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Successful gambling relies on knowledge of the odds

By mr-gambling on 2011-12-16 13:27:06

There have been several newspaper articles and letters recently which have highlighted the question of gambling odds, most notably the suggestion that our children should be taught about gambling as part of the school curriculum. Whatever you may think of that particular suggestion, it does raise our awareness of the importance of knowing the odds of a particular result actually happening. The odds in sports gambling are of course decided by the bookmakers, based on form and historical results, and are probably the most important aspect of their business. Casino gambling is also often dictated by fixed odds, some decided by the casino operators and others simply by the nature of the casino game itself. In roulette gambling for example the odds are pretty obvious and we decide our gambling strategy accordingly. The same applies when gambling on any of the dice games at an online casino, and even if we have not bothered to calculate the exact odds, the pay out on a particular bet is a fair indication of the odds. Gambling on slots also entails gambling against fixed odds, only this time the odds are determined by the casino operator and are not always well advertised. Nevertheless we all know that the online casino does have the edge. Probably the most interesting and often forgotten application of gambling odds lies in the casino games which are recognised as requiring skill and experience as well as luck. Successful poker gambling, and indeed blackjack gambling, requires that we always take account of the odds of a particular card being dealt. This decision may be based on the cards already on the table or in our hands, or in the case of blackjack a knowledge of the probability of a particular value card being dealt. Successful gambling, whether sports gambling or casino gambling requires that we understand how much risk we are taking when we place our bets, and knowledge of the gambling odds forms the most important element of our decisions. Whatever your favourite gambling activity, take some time to consider the odds and hopefully improve your chances of winning.