Hows it going guys , hope you are all doing good
so today is my 2nd day with steemit , and as I said in previous blog post I make money playing poker and betting on sports
I will make sure you all understand the concepts behind gambling
** What Does Odds Means ? **
In short words odds basically represent the chances of a thing to happen , so let's take a coin flip example
we all know a coin flip has 50% chance of head and 50% chance of tails
so if we wanted to bet money on the coin flip , the odds should be X2.00 in order to break even
so if we bet 10$ on heads , we win 10$ if the coin landed on heads and lose 10$ if it landed on tails
** How Casinos Use Odds to Profit **
we all know that casinos always win , at least mathematically but how do they win ??
if you understood the last coin flip example you should already now have an idea
the casinos has something called "House Edge " which is a fixed percentage that makes their games impossible to beat
we know now that in order to break even with X2.00 bet we should have 50% chance of win , if our chance is over 50% we will win money in the long run and if it's lower than 50% we will lose money in the long run
let's see what's the odds for X2.00 payout in primedice casino which is the most popular bitcoin gambling site
as you can see win chance is 49.5% instead the 50% that we should get , which means we will lose money taking this bet
so now we know that for X2.00 bet in prime dice our chance of winning is 49.5% , so the house chance of winning is 50.5%
the house edge is : 50.5%-49.5% = 1%
so by betting on primedice we are expecting to lose 1% of our money everytime we take a bet
and this how different casinos make money , it's impossible to make money betting against the house longrun
even Einstein failed to find a way to beat the house
** So How Are We Going To Make Money Gambling ?? **
in the previous examples we used the coin flip and primedice as an example , calculating the odds in these is simple
but in complicated events like sportsbetting there is no simple way to calculate it
the sportsbook may offer you a bet that they think the odds are in their favor , but they may be wrong
a professional sports bettor is the one who is able to catch these opportunities , meaning that they bet on the selections that are underestimated by the bookies
in the coming days I will do some reviews about professional tipsters who you will make money long run by just following their picks
if you have any question about odds and probabilities , feel free to make a comment