How gambling works
Back to Topic
Click to Print
Useful Websites
Glossary Term Selection
Whether playing a slot machine or buying a scratchcard, it helps to know your chances of winning. This article will help you understand what is meant by odds and probability, so you can make informed decisions about the money you are spending when gambling.
What’s the chance you’re going to win?
Probability is the likelihood of a specific outcome or event taking place. To work this out, you divide the number of specific outcomes with the number of possible outcomes.
For example, if you were rolling a dice and wanted the number three to come up, there is only one specific outcome; at the same time, there are six possible outcomes because the dice could land on one, two, three, four, five or six. So the probability of you rolling a three is one in six.
Randomness
Randomness means that each possible outcome has the same chance, or probability, of occurring.
For example:
- When you roll a dice, the probability of rolling a two is the same as the probability of rolling a six, which is...
Want to see the rest of this article?
Would you like to see the rest of this article and all the other benefits that Issues Online can provide with?
- Useful related articles
- Video and multimedia references
- Statistical information and reference material
- Glossary of terms
- Key Facts and figures
- Related assignments
- Resource material and websites
