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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.
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.
Mathematics and online slots
Perhaps the best choice of online casino game for those who want to use mathematics is slots. This is because, when playing slots, there is key information available to casino customers.
Return to player - or RTP for short - is one of the most important details people need to be aware of when they choose to play online slot games at their chosen casino site.
RTP details the average amount of money that a player will get back from every 100 of their chosen currency that they stake on a slot game.
Of course, RTP is based on a very large number of spins of the reels, so just 100 spins is not likely to produce the result that would be detailed in a slot's RTP figure.
RTP on online slots can vary by a wide degree. For example, some of the best value online slots that are available to play have an RTP in excess of 97 per cent. Other online slots might be at around the 95 per cent mark, which is widely considered poor value in the slots community.
It might not seem like a big difference between 97 and 95 per cent, but anyone playing a large number of spins is sure to see a gap in the returns they receive on these slot games.
RTP can help casino customers to calculate their potential winnings, though the fact is slots are extremely unpredictable. The volatility - sometimes called variance - of an online slot details how often it is likely to pay out, and whether or not wins on the game tend to be large.
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.
However, even casino games that have a more random outcome - such as baccarat - can be used by players to work an advantage due to the house edge.
In baccarat, betting on the banker to win the hand has a house edge of just over one per cent. There are not many other betting options out there on the internet as good value as this one. Even when baccarat players choose to bet on the player's hand winning, the house edge is still not much more than one per cent. This is partly why the game remains so popular to this day.
House edge is key when using mathematics to calculate potential winnings. Picking the right type of casino game can make a very large difference in this area.
Let's take roulette as another example. Bets on options such as red or black, or odds and evens, offer close to a 50-50 chance of winning. What stops these bets from being 50-50 when it comes to the odds is the presence of a green space for zero on the wheel.
In European roulette, there is just one of these spaces, meaning the house edge is under three per cent. But in some American roulette games, there are two zero spaces on the wheel. It might seem like a small difference, but house edge on this type of roulette game rockets to more than five per cent. The odds of those bets at close to 50-50 is reduced as a result.
To wrap up, potential winnings from gambling can be calculated by using mathematics. The unpredictability of casino games makes it a challenge, but picking the right games is crucial.
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