Odds are what makes the gambling world work. They’re the petrol in a car… the food in our bodies…
In short, they’re what makes gambling work. In this post, I’m going to share the basics of how odds work, and how developing a better understanding of them can improve your gambling experiences.
So; How Do Odds Work?
Well, whenever you see two numbers which are separated by either a slash or a colon, this indicated what’s known as a fractional betting odd.
For example, if you saw 9/1, or 9:1, which would indicate that a €1 bet would win you €9. Or, in other words, for every 1 unit you stake, you win 9. This also calculates to the fact that there is a 10% chance that what you’re betting on will happen, and a 90% chance that it won’t.
Now, if you’re betting in the United States of America, or other countries that use the Dollar currencies, you probably won’t see fractional odds, instead, seeing what are known as decimal odds. So, in our example above, the same odds would be shown as 10.0 So, if you were to wager €10, you’d enjoy winnings of €90, and your €10 stake would be retuned, amassing to a total return of €100.
How Odds Matter Online?
With most online gambling games, you won’t see specific odds – instead – especially while playing Video Slots, you’ll see what’s called a RTP (Return to Player) percentage. This usually varies between 85%, and 97%, and this figure dictates how much the slot machine is expected to keep, over the period of millions of spins.
So, for example, if you were playing a Video Slot with a Return To Player percentage of 95%, for every €100 wagered, you could expect to lose €5. Now, of course, this is determined over the long-run, and in no way affects your short-term playing session, although it does give an indication of how low, medium, or high of a variance a particular Video Slot will be.
Other Things To Consider
If you’re betting within the United States of America, or other jurisdictions where gambling winnings are taxed, you may notice the odds are built into the price, especially when placing Sports Bets with a bookmaker. This may possibly be taken into account when offering the odds, and means that you’ll see less of a return, with the addition of not having to file your own tax returns.
Overall, Odds play much less of a part in online gambling than they do in land-based-betting, although it’s still beneficial to have a general idea of how they work.