Odds Casino

Posted on 8/1/2022by admin

Fixed-odds betting is a form of wagering against odds offered by a bookmaker or an individual or on a bet exchange. It involves betting on an event in which there is no fluctuation on the payout. In Australia, the practice is usually known as 'SP betting'.

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Calculating fixed odds[edit]

The advantage of fractional odds is that it is flexible and shows that if you bet $40 then at odds of 5/2 you would win two and a half (5/2 = 2.5/1) times that amount so you would win $100. This is one of the best ways to beat the odds at any casino. Such dealers are likely to show their card accidentally thus greatly improving your chances of winning. Always take advantage of such opportunities because they come once in a lifetime. (NV) If your gambling is no longer fun, don’t wait for the problem to get worse. Contact the Nevada Council on Problem Gambling or call 1-800-522-4700. (PA) If you or someone you know has a gambling problem, help is available, call 1-800-Gambler. (WV) If you or someone you know has a gambling problem and wants help, call 1-800-GAMBLER. Sticking with the example above, you might expect to see the NFL point spreads set at 13.5, with odds of -110 on the Eagles -13.5, and odds of -110 on the Jets +13.5.

It is customary with fixed-odds gambling to know the odds at the time of the placement of the wager (the 'live price'), but the category also includes wagers whose price is determined only when the race or game starts (the 'starting prices'). It is ideal for bookmakers to price/mark up a book such that the net outcome will always be in their favour: the sum of the probabilities quoted for all possible outcomes will be in excess of 100%. The excess over 100% (or overround) represents profit to the bookmaker in the event of a balanced/even book. In the more usual case of an imbalanced book, the bookmaker may have to pay out more winnings than what is staked or may earn more than mathematically expected. An imbalanced book may arise since there is no way for a bookmaker to know the true probabilities for the outcome of competitions left to human effort or to predict the bets that will be attracted from others by fixed odds compiled on the basis personal view and knowledge.

With the advent of Internet and bet exchange betting, the possibility of fixed-odds arbitrage actions and Dutch books against bookmakers and exchanges has expanded significantly. Betting exchanges in particular act like a stock exchange, allowing the odds to be set in the course of trading between individual bettors, usually leading to quoted odds that are reasonably close to the 'true odds.'

'The best of it'[edit]

In making a bet where the expected value is positive, one is said to be getting 'the best of it'. For example, if one were to bet $1 at 10 to 1 odds (one could win $10) on the outcome of a coin flip, one would be getting 'the best of it' and should always make the bet (assuming a rational and risk-neutral attitude with linear utility curves and have no preferences implying loss aversion or the like). However, if someone offered odds of 10 to 1 that a card chosen at random from a regular 52 card deck would be the ace of spades, one would be getting 'the worst of it' because the chance is only 1 in 52 that the ace will be chosen.

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In an entry for L'Encyclopédie (the Enlightenment-era 'French Encyclopedia'), Denis Diderot cites a similar example in which two players, Player A and Player B, wager over a game of dice that involves rolling two six-sided dice. Player A wins if the dice add up to 12, of which there is only one possible case. Player B wins if the dice fall in any other combination, of which there are 35 possibilities.^[1] It is mathematically disadvantageous to make a bet if one gets'the worst of it.' Accordingly, for the bet to be 'fair,' the amount each player could potentially lose or gain from the wager should be adjusted, depending on the odds of their success.

Laying odds[edit]

When making a bet in which one must put more at risk than one can win, one is laying the odds. Rational bettors will do so only if the actual chances of an adverse outcome are low enough that the expected outcome even after deduction of taxes and any transaction costs is favorable to the person placing the bet. For example, if one bets $1,000 that it will rain tomorrow and can win only $200 but can lose the entire $1,000, one is laying odds that will rain tomorrow. Laying odds is reflected in the colloquial expression '[I would] dollars to doughnuts' — with which the speaker is expressing a willingness to risk losing something of value in exchange for something worthless, because winning that bet is a certainty.^[2]

Lay betting[edit]

'Lay betting' is a bet that something will not happen, so 'laying $50 on a horse' is betting the horse will not win. Bookmakers sell bets based on the odds of a specific outcome, but lay betting allows the bettor (in some English-speaking countries, the 'punter') to reverse roles with the bookmaker, using odds to sell the opposite outcome to the bookmaker. In this context, 'lay' is used in the sense of 'layman', i.e., a bet sold by someone who does not sell bets professionally.

