Roulette is a simple casino game in which players can bet that the ball will land on a specific number. However, learning to calculate roulette payouts is not an option. This is because roulette can take many forms, making it a bit tricky for beginners.
This article discusses what you need to know about roulette payouts. You will also learn how to differentiate between the different types of roulette.
The standard roulette wheel has 0 to 36 red, black or green sections. Remember, 0 or 00 is the only number in the green pocket. In addition, the colors on the roulette wheel alternate. The game begins with the player placing a bet on the number, color, or combination of balls that will land. Then, the dealer will toss the ball and spin the wheel. If you predict the outcome accurately, you will be paid according to the payout table.
American Roulette and European Roulette
Before we dive into the payouts and odds, what is the difference between American and European roulette? First of all, from European roulette, this game has 37 pockets, including 1 to 36 red or black numbers and a 0 green pocket.
On the other hand, American roulette has 38 pockets. This consists of 1 to 36 red and black numbers and two green pockets. The green pockets have 0 and 00.
Understanding the Roulette Advantage
The Casino Advantage is the main source of revenue for the casino. It is the mathematical advantage the casino has over the players in a particular game, including roulette. Therefore, the lower the house edge, the better your chances of winning.
Here is the simplest formula for calculating the house edge.
House edge = (win percentage – house odds) x probability of winning x 100
In this formula, the odds against success are the number of ways to lose divided by the number of ways to win. Probability of winning is a way to win divided by a way to win and a way to lose.
Example using the European version
Even though European Roulette offers players 37 possible winning numbers, the payout ratio for a single number is still 35:1. This means that a single unit bet in the online casino has a payout of 35 units plus the initial unit.
Therefore, if you place a direct bet, your chances of winning are 1 of 36 possible losing numbers. This is how the casino achieves 35:1 odds.
This means that the odds of success are 36/1 and the Casino odds are 35/1. In addition, the overall odds of success are 1/37.
Using the formula discussed above, the house edge for European roulette is
(36/1 – 35/1) x 1/37 x 100 = 2.70%
It is interesting to note that most casinos offer a 35:1 payout on both wheels. Therefore, if you use this formula to calculate the house edge of the American Wheel, you will arrive at.
(37/1 – 35/1) x 1/38 x 100 = 5.26%
Roulette Bet Types and Expenses
There are two types of roulette – inside bets and outside bets. Here is the complete breakdown.
Outside bets
In an outside bet, the player does not bet on a specific roulette number. Instead, you choose a combination of colors and numbers. For this reason, these are the simplest roulette bets, most of which offer players a 1:1 payout and an almost 50% chance of winning.
Inside Betting
With inline bets, you predict that the ball will land on a specific number or set of numbers. However, your chances of winning these bets are lower than those of outside bets. But the returns can be very good.