Blackjack odds refer to the statistical probabilities of various outcomes in the game, influencing players' strategies. The house edge typically hovers around 0.5% to 1% when using basic strategy, making it one of the more favorable casino games for players. Key odds include the likelihood of being dealt a natural blackjack (approximately 4.8%) and the chances of busting when hitting on certain totals. Understanding these odds helps players make informed decisions, such as when to hit, stand, or double down, ultimately enhancing their chances of winning.