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Written by Gordon B

 What are the odds in gambling?

When it comes to gambling there are many arguments against it. They are generally centered on all the negative consequences, including increase in crime, destruction of society and family and many problems which result from pathological and compulsive gambling.

 

Even though these are considered serious problems, one that is raised occasionally is the misunderstanding of gambling odds. So, what are the odds in gambling? Believe it or not, most don’t understand the gambling risks and odds. The confusion surrounding risks as well as with other preconceptions and misunderstandings makes it easier for gambling providers to defraud and manipulate players.

Nearly everyone finds it difficult to understand the numbers involved in the gambling odds. However, when you learn about these odds you will discover that it is not so dangerous to gamble in your pastime. The most important thing to remember is that the gambling odds will always favor the casino or house. As an example, in slot machine game the house edge can be high as thirty-five percent.

Even though some players will gain an edge temporarily, the odds usually prevail in the long run and cause them to lose money. This simple principle is basically explaining why casinos are taking in so much money.

It’s worth mentioning that casino odds are not as bad as the lotteries. For example, the state lottery can pay out 60% of the funds that it takes in, making it considerably worse than the slots or any other form of casino gambling. The bigger jackpots also have the worse odds as winning chances are 1 in 50 million or worse. It is said that you are more likely to get hit by lightning than to hit this kind of jackpot.

A the end of the day, even when players know the odds in gambling they will still have many false ideas, misunderstandings and other biases which interfere with their ability to understand how the odds would apply to their situation. When gambling, you should not make the common mistake of thinking that you understand the odds and then try to find a way to beat the casino.

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