Play The Odds
How do I play the odds?
This is a line repeated countless times every minute in gaming and betting circles. And it’s a good question. It’s the best question actually. We’ve all heard the expression, “play the odds and not the prize.” Unfortunately it’s easy to be distracted by the advertised prize. Which has absolutely no bearing on the outcome of the game. It’s not a part of the probability equation. It’s actually a part of the marketing equation. the advertised prize marketing is simply the hook.
Look past those bells and the whistles. They are distracting I know. That’s the idea. But you need to focus on the game. Distinguish the worthy from the worthless when it comes to playing the odds.
Play the odds is simply an expression used for gambling. It references the mathematical likelihood of a specific outcome. The odds will determine how much will be returned to you on the occasion your bet selection is positive. So it’s in your best interest to find odds that are strongly in your favor. To do that you will need to learn some basics.
Keep these two things in mind . Online casinos have much lower overhead than land-based. Just imagine what all those actual land-based machines with their bells and whistles cost to maintain 24-7. And on-line casinos are fiercely competitive for your long term patronage. For example U.K based sites have an extremely crowded playing field making them very competitive. Typically this leads to better bonuses and bigger prizes. Overall the odds can be much better on-line than at a land-based casino. Something to keep in mind as you make your betting choices.. How the odds break down.
To recognize what the odds are and if they are in fact good you’ll need to understand a few things. You need to know how to read the posted odds. We’ve all seen them posted in various formats such as Imperial-fractions, metric-decimals and U
SA-plus/minus. In can be more than a little confusing. Most sites will offer you the option of your most familiar currency. Some sites may also offer the option of varying odds formats. But it’s a good idea to understand all formats.“
To play the odds effectively it’s best to understand all the formats offered.”
Regardless of the format, convert it to the mathematical format you understand. For example:
1. Fractions (Imperial): Odds of 1/2 are the same as 0.5 (metric/decimal). This is a very simple example but my point here is just to convert it into the language you best understand, metric or imperial. There are conversion calculators available as well. Or simply key it into your smart phone.
2. Decimal (metric): Using the same figures the reverse is now true. Odds of 0.5 (metric/decimal) are the same as 1/2 (Imperial).
3. Plus/Minus (USA): This format is the simplest to calculate. Here’s a couple of examples. If the odds read in the negative, usually in the case of a favourite to win. For example, ‘-200’…or $200 is the amount you must wager in order to collect $100. If the number reads in the positive, as in the case of an ‘underdog to win,’ for example, +200. In this situation your $100 wager will return a respectable $200. The posted odds should be just one facet of your strategy.
Don’t forget there are other considerations. While many factors go into calculating the odds decided by the bookmaker opportunity can still be found. Remember bookmakers aren’t infallible. Don’t be fooled by marketing either. Just remember to play the odds and not the prize.