Do any gamblers win?
The more you play, the more you lose. Although some gamblers are ahead temporarily, in the long run the odds will prevail. This simple principle explains why the casinos take in so much money. Someone should only gamble if they can afford to lose the money they are spending. Expect to lose and treat any winnings as a bonus. Treat gambling just like going to a concert or going out to eat: don’t expect to get your money back at the end.
What does a +500 bet pay?
This indicates how much you’ll win for every $100 risked. For instance, a +500 bet means you could bet $100 to win $500 (and collect a total of $600). For a +300 bet, each $100 you bet, you’ll receive $300 in winnings. For a -300 bet, each $300 you bet will return $100. With each bet, the odds showcase the implied probability of the outcome occurring and your payout is impacted accordingly.For example, if the odds are 4-1 this suggests there is a one in five chance of winning (4+1), or calculated as 1 / (4+1) = 0. The winnings you would receive from a bet is calculated by multiplying your stake by the odds.So, odds of +200 mean the book is giving you the odds that the bet will come in one-third of the time. If you think the likelihood is higher than that, it is a good bet.Bets with lower implied probability are given a positive value. For example, a bet placed at +400 odds would profit $400 on a $100 wager. The positive value indicates that the odds are “plus money” and return more profit than the amount risked on the bet.At +500, you have the opportunity to win five times the amount you’re risking on any given bet. To make this easier to understand, let’s use an example: if you risked $100 at +500 odds, a winning bet would net you a massive $500, and your total returns, including your wager, would be $600.