question: How does Vegas calculate their gambling odds?
comment: I assume you mean for sports? The main sports book is Caesars Palace. And based on past performance of the teams/athletes, they try to make each bet as close to 50/50 as possible. When bets come in heavily for one side, they’ll change their line/spreads to make the other bet more attractive (you still get whatever the odds were at the time of your bet) If you mean slot machines, the take is set by the chip inside the machine. If you mean table games, they just do math based on how much they want to take from the gamblers.
passages: A multitude of websites also have been created and are updated regularly every after the morning, afternoon, and evening draws are recorded. Most of these websites also try to compile and pseudo-analyze results based on prevailing results and techniques used by bettors of the game- this even though results are drawn in random.
   Online casinos generally offer odds and payback percentages that are a bit higher than land-based casinos. Some online casinos claim higher payback percentages for slot machine games, and some publish payout percentage audits on their websites. Assuming that the online casino is using an appropriately programmed random number generator, table games like blackjack have an established house edge. The payout percentage for these games are established by the rules of the game.
  
  Many online casinos rent or buy their software from companies like CryptoLogic Inc (now Amaya), International Game Technology, Microgaming, Playtech, Golden Race and Realtime Gaming.
  
  Section::::Online casino types.
   Prior to the event, betting agencies will often provide approximates for what will be paid out for a given outcome should no more bets be accepted at the current time. Using the wagers and commission rate above (14.25%), an approximates table in decimal odds and fractional odds would be:
  
  In real-life examples, such as horse racing, the pool size often extends into millions of dollars with many different types of outcomes (winning horses) and complex commission calculations.
   According to the Euromillions website, the chances of winning the UK Millionaire Maker game on a Tuesday can be estimated as 1 in 1,900,000. This can shrink to 1 in 2,250,000 in the events of rollovers. On a Friday, it can be calculated as 1 in 2,950,000 but again the odds can fall to 1 in 3,400,000 in the events of a 4 times rollover. Winning in this game depends entirely on the number of the payslips sold so the odds fluctuate. The odds may also fluctuate during a super draw or a special event in the UK Millionaire Raffle.
   Each of the OTB corporations accepts wagers at a number of full-service branch locations, at self-service terminals located in restaurants and bars, and by telephone and Internet.
   Within financial fixed odds betting the odds are fixed, while the strike price where a win is achieved relative the current level changes. The fixed odds company will calculate how much has to be bet to win a certain amount upon settlement if the conditions of the prediction become true.
  
  Section::::Binary betting.
   Historical data is released in various formats. The LVCVA maintains "year to date" and "year end" tables with on their site back to calendar year 2002. Data presented in graphic form covering several years is easier to visualize.
  
  Section::::Nevada Gaming Control Board publications.
  
  The NGCB maintains a list of publications. Cumulative data is reported in fiscal years (FY) (July 1 to June 30) instead of calendar years.
   The odds or amounts the bookmaker will pay are determined by the total amount that has been bet on all of the possible events. They reflect the balance of wagers on either side of the event, and include the deduction of a bookmaker's brokerage fee ("vig" or vigorish).
  
  Also, depending on how the betting is affected by jurisdiction, taxes may be involved for the bookmaker and/or the winning player. This may be taken into account when offering the odds and/or may reduce the amount won by a player.
  
  Section::::See also.
  
  BULLET::::- Odds ratio
  
  BULLET::::- Odds algorithm
  
  BULLET::::- Galton box
   Should a selection in one of these bets "not" win, then the remaining winners are treated as being a wholly successful bet on the next 'family member' down. For example, only two winners out of three in a Trixie means the bet is settled as a double; only four winners out of five in a Canadian means it is settled as a Yankee; only five winners out of eight in a Goliath means it is settled as a Canadian. The place part of each-way bets is calculated separately using reduced place odds. Thus, an each-way Super Heinz on seven horses with three winners and a further two placed horses is settled as a win Trixie and a place Canadian. Virtually all bookmakers use computer software for ease, speed and accuracy of calculation for the settling of multiples bets.
   The expected value of a $1 bet (except for the special case of Top line bets), for American and European roulette, can be calculated as
  
  where "n" is the number of pockets in the wheel. The initial bet is returned in addition to the mentioned payout. It can be easily demonstrated that this payout formula would lead to a zero expected value of profit if there were only 36 numbers. Having 37 or more numbers gives the casino its edge.
   Theoretical loss algorithms differ somewhat among casinos, but in general, the logic behind the calculation is as follows:
  
  Section::::Hustling.
   BULLET::::3. After one set of balls has been chosen for a game, each of the balls is weighed to see if they have the same or almost the same weight using a digital scale. This part of the procedure is covered by a separate video camera, which will record any abnormal circumstance, such as ball switching or a ball which either is overweight or is too light, should it comes out.
   Section::::Gaming revenue of Strip casinos.
  
