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How much does 30 to 1 odds pay?

On a table that pays 30-1, if you win your bet on 12, you keep your 1-unit bet and get 30 units in winnings, for a total of 31. On a machine that pays 31-for-1, the machine keeps your bet when you make it, but pays 31 units on a win — still a total of 31 on your side after a win.

tunicatravel.com - Gaming Odds Explained: 30 To 1 vs. 31 For 1 - Tunica

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Gaming Odds Explained: 30 To 1 vs. 31 For 1

By John Grochowski on Thursday March 22, 2018

A craps player wrote to me recently to say he’d found an automated game that looked like it had better odds than he found at table games. “Instead of 30-1 on 2 or 12, it pays 31-1 and instead of 15-1 on 3 or 11 it pays 16-1,” he wrote. “Hardways pay 10-1 and 8-1 instead of 9-1 and 7-1.” I told him he needed to check the machine again. It was likely the machine was paying odds-for-1 instead of odds-to-1, and that the payoffs he was seeing were just normal returns expressed in a different way. It’s common for machine games to pay odds-for-1 because the game has already taken your bet before the roll takes place. On a table that pays 30-1, if you win your bet on 12, you keep your 1-unit bet and get 30 units in winnings, for a total of 31. On a machine that pays 31-for-1, the machine keeps your bet when you make it, but pays 31 units on a win — still a total of 31 on your side after a win. So 31-for-1 is the same as 30-to-1, 16-for-1 is the same as 15-to-1, 10-for-1 is the same as 9-to-1, and so on.

What if the game really was paying 31-1 on 12, and not 31-for-1?

With the standard 30-1 you’d get at most craps tables, bets on 2, 12 or hard hop bets give the house a 13.89 percent edge. If the payoff is 31-1, the edge drops only to 11.11 percent. True odds are 35-1, so there’s a long way to go from 30-1 before these become viable bets.

What about the hardway payoffs the reader described?

When your payoff is 9-1 on hard 6 or 8, the house edge is 9.09 percent, and when you’re paid 7-1 on hard 4 or 10, the house edge is 11.1 percent. If the pays were increased to 10-1 and 8-1. they’d match the true odds of winning these bets. The house edge would be zero. That reinforces the likelihood the game is paying in odds-for-1. Any time the odds paid on a machine version of a table game look higher than the table version, check to see if the payoffs are for-1.

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How do you interpret odds?

psychscenehub.com - What is an Odds Ratio and How do I Interpret It? - Psych Scene Hub

Odds Ratio Time to read: 2 minutes Time to read: 2 minutes

Odds of an event happening is defined as the likelihood that an event will occur, expressed as a proportion of the likelihood that the event will not occur. Therefore, if A is the probability of subjects affected and B is the probability of subjects not affected, then odds = A /B. Therefore, the odds of rolling four on dice are 1/5 or an implied probability of 20%. [Note this is not the same as probability which would be 1/6 = 16.66%] Odds Ratio (OR) is a measure of association between exposure and an outcome. The OR represents the odds that an outcome will occur given a particular exposure, compared to the odds of the outcome occurring in the absence of that exposure.

Important points about Odds ratio:

Calculated in case-control studies as the incidence of outcome is not known

OR >1 indicates increased occurrence of an event

OR <1 indicates decreased occurrence of an event (protective exposure)

Look at CI and P-value for statistical significance of value (Learn more about p values and confidence intervals here) In rare outcomes OR = RR (RR = Relative Risk). This applies when the incidence of the disease is < 10% If you are interested in doing a full research and statistics course for critical analysis/ appraisal then click here. Also, don’t forget to download our free critical appraisal worksheets to analyse research papers.

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