Explaining What Odds Mean and How Professional Gamblers Use it by dredge

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gambling · @dredge · Jul 19 '18 (edited)

$52.34

Explaining What Odds Mean and How Professional Gamblers Use it

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 

![pd.png](https://cdn.steemitimages.com/DQmbX2vCk32FVjoQEHeu24PmXe4FbAKdQ5GkU2QivZwyziH/pd.png)

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

👍 rocky1, therising, appreciator, smartsteem, booster, kamikaze, boomerang, sneaky-ninja, jerrybanfield, angelol, emperorofnaps, youngbinlee, mercurybot, mawit07, thebot, ozoo, melooo182, chronoboost, tygergamer, inciter, nepd, a-bot, estabond, oceanwhale, alfanso, zymer, dahaz159, dewdrop, ruah, marty-arts, peaceandlove, elgeko, hmushtaq, investyourvote, la4life, ahinga, mione, springmelody, tard, benleo, piestrikesback, jiujitsu, twoeightjune, maxbullion, g-dubs, allyouneedtoknow, oregonpop, lifeaef, grey580, rahul.stan, riskneutral, mrslauren, urs, dickdeepdog, crypto2day, aaronleang, icedrum, steemcollator, drakmin, frontrunner, outerground, tonimarco, anjkara, scandinaviaguide, and 198 others

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@badcontent · Jul 19 '18

**This user is on the @buildawhale blacklist for one or more of the following reasons:**

* Spam
* Plagiarism
* Scam or Fraud

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@dredge · Jul 19 '18

lol what a retard bot

👍 godawfulartist

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@garudi · Mar 25 '19 (edited)

▀

👍 godawfulartist
👎 mack-bot

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@riskneutral · Jul 19 '18

I do not see anything wrong with this post. Why are you marking it as “bad content”?

👍 godawfulartist, raselhosen, dredge

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@dredge · Jul 19 '18

IDK mate I'm surprised just like you 
I'm just explaining some math in gambling and made the post myself

👍 riskneutral

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@garudi · Mar 25 '19 (edited)

▀

👍 godawfulartist
👎 mack-bot

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@blog-fictions · Jul 20 '18

I don't bet much..but helpful to those who do :)

👍 raselhosen, dredge

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@dredge · Jul 21 '18

it's just some basic math for gambling , hope you enjoyed it :)

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@blog-fictions · Jul 22 '18

:)

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@boomerang · Jul 19 '18

This post has received a 4.09 % upvote from @boomerang.

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@booster · Jul 21 '18

<p>This post has received a 7.93 % upvote from @booster thanks to: @dredge.</p>

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@emperorofnaps · Jul 19 '18

re-dredge-explaining-what-odds-mean-and-how-professional-gamblers-use-it-20180719t211751040z

You got a 2.60% upvote from @emperorofnaps courtesy of @dredge!

Want to promote your posts too? Send 0.05+ SBD or STEEM to @emperorofnaps to receive a share of a full upvote every 2.4 hours...Then go relax and take a nap!

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@oceanwhale · Jul 21 '18

re-dredge-explaining-what-odds-mean-and-how-professional-gamblers-use-it-20180721t185947213z

You got a 2.01% upvote from @oceanwhale With 35+ Bonus Upvotes courtesy of @dredge! Delegate <a title="This link will take you away from steemit.com" href="https://steembottracker.com/delegation.html?delegatee=oceanwhale" rel="noopener">us</a> Steem Power &amp; get <strong>100%</strong>daily rewards Payout!<a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=20%20SP" rel="noopener"> 20 SP</a>, <a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=50%20SP" rel="noopener">50</a>, <a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=75%20SP" rel="noopener">75</a>, <a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=100%20SP" rel="noopener">100</a>, <a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=150%20SP" rel="noopener">150</a>, <a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=200%20SP" rel="noopener">200</a>, <a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=300%20SP" rel="noopener">300</a>, <a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=500%20SP" rel="noopener">500</a>,<a title="This link will take you away from steemit.com" href="https://v2.steemconnect.com/sign/delegateVestingShares?delegator=&amp;delegatee=oceanwhale&amp;vesting_shares=1000%20SP" rel="noopener">1000</a> or <a title="This link will take you away from steemit.com" href="https://steembottracker.com/delegation.html?delegatee=oceanwhale" rel="noopener">Fill in any amount of SP</a> Earn <a href="https://steemit.com/oceanwhale/@oceanwhale/earn-upto-1-sbd-per-1000-sp-delegation-or-oceanwhale-bot">1.25 SBD Per 1000 SP</a> | <a title="This link will take you away from steemit.com" href="https://discord.gg/6APfrQ6" rel="noopener">Discord server</a>

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@sneaky-ninja · Jul 21 '18

re-dredge-explaining-what-odds-mean-and-how-professional-gamblers-use-it-20180721t233931807z

![sneaky-ninja-sword-xs.jpg](https://steemitimages.com/DQmde7XXhkKjmxyqBbBPTwkaiuXXrtQe6qXoWmCDZL1nD2B/sneaky-ninja-sword-xs.jpg)
Sneaky Ninja Attack! You have just been defended with a 7.27% upvote!
I was summoned by @dredge. I have done their bidding and now I will vanish...

woosh
A portion of the proceeds from your bid was used in support of youarehope and tarc.

[Abuse Policy]( https://steemit.com/steemit/@sneaky-ninja/new-sneaky-ninja-abuse-policy-must-read-for-all-users)
[Rules]( https://steemit.com/steemit/@sneaky-ninja/sneaky-ninja-reminder-of-rules)
[How to use Sneaky Ninja]( https://steemit.com/steemit/@sneaky-ninja/reminder-how-to-use-sneaky-ninja)
[How it works]( https://steemit.com/steemit/@sneaky-ninja/sneaky-ninja-reminder-of-how-he-works-vote-worth-usd160-now)
[Victim of grumpycat?](https://steemit.com/we-resist/@firedream/resistance-started)

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@steemitboard · Jul 19 '18

Congratulations @dredge! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/comments.png)](http://steemitboard.com/@dredge) Award for the number of comments

<sub>_Click on the badge to view your Board of Honor._</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>


To support your work, I also upvoted your post!


**Do not miss the last post from @steemitboard:**
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@tts · Jul 19 '18

To listen to the audio version of this article click on the play image.
[![](https://s18.postimg.org/51o0kpijd/play200x46.png)](http://ec2-52-72-169-104.compute-1.amazonaws.com/dredge__explaining-what-odds-mean-and-how-professional-gamblers-use-it.mp3)
Brought to you by [@tts](https://steemit.com/tts/@tts/introduction). If you find it useful please consider upvoting this reply.

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