How important are the odds

It is generally accepted that most gamblers are at the very least aware of the odds of them winning when they place a bet, whether it be on a sporting event or when playing an online casino game. At onlinecasino.ie we regularly discuss how to improve the chances of winning when playing casino games, often focussing on awareness of the odds. It is also fair to assume that most gamblers would expect the winning pay out to reflect the odds, and generally speaking that is true when playing casino games online. In some casino games such as roulette for instance, the odds are very easy to calculate, others such as Sic Bo are a bit more complicated, but in both of these casino games the gambler only needs to look at the pay out for each selection to have at least a feel for the odds. Blackjack and particularly Texas Hold’em poker are also casino games where the successful gambler will bet according to the perceived odds of winning the hand. There is of course one glaring example of gamblers totally ignoring the odds, and that is the Lottery. Strangely it is also the form of gambling which probably attracts the most participants and the highest turnover each week. Some experts will tell us that it is the lure of the jackpot which encourages people to ignore the odds, others will say that lottery players are primarily giving to charity and do not expect to win. Whatever the reason, gambling on the lottery is clearly not a particularly good investment, not only because the odds are against you, but the pay out does not even reflect those odds. Don’t get the wrong idea, we are not suggesting that people stop playing the lottery, many good causes could not survive without the income it provides, and you never know it may just be your turn one day. What we are saying is that in every other gambling environment, be it horse racing or an online casino, awareness of the odds will improve your chances of winning and enhance your enjoyment.