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National Institute on Alcohol Abuse and Alcoholism

National Institute on Alcohol Abuse and Alcoholism provides leadership in the national effort to reduce alcohol-related problems by conducting and supporting research in a wide range of scientific areas, including genetics, neuroscience, epidemiology, health risks and benefits of alcohol consumption, prevention and treatment; coordinating and collaborating with other research institutes and Federal programs on alcohol-related issues; collaborating with international, national, State and local institutions, organizations, agencies and programs engaged in alcohol-related work; and translating and disseminating research findings to health care providers, researchers, policymakers and the public.

Casino poker chips are special tokens representing a fixed amount of money. In the gaming industry they are more generally referred to as Checks or Cheques; the difference being that a 'chip' caries no value, such as those used for roulette vs. a 'cheque' which carries a specific value and can be cashed in for money.

The vast majorities of authentic casino chips are 'clay' chips but can be more accurately described as compression molded chips. Contrary to popular belief no gaming chip going as far back as the 1950s have been 100% clay. Modern clay chips are a composition of materials more durable than clay alone. At least some percentage of the chips is of an earthen material such as sand, chalk and or clay similar to that found in cat litter. The process used to make these chips is a trade secret, very expensive, time consuming and varies slightly by manufacturer. Additionally, the edge spots or inserts, as they are sometimes called, are not painted on as they can sometimes appear to be. In fact they are areas where the clay has been punched out of the chip and then replaced by hand with a new piece of clay of an alternate color; it would then be at this point the chip is placed under extreme pressure and heat, approximately 10,000 psi 70 MPa at 300 °F 150 °C , hence the term compression molded Chips .

The printed graphics on clay chips is called an inlay. Inlays are typically made of paper and are then covered with a thin film of plastic which is applied to the chip prior to the compression molding process. During the molding process the inlay becomes permanently affixed to the chip and cannot be removed from the chip without destroying it.

Ceramic chips such as those made by ChipCo International were introduced in the mid 1980s as an alternative to clay chips and are still very common in casinos as well as being readily available to the home market. Ceramic chips are often referred to as clay or clay composite but they are in fact solid white, injection molded, ceramic disks, which are simply printed on.

Bud Jones are an alternate style of chip and are one of the very few injection molded plastic chips used in casinos. They are produced by Gaming Products International and are not produced for the home market.

The chips used in American casinos rarely weigh more than 10 grams and are usually between 8.5 and 10 g. There is no official weight however and some, particularly coin-inlaid chips, can weigh more. The chips sold for home use vary substantially more, sometimes weighing as much as 13.5 g, depending on manufacturer and construction.

Common designs for home use depict the six faces of a die or the suit symbols around the edge on the face of the chip. They are typically manufactured with injection molding technology using ABS plastic. Some chips are molded around a small metal disc, called a slug, for weight.

European chips often come in Mother of Pearl. The higher value chips are often shaped like plaques.

Colors

Typically colors found in home sets include red, white, blue and sometimes black; however, more recently a wide assortment of colors have become readily available, particularly in lower-quality ABS type chips.

$2.50 chips are almost exclusively used for blackjack tables, since a natural a 21 on the first two cards dealt to a player typically pays 3:2 and most wagers are in increments of $5. However, the Tropicana Casino in Atlantic City, New Jersey has used pink chips in $7.50-$15 and $10-$20 poker games. Low-denomination yellow chips can vary in value: $20 by statute in Atlantic City and Illinois which, oddly, also uses mustard yellow $0.50 chips ; $5 at most Southern California poker rooms; $2 at Foxwoods' poker room in Ledyard, Connecticut and at Casino del Sol in Tucson, Arizona; and $0.50 at Potawatomi Casino in Milwaukee, Wisconsin. Blue chips are occasionally used for $10, most notably by statute in Atlantic City. In Las Vegas and California, most casinos use blue or white for $1 chips.

Chips are commonly available in $1000 denominations, depending on the wagering limits of the casino in question. Such chips are often yellow or orange and of a large size. Las Vegas, Atlantic City, and other areas, which permit high wagers typically, have chips available in $5000, $10000, $25000, and higher denominations; the colors for these vary widely.

Each casino has a unique set of chips, even if the casino is part of a larger company. This distinguishes a casino's chips from others, since each chip and token on the gaming floor has to be backed up with the appropriate amount of cash. In addition, with the exception of Nevada, casinos are not permitted to honor another casino's chips.

The security features of casino chips are numerous. Artwork is of a very high resolution or of photographic quality. Custom color combinations on the chip edge spots are usually distinctive to a particular casino. Certain chips incorporate RFID technology, such as those at the new Wynn Casino in Las Vegas.

Counterfeit chips are rare. High levels of surveillance, along with staff familiarity with chip design and coloring, make passing fake chips difficult. Casinos, though, are prepared for this situation. According to one report, a Canadian casino removed all chips from the gaming floor and replaced them with new sets with alternative markings, which resulted in the arrest of the attempted counterfeiters.

Casino chips used in tournaments are usually much cheaper and much simpler in design. Because the chips have no cash value, usually chips are designed with a single color usually differing in shade or tone from the version on the casino floor, a smaller diameter, and a basic mark on the interior to distinguish denominations; however, at certain events such as the World Series of Poker or other televised poker , chips approach quality levels of chips on the floor.

