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Odds Defined
Written May 20, 2008 by Jack Jones
Many folks run afoul of “odds”– partly because the word is now used more often in many different ways causing a distortion blurring the difference between true odds and what the casino pays to a winning bettor.
In reality, true odds express the likelihood that something will happen. Say you have a hat with five different numbers in it and you challenge your friend to pull out a three. He has one in five chance of succeeding, and four chances of pulling out something other than a three. If you were betting on the outcome he would owe you a dollar if he failed, and you would pay him four dollars for winning. However, if you were a casino and wanted to build in a house edge, then you would have to pay him less than what the true odds call for, like $3.50.
This is where the confusion lies since the word odds is also used in connection with the diminished payoff from the house. The casino odds though will always favor the house.
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