PDA

View Full Version : odds terminology, does a bet pay 1:1 or 2:1

08-23-2005, 11:33 PM
Hi, this is my first post, I have been reading 2+2 for poker info for quite a while.

Me and my friend were debating some terminolgy at the airport today.

He said that roulette pays 1:1 on red or black, I said it pays 2:1

My theory: if you put in 1 dollar and win, you get 2 back, so 1 in and 2 out = 1:2

his theory: if you put in 1 dollar and win, they pay you 1 dollar on top of your original dollar so its 1 dollar in and 1 dollar added, 1:1.

so I guess we are just looking at it different ways... after thinking about it for sometime he admited that I was correct, but when we got home we looked on the web and saw that they do refer to it as 1:1 as he had said.

when playing video poker jacks or better, and you get jacks, you just keep your money, no win, no loss, does this mean im getting 1:0? or does it mean Im getting 1:1. 1:1 seems much more logical in this instance.

BruceZ
08-23-2005, 11:42 PM
[ QUOTE ]
when playing video poker jacks or better, and you get jacks, you just keep your money, no win, no loss, does this mean im getting 1:0? or does it mean Im getting 1:1. 1:1 seems much more logical in this instance.

[/ QUOTE ]

1:1 or even money means that you double your money on a win. A push would be 0:1, but you don't usually see it expressed like this.

SheetWise
08-23-2005, 11:46 PM
[ QUOTE ]
He said that roulette pays 1:1 on red or black, I said it pays 2:1

[/ QUOTE ]

It pays "1 to 1", "even money", "1:1" ...

Sometimes payoffs are refered to as "for 1" rather than "to 1", as in your video poker example. Before you play, you've already given them your money -- so jacks or better is paying "1 for 1". "2 for 1" means the same as "1 to 1". Some payoffs on a craps table are also listed as "for 1", presumably so the payoff seems higher.

AaronBrown
08-24-2005, 09:32 AM
I agree with both posters, but will add a little bit.

"1 to 1" and "2 for 1" mean the same thing mathematically, but the first implies a bet and the second a purchase. In the first, each person has put up a stake, and the winner will get both. In the second, the player has purchased a contingent right from another entity, which will pay off based on the event.

In poker, the first usage is clearly appropriate. Each player puts money in the pot, the winner takes it. In a casino, the second really makes more sense. But casinos like to use the first, because they like the illusion that the house is gambling too.

Tater10
08-24-2005, 12:47 PM
Odds are expressed win to lose, or win : lose

If you go play horses, a horse might be 3 to 1. You could win \$3 or lose \$1. You get back \$4 when you bet \$1, but that is only because the track doesnt take IOU's, you have to put up your \$1 stake first.

If you and a friend were to bet \$1 on a coin flip, you wouldnt say "give me \$1 and if you win i'll give you \$2". If you lost you would give him \$1, and if you won he would give you \$1. You are getting and giving 1:1 odds.

Suppose you and a friend are making a fair bet on the roll of a die. If it comes up '6' you pay your friend \$5, if it doesnt, you get \$1. You are getting 1:5 odds, he is getting 5:1. You could also say you are LAYING 5:1 (laying=offering here).

Payouts are expressed as "for", such as 30 for 1 at the craps table on '66'. It is a 1 time bet, if you win, you get \$30 (ironically, they give you \$29 and leave your \$1 up on the 66 unless you request your \$1 bet back)

Slot machines post payouts - 7 7 7 might payout \$100 for \$1 bet (the machine is giving you 99:1 odds on 7 7 7)

CORed
08-24-2005, 12:56 PM
The usual terminology is that, for example, the red or black in roulette pays 1 to one (or even money) or that it pays 2 for 1. Casinos typically use the first for table games, and the second for slots/video poker. This sort of makes sense, because in a table game, you usually put your bet in a square or circle marked for that purpose. If you lose, the dealer picks up the bet, if you win, the dealer puts your winnings in the spot and leaves your original bet there. If you push, the dealer does nothing In a machine, you have to put coins in the machine to play. If you win or push, money come back out of the machine.

Somewhat of a hijack: Something that really annoys me is when you get the pair of jacks or better on a video poker machine and just get your money back, and WINNER!, in big letters, flashes on the screen. I've even run across video slot machines where I put 5 coins in, get three back, and the machine tells me I'm a WINNER! Do they think I'm stupid? Well come to think of it, if I'm in a casino playing a -EV machine, maybe it's not so unreasonable for them to assume that I'm stupid.

SheetWise
08-24-2005, 01:43 PM
[ QUOTE ]
Payouts are expressed as "for", such as 30 for 1 at the craps table on '66'. It is a 1 time bet, if you win, you get \$30 (ironically, they give you \$29 and leave your \$1 up on the 66 unless you request your \$1 bet back)

[/ QUOTE ]

I've never seen a craps table pay less than 30:1/15:1 on the horn. That would make booking a C&amp;E almost impossible. Are you sure? I can see where it gets confusing on horn high bet in \$5 increments. I've seen layouts that show hard ways 4-10 pay 8 for 1, 6-8 pay 10 for 1.

OrangeKing
08-24-2005, 11:58 PM
The way I like to think about it is that each side of the odds indicates how much each player is putting up. So an even money bets is 1:1, as each side is wagering 1 unit.

AaronBrown
08-25-2005, 02:31 PM
[ QUOTE ]
Somewhat of a hijack: Something that really annoys me is when you get the pair of jacks or better on a video poker machine and just get your money back, and WINNER!, in big letters, flashes on the screen. I've even run across video slot machines where I put 5 coins in, get three back, and the machine tells me I'm a WINNER! Do they think I'm stupid? Well come to think of it, if I'm in a casino playing a -EV machine, maybe it's not so unreasonable for them to assume that I'm stupid.

[/ QUOTE ]
The casino is just being honest. They think of every dollar that walks in the door as belonging to them, every time you get to keep a little of your money for a little longer makes you a winner. Everyone can be a winner!

mosdef
08-25-2005, 03:02 PM
[ QUOTE ]
The casino is just being honest. They think of every dollar that walks in the door as belonging to them

[/ QUOTE ]

i think you're confusing casinos with auto mechanics, aaron.