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The odds in favor of an event or a proposition are expressed as the ratio of a pair of integers, which is the ratio of the probability that an event will happen to the probability that it will not happen. For example, the odds that a randomly chosen day of the week is a Sunday are one to six, which is sometimes written 1:6, or 1/6. In probability theory and statistics, where the variable p is the probability in favor of the event, and the probability against the event is therefore 1-p, the odds of the event are the quotient of the two, or p/(1-p). That value may be regarded as the relative likelihood the event will happen, expressed as a fraction if it is less than 1, or a multiple if it is equal to or greater than one of the likelihood that the event will not happen. In the example just given, saying the odds of a Sunday are one to six or, less commonly, one-sixth means the probability of picking a Sunday randomly is one-sixth the probability of not picking a Sunday. While the mathematical probability of an event has a value in the range from zero to one, the odds in favor of that same event lie between zero and infinity. The odds against the event with probability given as p are (1-p)/p.

The odds against Sunday are 6:1 or 6/1 = 6: it is 6 times as likely that a random day is not a Sunday. Hence 'odds' are an expression of relative probabilities. Generally 'odds' are quoted in this format odds against rather than as odds in favor of, because of the possibility of confusion of the latter with the fractional probability of an event occurring. E.g., the probability of a random day of the week is a Sunday is 'one-seventh' 1/7. A bookmaker may for his own purposes use 'odds' of 'one-sixth', but the overwhelming everyday use by most people is odds of the form 6 to 1, 6-1, 6:1, or 6/1 all read as 'six-to-one' where the first figure represents the number of ways of failing to achieve the outcome and the second figure is the number of ways of achieving a favorable outcome: thus these are odds against. In other words, an event with m to n odds against would have probability n/ m + n, while an event with m to n odds on would have probability m/ m + n. Even in probability theory, odds may be more natural or more convenient than probabilities. This is in particular the case in problems of sequential decision making as for instance in problems of how to stop online on a last specific event, which is solved by the odds algorithm.

In some games of chance, using odds against is also the most convenient way to understand what winnings will be paid if the selection is successful: the winner will be paid 'six' of whatever stake unit was bet for each 'one' of the stake unit wagered. For example, a winning bet of 10 at 6/1 will win '6 × 10 = 60' with the original 10 stake also being returned. Betting odds are skewed to ensure that the bookmaker makes a profit—if true odds were offered the bookmaker would break even in the long run—so the numbers do not represent the true odds.

Odds on means that the event is more likely to happen than not. This is sometimes expressed with the smaller number first 1:2 but more often using the word on 2:1 on meaning that the event is twice as likely to happen as not.

Decimal presentation

Taking an event with a 1 in 5 probability of occurring i.e. a probability of 1/5, 0.2 or 20%, then the odds are 0.2 / 1 − 0.2 = 0.2 / 0.8 = 0.25. This figure 0.25 represents the monetary stake necessary for a person to gain one monetary unit on a successful wager when offered fair odds. This may be scaled up by any convenient factor to give whole number values. For example, if a stake of 0.25 wins 1 unit, then scaling by a factor of four means a stake of 1 wins 4 units.

Ratio presentation

Fixed odds gambling tends to represent the probability as fractional odds, and excludes the stake. For example, 0.20 is represented as 4 to 1 against written as 4-1, 4:1, or 4/1, since there are five outcomes of which four are unsuccessful. Thus, the stake returned must be added to the odds to compute the entire return of a successful bet. In craps, the payout would be represented as 5 for 1, and in money line odds as +400 representing the gain from a 100 stake.

By contrast, for an event with a 4 in 5 probability of occurring i.e. a probability of 4/5, 0.8 or 80%, then the odds are 0.8 / 1 − 0.8 = 4. If one bets 4 units at these odds and the event occurs, one receives back 1 unit plus the original unit 4 units stake. This would be presented in fractional odds of 4 to 1 on'' written as 1/4 or 1–4 , in decimal odds as 1.25 to include the returned stake, in craps as 5 for 4, and in money line odds as −400 representing the stake necessary to gain 100.

Fixed odds are not necessarily presented in the lowest possible terms; if there is a pattern of odds of 5–4, 7–4 and so on, odds which are mathematically 3–2 are more easily compared if expressed in the mathematically equivalent form 6–4. Similarly, 10–3 may be stated as 100–30.

Gambling odds versus probabilities

In gambling, the odds on display do not represent the true chances that the event will occur, but are the amounts that the bookmaker will pay out on winning bets. In formulating his odds to display the bookmaker will have included a profit margin which effectively means that the payout to a successful bettor is less than that represented by the true chance of the event occurring. This profit is known as the 'over-round' on the 'book' the 'book' refers to the old-fashioned ledger in which wagers were recorded, and is the derivation of the term 'bookmaker' and relates to the sum of the 'odds' in the following way:

In a 3-horse race, for example, the true probabilities of each of the horses winning based on their relative abilities may be 50%, 40% and 10%. These are simply the bookmaker's 'odds' multiplied by 100% for convenience. The total of these three percentages is 100%, thus representing a fair 'book'. The true odds against winning for each of the three horses are 1-1, 3-2 and 9-1 respectively. In order to generate a profit on the wagers accepted by the bookmaker he may decide to increase the values to 60%, 50% and 20% for the three horses, representing odds against of 4-6, 1-1 and 4-1. These values now total 130%, meaning that the book has an over round of 30 130 − 100. This value of 30 represents the amount of profit for the bookmaker if he accepts bets in the correct proportions on each of the horses. The art of bookmaking is that he will take in, for example, $130 in wagers and only pay $100 back including stakes no matter which horse wins.

Profiting in gambling involves predicting the relationship of the true probabilities to the payout odds. Sports information services are often used by professional and semi-professional sports bettors to help achieve this goal.

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.