Odds are the core that all betting is based on. Games of chance are based around the odds of a certain event occurring, with lesser or lower chances. The odds are determined by statistics, and represent a fair way for a bet to be placed.
The basic idea is that if an event is less likely to occur, that the payout should be higher, given the risks involved. If an event is more likely to occur, the payout should be lower, given the lesser risk. For example in the game of roulette, betting on a single number is extremely risky, so an enormous payout is given. But a simple red or black bet has a much higher chance of paying out, which is why the original bet is only doubled.
This simple concept is what makes up the casino game and sports betting world.
If playing online blackjack, for example, it has been determined that landing a blackjack occurs around 1 in every 21 times. This is fairly high odds, which is why the payout is high.
To put it another way, odds are normally displayed in the following manner as an example; 1/21. So it can clearly be seen that the odds are high, but also the payout amount is made clear; 21. Or it can simply be said that for the amount wagered, the payout will be 21 times that amount. It is an excellent payout, and a bettor can determine if it is a risk they are willing to take.
Low odds, or when an outcome is far more likely, work in the opposite fashion. Betting on the red or black option on roulette is 1/2. If a bet is made of $10, then the payout will be $20 if the bet is a success. It isn’t a great payout, but then the risk is also very low. The risk versus reward principle is in effect, and it is easily understood.
Statistically the chances of winning on this bet are just under 50%, sitting at around 48%.
Odds can be applied to just about any outcome, with enough information, and smart decision making. In casino games, given that the games are well understood, and have been carefully designed, it is all a matter of statistics and known probability. A roulette wheel has been carefully designed, and it is well known how frequently the numbers will come up.
In card based games, such as Blackjack, it is known the number of cards in the deck, and what those cards are. So determining payouts, and odds, is likewise simply a matter of applying probability and statistics.
In roulette, careful betting strategies significantly improve the chances of walking away with more money than when you arrived. Offsetting a high risk bet, with a lower risk bet, help to keep a bankroll in the green until a big payout.Odds can be managed, and a positive outcome achieved, with careful thought and planning. A smart approach is always best.