Successful gambling never runs on chance. If you seek to score a big hand at any casino then you must learn to strategize your game rather than floating on pure luck. To win something out of a casino, you practically have to beat it first. However, this isn’t a smooth-sailing task. Any game that dwells in a casino is designed in such an order that it serves a significant edge to the house (casino). To summarize it all, you must equip yourself with apt knowledge to beat the house advantage.
Meaning and Relevance of Odds Calculation
As we have pointed out earlier in this guide, you can’t hope to win anything at a casino if you utilize pure force of luck. You need to devise a thorough strategy to go home rich and that’s exactly where odds calculation come into the picture. This technique is nothing but predicting the chance of victory at a given game in a casino. To elaborate on this, the essence of any casino strategy lies in measuring the odds.
This technique might sound a bit ironic or say contradictory as one isn’t supposed to bank on chance in a live casino, but this method focuses on calculating the chance. However, both the above-described cases are vastly different from one another. If you play by luck, then you are practically making no effort in securing a win. You are just hoping to get a lucky shot.
In the calculation scenario, the scene is quite different. You are making an attempt to calculate what the casino will throw at you and how you can earn something out of it. Odds calculation require you to precisely understand the game you are indulged in and play your moves in a planned order. Any casino game, be it poker, blackjack, slots, can be manipulated in favour of the player as long as the player predicts the odds correctly. What combination will come next, how high the bet will go, how much you should bet, are some of the many areas of odds calculation.
Methods of Calculating Casino Odds
Although every casino game flaunts a method of its own, the broad category of calculation has only two members. In this guide, we will focus on those broad categories only. Fractional odds and percentages are the two formal ways of measuring the probability. These two techniques aren’t that different from one another. Both these ways focus on delivering some form of concrete information regarding the game to the players. The only noticeable difference is the form in which that information is expressed.
These are conveyed in the fraction form like 1/10, 1/5. Fractional odds display the wagered the amount and the expected win. In our given examples (1/10, 1/5), the numerator is the amount that needs to be wagered and the denominator indicates the winning amount. So, if you bet 1 dollar, you can expect a win of 10 dollars.
It basically explains the betting structure of a game. How much you will win against a wagered bet amount.
This one is the percentage extension of the fractional odds method. Under this one, the odds that were expressed as fractions are further converted in percentage form.
The conversion is not a complex procedure. A simple formula can do the trick which goes like – Probability (%)=B/(A+B), in the fractional odds A and B are numerator and denominator.