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The art of gambling has been practised across the world for thousands of millennia and is increasing. Almost anything can be bet on. Which horse will win, which horse will lose, which number the ball will land on, will the next card be higher or lower. Indeed the general rule is if there are two outcomes or more, there is the possibility of a wager.

Where it gets complicated is that invariably the two (or more) sides of the wager have different probabilities of manifesting themselves. Take a race between Usain Bolt (the world’s fastest man) and a snail. The bet is between two people for five units of currency. Is it fair that the person betting on the snail has to hand over the same amount of money if the snail loses (when it is a near certainty) as he would win if the snail won (which is very, very unlikely)? Indeed, who in their right mind would actually take the bet that Usain Bolt could win a snail? However, knowing the reality of the situation, the person betting on Usain Bolt could offer the person betting on the snail odds. E.g. “We both bet five units of currency. If the snail wins, I will give you 500 units of currency. But if Usain Bolt wins I keep your five units”.

The bet is fairer, which enables two sides to enter into the contract. The odds of 500 to 1 mean that the odds-maker thinks that 1 time in every 500 races, the snail will win (perhaps Usain Bolt will fall and fail to get up). The person betting on the snail is hoping that THIS race is the race where Usain falls so he will clean up. The person betting on Usain knows that unless something very rare (a 1 in 500 chance) happens, Usain will win and he will walk away with the bet.

Obviously the Bolt/ Snail bet is a parody. In reality the odds would be far higher for the snail to emerge victorious. The key is that a bet needs to involve two sides - one to bet and one to lay the bet. The advent of odds enables the two sides to enter into a bet. Play different casino games incl. online roulette

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