Understanding Casinos: Games with Fixed Odds
When getting into an intense (and fun) evening of Casino Gambling, it is important to know the types of odds / games that you are getting into first. It just makes things that much more manageable for you.
For example, is the game you want to play right up your alley in terms of risk, or is sitting down at this particular table going to be way over your head (or wallet, for that matter)? In either case, it’s important to know the types of odds that you will be up against. In this particular instance we will be discussing fixed odds gaming.
So what are fixed odds, exactly? There are a few definitions, to be honest.
Essentially, fixed odds can be the set odds for a particular game. While games like blackjack, craps, poker, and the like all have varying odds depending on the cards dealt / dice thrown / game position / player skill, other games have “fixed” odds that do not change. A game like roulette is a true fixed odds game – the odds of you winning a particular bet do not change. The spinning wheels (wheel of fortune, big wheel, big six wheel, etc) are also a fixed odds game – your chance of winning any particular bet is set in stone.
In the case of sports betting, the fixed odds are the odds of your bet, and are usually locked in when you place your bet (although some sports bets, like a horse race, the odds are set when the race starts. But this is still considered fixed for terms of discussion).In sports gambling, the fixed odds are normally set up by someone called a “bookmaker”. The bookmaker is usually the one who takes in and pays off the various bets made. A popular slang for this term is “bookie” (many times applied to a large guy with a name like “Knuckles Mahoney”). In terms of a casino, however, their “sports book” is a legal (and comparatively safe) bookie.
When dealing with fixed odds, keep in mind that the established prices/odds have been added up primarily in favor of the house. Also in most sports betting, the house takes a certain percentage (hey, someone has to pay for all the glitz!)
In fixed odds gaming, there are three types of odds that are popular: Fractional odds, Decimal odds, and Moneyline odds.
Fractional odds allow a bettor a quote based on the total amount of money paid to them that will be paid upon winning. The winning are compared on what the bettor’s stake will be. This form of odds is popular in European countries, such as Ireland and the United Kingdom.
Decimal odds are another international favorite. The difference between decimal odds and fractional odds is that a bettor must be willing to put their stake up for a bet, whereas the quoted figure of the winning amount will then be used as the payout for the bettor.
Moneyline odds, however, are most commonly used by American bookies, as they are commonly known as “American odds”. Moneyline odds can go either positively or negatively. Positive figures base their odds on how much money will be won on a particular wager. Negative figures base their odds on how much money has to be wagered in order to win a set amount.
As you can see, there’s a lot to consider when placing your bet, so do your homework (in this case, mathematics… we know, we know… that’s no fun. But it will help you at the tables.) Good luck!!!
