In the context of gambling, the term true odds refer to the real mathematical probability of a gambling-related event occurring. True odds are always smaller than the payoff odds given to the player for winning a bet. The difference between the true odds and the payout odds is what forms the house edge in bank games like blackjack, roulette, and craps.
You can learn the true odds of any bet and wager by consulting one of the many probability tables available online.
- The true probability of a gambling-related event occurring.