Learn Casino Understanding 22691456811339
Bookmakers and casinos give themselves an advantage and 99% of people 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 in case you are correct right? Wrong. almost all people forget that you will find actually 37 numbers including zero (or maybe 38 with a double zero on American roulette). This make a huge difference with regards to 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 fantastic online casino gambling agency has instantly stacked the odds ever so subtly in their favour. Just the reduction of 1 point gives the house an advantage of about 2.seven percent. Not much of a lot you could think but over the course of Ł100,000 that is Ł2700 in favour of the casino. A small margin but a margin nonetheless.
So what about red/black or odd/even? Again, it will 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 in comparison to bookmakers.
As I have demonstrated, a "50/50" at a casino is really 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.
This means the bookmaker is giving themselves a massive 10% margin on these kind of bets, the most usual of which are called "handicap bets". The handicap bets are set up in such a way 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 particular odds. Not fair, you may think. Well, they are not going to give you anything for free. They're in the business of making money after all.
So, just how can you counter these edges?
It is possible with bookmakers to employ a system of "handicap doubles". I will explain this at another time. Otherwise, only good fortune will counter a bookie's edge and that is not something to rely on.