Home Gambling Understanding the Mathematics Behind Betting Odds & Gambling

Understanding the Mathematics Behind Betting Odds & Gambling

Source: pexels.com

Gambling has been popular for more than a couple of centuries. As a matter of fact, the first signs of gambling can be found as early as around 3000 BC. Pretty shocking isn’t it?

People loved the social aspect of gambling since the beginning of time, along with taking risks and being able to get money in return. The first gambling games were played in the comfort of people’s homes, within the families and long after that, the first ever brick and mortar casino was made. In order for you to understand when that happened: the first casino was opened in the 17th century in Italy (more specifically in Venice). After the creation of the first ever casino, it seems like people were more than crazy about all the available games. The excitement, the anticipation, the tempting element of luck along with testing your skills, outsmarting your competitors, the process of competing and socialising with other people: all of this combined made the winning combination. And the reason why people decide to indulge in casino games.

It would be strange not to mention Sports Betting as well. Sports Betting became the next big thing, when people realised they can mix the love for sports individual players teams or tournaments with their love for money, odds and making predictions. Some of the most popular sports people usually wager on are basketball, football or tennis. But there is a plethora of other, bigger or smaller sports such as golf for example, where people get big money returns and profit, all while being involved in something they love.

However, the biggest switch from traditional gambling to modern gambling was the fact that brick-and-mortar casinos were not the only places where you could indulge in casino games. The whole gambling industry went online.

Source: pexels.com

With the rise of modern technologies, we changed our habits and evolved in many ways. What was once unimaginable is now normal and a part of our daily lives. Gambling is no exception. People are doing the majority of their shopping online. They use banking services on their smartphones to book tickets – shortly put, they do everything they need online!

Since gambling has always been surrounded by a certain amount of stigma and judgement by society, it doesn’t come as a surprise that when csinos turned online, this was a big plus for the majority of gamblers. Whether they are professional gamblers or occasional ones who only do it for a hobby, it’s become more convenient and more enjoyable to place bets almost anywhere.

The biggest advantage of the online casino industry compared to the traditional brick-and-mortar casinos is the fact that you can gamble wherever you are whenever you want it. And no one has to know about this! The only thing you need is your smartphone in an access and some money in your account.

Source: pexels.com

When people realised all the amazing benefits of online gambling, this industry started to grow and thrive. As a matter of fact, it became extremely competitive and a bit too saturated. This resulted in even more opportunities for gamblers because casinos are competing with each other by offering bigger deposits, bigger prizes and better wagering conditions. This is great for gamblers, since they can use special codes such as lucky creek casino bonus codes that can help them elevate their game and win big money.

Not only that, amazing visuals, great user interfaces, special effects and games that hold your attention: all of this is something game creators, designers and casino owners are constantly working on.

In this environment, it’s very easy to get lost or overwhelmed about so many choices. It is also extremely easy to get carried away and end up losing way more money than you planned in the first place.

It seems like no matter what you do and no matter how fantastic the online casino website or platform is, you need to understand how the game works and have a deeper insight into what’s behind the game. That is the mathematics behind the odds and gambling in general.

If you don’t know where to start in understanding the math behind your favourite games, don’t worry. We got your back.

Source: pexels.com

First of all, why would you even care about the mathematics behind poker, blackjack or any other game of your choice? The answer is simple: you need to find a way to determine whether you should play that game and whether you should invest money or not. We all know that gambling is a risky game itself, but still some people are more successful than others. Unlike the popular opinion that these people have a special gift or a special tool for analytics, they simply have a clear understanding of what’s happening in the game and behind the game and make better predictions than others.

There are usually 3 to 5 main types of odds, which also includes calculating odds. Their purpose is to determine the percentage of winning and losing probabilities. Some of them are fractional, decimal and moneyline.

In short, you can either calculate odds by expressing them as a ratio for example 5 to 1 or 10 to 1 or you can calculate this in decimal odds (how much you win every time when you invest $10, for example). Finally, the third option would be to simply calculate where you have higher odds of getting a higher payout.

One thing is sure: if you do try to calculate odds you should do it by yourself, because the odds on the displays at online and offline casinos are not accurate at all, and they don’t show you the true probability of winning money. Luckily, there are multiple ways to check the probability of the online casino website before you start gambling.

Read the reviews, check the margins in every casino and calculate if the potential profit you can make is higher than your planned initial investment. You can do this by using some of the simple formulas mentioned above. And remember, the house always wins, unless you have a good strategy!