Long odds refers to the bets which have very less chance of winning but pays too high. An outcome is referred to as ‘long odds’ for denoting the actual odds of an event in gaming like betting on an outsider. Opting for long odds can be risky but it does give a higher payout. Well, let us get into details as to what exactly casino odds stand for before we look into long odds.
What are Casino Odds?
Becoming a professional gambler requires involvement, regular practice and being well-versed in the game odds and edges. Every casino game is unique and has its own set of rules and gameplay advantages. However, it is important for the players to find out the ways to minimise the house edge in order to enjoy the maximum advantage. Most of the gambling practices revolve around having a basic understanding of probability and making wagers appropriate for the game situation. Well, fret not, as we guarantee you that you don’t need to be a mathematician to gain a level of understanding for casino game odds that will work in your favour.
The betting odds give a crystal-clear picture as to how a specific gaming event is likely to take place within a particular game and the outcome of a win if the event takes place. This probability can be grouped under two main heads:
Fractional odds
These types of odds are written as 10/1, 5/2, etc. and with the help of these odds, you can easily estimate as to how much you stand to win if you bet the second number, you win the first number. So, for instance, if you bet $1 you would win $10.
Percentages
The fractional odds can be further converted to a percentage with a simple formula. For example, 9/1 would then look like 1/(10 + 1) = 0.09, meaning there is a 9% chance that the event will happen.
Using Odds in Your Favour
Remember that only on understanding the working of odds in a casino can you truly hope to make money for a long-term. Sometimes, the most important part of understanding the odds is simply learning when to walk away, especially if you happen to receive a big payout quickly.
Types of Bets in Casinos
Bets can be broadly classified into long odds or short odds. This is both a literal assessment of the probabilities of the outcome and a general phrase to describe a ‘long shot’ or an unlikely bet. Some players avoid betting with long odds because the risk involved in long odds is much higher. While the other players enjoy the risk and make wagers on these long odds in the hope that the bet pays off. The various horse racing games are a suitable example of long and short odds as horses are favoured and given short odds, such as 3-1 or 6-1. If a horse with these odds wins, which is highly probable, the bets will return either three times the stake or six times the stake respectively. However, a gambler might go for a horse with 100-1 odds. This runner is extremely unlikely to win, based on previous form and current ability, but there is still a slight chance. If this runner comes in first, the bet pays an impressive 100 times over the returned stake. The usual strategies in betting involve betting small on long odds and high on short odds. However, players often mix these things up and take a risk, as there is always a small chance of a high payout coming up no matter how long the odds are.