Gambling Odds

What are "odds"?

Odds are the chance that something will happen against the chance that it won't happen. So, if something has two chances of happening and one chance of not happening, it's two to one.

In casino gambling, are odds applicable over time, or do they apply to each individual game or trial?

In casino gambling, odds apply to each individual game at all times. However, the players may not notice this because they're winning, losing or tying at different rates. In reality, the odds of the game are there all the time and the only time they change is in Black Jack, when certain cards have been removed from the deck and chance of winning alters slightly. In most casino games though, the odds are fixed.

What is the "house advantage"?

When a player goes into the casino, he faces one major thing, the "house advantage". The "house advantage" is a percentage which expresses how far the games favor the casino, which they all do to a certain degree. If the house has a 5% edge, then it will win $5 for every $1 you bet.

Which casino games represent the best odds for a player?

The casinos have a lot of games. Some games have good odds, some games have bad odds. The game with the best odds, if you understand basic strategy, is blackjack. As long as you make the right decisions, you can cut the house edge down to a half percent. That means you'll lose 5 cents for every $1 you bet: good odds. Another game with great odds is craps, if you make the right bets. If you make the wrong bets, you're really in a hole. If you make the right bets, you're playing almost an even game with the casino, with good odds for you. The worst odds for the player in the casino obviously are on the slot machines.

Does the "house" always win?

A lot of players have the idea that the house always wins. If that were true then no one would ever come back to a casino, because no one would leave with any more money than they came with. Over time, however, the "house-edge" grinds away at a player. In the game of craps, for example, there's a bet called the "pass line" bet. The "pass line" bet will win 251 times for the house, and 244 times for a player. Now, many players think that's an even bet, but it's not; the house has an edge of seven wins over the player. If we look at this example, then it's easy to see how the house can, over time, always win

What does "playing with the casino's money" mean?

When you're in a casino you may hear someone say, "I'm playing with the casino's money now." When they say this, a person means that they have won some money and they are going to be less conservative with regard to how they gamble. In fact, once you've won that money, it's your money, and I would take as much care with it as I did with the money I entered the casino with.

What is the rule of thumb regarding "when to walk away"?

Players are always saying to themselves and to others, when should I leave the game, walk away? Should I leave when I've just won? Should I leave after an hour? Well, here's a very simple rule of thumb for when to walk away. If you are the average casino player, and you find that you're ahead by a certain amount, and you think to yourself, I wonder if I should walk away? Well, walk away, because as soon as you had that thought, you knew you should leave. However, if you're an advantage player and you have an advantage over the house, walk away when you get tired, because when you're tired you lose your edge.