In this video my brother Mark, aka MFA, goes over a preview into his odds video series which he will be doing in the near future. In this video he shows what it means to have a fair wager and how to make sure that the casino or a friend is not making the odds too highly in their favor. This is a great introduction to odds so make sure to watch it!

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What is a Fair Wager? (Odds Preview)

The point of this video is to get a basic understanding of how odds work and how to interpret odds when it comes to making wagers.

Example: Heads Or Tails?

(a) Someone offers you “1 to 1” odds on a heads or tails game, what does this mean?

(b) Someone offers you “1 to 1” odds on a heads or tails game, what does this mean?

What is a FAIR Wager?

A fair wager simply means that the odds are created in a way that if you were to play an infinite amount of times, you would not lose or win any money at all.

If you played heads or tails an infinite amount of times, you would win exactly 50% of the time. You would win half the time and lose half the time. In the long run you would neither win or lose. This means that the game is FAIR because both the player and the person running the game will be even in the long run.

Example: Dice

This is a little more tricky compared to the heads or tails example simply because there are more than two outcomes. Lets say we roll a single die, what is the likelihood of you guessing the number right?

(a) 3 to 1 odds?

(b) 5 to 1 odds?

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How Do Casinos Make Money?

Check out later video which I show how casinos always win and the techniques they use to create unfair odds for the players: https://steemit.com/hive-128780/@mes/how-casinos-make-money