

What are Odds?



Simply speaking, “odds” is the term used to describe the chances a person placing a bet has of winning. In gambling: Odds are the chances of winning

Odds are always against the person placing the bet

The “house” always has the edge In every betting game, the odds are against the player. That means that the “house” (the casino, bingo hall, racetrack, lottery commission etc.), is absolutely guaranteed, mathematically, to “win” over time. For every millionaire that is created from lottery winnings, there are millions of others who have lost their money! The longer you gamble; the more likely it is you will lose. Many people who develop problems associated with their gambling have the false belief that they will be able to 'beat the system', while others may not understand that the odds are against them and that over time, they will lose money. Comparing the Odds The odds of winning the Lotto 6/49 are approximately 1 in 14 million. A person has a 1 in 3 million chance of sighting an UFO. That's almost 5 times more likely than winning the jackpot.

You are more likely to die of a flesh eating disease (1 in 1 million) than winning the lottery. That's 14 times more likely than winning the jackpot.

You are more likely to be killed by lightening (1 in 56,439) than win the lottery. That's almost 250 times more likely than winning the jackpot.

You are more likely to be killed in a traffic accident driving 16 km to purchase a ticket than winning the jackpot.

Imagine you are standing blindfolded on a football field holding a pin. A friend has released an ant on the field. Your chance of piercing that ant with your pin is about one in 14 million, the same odds of winning the Lotto 6/49 jackpot.

The odds of winning the top prize at maximum coin play on the slot machines ranges from 1 in 4,096 to 1 in 33,554,000. Another way to look at the odds of winning the lottery jackpot Mrs. Jane Doe lives somewhere in Ontario. Try reaching her by randomly dialing one of 12.5 million Ontario phone numbers. Your odds of calling Mrs. Doe on the first try are better than winning the lottery.