why are the odds of losing greater then the odds of winning?

Answer 1

The odds of winning or losing are easily determined with mathematics, and many times the odds of winning are actually higher than the odds of losing. The odds of losing MONEY, however, are greater than the odds of winning money because of the house advantage. Here's how it works. There is a probability of a certain event happening. And you bet that it will happen. The amount you're paid when it does happen is lower than the actual probability. Let's say you bet that the next roll of the dice on a craps table will be a 7. There is a 1/6 chance of that happening. If it IS a seven then the casino will only pay you 5/1. So if you play that bet 36 times the odds say you will hit it 6 times, and make 5 to 1 each time. So you bet 36 and got paid 30. For a net loss of 6. That's the house advantage in a nutshell. The casinos see so many bets that over time they'll eventually come out ahead. The events you're betting on will have a bell curve, and the payout will be an offset to that bell curve. The difference is their expected profit. That's why the odds of losing money are greater than the odds of winning money.

Answer 2

It depends on what game you're playing if it is a game or from which perspective you're looking at things from. Say you're making a bet with someone and you think the odds of losing are greater than the odds of winning, them the odds of winning are greater than losing. So what you said isn't necessarily true. In fact, odds depends on a lot of different things and usually there are a lot of assumptions involved.

Answer 3

The people who run the games are in it to make money. If more people win than lose, then they go out of business. It has already been pointed out that if more people win than lose, it becomes far less special, but if more people win than lose,m then nobody wins very much either. Most people prefer a small chance of winning a huge award. If you want a sure thing, then check out the employment lottery. Every hour that you show up, you get money added to your paycheck. You get that paycheck on a regular basis as long as your employer stays in business. the payoff isn't tremendous, but you almost never lose. If you want to make sure you lose (lucky in cards, unlucky in love?) get some of that automobile insurance. You bet them so much money every month that you will not have an accident. If you win, you lose all of that money. If you lose however, they have to pay you (or the victims) but then you get to pay them even more for an unspecified period of time. Most of the bookies will be happy to charge you more if you have bad credit or a ticket, or if your car happens to be really fancy or dangerous. It's enough to keep me humble!

Answer 4

First your question should read, "greater than" not "greater then"
The house or casinos put up the parameters of games, that will assure that over the long run, they will profit. It is recommended, that if you are going to gamble, that you have a mathematical understanding of probability and the mathematical nuances of the game or games you choose to indulge in. Too often, naive people flock to the casinos and employ their naive intuitions, which are usually wrong, towards the games they play. If you are no good at math, or figuring out math in your head then don't play. There are plenty of books out there on how to be a better poker player, or blackjack player. Those are skill games and offer the best chance to come out ahead.

Answer 5

Because if the odds of winning were large, the casino would not make any money.

Answer 6

Because the odds always favor the casino.

Answer 7

all of the games are set up to give the house an advantage . the old adadge is " never bet more than you can afford to loose "

Answer 8

Because games are designed that way because winning more times than not would suck eventually.

Answer 9

Because if they weren't winning wouldn't be as special.

Answer 10

because the indians need the money