The actual chance of an event occurring without the house edge in a game. hey reflect the real likelihood of winning a bet, untainted by the casino’s edge, and are often contrasted with “payout odds,” which are what the casino actually pays out—usually less than true odds to ensure a profit.
For example:
- Dice Roll in Craps: Say you’re betting on rolling a 6 with two dice. There are 36 possible combinations (6×6), and 5 ways to roll a 6 (1-5, 2-4, 3-3, 4-2, 5-1). True odds are 31:5 (31 ways to lose vs. 5 ways to win), or simplified, 6.2:1. If the casino paid true odds, you’d get £6.20 for every £1 bet. But they don’t—they might pay 5:1 or 6:1, pocketing the difference as the house edge.
- Roulette: Betting on a single number in American roulette (38 slots: 1-36, 0, 00) has true odds of 37:1 (37 ways to lose, 1 way to win). The payout, though, is typically 35:1, meaning the house keeps a slice.
True odds matter most in games like craps, where “odds bets” (e.g., behind the Pass Line) are rare exceptions that do pay at true odds with no house edge—casinos allow this to entice players, but you need an initial bet (like Pass or Don’t Pass) with an edge to qualify. In most other games—roulette, slots, blackjack—payouts are skewed below true odds to favour the house.
