Probability and Gambling

P(X) represents the probability of an event X occurring. P(not X) = 1 - P(X) is the probability that event X won't occur. When two events X and Y occur simultaneously, the joint probability is expressed as P(X and Y). If you have already calculated your probability of winning, CanadaCasino is the right place for you.

Probability Applied to Casinos

Gambling relies on probability. There are fixed conditions in casinos, so you can calculate your chances of winning.

Regardless, casinos tend to pay out slightly less than inverse probabilities. The casino may only pay 4:1 if you have a 1-in-5 chance of winning your bet. This difference is known as the house edge, and this is how casinos make money.

Dice

In dice games, the probability is usually easy to calculate. There is a 1/6 chance that any single number will land on six-sided dice, but this changes as the number of dice increases. Let's take a look at Craps, which uses two dice.

With two dice, 36 possible outcomes can be any number between two and twelve. Regardless, not every number has a 1/11 probability. For example, number seven has six combinations that can produce it, making it most likely to be rolled (1/16). But betting on number 7 in Craps has a considerable house edge, and it is best to avoid this bet.

Pass Line Bets are the most popular bet, with a two-fold probability. The come-out roll is the first roll that establishes the point. There is an exception if you roll 2, 3, 7, 11, or 12. 7 or 11 are an automatic win. Rolling a seven has the probability of 6/36. With two combinations being able to produce an eleven, the probability is 2/36. That makes the probability of winning your bet on the come-out roll 8/36.

You automatically lose your bet if 2,3 or 12 are rolled.

Symbols and Numbers

Basic gambling probabilities can be calculated using numbers and symbols. The number of desired events is divided by the number of total events. As an example, the chance of a European Roulette wheel landing on black is 18/37. A joint probability is used to calculate the chances of hitting the jackpot on a slot machine. The chance of hitting the jackpot on a three-reel slot machine with ten symbols per reel is 1 in 1,000. In every casino, the same basic principles apply.

Online gambling sites and live casinos both rely heavily on probability.