Hello and thank you for your time in reviewing my question.
I am a writer trying to get a better understanding of casino table game odds for a project I am working on. I have done some research but just want to assure my understanding in calculating is accurate. Could you please take a look at the scenarios below and inform me if I am correct?
If the odds are 1:1 and the bet is $10.00 a win would pay $10.00 plus the original bet for a total of $20.00
2:1 on a win would grant the player $20.00 plus their original $10.00 for a total of $30.00
I also read about ratios of 1:2. Again the $10.00 bet on a win would grant the player $5.00 plus their original $10.00 for a total of $15.00
The one that confuses me is the 2 for 1 scenarios.
If the player again bets $10.00 and wins on a 2 for 1 what would they be paid and walk away with in total?
I appreciate your time. I realize the bet amounts and rations may be lower than actual casino games but I just wanted to keep it simple to get a good grasp.
Let's start with the 1:1 odds. Technically, you're correct. The player would have $20 at the end, but you have to remember that $10 of that is his original wager. So, when you want to know the payout of a $10 bet that's paid 1:1, it's $10.
Now we'll talk about the "X for Y" situations. A "2 for 1" is the same as a 1:1 wager. In effect, the casino would take your $10 and pay you $20 - 2 for 1. It's a sneaky way to imply a higher payout, and you'll usually see it on higher odds like in Craps and Roulette. In Roulette, a straight-up $1 wager (which is a bet that is placed on one number and paid if that number is rolled) pays 35:1. For every $1 you wager, you're paid $35 (and you keep the $1). Some casinos will say the payout is "36 for 1" but the payout is the same.
In the end, it's just semantics.