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| Casino Odds |
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| Casinos1.co.uk is your guide which helps you out with all your gambling queries. It doesn’t matter whether you are a newbie or a seasoned gamer. Go through this page to know all about the casino odds. The odds of a casino are actually propositions that depend upon the sequence of events. It is important to know your winning odds against each game in a casino. In a few games of chance, the odds are also the most convenient ways for a player to understand how much winnings will be paid if the selection is successful. |
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| Gambling Odds vs. Probabilities |
| In casino gambling, the odds that are on display do not represent the virtual chances that the event will occur. These are rather the amounts that the bookmaker will pay out on winning bets. In formulating their odds to display, the bookmaker will include a profit margin which effectively means that the payout to a successful punter is less than what is represented by the true chance of the event occurring. This profit is known as the 'over-round' on the 'book' and relates to the sum of the 'odds' in the following way: |
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| Example: |
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| In a 3-horse race, the chances of each horse’s winning are based on their relative abilities, perhaps 50%, 40% and 10%. These are the relative probabilities of the horse's winning and are the bookmaker's 'odds' multiplied by 100 for convenience. The total of these 3 percentages is 100, and this represents a fair 'book'. |
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Implications: |
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The true odds of winning (for each of the 3 horses) are Evens, 6-4 and 9-1 respectively. In order to generate a profit on the wagers accepted by the bookmaker, they may decide to increase the values to 60%, 50% and 20% for the three horses, representing odds of 4-6, Evens and 4-1. These values now stand at a total 130, implying that the book has an over round of 30 (130- 100). |
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This value of 30 represents the profit amount of the bookmaker if he accepts bets in the correct proportions on each of the horses. The art of bookmaking is that he will take in, for example, £130 in wagers and only pay £100 back (including stakes) no matter which horse wins. |
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Making a profit in gambling involves predicting the relationship of the true probabilities to the payout odds. If you can repeatedly make bets where the odds of paying out are better (more pay out) than the actual odds, over time (theoretically) you will come out ahead. |
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The bookmaker's odds or amounts to be paid are determined by the amounts bet on each of the respective possible events. They reflect the wager balance on either side and include the deduction of a bookmaker’s brokerage fee. |
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