Han Solo’s famous line, “Never tell me the odds,” would not work well when a person is gambling and they want to win. As every savvy online gambler knows, probability is the foundation of any betting strategy.
With the right odds, a player will have a better chance of winning. Many people think that gambling is about luck, but it is actually all about mathematics and probability. It does not matter whether the player is online or offline, the odds will be just the same.
Probability and the player
Probability and winning odds guide much of how gambling works. For instance, in a game of heads and tails, which gives players one out of two chances of winning, it is reasonable for the house to match the bet made by the gambler. The difference is felt when the chances of losing are higher.
It would not be fair for the house to offer the same reward for winning if the odds were one in three chances. The increased chance of losing would need a corresponding addition to the reward.
With math in the equation, casinos have a way to ensure that they profit from players’ bets in the long run. The gambling world calls this the house advantage.
Also known as the house edge, it varies from one game to another, even more so depending on the developer of these games. Regardless, it is worth noting that skill-based games register a significantly reduced house edge even for its game variants. This is the reason Bitcoin blackjack and poker is preferred by some serious gamblers over slots and roulette, for instance.
Reading the odds
Knowing the odds in Bitcoin games gives players a chance to formulate strategies where they can come out ahead of the casino operator, even with a house advantage. For a rough example of how odds can be read, people only need to look at slot games.
Bitcoin slots, especially newer ones, usually have five reels. To win, a player has to get a particular combination of matching symbols. If there are five symbols on each reel, there is a one in five chance that a symbol would show up on a particular reel. Therefore, there is 1/125 chance or 0.008 percent possibility that the symbol will show up on at least three reels.
For combinations involving more symbols, the chances are lower. Further chances are increased and decreased by the use of less symbols or special bonus symbols.
If players have a rough idea of how often they can win, they can modify their bets to better take advantage of their chances of winning. A gambler may have lost money from previous bets, but a good win can erase losses and even net a profit. Players should therefore hit the books on math if they want to get a better chance of coming out ahead.