One of the most critical skills you can teach yourself today if you play online slots, place bets, or even go head-to-head against other players in live dealer games is to understand odds. Reading odds matters, and understanding elements like house edge can help you choose the best platforms.
To help, here’s a quick-fire guide on how to read the odds and the common misconceptions you need to avoid.
Common Misconceptions
First up, let’s get rid of the most common misconceptions.
Bonuses Are Great, But They’re Not Free Money
Bonuses are a great way to boost your play experience, but you really need to understand the terms and conditions that come with them. Just look at the welcome bonuses on Lucky Nugget. With your first deposit, you get:
- 40 bonus spins on Arena of Gold with your first deposit.
- 100 bonus spins on Atlantean Treasures Mega Moolah with your second deposit of $5 or more.
- 150% Match Bonus of up to $200 CAD, with subsequent deposits of $5 or more.
To actually use these bonuses effectively, however, you need to understand the wagering requirements. For the match bonus, for example, you need to wager it 200x before you can withdraw.
For example, you deposit $100. You will receive $150 extra in bonus funds. To withdraw that, however, you will need to wager 200 x 150 = 30,000.
Now, this only applies to the bonuses. If you place a bet with the $100 you originally deposited, and not the funds in your bonus wallet, you can withdraw funds immediately. Think of bonuses as a chance to try new games without spending your own money.
No, You Are Not “Due” to Hit a Win
You could have loss after loss, and after a certain point feel convinced that you are “due” a win simply because of your previous streak of bad luck. Unlike things like a raffle, slots, roulette, and other similar games reset every single turn.
If you’ve lost ten times in a row on a slot machine, you are not “more likely” to get the next one. Every slot game uses a random number generator, which means every slot game gives you the same chance of winning.
How to Read Odds
Before you start playing slot games or placing bets, it’s important to understand how to read the odds and the difference between odds, probability, and house edge:
Learn How to Read Odds
There are three main systems of showing odds:
- Fractional: 1/4, 1/2, etc.
- Decimal: 4.00, 2.00, etc.
- American: -300, +100, etc.
Understanding how to read the odds is step one. If you want to really understand the odds behind the numbers, however, you should learn how to convert those odds into implied probability.
Implied Probability
You can easily calculate implied probability from odds. It’s mostly used by sportsbooks and can show how likely the sportsbook thinks a certain event is to happen. It cannot predict the future, but it can give you greater insight into a game.
House Edge
Everyone, from casinos to sportsbooks, has a house edge. House edge is a small percentage that’s on top of the implied probability. It’s essentially there to ensure the sportsbook or casino stays profitable. Ideally, you want as low a house edge as possible.
