Gambling Odds, Probability and Gambling Myths

Gambling Luck and Mathematics

The vast majority of gamblers think that gambling is all about luck. And that is exactly what casinos want you to believe. However this is not true at all. Gambling games and sports are based not on randomness (which is where luck would come in), but precise mathematics. Casinos use such mathematics to guarantee that no matter what kind of game they offer under what rules, they will always emerge the ultimate winner. This math is known as the gambling odds and probability. Knowing them helps dispel many gambling myths.

Gambling Odds and Probability

Odds and probability are two ways of stating the chances of a gamble. For a coin toss, the probability of making heads is 1 in 2 (two sides of a coin); the odds are 1 to 1.

Gambling odds are of two kinds: The odds of winning a bet, and the odds at which you are paid when you do win a bet. These odds are almost always unequal in the casinos. That's how they get the house edge, which is what makes them money. For casinos to make money from gambling, the payout odds must be lower than the betting odds.

For instance, if the probability of hitting a slot machine jackpot is 1 in 1 million, the casino will pay the winner a prize less than a million. This ensures that in the long term, it won't lose money while giving away prizes to winning gamblers.

Gambling Myths Dispelled

Based on knowledge of gambling odds and probability, we can dispel several myths and misconceptions.

Myth - The casino can be beaten.

False. Usually this isn't possible. A gambler who loses money to the casino initially, wants to win it back so he or she plays more. Unfortunately, the more you play, the more likely you will lose as the gambling odds go into effect in the long term.

The only way the casinos can be beaten is through special gambling techniques that reverse the house edge thus giving the player the mathematical advantage in the long term, not the house.

Myth - Gambling is about luck.

False. There is randomness in gambling, true. But even randomness can be predicted in a general way which is useful to the casinos. It is math that determines the final outcome (long term) of gambling and not luck. That's why intelligent gamblers study the odds and probabilities of the games they play.

Myth - You can beat the casinos if you play long enough.

False. Sure, if you play long enough you will eventually no matter how often you lose. But odds are, by the time you do win you've lost so much money that you only break even - at best. Actually, the longer you play, the more likely the casino will win. The odds say it all. If the odds are against the player, then in the long run you will lose. If you manage somehow to get the odds in your favor, then in the long term if you don't run out of money, you will win.

Gambling odds and probability are unknown to most people. To be a good gambler, try to understand them. Study the odds of the games you're interested in. Play those games with a low house edge like blackjack, poker, craps and video poker. On the other hand, slots, keno and roulette should be played if you don't mind a high house edge in exchange for the chance to win a big cash prize.