The payout for this optional bet is 9:1
The House advantage is 3.24% on this side bet
WizardofOdds site also lists Probability and return numbers
How can I determine the odds of winning this bet (as in 1:?)
Are there any conversion fomulas from advantage % to odds?
Thank you,
> The payout for this optional bet is 9:1
> The House advantage is 3.24% on this side bet
> WizardofOdds site also lists Probability and return
> numbers
> How can I determine the odds of winning this bet (as
> in 1:?)
> Are there any conversion fomulas from advantage % to
> odds?
Sure. Let's make the assumption that you would win this bet once in every ten tries. If you got paid 9:1 when you won, you'd get your original bet back, plus nine more, for a total of 10, and, on average, you would break even.
For the house to have a 3.24% edge (0.0324), you obviously need slightly more than 10 tries to win. Call that x.
The equation you need is then: 1 - (10/x) = 0.0324.
A little algebra makes the value 1 in 10.335.
Don
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