In the context of gambling, the term true odds refer to the real mathematical probability of a gambling-related event occurring. True odds are always smaller than the payoff odds given to the player for winning a bet. The difference between the true odds and the payout odds is what forms the house edge in bank games like blackjack, roulette, and craps.
For example, the payout odds for a single number bet in American wheel roulette are 35:1 (2.85% probability), whereas the true odds of this event occurring are 37:1 (2.7% probability).
You can learn the true odds of any bet and wager by consulting one of the many probability tables available online.
True odds:
- The true probability of a gambling-related event occurring.
