Whatever variant of roulette you play, half of the numbers other than 0 (and 00) will be odd, and the other half will be even. This means that there are 18 even numbers and 18 odd numbers, and this bet allows you to place a wager for one of these options. Odd/even betting offers a high chance of winning, as you can cover a large number of outcomes. In European roulette, this chance is 48.60%. In American roulette, it is 47.40% due to the slightly higher house edge. In any case, this bet pays 1:1 (even money).
Like all outside bets, this one is very popular, too and is no different from High/Low and Red/Black in terms of chances to win. However, because the numbers it covers are different, statistically, the win/loss curve shows some differences.
|Odds for 0 version||47.4%|
|Odds for 00 version||48.6%|
|Expected value ($1)||-0.0271|
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Short and Long-Term Analysis of the Odd/Even Bet
When we take a look at the simulation results we ran for this bet, we can see this statistical difference more clearly. For the Odd/Even bet, we created a simulation of 1,000 spins using Google Sheets. There are four players in this simulation, each making different amounts of wagers (1 GBP, 5 GBP, 10 GBP, 20 GBP). But each has a bankroll of 1,000 GBP. The simulation results allow us to understand how much these players won or lost when 1,000 spins were completed.
Low-budget players have an almost flat win/loss curve, something we've seen with other outside bets as well. As a matter of fact, players playing with 1 GBP and 5 GBP managed to complete the simulation with a low profit. It's not surprising that the player playing with 20 GBP has a much more volatile curve, the results for high-roller gameplay are almost always like this.
However, we can say that the curve of the 10 GBP player is more stable compared to other outside bets, and this is an interesting result. This player failed to make a profit but ended the simulation with a very low loss. After 800 spins, the player managed to cover almost all losses. Therefore, we can say that odd/even betting will give satisfactory results in the long run for players with an average bankroll. Other than that, it's also a good option for budgets as low as 1 GBP for short-term gains.
Strategies to Increase the Efficiency of Odd/Even Betting
Outside bets are often used in both progressive and non-progressive roulette strategies due to their low risk and ease of use. This also applies to Odd/Even: you can use this bet in almost any roulette system. See below for some examples.
Reverse Martingale Strategy
To understand this strategy, we recommend that you first take a look at the classic Martingale system. As known, the classic version simply requires doubling the wager amount after each loss and offers a high winning potential. However, due to the nature of the system, it also involves high risk. Reverse Martingale is the opposite of the main rule: if you win, not loss, it asks you to double the wager amount. The increase is made only after a win. Let's explain with an example:
- Start by making a 1 GBP wager for the Odd/Even bet.
- If you lose, continue to wager with 1 GBP.
- If you win, double the wager amount (2 GBP)
- Keep doing this as long as you win: if you lose, go back to playing for 1 GBP.
Contra Bet Strategy
The Contra Bet system is a progressive strategy that can be used for all, even money bets and is basically similar to Martingale. However, the increase in wager amount is more controlled. Let's explain this system with an example:
- Place 1 GBP wager for an Odd/Even bet.
- If you win, increase the wager amount by 1 unit (i.e., from 1 GBP to 2 GBP)
- If you lose, reduce the wager amount by 1 unit (i.e., from 2 GBP to 1 GBP)
- Keep repeating this cycle until you reach your target profit.
The difference between the Contra Bet system and Martingale is that the wager increase is limited to only 1 unit. So you don't need to double it. Thus, the risk of reaching the table limit, which is the biggest problem for Martingale, and/or going bankrupt after a losing streak is reduced.
The Hollandish method also uses a progressive system and requires the wager amount to be increased or decreased according to the win/loss situation. In this context, the wager amount is increased by two units after a loss, so, for example, when playing with 1 GBP, you start playing with 3 GBP. Such a sequence looks like this: 1, 3, 5, 7, 9, 11, etc.
However, this increase is only made after three consecutive losses. So, you play three rounds with 1 GBP, and the result of these three spins will be a net loss, you will start playing with 3 GBP in the next iteration. If you get a profit after three spins, you have to go back to the beginning of the sequence.
Simple and Effective
Odd/Even is just like any other outside bet that pays even money: it's just as popular and simple as they are. However, for the same reason, there is no difference in terms of profitability. It only has some statistical differences with respect to the wager amount as it covers different numbers and provides satisfactory results for wagers up to 10 GBP. Like any other roulette bet, we recommend experimenting with odd/even too, and combining it with other types of bets and/or making it part of different strategies.