Types of odds offered[edit]

There are three widely used means of quoting odds:

Fractional odds[edit]

Favoured by bookmakers in the United Kingdom and Ireland and common in horse racing, fractional odds quote the net total that will be paid out to the winning bettor relative to the stake. The term 'fractional odds' is something of a misnomer, especially when visually reinforced by using a slash (as opposed to, e.g., a colon or the word 'to' or 'on') to separate a potential gain from the amount that a bettor must wager in order to receive it upon a win, because the 'fraction' in question represents not the odds of winning or even the reciprocal of the odds of winning but rather the fraction (for any odds longer than 'even money' or chances of winning less than 50%, an improper fraction) of the amount at stake that the upside outcome represents. This fraction may be derived by subtracting 1 from the reciprocal of the chances of winning; for any odds longer than 'even money,' this fraction will be an improper one.^[3]^[4] Odds of 4:1 ('four-to-one' or less commonly 'four-to-one against') would imply that the bettor stands to make a £400 profit on a £100 stake. If the odds are 1:4 (read 'one-to-four', or alternatively 'four-to-one on' or 'four-to-one in favor'), the bettor stands to make £25 on a £100 stake. In either case, against or on, should he win, the bettor always receives his original stake back, so if the odds are 4:1 the bettor receives a total of £500 (£400 plus the original £100). Odds of 1/1 are known as evens or even money.

Not all fractional odds are traditionally read using the lowest common denominator. Perhaps most unusual is that odds of 10:3 are read as 'one-hundred-to-thirty'.

Fractional odds are also known as British odds,UK odds,^[5] or, in that country, traditional odds.

Decimal odds[edit]

Favoured in Continental Europe, Australia, New Zealand and Canada, decimal odds differ from fractional odds by taking into account that the bettor must first part with their stake to make a bet; the figure quoted, therefore, is the winning amount that would be paid out to the bettor.^[4]^[6] Therefore, the decimal odds of an outcome are equivalent to one plus the decimal value of the fractional odds; in the absence of built-in house advantage to cover overhead, profit margins, or (for an illegal enterprise) compensation for the fact that both chances of prosecution and penalties in the event of conviction tend to be higher for bookmakers than for clients, the decimal odds associated with a given outcome would be the decimal expression of the reciprocal of what the offering party assesses to be the outcome's chance of occurring.^[7] Thus, even odds 1/1 are quoted in decimal odds as 2. The 4/1 fractional odds discussed above are quoted as 5, while the 1/4 odds are quoted as 1.25. It is considered to be ideal for parlay betting because the odds to be paid out are simply the product of the odds for each outcome wagered on.

Decimal odds are also known as European odds, digital odds or continental odds and tend to be favoured by betting exchanges because they are the easiest to work with for trading, in this case the purchase and sale of upside and downside risk.^[5]

Moneyline odds[edit]

Moneyline odds are favoured by United States bookmakers and as such are sometimes called American Odds.^[4] There are two possibilities: the figure quote can be either positive or negative. Moneyline refers to odds on the straight-up outcome of a game with no consideration to a point spread.

Positive figures: If the figure quoted is positive, the odds are quoting how much money will be won on a $100 wager (done if the odds are better than even). Fractional odds of 4/1 would be quoted as +400 while fractional odds of 1/4 cannot be quoted as a positive figure.

Negative figures: If the figure quoted is negative, the moneyline odds are quoting how much money must be wagered to win $100 (this is done if the odds are worse than even). Fractional odds of 1/4 would be quoted as −400 while fractional odds of 4/1 cannot be quoted as a negative figure.

Even odds: Even odds are quoted as +100 or −100. Some but not all bookmakers display the positive symbol.

