If you’re new to betting or are just looking to enter the market, you might not know what exactly 2/3 odds means. Luckily, we’ve got you covered. Here’s a detailed explanation of what exactly 2/3 odds in betting is and how you should be using it.
What Are 2/3 Odds in Betting?
In betting, 1/3 or 33% is standard when it comes to the payouts. If you want to win, you’re going to need to bet at least twice as much as you would at a 1/3 casino. The house edge at a traditional casino is about 10%, so if you want to have a balanced score, you’re going to need to put down at least twice as much as you would at a 1/3 casino to have a 50/50 chance of winning.
Why Are They Important?
First of all, let’s talk about why they’re called 2/3 odds. When you look at it simply, betting on a 3-way split is twice as likely to net you a profit as betting on a 1-way matchup. That’s because when you split the pot three ways, each person is only responsible for one-third of it. The remaining two-thirds is divided equally among the remaining two players. Therefore, your chances of winning increase by a factor of two when compared to a traditional 1-way matchup.
For example, if you bet $100 on a 3-way split with odds of 1.5-1, you would win $150. But if you bet the same $100 on a 1-way matchup, you would only win $133.50 (since 1/3 of the pot is still yours when you win). In other words, you made a $27.50 profit, or about two-thirds of what you would have made if you’d simply bet on a 3-way split. This is why 2/3 odds are sometimes called “quasi-random” odds because they tend to favor the underdog, in this case, you.
How Do I Calculate Them?
Let’s say you’re at a casino and you want to bet on the Super Bowl. You can either bet on the favorite team, the visitors, or the underdogs. You’ll notice that the oddsmakers will often give you the percentages for the favored team and the underdogs in the Super Bowl, but they’ll rarely give you the exact odds. That’s because they consider the Super Bowl to be too big of a bet to give you exact odds. If you want the exact odds, you have to go to the sportsbook and place your own bet. In the Super Bowl, the underdogs are 3/1 (3-to-1) favorites to win. If you want to make the same wager but this time with 2/3 odds (quasi-random odds), you would need to make a $100 bet in order to win $150. For a 50-50 shot at winning $100, that’s a 50/50 payout, which is essentially twice as good as the 3/1 payoff at the casino.
How Do I Use Them?
Once you know what the odds are, you can begin to put them to use. When you have an edge, you should continue to lay it off until the game ends and the bet is settled. This is usually done with a hand of cards, where you play until all cards are exhausted. Alternatively, you can use a chip-based betting system with 2/3 odds, like the one provided by Rival. Using hand-held devices or smartphones to place bets is also a popular way to conduct business, especially for people who work from home. In the case of the Super Bowl, waiting till the end is usually the best approach since you want to minimize your losses as much as possible. In these types of situations, it’s not uncommon for people to use these types of odds to their advantage by backing up their hunch or gut instinct that one of the underdogs will triumph.
When Do I Not Need To Use Them?
On the other hand, sometimes you have no idea what the outcome of a game is going to be. In these situations, it’s usually best to avoid using odds at all costs. If you’re not sure whether or not you should use them, the answer is usually no. If you do ever need to use them, it’s usually for entertainment purposes only since you won’t necessarily be able to make money on these types of bets. These are known as “parlay downs” and are somewhat of a risk since you have to risk more than you would otherwise to get the same excitement. Sometimes it’s fun to make a large wager on the outcome of a game and see what happens. This is why people usually like to use these types of odds when they go to the movies to indulge in their favorite films. For example, if you see Toy Story 4 and you think it’s going to be good, you might want to wager on it being the best movie ever made. It’s a risk worth taking since it’s unlikely you’ll lose, but there’s also a chance you could lose a lot of money. Sometimes it’s best to just sit back and enjoy the show.
Hopefully, this was helpful in providing some context for what 2/3 odds in betting is and how you should be using it.