what are the odds of an all bet- rolling 2-6 and 8-12 before a 7. i know it pays 175-1, with a house edge, but how do you know the odds?
Did you get the number you were looking for?
Odds are a comparison of the number of ways one event can happen versus another. You simply need to set up a ratio of the two events.
The Wizard's page others have cited here shows the probability of winning the All bet as 0.005258 and the probability of losing as 0.994742. So the ratio of winning to losing is:
0.005258 to 0.994742
Divide both sides by 0.994742 and you get:
Odds of winning versus losing are 0.005286 to 1
Likewise, the ratio of losing to winning is:
0.994742 to 0.005258
Divide both sides by 0.005258 and you get:
Odds of losing versus winning are 189.186 to 1
So ... if the All bet were fair it would pay 189.186 to 1 but instead it pays 175 to 1.
That means the house takes 14.186 simoleons from your payoff. So the house advantage is:
14.186/189.186 ~ 7.5% (approximate due to rounding)
Last edited by: Steen on Sep 6, 2016