How to Find True Odds in Betting

Knowing how to find true odds is key if you bet a lot. You must split the ways to lose by the ways to win using simple math.

Basic Odds Finding

The odds rule is:

True Odds = (Ways to Lose) : (Ways to Win)

Let’s take American roulette, where a bet on one number shows:

37 ways to lose
1 way to win

So, the true odds are 37:1 click here

How Casinos Pay Out

Casino payout odds are often not the same as true odds. For example, in American roulette:

True odds: 37:1
Casino payout: 35:1

This gap shows the house edge, which makes sure the casino makes money.

Value of a Bet

To find out if a bet is good, use Expected Value (EV):

EV = (Chance of Winning × Win Money) – (Chance of Losing × Lose Money)

Main Points in Odds Finding:

Total results possible
Chances of winning
House edge in percent
Payout amounts

This math way helps to make good betting plans and know real game chances.

Basics of Chance

Guide to Basic Chance Concepts

Key Chance Ideas in Gaming

Three main rules of chance are used in all betting math: randomness, odds, and expected value.

What is Randomness?

Randomness means we can’t predict single results in games of chance.

Yet, with lots of tries, results will usually show a clear pattern. For example, flipping a coin 1,000 times will end up near a 50/50 split between heads and tails, even if some parts seem off.

How to Use Odds and Chances

Odds are shown as ratios like 2:1 or as percent like 33.33%.

To find chance percent, split the good results by all possible results. Like, the chance of a certain side up on a six-sided dice is one out of six, or about 16.67%.

How to Find Expected Value

Expected value helps to know what might happen on average over many tries. It mixes the chances of each outcome with what you can win or lose.

For a $1 bet with a $2 win at 40% chance, the expected value is: (0.4 × $2) + (0.6 × -$1) = -$0.20 for each time you bet.

More Uses and Plans

Knowing these chance basics lets players:

Look at bets with a clear view
Work out exact risk vs reward
Make better game choices
See good and bad bets

True Odds Vs Casino Odds

True Odds vs Casino Odds in Betting

Main Differences Between True and Casino Odds

True odds are the real chances of something happening. Like in a fair coin toss, true odds are 1:1, or 50% for each side.

Casino odds change these real chances to make sure they make money, this is called the house edge.

This change gives the casino a math advantage while still letting them give good prizes to players.

Know the Odds in Roulette

Roulette Example

In American roulette, the true odds of one number are 37:1, but casinos pay 35:1. This 2-unit gap shows the house edge of 5.26%, which is the casino’s profit.

How This Affects Value

The gap between true and casino odds changes a player’s expected value. Even if you can win some bets, the math makes sure the house stays ahead over time.

How Players Can Use This Info

Knowing true odds versus casino odds helps you:

Work out math drawbacks
Pick games with better odds
Think over bet offers better
Know possible prizes better

This clear difference is key for betting plans, helping players find games with the best math returns within casino rules.

How to Find Value

Expected Value (EV) in Betting

Why Expected Value Matters

Expected value is important for betting choices and knowing what you might get back.

The main EV formula uses win and lose chances: EV = (Chance of Win × Money Won) – (Chance of Lose × Money Lost). Why Slot Machines Are the Most Popular Casino Game

Using EV in Bets

For a simple coin flip bet: Bet $10 to win $11 on heads and lose $10 on tails. The math is: (0.5 × $11) – (0.5 × $10) = $5.50 – $5.00 = $0.50. This good expected value of $0.50 means the bet has math on its side.

Casino Games and House Edge

Casino math often shows how house edge changes expected value.

In American roulette, a $1 bet on red shows the math: (18/38 × $1) – (20/38 × $1) = -$0.053. This bad expected value of 5.3 cents per dollar bet shows the math trouble in casino games.

Knowing these math helps players pick better betting plans and see when good return chances might come.