Forums » General » All Gambling Games Are Odds Vs Payout
No matter what your favorite game is, all gambling games are essentially odds vs payout. Forget about what determines whether you win or lose, and look at gambling from a mathematical perspective alone. Let's compare roulette and sports betting. On a European roulette wheel, there are 37 pockets and the payout for a single number win is 35-1. In this case, the odds of winning (assuming the wheel is random) are 1 in 37. But for a win, you are paid 35 chips (plus your original bet). This is easy to understand even for amateurs.
Now say you bet on a sports team to win, and they were a long-shot at 15-1. Most sports gamblers would call this the "odds", but it's not. The 15-1 is the payout. So what are the odds then? Nobody really knows. Bookies usually change the payouts depending on what gamblers bet, so the bookie will never lose. The bookie couldn't care less who wins or loses. The odds in this example are simply the chance of a particular team winning. One gambler might thing the "long-shot team" has a 1 in 10 chance of winning. Another gambler might think there's a 1 in 20 chance. And yet another gambler might see that the "long-shot" team had lost it's previous few games because of critical missing injured players, that will return for the next game. And this gambler may estimate the long-shot has a realistic 1 in 5 chance of winning its next game. They will then recognize the large difference between the odds of 1 in 5, and the payout of 15 to 1.
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