Odds & Probability
Odds and probability are often used interchangeably to describe your chances of winning at gambling. In fact, they are not the same thing. Let's find out what they mean.
Probability allows us to predict how often an outcome or win will occur but does not allow us to predict when exactly it will happen. It's useful to know the difference in order to make informed decisions about the games you choose to play.
In gambling, the concept of odds refers to the total amount you are paid if your bet wins and is typically expressed in ratios. Odds can also be referred to as a 'payout'. For example, if the payout is 2 to 1 (2:1), this means that for each $1 wager you make, any winning outcome will pay you a total of $2. The odds for a game are typically listed somewhere close by. In craps, for example, they're usually written right on the craps table. Understanding the difference between the odds and probability helps us determine the house advantage. The bigger the difference between the odds and probability, the bigger the house advantage.