Probability, according to Wikipedia, is the measure of the likelihood that an event will occur. Probability, as a concept, is quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty. The higher the true mathematical probability of an event, the more certain it is that that particular event will actually occur. The standard example of this is the coin toss. Landing on either side, head or tails, is equally probable, the probability of either one occurring is equal, and is expressed as ½, or 50% chance of landing on either heads or tails.
Probability in Numbers
Every single casino game can be described in terms of probability using mathematical formulae. This basic mathematical core is really what started our fascination with the laws of probability and possibility that has led to gambling and book making. Online casinos, basically, launched in 1994 and effectively are still scrambling to keep up with the latest uses of the field of online casino mathematics, keeping players entertained by the game itself, as well as enticing new players with the huge prizes on offer. All the while staying within the mathematical framework of house odds and probability. Obviously with turnover calculations that would yield the ideal return for the best online casino, whilst keeping players playing, jackpots paying out but yet able to keep growing. This core profitability and belief in the house advantage is simply based on the law of probability.
Casino mathematics and detailed knowledge of just exactly what that probability is, governs every single aspect of the gambling industry. The very foundation it is built on.
Keeping the Numbers in Sight
Interestingly, it is easy to find out many of the numbers needed to know exactly where you, as the player, stand in relation to this your odds, or the probability of a situation working out in your favour. Most games, such as slots, have a set payout rate. Other, more interactive games like blackjack have a basic strategy that should be referred to, as using it improves players’ probability of winning. Poker probability knowledge is key to sustained winning. With knowledge and information now being more available than ever to players, more information comes to light. Slots machines regularly publish their ‘return to player’ statistics, and consequently the better paying out games are becoming more popular. Many slots these days offer odds more than 97%, as competition pushes these games closer and closer to 100%. And this is not even in the future, because already the top bitcoin accessible casino sites are doing that. Knowing the probability factor, the odds on winning, should be governing every player or punters’ betting strategy.
One More Variable
Having said that, there is still the time factor to consider. Statistics are measured over time, and therefore apply to the casino only. Players’ actual probability figures in the games of pure chance are therefore much more volatile, particularly in the short term. Cynically clarified perhaps, but perhaps most accurately, the concept of probability has that inexplicable element of luck involved, and Hell hath no fury as a woman scorned, and Lady Luck will spare no expense to follow this rule. Probably because that’s why it’s called probability and not certainty.