Understanding Gambling and Casino Game Odds
Gambling and casino odds are an enigmatic attribute for many players that gamble. They are often simply accepted for what they are. However, a lot of thought and reasoning goes into the odds on offer. Here you can find casino odds explained in an easy-to-read guide.
How Casino Odds Work
They work in a way that best shows the chances you have of winning on the game and are put in place to show how much is needed to bet in order to win a certain amount. It can help the player to make an educated decision when it comes to placing bets and it can also show how much they are likely to win or lose when placing the said bet. Check out a few of the most popular casino table games and how their odds work...
Casino Odds by Game
- Roulette – If you are looking for the best casino odds table games are the place to find them, specifically on the roulette table where odds of 2/1 can be found when you place a bet on either red or black. However, the odds can also be as long as 35/1 on European Roulette if you decide to bet on a single number. The odds reflect the bet you place. The more numbers on the wheel or areas on the wheel that you cover with bets, the lower your odds of winning will be.
- Blackjack – This is where the player goes head-to-head with the dealer and thus the odds are slightly lower than in roulette. Experienced blackjack players that understand blackjack strategies can see the house edge reduced to just 0.5%. The casino blackjack odds of winning can largely fluctuate in this game as well. In blackjack, the player must beat the dealer with a total of 21 or below using the cards they have been dealt so the odds are in a constant state of flux but before the game starts it is always the house that has the higher chance of success.
- Baccarat – This is one of the classic casino games and despite appearing intimidating to first time players is a very basic game to learn. Players simply have to decide whether to put their chips in the "player", "banker", or "tie" sections of the board. The house edge varies depending on which section the chips are in. For the "player" section the house edge is 1.36%, for the "banker" section the house edge is 1.17%, and for the "tie" section the house edge is 14.4%.
- Craps – This dice game is often romanticized in movies as players defy the casino dice odds to win big in unlikely scenarios. Craps is one of the casino table games where the odds of success are longer but the wins are bigger. You can hit a range of combinations and the less likely the combinations are of coming up, the bigger the potential win. It is possible for odds to reach as high as 100/1 in craps. It is no surprise to see the casino odds house edge at such a high percentage for this game.
Casino Odds All Games
Check out the following casino odds chart to see the minimum and maximum house edge casino odds for different games that are most popular in the casino...
|Casino Game||Minimum House Edge||Maximum House Edge||Standard Deviation|
|Baccarat||1.06%||14.36%||0.93 – 2.64|
|Craps||1.36%||16.67%||0.69 – 5.09|
|Keno||25.00%||29.00%||1.30 – 46.04|
At casinos the house edge on these games is estimated to be between 2% and 15%. However, most players look at the RTP (return to player) that the slot machine holds when it comes to looking at the odds at casino slot machines. These can vary not only depending on each slot but it is also possible for each casino to offer different odds when compared to another casino. Low variance slots generally have an RTP between 90% and 95% where as high variance slots can exceed 95%. When it comes to casino odds slots can sometimes be the worst casino odds games to play but now and again they can be the best.
Gambling odds at casino sites are there to guide and maintain transparency with the players. It helps players to make an informed judgement on what games they wish to play by showing what the casino odds of winning are on the different games. It is important that the casino odds house advantage is displayed so the players do not feel they are being unfairly treated and it also ensures that players understand that the house has the edge.