 4 dollars to win ten. In the first example of 10/1, your profit is 9 dollars and in the second it is only 6 dollars, on a 10 dollar win.
Once you understand the fractional odds, you can use these odds to formulate percentages. The percentages, tell you the how likely it is that you are going to win the game and get the payout as well as the house returns on the payout. The formula to use is as such B / (A+B) = %. Lets plug both formulas into this. With the odds of 10/1 it would look like this 1 / (10+1) = 9%. In this formula you want the result to be low. A low score is in favour of the player.
If we use the odds of 5/2 and plug it into the formula you will see that it looks like this. 2 / (5+2) = 28%. As you can see, in this example the house returns are much higher that in the first one.
This specific way of looking at the odds and calculating the percentage is can also be called the British or traditional odds.
Not only do the odds explained come into play, but individual games have individual odds that you can use as a guide to win the game. These can be complicated at first but once you understand how each formula works it is in fact rather easy to understand your chance of winning as well as your percentage payout.
There are also other systems of working these out but this is the one that you probably encounter the most as it is seen as the traditional method of doing so.