Odds & Prizes - Exploring Probability and Game Structures

This e-learning provides a clear introduction to the role of odds and prizes across lotteries, casinos, and sports betting.

Through three videos, it explains the mathematical foundations of probability, the design of game matrices, and the structure of prize tiers. It also examines how casinos and sports betting products manage risk, sustain business models, and address the importance of player protection and harm prevention.

Learners will explore how odds are calculated, how different formats appeal to player behaviours, and how psychology and market dynamics shape number selection and engagement. 

The course also highlights how effective prize design balances player excitement with sustainability, operational needs, and regulatory requirements.

Learning Objectives

By the end of this module, you will be able to:

• Explain the role of probability in the design and distribution of prizes across different gambling products.
• Recognise how lotteries, casinos, and sports betting structure their games to balance appeal, sustainability, and compliance.
• Describe how odds are calculated and prize tiers are designed.
• Identify factors that influence game matrices, prize allocation, and payout percentages.
• Understand how psychology, player behaviours, and market dynamics shape participation and engagement.
• Assess how gambling operators balance excitement with responsible practices, player protection, and harm prevention.