The whole online gambling industry is built on odds. This is most apparent when betting on sports because you can see the odds presented in the sportsbook. However, odds are also used in many online casino games, but some people are unaware of how odds work for casino games.
Read on as we take a closer look at sports betting and casino games and assess how odds in online gambling work.
Sports Betting Odds
As highlighted above, sportsbook odds are presented clearly on the website or app of the sportsbook. If we look specifically at US sportsbooks, the basic sports betting odds are generally listed with either a ‘+’ or a ‘–‘ in front of them. In other countries, you will see odds listed as decimals or fractions, but for this example, we will stick with the moneyline odds used in the United States.
Sports betting odds do not tell you how much you will win, but you do not have to do the math yourself, as the online sportsbook will do that for you when you enter your stake. Nonetheless, it is important to understand how the odds work.
Moneyline odds work by telling you how much money you would win if a $100 bet is successful. So, if the odds on a basketball game, for example, were +100, and you bet $100, and it was successful, you would win $100 plus receive your initial $100 bet back. If the sports betting odds have a ‘-‘ symbol in front of them, it tells you how much you would need to wager to win $100. For example, if the odds were -200, you must bet $200 to win back $100 plus your original stake.
The bigger the number after the ‘+’ sign in the odds, the longer the odds and the less likely that team or player is to win the eyes of the online sportsbook. The larger the negative number, the shorter the odds and the more likely that team or player will win in the eyes of the online sportsbook.
Casino Game Odds
Every game at an online casino has odds, and the odds for each game are different. Many people choose to play online casino games without considering the odds of the game they are playing.
Online roulette is a good example; the odds can differ depending on which online roulette game you play. When playing a European roulette game, there is one green zero space on the wheel, and the house edge is 2.7%. However, when playing American roulette, there are two green zero spaces on the wheel, increasing the house edge to 5.26%. The house edge is the casino’s advantage over you when playing a game.
Even online slots have odds, and if you play slots at one of the popular online operators, such as High 5 Casino or any similar sites, all their slot games will come with odds. Every official online slot game will come with a payout table, showing you how much you could win when playing the slot. However, your focus should be the payout percentage, also known as the RTP (return to player). For example, if an online slot game has an RTP of 80%, the casino has a house edge of 20%, which is high. However, many of the recently released online slots come with an RTP of 95% and 98%, meaning there is a better chance of winning over a prolonged period.
Blackjack, baccarat, poker, and craps all come with their odds. Online blackjack is considered one of the casino games with the best odds, but you must understand the blackjack strategy to know when the odds are in your favor. The cards determine the odds you will go bust in your hand, so if you had a hand consisting of a jack of spades and a 4 of hearts, the odds are 46% that you will go bust when you draw another card. As your hand increases in value, the odds will get higher.
There are many ways to count odds when playing online casino games, but learning the various strategies takes a lot of effort. However, odds are easier to understand when betting on sports and playing online slots.