The Death of Getting to Know the Odds
In the world of gambling, the word odds has several related meanings. Odds can refer to the probability of an event taking place. For example, the odds of a roulette ball landing on one of the 37 numbers on a European roulette wheel is 1 in 37 or 2.70%, which is often called the true odds. Yet, you may also encounter the house odds or payoff odds, which tell you how much you’ll win for a given wager. In roulette, you’ll be paid 35 to 1 if you bet on the winning number.
You’ll also want to get familiar with the house edge, which is effectively the casino’s profit margin. When playing European roulette, the house edge is 2.70% since players are paid 35 to 1 rather than 36 to 1. Although your individual experiences will vary, the house edge tells you how much the casino profits for every $100 wagered on average. For European roulette the casino returns £97.30 for every £100 wager or a profit of £2.70.
Even though popular casino games have standard rules and payouts, you can find some variations. Roulette players can take their pick of European or American variations, although the US version has worse odds. You’ll also find several styles of blackjack with unique house advantages. It’s worth taking a few seconds to make sure you’re playing the right game that gives you the greatest chance of winning.
Given that baccarat is immensely popular with skilled gamblers and well-to-do casino patrons, it shouldn’t be too surprising that the game offers excellent odds. When you play punto banco, which is the most common form of baccarat in the UK and online, the gameplay and odds are both simple to grasp. Although there are only three possible bets per hand, namely the banker, player, and tie, beginners should know that banker bets are subject to a 5% commission. Yet even after factoring in that fee, it’s wise to wager on the banker every time.
Here are the standard punto banco odds and house edge:
Player bets pay 1:1 with a house edge of 1.24%.
Banker bets pay 1:1 with a house edge of 1.06% including commission.
Tie bets pays 8:1 with a house edge of 14.36%.