Craps odds are essentially an estimate of how good a casino holds in its games. Compared to the payout, a gambler may calculate how likely he or she will be to win his or her next bet.
A simple calculation of the craps odds will show that the casino is holding about a seventy percent chance of winning each bet. To put it another way, you are about as likely to win one thousand dollars playing a hundred hands of craps as you are to win the amount by playing one thousand hands of roulette. However, because the odds for the latter casino game are very low, the craps odds will often be lower.
Now, comparing the real odds of a bet against the possible payout, a gambler will see how likely he or she will make a winning bet. For instance, if the house has a seventy percent chance of winning every bet, and you are betting the amount equal to the horse’s chance of winning, then you are about as likely to win as the house. However, if the casino has a ninety percent chance of winning each bet, then you are about as likely as the house to win. That means, if you are betting more than the house’s chance of winning, then your odds of winning are better, and if you are betting less, then your odds of losing are better.
By applying this principle to any given casino game, an experienced gambler will realize that the actual odds of winning or losing should be a ratio of the odds of the casino over the odds of the player to the house advantage. The ratio can also be stated as the number of wins to the number of losses divided by the number of wins. That means, as long as there is a house advantage, you should have an increased percentage of winning, as long as you are betting at a lower house edge.
True odds are usually based on statistics that are available to casino gaming sites, but can vary from site to site. In addition, the amount of information available to each site varies, which can add another factor to the estimates of true odds. Because of this, the actual odds of winning or losing depend on several factors.
Another important way to determine true odds is through the use of the “house” or house advantage. The “house” refers to the advantage that the casino has over you by way of the size of its bankroll. A smaller player will have a smaller “house,” which means that he or she must raise his or her bets to compensate for the smaller amount of money in his or her bankroll. The larger player, on the other hand, has a larger “house,” which means that the smaller player must lower his or her bets, so as not to give the larger player an equal opportunity of making larger returns. The “house” effect is particularly important if you are playing online; the smaller player must lose more money in order to cover the small losses of the larger player.