Dear
Mark,
Why has the term “odds” been so closely
associated with gambling? Terry K.
The
laws of probability, Terry, on which odds are based,
are as highly respected a branch of mathematics as
geometry, trigonometry or differential calculus. Odds
are used in business, science, military planning,
mortality rates and virtually all human endeavors—including
gambling.
Most gamblers don’t realize it, but every time
they enter a casino the odds are 2 to 1 against them
no matter which game they play. First, you go to war
with the casino,
which has an edge
on each and every bet, and second, we all must do
battle with the ultimate demon—ourselves. There
is your 2 to 1 against.
Dear Mark,
What exactly is the house edge? Lefty O
The house edge is a mathematical percentage—always
in the casino’s favor—that the casino
takes on each bet. This edge is the casino’s
true income and why they can build those high rises.
For the house to pay for those construction costs,
winning bets are paid off at less than true odds.
Lefty, consider it a payment for playing in their
establishment, or, an entertainment tax.
