How to Read Online Casino Games Odds With a Sports Betting Eye

While being very different, the worlds of sports betting and online casinos do collide. They are both major forms of gambling, with casino games leaning more towards elements of chance than the skill-based approach that sports betting inherently has. But even with that, there are translatable skills between the two disciplines.

There are also similarities in how players approach online casinos and bookmakers. Take bankroll management, for instance. Players often seek out a 1 minimum deposit casino UK has certified, just as punters look for sportsbooks with flexible deposit options. This enables them to manage their funds more effectively and place smaller bets. Additionally, some skills developed in one area can be applied to the other.

But how can the skills honed from sports betting help in understanding the risk and probabilities involved in casino games?

It Starts with Research

By nature, sports bettors lean heavily on research. Regardless of the sport, the process of analysing statistics and current form is pretty much the same, as it helps to strengthen the quality of picks that are made.

Even after finding the selections to bet on, those still have to be matched up with the right odds for value. Odds are created from what is known as “implied probability”, which is the operators’ interpretation of how events will play out.

As an example, 1.62 odds have an implied probability of 61.73%, while a selection that’s rated at 2.50 odds in contrast, only carries an implied 40% chance of happening. Through experience, bettors develop a knack for understanding and sensing how these odds relate to a certain outcome or market. Those basic skills are a good foundation for reading casino games.

What Understanding Probability Means

Having a good understanding of probability means that casino risks can also be more easily assessed. By having a history of discipline in sports betting, the extra control required in taking a step back to analyse the odds/probability, can help towards making much stronger, more informed decisions when moving over into casino games.

Understanding things like a house edge of 3% on a slot machine with an RTP of 97%, or a 2:1 outside bet on roulette, is useful for assessing risk in the heat of the moment.

Possessing a deep understanding of probability also pairs up with being able to assess potential payouts based on stake. Casino table odds are also presented like 2:1, which means the same as a 2/1 fractional odds familiar to sports bettors. So sports bettors should have a built-in knowledge of how much risk is implied by those odds. For example, a 2:1 bet in roulette (e.g., dozen bets) gives you a 32.43% probability of winning. This is similar to wagering on a football underdog at 3.00 (2/1) odds, which means a 33.3% implied probability.

The Probability and Risk of Casino Games

All odds relate to probability and probabilities are a big part of playing online casino games. So having some familiarity with the concept can be a great help for sports bettors when moving into other areas like slots, roulette and blackjack.

Slots are a massive part of the online casino industry, but they carry the lowest probability of a win, as they are highly volatile, unpredictable games that are controlled by Random Number Generators. Probabilities just can’t be assessed on them.

Table games like blackjack and poker however, come with elements of skill, which means probability can be assessed. In fact, many blackjack players use strategy cards that list the probabilities of results based on the cards they’ve been dealt against what the dealer’s up-card is. For instance, if a player has 16 and the dealer shows a 10, the probability of busting by hitting is around 62%, while standing gives a 24% chance of winning — a calculation that resembles assessing a stake at 4.20 (16/5) odds in sports betting.

By picking a game and learning about its probabilities, better decisions can be made. It’s not only being able to calculate the 35:1 odds involved in hitting a single number on the roulette wheel, but also being able to assess the risk it involves compared to something like betting three numbers for a lower potential payout, but with increased odds of winning.

Assessing the Edge

All casino games have an edge, like a 1.24% edge on a Baccarat “player bet” compared to a 1.06% edge on a “banker bet”. But sports bettors will have had experience of bookmaker margins, which is the edge that bookies make a profit from in markets.

Bigger bookmaker edges in sports betting means less value for the bettor, so taking this to casino odds, is valuable knowledge for selecting better wagers. Edges will vary from casino game to game and between bet options.

Uncertainties Remain

There are still uncertainties over outcomes for anyone that’s doing casino betting, even those with a sports wagering background. But having a foundation in the key triumvirate of gambling concepts (odds value, risk management and probability), is fantastic. It can help greatly when making decisions in casino games, but still, all gambling should always be done responsibly.