In the world of gambling, odds are one of the key concepts that a gambler must understand. The odds tell you not only how much you can win but also, which is even more critical, your chances of winning in the first place, irrespective of whether you are playing a roulette wheel, slots, or betting on your favorite team.
Both casino games and sports betting use odds, but they are calculated and displayed differently, and knowing these differences helps you to make the right decision.
How Casino Odds Work
Casino odds are a reflection of the theoretical mathematical model, checking feasible solutions for the given game. Each dice roll or card draw has a corresponding game rule and a slight advantage for the house, called the house edge, over the player. This advantage is a small percentage that guarantees that, in the long run, the casino will make a profit. For instance, in European roulette, the chance of the ball landing on one exact number is 1 in 37, but the pay-off is only 35 to 1; the gap between these points is where the house edge comes from.
Casinos such as Ignition Casino work with fixed odds that are almost always the same, whereas the sports betting markets are constantly changing, and these changes can be due to anything from an injured player to the weather. Because of this difference, the strategy you use for each type of gambling should be entirely different. In a casino, it is the house that you are competing against, and the rules are always the same; however, in sports betting, you are in a volatile market where the odds can vary significantly even before the match has started.
How Sports Betting Odds Work
Sports betting odds are changing all the time. In fact, instead of being the same all the time, as it is in the game itself, odds are affected by a range of factors such as team performance, injuries, weather, and even how much money is being bet on each side. Then there is also the bookmaker’s take, or the vig as it is generally referred to by bettors, which is the commission along with which the bookies get their profit from whatever the result will be.
As an illustration, a soccer team’s initial betting line to win might be 2.00. However, if a key player is injured or a significant amount of money is wagered on the team, the odds will likely shift to around 1.80. In such a situation, the question of betting timing, is almost as important as deciding the right side. The winning sports gamblers are typically those who seek “value odds”, the odds provided by a bookmaker that assumes the event is more likely to occur, yet still, in their view, the probability is underestimated. Thus, their evaluation puts it higher.
House Edge vs. Bookmaker Margin
In both casinos and bookmakers, an advantage is set for them, but each one does it in its way.
- The feature of the way the advantage is encompassed in the game’s configuration – the odds are in the house’s favor by the rules, and nothing can be done about that other than to either play games with less house edges or make use of perfect strategy where it is allowed.
- Sportsbooks have a margin in the odds they offer, which signifies that the sum of the implied probabilities for all the results is more than 100%. This is how they make their profit regardless of the outcome, as long as the bets are evenly balanced.
Player Influence
The possibility of players influencing the outcome is minimal in most casino games. For instance, in blackjack, the player can use a strategy to lower the house edge, and in poker, the player’s skill can be used against other players, but the basic math is still against the player in the long run.
On the other hand, sports bettors have more latitude to locate an edge in sports betting. By doing the research on the teams, understanding the stats, and following the changes in the betting market, you can occasionally discover the situations where the odds are in your favor, which is a lot more difficult in a casino setting.
Types of Odds Formats
Both the casinos and the sportsbooks communicate different formats of odds:
- Decimal odds
- Fractional odds
- Moneyline odds
Generally, in casinos, these are the numbers that appear in payout tables or promotional material, but they remain constant. In sports betting, these formats are the main ways to represent the prices that are changing continuously.
Example: Comparing a Roulette Bet and a Football Bet
We can take two simple examples that show the difference.
Roulette Single Number Bet:
- Probability: 1/37 (around 2.7%)
- Payout: 35:1
- House Edge: Limited to 2.7%, no effect from player actions.
Football Match Bet:
- Opening Odds: Team A to win at 2.00 (implied probability 50%)
- Odds Movement: The heavy betting if directed towards Team A, the odds will be shortened to something like 1.80 (implied probability ~55.6%).
Bookmaker Margin: Present in the odds of all outcomes, fluctuating depending on the betting activity.
