Augustina Neal asked 6 months ago
Bookmakers and casinos give themselves an advantage and 99% of folks fall into their “trap”. How do they do this and what should be avoided?
Let’s look at the example of roulette in a casino.
On the surface, it looks OK. 36 numbers, choose one and get 35-1 if you are correct right? Wrong. most people forget that you can find actually 37 numbers including zero (or even 38 with a double zero on American roulette). This make a significant difference on the subject of payouts. So just using European roulette, let’s crunch the numbers.
If you choose one number, the specific odds of getting that number correct is 1 in 37 or 36-1. So by offering 35-1, the casino has instantly stacked the odds ever so subtly within their favour. Just the reduction of 1 point gives the house an edge of approximately 2.7%. Not much of a lot you may think but over the course of Ł100,000 that’s Ł2700 in favour of the casino. A small margin but a margin nonetheless.
So what learn more about Learninglab Si red/black or odd/even? Again, it could appear to be a 50/50 bet. But with the inclusion of zero, you actually have an 18 in 37 chance (48.65%). That favours the home by 1.35% which over the course of one day, could equal to thousands of pounds.
But this really is nothing when compared with bookmakers.
As I’ve demonstrated, a “50/50” at a casino is in fact a 48.65/51.35 against you. At bookmakers, the margin is significantly greater. A seemingly 50/50 bet is generally priced up at 9/10 or 1.9 in decimal odds.
Therefore the bookmaker is giving themselves a massive 10% margin on these sort of bets, the most common of which are called “handicap bets”. The handicap bets are set up in such a manner that there are only two possible outcomes, rated as equally likely. But regardless of what your choice is, the bookie stands to keep 10% of the specific odds. Not fair, you may think. Well, they are not going to give you anything for free. They may be within the business of making money after all.
Just how can you counter these edges?
It really is possible with bookmakers to work with a system of “handicap doubles”. I will explain this at another time. Otherwise, only good fortune will counter a bookie’s edge and that’s not something to depend upon.