Knowing the odds on each bet helps players choose what bet to make, but there's another thing to it. You can work out the house edge from comparing the odds on the bet to what the casino pays out. If both casinos are offering 35 to 1 payouts, but one has odds of 1/37 and one has 1/38, the one with better odds is better to play at. When they start tweaking the game with casino-specific bets, knowing the odds of the components that make it up is really useful.