Re: odds terminology, does a bet pay 1:1 or 2:1
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)
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