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January 15, 2017
 

What Are the Odds of You Winning a Bet?

The world of gambling is often frowned upon largely because it is seen as a way to lose money. Gambling is also associated with the problem of addiction and it does not help matters either. Yet, is it true that people only lose money when they gamble or is there a huge amount of money to be made from making nothing more than predictions?

There are some aspects which make gambling a huge positive when the right tactics are applied. Placing a bet happens to be one of the best ways of gambling, as the odds of winning are significantly higher than a lottery, for example.

It is clear that betting is one of the best options when it comes to gambling, but what are the odds of you winning a bet? It probably depends on the category of the bet, whether it is casino games, electronic gaming machines, or sports. Each has their positives and negatives, and the probability of winning varies significantly in this regard.

Sports Betting

Sports betting happens to be one of the most popular forms of gambling in the world. Almost everyone has an interest in betting on their favourite sport. It is estimated that the United Kingdom alone contributes a big chunk to sport betting. Football, horse racing, and rugby are some of the popular sports in this part of the world. Football has the biggest contribution with over £450 million in revenue generated in 2015 alone. Horse racing comes a close second with around £300 million of revenue in 2015.

The probability of winning a sports bet depends on various aspects like current form, head-to-head record, past performances, and prevailing conditions at the time of the event. In sports like football, team news plays a major role in determining the chances of success. Different bookmakers offer different odds for a particular event and it is vital to use comparison sites such as odds digger in order to get the best possible chance of winning a higher amount.

The probability of winning a sports bet increases tremendously when it is concerned with a single bet. The three-bet parlays are on par with slot machines and table games in terms of probability of winning. Hence, it is advised to stick with a bet on a single event rather than placing the stake on multiple events to occur for a win.

Casino Table Games

Casino table games are incredibly popular in the physical casino and this has led to online casinos also embracing these games in a big way of late. Blackjack and roulette are seen as the best ways to win money at a casino. Slot games may appear like an easy way to winning, but they contribute the biggest profits for casinos. They have an extremely low percentage of success that it makes sense to concentrate on the table games, which are more strategy oriented and places the player in control of their stake.

The edge to the casino in terms of blackjack is just over 2% when played in the correct manner using the perfect strategy. Card counting is one of the strategies employed by players in order to enhance the chances of winning at blackjack.

Slot Games

Slot games are primarily meant for entertainment and killing the time. Even then, they offer reasonable returns if the player is not too greedy. In essence, the chances of winning in a slot game depends on various aspects like the last payout from the machine, stake, length of playing time, and time of playing. These factors have a huge influence on the wins.

Even though these games are more about luck, more newcomers tend to stick with the slot games in order to get a feel of the casino. The odds of winning may not be great, but, it is estimated that the player will receive around 85% to 92% of the turnover made by slot machines.

Thus, a slot machine will retain only around 8% to 15%, and these do seem like reasonable odds for success. Yet, it is interesting to know that blackjack and roulette will offer an even better chance of winning. Even though the return to the player of more than 90% may sound very attractive, it should be remembered that this figure is achieved over the entire lifespan of the machine rather than in a single session.

Lotteries

Probably one of the well-known aspects of gambling, it is often seen that lotteries are seen as the ultimate expression of gambling. However, it presents amongst the lowest probability of winning along with bringing the added disadvantage of becoming addicted to gambling.

 



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