Understanding online casino odds

Casino odds can be pretty mysterious. How do they work and what do they refer to?

Are they trustworthy?

Understanding casino odds is an essential part of the casino experience and this article will answer your questions about them.

What are odds and how do they work? 

In simple terms, odds indicate the probability of a certain outcome.

They can be presented in the form of:

• fractions/ratios
• decimals
• moneylines

Fractional odds are considered to be the most traditional types of odds. You might know them as British odds.

They are either written as fractions (3/1) or as ratios (3:1). What do they actually mean?

If you see 3/1, it means that you could potentially make a profit of $3 for every $1 you put in. In this scenario, it means you could end up with your initial deposit back ($1) and your profit ($3).

The final amount would be $4.

Decimal odds work a bit differently. If an odd is 2.00, it means that you could win $200 per $100 bet.

The amount reflects the prize money for every $1 bet.

You might know moneyline odds as American odds. These odds will have plus (+) or minus (-) signs in front of them.

If an odd appears as -200, it means that you’ll have to bet $200 for a chance to win $100. If an odd is listed as +200, it means you might win $200 for every $100 bet that you place.

Players should bear in mind that the minus sign is usually used for favourites. For example, if you are betting on a player and their odds of winning are high, your odds will usually show with a minus sign in front of them.

That is because your bet is considered to be ‘safe’ and more likely to happen. In order to stay afloat, bookmakers need to reduce the payout amount for these types of sports bets.

If you bet on an underdog, or a player whose odds of winning are quite low, your odds will usually show with a plus sign in front of them. That’s because these bets are less likely to be successful.

They’re safer for bookmakers, because they most likely won’t have to pay you anything. However, they are riskier for you.

What’s the difference between an odd and a percentage? 

Percentages look at the probability of an outcome out of all possible outcomes. Odds indicate the ratio of positive outcomes to negative ones, wins to failures.

That being said, players can convert their odds to percentages if they prefer. For example, if their odds are 3:1 = 3/3+1 = 3 / 4 = 75%.

If you are struggling to convert your odds into a percentage, you can use this free percentage calculator.

Are odds trustworthy? 

Players should bear in mind that odds cannot predict anything. They just indicate the probability of something happening but offer no certainty that this will happen.

Players should play and make their bets accordingly. They can look at a game’s odds for a rough idea of what might happen.

If they choose to place a bet, it’s important that they only bet what they can afford to lose. By keeping track of your gaming budget and betting responsibly, you’ll have a much more enjoyable gaming experience.

Odds can help you assess when you can afford to continue playing versus when you should stop.

For example, you can estimate your poker pot odds by counting the number of chips in the pot versus the amount you need to contribute to call.

You can also estimate your winning odds by counting the number of cards that help you (known as ‘your outs’) versus the number of cards that don’t serve you. This number won’t be definitive, but it might help with your strategy and budget.

It is also important for players to remember that not all figures apply to short-term gaming. For example, online slots usually mention a Return to Player (RTP) percentage.

This percentage is meant to indicate how much money a player can expect to make back. For example, if a game’s RTP is 97%, players could theoretically make back 97% of their initial bet.

The problem with this percentage is that it’s just an average based on many rounds. If you play a slot game a couple of times, you most likely won’t see this RTP in your winnings.

That’s why it’s important to understand what odds are, how they work, and how they were calculated.

Final thoughts

We hope this article helped you understand how odds work. Let us know in the comments below if you have any other information you would like to share about odds and gaming.