The difference between the payoff odds and the odds of the bet winning is where the house edge stems from In other words, the casino has shaved off a little bit of the probability so that it makes a slight profit on the oddsOdds, are given as (chances for success) (chances against success) or vice versa If odds are stated as an A to B chance of winning then the probability of winning is given as P W = A / (A B) while the probability of losing is given as P L = B / (A B) For example, you win a game if you pull an ace out of a full deck of 52 cards Pulling any other card you lose The chance of winning is 4The key is to understand the difference between odds and probability There are 4,655,0 ways you can combine 3odd3even combinations So if you play 3odd3even combination, 33 in every 100 draws will put you in 1 to 46 million advantage rather than 1
Linear Vs Logistic Probability Models Which Is Better And When Statistical Horizons
