That's why it's important to understand what percentages mean. 98% is the expected payback, not the probability of anything. For a simple example, consider a coin flip with 50% heads and 50% tails. If heads pays 1-to-1 and tails loses the bet, the expected payback is 100%. The only possible payouts are 0% and 200%, however. In the past three sentences I've used four different percentages: 0%, 50%, 100%, and 200%. But they don't all refer to the same concept and it's really important not to confuse them.
Well then, from what I get out of all this ultimately is my original thought on casino odds.
A totally made up advertising, selling concept to keep people confused and under the false belief they have a chance to make money at casino. Molded over the decades of course.
Appreciated all the input from everyone.
Just to be sure , what you got out of everyone explaining how your thinking was wrong is that your thinking is correct?
No. I wasn't concerned about the percentage itself, but how it came to be and who came up with the concept of the need to tell people what I think are deceiving bait and switch at the very least. The percentage stuff was spot on.
And there were some good links to other information.
But I don't think what you're thinking I'm thinking is correct.
Just a thought.