Sometimes I see odds where they use the word “to” as in 2-to-1 odds. Sometimes they use the word “for” as in 2-for-1 odds. Is there any difference between the two? Do they mean the same thing? If I bet $10 and won in a 2-to-1 and 2-for-1 situation, would I end up with the same amount of money in both cases?
2-for-1 is an unusual way of expressing odds: in horseracing 2-to-1 against (often written 2-1) or 2-to-1 on (sometimes written 1-2) are used. 2-for-1 is much rarer, and I’d be interested to hear where that form is used. Here is a gambling website that explains the difference:
If the odds are 2-1 against, if you bet 10 dollars and win, you receive 20 dollars plus your original stake, a total of 30 dollars. If you bet 10 dollars at odds of 2-for-1, if you win you get 20 dollars total back, and your original stake isn’t returned. (Meanwhile if you bet at 2-1 on, your 10 dollar stake will gain you 5 dollars winning plus your stake back, a total of $15; i.e. 2-1 on is essentially 1-2 against.)
The word “for” is mostly used (in my experience) on Craps gambling tables, as another way to make the house money. For example, the one-roll “seven” bet (pays if the roll is a 7, loses if it isn’t) pays 7-for-1, meaning you get 7 dollars for every dollar you bet, but the house keeps your bet. You get 7 for your 1. It essence, it makes it the same as 6 to 1, because in that case you get 6 dollars for every dollar bet, and you get your bet back. Hope that helps.
Surely not, on any roll the 7 is only a 5-1 chance.