But the best online casino bet in the house has to be “craps odds.” It’s the only bet where there’s no house edge at all. The house edge on the banker hand in baccarat, for instance, is 1.06%, while it’s 2.7% for an even money bet on French Roulette, and it can go as low as half a percent for blackjack and video poker. Gonzo’s Quest has an RTP of 95.97%, so the house edge is slightly more.ĭig a little deeper, and you’ll find that as much fun as online slots can be, they’re not the casino games with the best odds. Asgardian Stones, for example, has an RTP of 96.1%, so the house edge is 3.99%. Flip it around, and you get the house edge. That’s the money the game gives back on average. Real online slots all come with an RTP (return to player) percentage. Some games tell you straight up what the house edge is. That’s the average amount of money that the casino makes on a particular game over a certain number of plays, usually in the millions. The most important percentage to keep in mind is the house edge. Using percentages is very useful in sports betting, but it can help a lot with online casino games too. The alternative to calculating percentages yourself is to use an online odds converter. So decimal odds of 1,50 would yield an impressive winning probability of 66.67%! If you’ve got decimal odds of 10, your chances to win are exactly 10%. To work out your chances of winning from decimal odds, simply divide 100 by the odds. Put $100 on a bet with decimal odds of 1.50, and you’ll get $150 if you win. To calculate how much a winning bet will pay, simply multiply it by your bet. They’re also geared more to payouts than probabilities. How to convert decimal oddsĭecimal odds come in decimal form (1.80, 3.50, 6.40, and so on). The result is a 75% probability of a win. For odds of 300, you divide 100 by 400 to get 0.25 and multiply that by 100 to get 25%.įor negative odds, you divide the odds by the odds +100 and multiply by 100. To convert positive odds into percentages, divide 100 by the odds + 100, and multiply the result by 100. Negative odds show how much you need to wager to make $100. Positive odds show how much you’ll win on a bet of $100. The method of converting American odds to percentages depends on whether you have positive (underdog) or negative (favorite) odds. Divide 1 by the result and multiply by 100. First, add the numbers on each side of the fraction together. Here’s how to convert fractional odds to figure out the probability of a win. It’s simple enough to do on a calculator. All you need to do is apply a mathematical formula. If you’re looking to work with percentages instead of odds, the good news is that it’s easy to convert from one to another. This shows that our hypothetical horse is a favorite, but it’s not much help if you’re trying to work out the actual percentage probability of a win. That means you have to put down $300 to win $100. Odds of 1/3 convert to American odds of -300. It’s even less obvious when you’re working with American odds and decimal odds. How sure would you feel about betting on a horse with odds of 4:3? What about a horse with odds of 1/3? It isn’t obvious that the probability of this bet succeeding is 75%. If you own 1 of 4 tickets, you have a 1 in 4 chance to win, but your odds are 3/1. That’s simple enough, but things can get complicated quite quickly. The fractional odds for a coin toss are 1/1, which means you have the same chance of winning as you do of losing. They can be expressed as fractions, decimals, or moneyline odds (American odds). So how do betting odds work? Odds are ratios of your chances of losing against your chances of winning.
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