Odds conversion[edit]

To convert fractional odds to decimal, take the fractional number, convert it to decimal by doing the division, and then add 1. For example, the 4-to-1 fractional odds shown above is the same as 5 in decimal odds, while 1-to-4 would be quoted as 1.25.

The method for converting moneyline to decimal odds depends on whether the moneyline value is positive or negative. If the moneyline is positive, it is divided by 100 and add 1. Thus, +400 moneyline is the same as 5.0 in decimal odds. If the moneyline is negative, 100 is divided by the absolute moneyline amount (the minus signed is removed), and then 1 is added. For example, −400 moneyline is 100/400 + 1, or 1.25, in decimal odds.

Decimal	Fractional	Moneyline	Win% (to break even)	Return (minus stake)
1.01	1/100	−10,000	99.01%	1.00%
1.11	1/9	−900	90.00%	11.11%
1.33	1/3	−300	75.00%	33.33%
1.50	1/2	−200	66.67%	50.00%
2.00	1/1	±100	50.00%	100.00%
3.00	2/1	+200	33.33%	200.00%
4.00	3/1	+300	25.00%	300.00%
10.00	9/1	+900	10.00%	900.00%
101.00	100/1	+10,000	0.99%	10,000.00%
${displaystyle x+1,}$	${displaystyle x,}$	${displaystyle -{frac {100}{x}}}$	${displaystyle {frac {100}{x+1}}%}$	${displaystyle left(100xright)%}$
${displaystyle x+1,}$	${displaystyle x,}$	${displaystyle +100x,}$	${displaystyle {frac {100}{x+1}}%}$	${displaystyle left(100xright)%}$

References[edit]

^'Wager'. University of Michigan Library. Retrieved 1 April 2015.
^Listening to America, Stuart Berg Flexner (Simon and Schuster, New York, 1982).
^'Betting School: Understanding Fractional & Decimal Betting Odds'. Goal. 10 January 2011. Retrieved 27 March 2014.
^ ^a^b^cCortis, Dominic (2015). Expected Values and variance in bookmaker payouts: A Theoretical Approach towards setting limits on odds. Journal of Prediction Markets. 1. 9.
^ ^a^b'Betting Odds Format'. World Bet Exchange. Archived from the original on May 2, 2014. Retrieved 27 March 2014.
^D., Chris. 'What is Fixed odds betting and Due Column betting?'. TBR. Retrieved 27 March 2014.
^'Fractional Odds'. betstarter.com/. Archived from the original on April 2, 2014. Retrieved 27 March 2014.

External links[edit]

Retrieved from 'https://en.wikipedia.org/w/index.php?title=Fixed-odds_betting&oldid=1004157818'

When you visit a casino, all the action appears to be happening at the tables. But when it comes to ease of play and popularity, slots come out on top. In fact, casinos dedicate roughly 80% of their gaming floor to slots. Only 20% is for table games.

The reason? Slots are more popular and account for more revenue than all other gambling sources combined. And for good reason. Playing a slot machine doesn’t require any gambling knowledge. On top of that, you can bet as little as $0.01.

What slots and table games have in common, however, is the enforcement of a withholding tax. If you’re one of the millions who visits Las Vegas annually, you need to remember that your winnings could be subject to a 30% withholding tax by the Internal Revenue Service (IRS).

Fortunately, Refund Management Services (RMS) can help you reclaim a portion or all of your withheld winnings.

Finding the Loosest Slots in Las Vegas

It’s not hard to find a slot machine in Nevada. In fact, there are over 490,000 slots and gaming machines in Clark County alone (the county where you find Las Vegas). And they’re not just located in casinos. You can find slot machines in the airport, gas stations, and convenience stores.

What is hard, though, is finding slot machines with the best payouts. After all, no one likes to go into a casino and lose $100 on the slots in 30 minutes. The goal is to win, or at least make your money last longer.

Thanks to increased competition in gambling hubs like Las Vegas, Reno, and Atlantic City, casino operators are battling for customers. To keep customers coming back, many casinos are increasing the number of jackpots at their slot machines.

All slot machines work on a payback percentage that the casinos can set. They can make a slot machine tight or loose. Loose slot machines increase the chances of a player hitting a payout. This creates excitement and helps keep players in their seats on the gambling floor.

