Inside Bets - The Split Bet

The split bet is an "inside" bet in the game of roulette.

So what is an "inside" bet, you ask? Well, these are bets that are placed on specific numbers or combinations of numbers on the roulette table. Essentially, they are placed "inside" the area on the layout where the numbers appear. This is opposed to the "outside" bets, which are placed on the area of the payout that is OUTSIDE the numbers.

Let's exemplify the "inside" bet by describing one of them - the aforementioned SPLIT BET:

Here you will place a wager between two numbers; that is, you would theoretically place it on a line that falls between those numbers, thereby covering both of the numbers. The numbers obviously must be connected to each other on the layout. The house will pay you if either of the numbers comes up, and that payoff will come at a rate of 17 to 1. The actual odds of this one winning are two out of 38, or 1 in 19, which is 18 to 1.

There are 57 different split bets one can make in the American version of roulette, and 62 different split bets in the European version.

In terms of money, here is your expectation as it breaks down for this bet:

Expectation (E) = [(% chance of winning) X (amount won)] + [(% chance of losing) X (-amount lost)]

E = [(2/38) X (17)] + [(36/38) X (-1)] = 34/38 + (-36/38) = -2/38 = -1/19 = -.0526 = -5.26%