Unless you master the probability and odds, you can never be able to devise effective gambling strategies because this is one of the most important factors helpful for winning games. First of all let us understand the terms one at a time.

What is probability?

It is a mathematical equation that will help you predict how often an event or something can take place. You can say that it is just a process of comparing negative with positive. In other words, you will have to compare how many ways or the number of ways an incident can happen with the number of ways it cannot actually happen.

What are odds?

In general odds are of two kinds:

1)   The possible outcome of some event happening or about to happen.

2)   The outcome of a bet payout amount or ratio.

What is house edge?

It is actually a calculation made between the odds of winning a particular game and calculating the odds of a payout of a bet. This is the process a casino earns money.

Does the luck factor really work out while gambling?

Luck is only a theoretical concept and it has no evidence of existence. Practically, you can call it a short term swing. It is not possible that a single person will win always. On the other hand, it is also not possible that a person will lose always. There can be infinite reasons for your loss. It can be that your opponent player was stronger than you or you don’t have the required knowledge and experience to beat the co-players. But it certainly cannot be that because you forgot to wear your red scarf or your rolex watch, so you have lost the bet. Yes, many people become superstitious when they start believing and relying on luck.

Is the probability and odds concept applicable for all type of games and every time a gambler plays?

It is not applicable in short term games because they are actually meant for long term gambling. In short term game anything can happen. There is nothing in the middle other than the extreme results.

There is no other way of changing the laws of probability even if you change your betting systems or money management strategies.

Is there any game where the odds can be in favor of the gambler?

Poker, video poker, blackjack, sports betting as well can be directed in your favor. If you are good at counting cards and / or shuffling tracking then you can do it easily. When you play short term then even if the odds are in your favor there are chances for you to loose. On the other hand, if the you cannot  redirect the odds in your favor, then no doubt you will loose all your money or bets.

You can win most of your bets numerous times if the house edge is less or low.

This entry was posted on Wednesday, January 27th, 2010 at 1:10 am and is filed under Information and Guidelines. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.