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If you are allnewgclub gambling online and looking to play games of chance, then to make money you need to know the bets with the best odds of success.
Do you know the best bets in Baccarat, Roulette, craps and slots? If you don't and you're gambling online then you will do after reading this!
There is nothing you can do to influence the outcome of games of chance, i.e. you can't apply systems. Many people buy them off the net but they don't work and you will soon know why.
To increase your odds of success all you can do is pick the bet with the best odds and this means knowing the theory of probability.
Probability is a branch of mathematics that deals with calculating the likelihood of an event's occurrence, which is expressed as a number between 1 and 0.
An event with a probability of 1 is considered a certainty:
For example, take the toss of a coin the probability of a coin toss resulting in either "heads" or "tails" is 1, because there are no other options, assuming the coin will land flat i.e. the probability is 0.
An event with a probability of .5 is considered to have equal odds of occurring or not occurring:
For example, the probability of a coin toss resulting in "heads" is .5; this is because the toss is equally as likely to result in "tails."
Probability theory applies precise calculations to quantify uncertain measures of random events.
The odds don't change!
A fundamental mistake many gamblers make is to assume the odds get better if an event happens several times in a row. For example, if heads comes up 20 or 100 times in a row, the odds do not change for heads coming up on the next toss. There still 50 - 50% or .5.
When gambling online in games of chance, systems that try and predict when the odds are in your favor can't work, as the odds are fixed and don't move.
Let's take a look at an example that relates to gambling online in game of chance and put in the house edge.
Odds & the house edge
We are offering to pay you odds of 10 to 1 (you win $11.00 minus the $1 you paid to place the bet. Of course if we paid you the correct odds of 12:1 things would of course, even themselves out over the long run but, in this example we have given you worse odds and this represents our edge.
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