For p is an element of [1, infinity], we establish criteria for the one-sided invertibility of binomial discrete difference operators A = aI - bV on the space l(p) = l(p)(Z), where a, b is an element of l(infinity), I is the identity operator and the isometric shift operator V is given on functions f. lp by (Vf)(n) = f (n+ 1) for all n is an element of Z. Applying these criteria, we obtain criteria for the one-sided invertibility of binomial functional operators A = aI - bU(alpha) on the Lebesgue space L-p(R+) for every p is an element of [1, infinity], where a, b is an element of L-infinity (R+), a is an orientation-preserving bi-Lipschitz homeomorphism of [0, +infinity] onto itself with only two fixed points 0 and infinity, and U-alpha is the isometric weighted shift operator on L-p(R+) given by U(alpha)f = (alpha)(1/p)(f circle alpha). Applications of binomial discrete operators to interpolation theory are given.