For slots aficionados, it’s all about finding the loose machines. Not surprisingly, casinos do not advertise which machines are loose or the payout percentages of individual machines.

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But that doesn’t mean you can’t do a little digging and find out which kinds of slot machines have the biggest win percentages. It turns out, you need to spend money to make money in Las Vegas.

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Statistics from the Nevada Gaming Control Board show which slots offer the best payouts in the order of the denomination played. In June 2016 in Clark County, Megabucks progressive slots posted the worst win percentage at 85.15%.¹

What that means is, for every $100 you spend, you can expect to win $85.15. Megabucks progressive slots generally have the worst win percentage because the huge jackpot outweighs the bad odds.

The best win percentages came from high-roller slots. Slots that accept denominations of $5, $25, and $100 returned 94.05%, 94.97%, and 94.35%, respectively. While you can lose your money faster with high-roller slots, the payout percentages are always better (on all slots regardless of the denomination) if you get the maximum amount on each spin.

The most fruitful games, when it comes to odds and cost, are the nickel and quarter slots. In June, nickel slots had a win percentage of 94.2% while quarter slots paid back 93.06%. Next to Megabucks, penny slots have the worst win percentage, returning 88.83%.

Casinos with the Most Slots in Las Vegas

The Orleans Hotel and Casino

The Orleans is a Mardi Gras-themed casino hotel located a few minutes west of the Strip. The casino floor covers 137,000 square feet and has over 2,600 slot machines. There is also a high-limit slot salon.²

The casino also has over 60 table games and a 35-table poker room. You can also find a seat in the 125-person race and sports book with 13 betting windows.

MGM Grand Las Vegas

The MGM Grand is located at the south end of the Strip. It’s easy to spot the MGM Grand casino—it’s a massive emerald-coloured complex with a 45-foot bronze lion out front.

The MGM Grand covers over 170,000 square feet and has 3,000 slot machines (with denominations ranging from $0.01 to $1,000. There are also around 200 table games, a 24-hour poker room, and a race and sports book.³

Sam’s Town Hotel and Gambling Hall

Sam’s is a sprawling casino resort 10 km east of the Strip. The 120,000-square-foot casino is spread out over three floors where you’ll find over 3,100 slot machines, 50 table games, an 11-table poker room, a 570-seat bingo room, and a 60-screen race and sports book.⁴

Casino Slot Winnings Subject to 30% Withholding Tax

Non-U.S. residents who win a significant amount of money playing the slots at any casino or gaming facility in the United States are subject to a 30% withholding tax by the IRS.

In the U.S., winnings from casino games and other games of chance (racetrack, game show) are considered income. If you win $2,000 playing the slots, the casino will pay you $1,400. The IRS keeps the rest. But if you live in a country like Canada, which has signed a U.S. tax treaty, you may be eligible for a refund.

There are a number of countries that currently do not have a U.S. tax treaty. However, if you reside in any of the following countries, you could still be eligible for a refund: Australia, Bahrain, Barbados, Brazil, China, India, Indonesia, Israel, Kuwait, Mexico, Malaysia, Monaco, New Zealand, Norway, Saudi Arabia, Singapore, South Korea, Switzerland, Taiwan, Thailand, and the U.A.E.

To see if you meet the criteria and are eligible to get some or all of your withholding tax back, contact RMS.

RMS, the Easiest Way to Get Your 30% Withholding Tax Back

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If you’ve visited the U.S. and had 30% of your casino winnings held back by the IRS, Refund Management Services (RMS) can help you reclaim a portion or all of your taxable winnings.

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Sources:

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1. “June Gaming Revenue Report,” Nevada Gaming Control Board web site; http://gaming.nv.gov/modules/showdocument.aspx?documentid=11262.
2. “Play,” The Orleans Hotel and Casino web site; http://www.orleanscasino.com/play.
3. “Casino,” MGM Grand Las Vegas web site; https://www.mgmgrand.com/en/casino.html.
4. “Play,” Sam’s Town Hotel and Gambling Hall web site; http://www.samstownlv.com/play.