  Financial information is provided to show where the source of gaming revenue comes from (slots revenue, vs. pit revenue, etc.). Data is contrasted for the year ending October 2007 when revenue peaked. The "other-pit" category is all the other table games like Bingo, Keno, Let it Ride, Mini-Baccarat, Pai-Gow, Pai-Gow Poker, 3-Card Poker, Caribbean Stud, Sports Book, Racing Book, and so forth.
   BULLET::::- The new contract lowers commissions as they are determined by a fixed percentage of the Net Gaming Revenue(39% for 2017, 37% for 2018, 35% for 2019 and 2020). That commission is then adapted in each quarter depending on customers winnings. If customers win more than anticipated within a quarter part of the agents commission has to be returned.
  
  BULLET::::- In 9 and 10 March 2017 agents were on strike.
   As noted in the chart to the right, the population of Las Vegas peaked at 14,753 in 1990. By 2016, the estimated population had decreased 9.95% to 13,285.
   A monthly report of gaming revenue is released about five weeks after the end of the month. These statistics are posted in several locations on the Internet. The Las Vegas Convention and Visitors Authority (LVCVA) posts an executive summary for forty one categories. The number that gets the most attention is the percentage change of gaming revenue from the same month the previous year.
   Each casino sets its own series of payouts, called "paytables". The player is paid based on how many numbers were chosen (either player selection, or the terminal picking the numbers), the number of matches out of those chosen, and the wager.
  
  There are a wide variety of keno paytables depending on the casino, usually with a larger "house edge" than other games offered by that casino. The house edge ranges from less than 4 percent to over 35 percent. The typical house edge for non-slot casino games is under 5%.
  
  Section::::History.
   BULLET::::- Number 1 and number 3 each cost 27 chips and pay 297 chips.
  
  BULLET::::- Number 2 is a 36-chip bet and pays 396 chips.
  
  BULLET::::- 1st column numbers 4 to 31 and 3rd column numbers 6 to 33, cost 30 chips each to complete. The payout for a win on these 30-chip bets is 294 chips.
  
  BULLET::::- 2nd column numbers 5 to 32 cost 40 chips each to complete. The payout for a win on these numbers is 392 chips.
  
  BULLET::::- Numbers 34 and 36 each cost 18 chips and pay 198 chips.
   In Intellivision's original "Horse Racing" game, 6 players (bettors) begin each of the 10 races on the simulated match program by checking out the race program screen; 4 horses are entered for each race, with bettors starting out with a $750 simulated bankroll. For each of the 4 horses entered into a race, the odds—along with past performances—are listed (accessed by a side action button during placing bets). Each bettor then keys in his/her player number (from 1 to 6 on the keypad), enters a bet pay amount against 
   Betting on the outcome of lottery draws is the most common form of lottery betting. This follows the same format as purchasing online lottery tickets in that players follow the same ruleset as found on the official lottery draw. Typically, this means that players choose the same amount of numbers and win the same prizes if they match these numbers, as they would have if purchasing an official ticket. The cost of betting on a lottery can differ from the cost of purchasing an official lottery ticket.
  
  Section::::Types of bets.:Number betting.
   In general, if the Monte Carlo integral of formula_2 over a volume formula_3 is sampled with points distributed according to a probability distribution described by the function formula_4 we obtain an estimate formula_5
  
  The variance of the new estimate is then
  
  where formula_8 is the variance of the original estimate, formula_9
   Online slot games often have a published Return to Player (RTP) percentage that determines the theoretical house edge. Some software developers choose to publish the RTP of their slot games while others do not. Despite the set theoretical RTP, almost any outcome is possible in the short term.
  
  Section::::Standard deviation.
   Historically, many casinos, both online and offline, have been unwilling to publish individual game RTP figures, making it impossible for the player to know whether they are playing a "loose" or a "tight" game. Since the turn of the century some information regarding these figures has started to come into the public domain either through various casinos releasing them—primarily this applies to online casinos—or through studies by independent gambling authorities.
   BULLET::::- When moneyline odds are negative, the figure indicates how much money must be wagered to win $100 (this is done for an outcome that is considered more likely to happen than not). For example, a net payout of 1/4 would be quoted as -400.
   Total casino count by county and county population on 1 July 2008 is in the table below. The NGCB is prohibited by state law from revealing financial information on individual casinos, so it reports detailed financial data on groups of casinos.
  