Understanding Casino Odds to Maximize Your Winnings
One of the most popular forms of gambling in the world is to bet on casino games. Casino games include table and slot options. For most casino players, making a profit is difficult. One of the reasons is because most casino bettors don’t understand odds for specific games. Keep reading for an in-depth look at casino odds and how to navigate the world of casino odds betting.
It’s All in the House Edge
Betting odds explain the chances of an event happening
By event, we mean outcome. Casino odds provide an idea of a potential outcome. For example, when you bet on a horse at the track, you might see odds like 3-to-1. The odds on a 3-to-1 horse implies that every time you run that specific race, on that day, against that competition, and under those specific circumstances, the horse should win 1 out of every three times the race happens.
The best way to understand odds in casino games is to think of the odds on a craps table. The odds on rolling two sixes is 30-to-1. The odds imply that every time you roll, the chances of you hitting two sixes in craps is 1 out of 30, 2 out of 60, 3 out of 90, 4 out of 120, etc.
The odds aren’t exactly true on a craps table. If they were, the casino would lose money in the long run. Check out why the 30-to-1 odds of rolling double sixes aren’t the true odds of rolling double sixes.
All casino odds have a house edge
To calculate the true odds we must calculate the actual odds of the event happening. Doing so allows us to see the odds given and determine the house edge. All casino games have a house edge.
Payout compared to true odds determines the house edge. In our double sixes example, the payout is 30-to-1. But the true odds of the event happening, rolling double sixes, is more than that.
Craps is a great example of determining house edge. In the above, rolling double sixes has true odds of 36-to-1.
The house edge of rolling Any 7 on a single roll is 16.9%. It’s not as low, though, as the lowest house edge play in casino gaming, the place bet in craps on a 6 or 8.
The true odds of rolling a 6 or 8 before crapping out, rolling a 7, is 6-to-5. The payout, the return to player, or RTP, is 7-to-6, making the house edge 1.52%.
How the house edge works
The house edge may not seem like a lot, but it’s the reason casinos always turn a profit. Let’s consider the 1.52% on a place bet on the 6 or 8 in craps.
1.52% doesn’t seem like a lot. But when we think of the 1.52% in terms of interest, it can become an enormous number.
Let’s say you invested $300,000 into a cash deposit, a CD, that paid 1.52% in interest to you every month. You’d make $4,560 per month.
Think of the house edge in terms of the amount of 6 and 8 place bets happening in a single day? For sure, many of those place bets will lead to player profit. But in the long run, in a single day, in hours, really, the casino turns a profit.
Not only that, but casino bettors don’t just wager on the 6 and 8. They also wager on things like the over 16% house edge on Any 7 or over 11% house edge on a 3 or 11 on a single roll.
How players counteract the house edge
The best way to counter the house’s edge is to play the optimal strategy for the particular casino game. For example, the optimal strategy in craps is to make place bets on the 6 and 8.
In the come out roll, the optimal strategy in craps is to not play the Pass line but to play the Don’t Pass line because the house edge on the Don’t Pass line is about 4%.
In blackjack, optimal strategy involves making sensible plays. Very good blackjack players can take the house edge to below 1%.
You can find information for the optimal strategy for your game of choice by searching the Internet. Find the optimal strategy and then educate yourself about the best way to lessen the casino’s house edge.
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READ MORE: Sportsbooks vs. Online Casinos: Which Offers the Best Betting Experience?
