With the recent legalization of sports betting in my region all I hear now is over under this, odds of 5-1 that. Then they start talking like pirates with parlay or maybe it’s parfaits, Are they meeting to discuss a truce for unpaid debts? I’m just so confused. Also who comes up with these numbers? Is there like a council of bookies that oversee the gambling world, are the numbers regional?
In: Mathematics
The odds depend on the game being played, and the rules for those are usually the same wherever you are (barring any odd house rules that the casino may have). Basically, what the casino will be trying to ensure is that the odds of the punter winning mean, on average, they’ll receive less money in winnings than they paid in the first place, because that’s how they make their money. To reduce it to its simplest, if they had a game where you pay $1 to flip a coin and you win $1.50 cents if it comes up heads, the win on average will come out to $0.75 (because heads occur half the time) so the casino is ahead. The odds of winning in that case would be 2 to 1.
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