|Odds for 0 version||47.4%|
|Odds for 00 version||48.6%|
|Expected value ($1)||-0.0271|
Odd/Even is an outside bet in roulette. Not including the 0, the roulette wheel has 18 odd numbers and 18 even numbers. As the name of the bet suggests, the idea is to wager on whether the number that falls will be even or odd. The probability of correctly hitting an Odd/Even bet is 48.6% on a European roulette table and 47.4% on an American roulette table. A winning Odd/Even bet pays even money.
Odd/Even roulette bets are quite popular because they offer a relatively high probability of winning. They also work nicely with any other roulette bet and most betting strategies. In terms of probabilities, Odd/Even bets are the same as High/Low bets and Red/Black bets, which are also very versatile wagers.
Putting the Odd/Even Bet to the Test
As you should know by now, we always test the bets and strategies that we discuss. This gives us a math-based idea of how effective these bets are over the long term and what effects they have on a player’s bankroll. For this, we will use Google Sheets and the appropriate formulas to see Odd/Even bets in action. In this simulation, we will give four players a starting bankroll of $1,000 each and chart the results. Player 1 will wager $1 per spin, Player 2 will bet $5 per spin, and Players 3 and 4 will wager $10 and $20, respectively. The graph below shows the results after 1,000 rounds.
If you saw our examination of Red/Black or High/Low bets, you’ll see that the results for the Odd/Even simulation are quite similar. However, we must keep in mind that swings in luck have a major impact. In this instance, Player 4 got off to a rough start but was able to get back to even after about 600 spins. His bankroll then went through some peaks and valleys, which were amplified due to the size of the bets. He ended up losing a little over $250 for the session.
Players 1, 2, and 3 all finished within a few bucks of being even. This graph illustrates how a bigger base stake can lead to much more noticeable fluctuations in the bankroll. It also shows that placing only Odd/Even bets is a losing proposition over a long session. On the flip, the potential for profits is there if you use Odd/Even bets over shorter periods. Timing and sheer luck play a prominent role, as you would expect.
Tips and Strategies for Odd/Even Betting
As mentioned, Odd/Even bets can be used in conjunction with many other roulette bets and wagering strategies. A lot of players like to use some form of progressive betting approaches such as Martingale or Fibonacci. Let’s go over three other betting systems that work well with Odd/Even bets.
If you have read our guide to the Martingale system, then you know that it involves doubling your bet amount after a loss. This gives players a good shot at recovering any losses they incurred from the previous spin. The reverse Martingale is the exact opposite. Instead of doubling your stakes after a loss, you do it after a win.
So, you start by placing an Odd/Even bet for 1 unit. If it loses, then you once again bet 1 unit. However, if it wins, we then double our bet amount to 2 units. We keep doubling the stake amount until we lose. At that point, we simply go back to our original base unit and repeat the process.
The contra bet strategy is another progressive betting system that is designed for even-money outside bets like Odd/Evens. We start by placing a 1-unit bet on Odd/Even. If we win, then we raise our bet amount by 1 unit. In the event of a loss, we lower the bet by 1 unit. While this is quite similar to the above-mentioned Martingale system, the contra bet system doesn’t require such a dramatic increase in the wager. As such, the bankroll should remain more stable.
The Hollandish system is yet another progressive roulette betting strategy. It’s a little more aggressive than the contra bet and not as aggressive as Martingale. With this approach, the betting progression is 1, 3, 5, 7, 9, 11, etc.… In other words, we up our base stake by two units. The unique aspect of the Hollandish system is that it’s based on cycles of three spins. If a cycle of three spins results in a net loss, we then up our stake to the next level. We will go back to the base unit after a three-spin cycle yields a profit.
If you have already read our tutorials on Red/Black and High/Low, then you can see that Odd/Even bets are pretty much the same. In fact, they are exactly the same in terms of probabilities and payouts. As you can see, Odd/Even bets are very easy to understand, and they can be used in conjunction with a variety of other wager types and betting schemes. We urge you to experiment with Odd/Even using a free roulette game and see how you can use it in different situations.