Understanding probability

What is probability? Probability is the chance of achieving a particular outcome compared to all possible outcomes.  This is often know as the law of averages.  For example if you toss a coin there are only two possible outcomes heads or tails. Thus you have a one in two chance of getting heads. Therefore the probability of getting a head is 50-50 ratio, 0.5 decimal or 1/2 fractional .

By studying each particular game or event you will learn what the probabilities are.  The main thing to remeber though is the probability of an event happening can be considerably different from odds offered.

Odds versus Edge

Modern gambling companies earn their money by charging the customer a fee or commision for the privilege of using their service. This fee is known as the house edge, and it built into every wager made through a casino or sportsbook. 

A simple example of house edge

In a coin toss game, let's say you bet $1 and hope to win on the side of tails, and lose to the casino if heads comes up. If heads comes up you lose a $1 but if tails wins, you get only 99 cents. This 1 cent difference is the house edge.



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