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The Labouchère System is meant to be applied to even money Roulette propositions such as Even/Odd, Red/Black or 1–18/19–36. When any of these bets are made in the game of Roulette, a spin resulting in a "0" or "00" results in a loss, so even though the payout is even money, the odds are clearly not 50/50.
The payout given by the casino for a win is based on the roulette wheel having 36 outcomes, and the payout for a bet is given by . For example, betting on 1-12 there are 12 numbers that define a win, p = 12 {\displaystyle p=12} , the payout is 36 12 = 3 {\textstyle {\frac {36}{12}}=3} , so the bettor wins 3 times their bet.
Fractional odds are written a − b (a/b or a to b), meaning a winning bettor will receive their money back plus a units for every b units they bet. Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. For example, a bet of £40 at 6 − 4 (fractional odds) will pay out £40 + £60 = £100.
The house edge (HE) or vigorish is defined as the casino profit expressed as a percentage of the player's original bet. In games such as Blackjack or Spanish 21, the final bet may be several times the original bet, if the player doubles or splits. Example: In American Roulette, there are two zeroes and 36 non-zero numbers (18 red and 18 black).
This is a common form of Texas hold 'em in tournament play where the size of the bets are limited by the chips in play or cash games where the bet is limited by the size of the 'buy in' or chips one has accumulated prior to the current hand. No-limit can be a somewhat deceptive term, however, as one may not bring more money to the table once a ...
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Under proportional vigorish, a "fair odds" betting line of 2.00/2.00 [b] without vigorish would decrease the payouts of all outcomes equally, perhaps to 1.95/1.95, once it was added. More commonly though, disproportional vigorish will be applied as part of the efforts to keep the amounts wagered balanced, such as 1. 90 /2.00, making the outcome ...
Oscar's Grind can be applied to non-even bets as well ("streets" in roulette or "doubling" in blackjack); one just has to keep track of the amount and increase the betsize after wins accordingly. There are also variations that try to reduce the variance by waiting for a couple of wins before increasing the betsize.