What Are Odds in Roulette? Different Kind of Roulette Bets and Odds

Roulette is a game of pure probability. That is why the game attracts many statistics enthusiasts and math experts, as they can study the possibilities in the game to increase their chances of winning in the long run. If you are a beginner, you can also refer to the odds on the roulette wheel to understand more about the game and recognize the most profitable bets, as well as their probability. 

Today's article will provide an in-depth analysis of all odds and winning probabilities of bets in roulette. Understanding them is vital for you to start making a profit in this popular casino game. Let's get started now.  

What Are Odds in Roulette?

To your knowledge, the odds and probability will vary between the two most famous game variations, the European and the American. This disparity comes from the double green zero pockets appearing in the American variation. Below, we will provide details on the bet types, their payouts, and their probabilities in both versions of the game. 

Odds in American Roulette Bets

Odds in European Roulette Bets

With the elimination of the double zero segments, the odds of winning The player's win in the European version will be slightly higher than in the American variant. In the context of the potential payouts being constant, this variation is seen as more lucrative for the player. 

The Roulette House Edge

Roulette is considered one of the most lucrative casino games for players, as it comes with the lowest house edge. Specifically, the European variant has a house edge of 2.70%, while the American version, with the double zero pockets, has a house edge of 5.26%. Casino games with the house edge are considered high and detrimental to players whose stat ranges between 7% and 8%. 

So, what is the meaning of the house edge? And how does it affect your gameplay? If the house edge is 2.70%, you will lose an average of $2.70 for every $100 bet if you play this game for a long time. Therefore, the European version will cause the player to lose less than the American variant if the player sticks to the table.  

However, this number is only approximate when it is based on the calculations of experts for millions of players' playing sessions. The house edge only makes sense when you spend most of your time playing roulette, then, your payback will be closer to the value of the player's edge. However, the number will quickly become meaningless if you play the game for fun and get a big win in the first sessions. 

The Difference Between the Odds of Winning and the Payout Odds

The difference between the odds of winning and the payout odds is another explanation for the house edge. If the winning odds and the payout odds are equal, the casino will not be able to have a steady source of revenue as their revenue is only generated when players lose bets. Therefore, the inevitable consequence is that casinos will quickly go bankrupt every time a player wins big. 

To prevent this, casino operators have had to add zero pockets to the wheel to further increase the house edge and ensure consistent profits for the casino, whether the player wins or loses. More specifically, the casino will make money from the small difference between the winning odds and the payout odds.

For example, consider the straight number bet in the European variation. With 37 numbers on the wheel, including zero, your chance of winning is 1/37. However, the payout if you win this bet is set at 35 to 1. Therefore, if you bet $1 on all possible numbers, you will lose $37 of your bet. Meanwhile, you'll get $36 back on the payout, which includes $35 of your winnings and $1 of your winning bet refunded. In the end, the casino will be the beneficiary with $1 of profit ($37 minus $36). 

Therefore, the difference between the winning odds and the payout odds is the basis for casinos to stay profitable and continue to offer the game. In the long run, the casinos always have the edge, regardless of the wheel’s outcome. 

Different Kind of Roulette Bets and Their Odds

There are two main groups of bets in roulette, which are outside bets and inside bets. They are distinguished by the player's chip placements on the paying table. The most basic thing you need to know about them is that the outside bet gives you a bigger chance of winning, but it comes with less impressive payouts than the inside ones. Below, we will provide detailed information about them for your reference. 

The Outside Bets

The outside bets are considered the most popular bets in roulette, as with their high winning chances, they attract quite a few players to place their chips on. However, you will not stand a chance of winning huge wins from these types of bets. The outside bets in roulette include:  

Red or Black: You can bet on the color of the number. If you guess correctly, your payout is 1 to 1. With the occurrence of zero numbers, you will have a chance of winning this bet type of 48.6% for European roulette and 46.37% for European roulette. with American roulette. 

Even or Odd: Understandably, you will predict whether the ball will land on an even or odd number. The potential payout for this bet is 1 to 1, and your probability of winning is similar to the Red/Black bet. 

Low or High: The numbers on the wheel will be divided into two groups. The Low group includes the numbers 1 to 18, while the High one contains the numbers 19 to 36. If you correctly predict the outcome of the ball falling into one of these two groups, you will get the payout of 1 to 1. 

Columns: The numbers on the wheel will be divided into three columns, based on their position on the paying table, instead of two as in Low/High bets. If you correctly predict the column containing the number the ball will land on, your payout will be 2 to 1. 

Dozens: The numbers will also be divided into 3 parts, not depending on their position on the wheel, but on their value. The 1st third includes the numbers 1 to 12, the numbers 13 to 24 are in the 2nd third, while the remaining numbers belong to the 3rd third. Your payout for correctly guessing which part of the third the ball landed on is 2 to 1.

As mentioned, green zero pockets appear and make your winning odds slightly less than the payout odds. If the ball lands on 0 or 00, all outside bets above will lose. 

The Inside Bets

The inside bets provide a good opportunity for players to find big wins in the game. In return, the player will have to risk the bet when the chance of winning is very low. Here are the inside bets that you can try while playing roulette. 

• Straight Up - You will bet on a specific individual number and get paid 35 to 1 if you guess correctly.
• Split - You will bet on two numbers next to each other. If the ball lands on either number, your payout are 17 to 1
• Street - You will bet on 3 numbers next to each other and pay 11 to 1 if the guess is correct. 
• Corners - You can bet on four numbers forming a square on the table. The game payout is 8 to 1 if the ball lands on one of the four numbers of your choice.
• The 5-Number Bet - Similar, you will bet on 5 consecutive numbers. The potential payout for this bet is 6 to 1. 
• Line - This bet type allows you to place your chips into 6 numbers side by side. If you guess correctly, your reward is 5 to 1.

Conclusion

Today's article has summed up the winning probability and potential payout of all possible bets you can place on roulette. Understanding them will give you a better overview of the game’s probability. More than that, you will know where you need to place your chips on the table to stand a chance of winning the wins you want, depending on how much risk you want to take. Also, keep in mind that European roulette will give you a higher return in the long run, but if you gamble just for fun, American roulette gives you more betting options with an extra green double zero segment while the potential payouts are similar.