True Odds
The real odds of something happening. Actual odds taking into account the casino edge. The ratio of the number of times one event will occur to the number of times that it will not. The odds posted in a casino are usually not the true odds.
"True odds" refer to the actual probability of an event occurring, expressed as a ratio of favorable outcomes to unfavorable outcomes. In the context of gambling and casinos, true odds represent the mathematical likelihood of winning a bet, without any house edge or markup added by the casino.
For example, if you are betting on a coin flip, the true odds of winning (getting heads) are 1:1, because there is one favorable outcome (heads) and one unfavorable outcome (tails). However, casinos often offer payouts that are less than the true odds to ensure a profit, which is known as the house edge.
Understanding true odds is crucial for gamblers as it helps them assess the value of a bet and make informed decisions based on the actual probabilities involved.
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