Mathematics of Gambling: Can Winnings be Calculated? | MENAFN.COM

Mathematics and gambling are inextricably linked. After all, without mathematics it would not be possible to calculate odds or, from the side of the gambler, the value a bet might offer by MENAFN.COM

Mathematics of Gambling: Can Winnings be Calculated?
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So with this in mind, is it possible to calculate winnings from gambling by using mathematics? Naturally, this is not usually needed on sports betting sites, for example, which typically do this automatically. When placing a bet, people can see their potential winnings change as they decide how much money that they want to stake on a single wager.

But for online casino games, it is a bit different. Using mathematics can still be an advantage, but there is a lot more to it. Let's take a look at how to calculate gambling winnings...

Factoring in the house edge
Something else to think about when using mathematics in gambling is the house edge. All gambling companies have a house edge built in to the odds they offer on their games in order to protect the profits that they can make.

But house edge can also be quite different depending on the casino game that is chosen. Skill-based gambling games such as poker and blackjack can be better choices of games due to people having more control over whether they win or lose.
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Source: MENAFN.COM