Playing Odds In Craps
Free Odds Bet - How to Play Craps Pt. 8The free odds bet in craps is the very best bet the casino offers. It’s on the craps table, but it isn’t marked anywhe. The same rules of the Pass Line apply, only you will be playing outside of the main Pass Line game. If you are the one rolling the dice, make sure the roll is hard enough that it hits the back wall. So, now that you know how to play craps and win, next its time to visit one. Among the games with no strategy elements, craps has among the lowest odds. At the same time, if you don’t know what you’re doing, the odds in craps can be awful. No other game has more sucker bets. Craps Bet House Edge. Pass Line Bet – 1.41%; Don’t Pass Bet – 1.35%; Come Bet – 1.41%; Don’t Come Bet – 1.35%; Buy 4 or 10 – 4.76%.
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House Edge on Placing the 6 and 8 in Craps.
I recently received the following:
Jerry:
Let me say up front I love the GTC site, etc. Just wish I had known about this stuff instead of counting cards in the late seventies.
I have never seen a publication with the correct data re: the following 2 points.
By the way I expect full RFB and a hooker in return for this info LOL
- Placing the 6 and 8.
Consider a $6 place bet on the 6. There are only 11 happenings out of 36 in this universe that produce a decision: 5 wins x $7 and 6 losses of $6 for a net loss of 1 unit. Having bet 11 X $6 the loss is 1/66 or -1.51515%.
However, consider a $6 place bet on BOTH the 6 and 8 simultaneously. Now we have a 16 possible game. If we look at the P & L as each of the possible outcomes occurs, we see that we get 10 X $7 = +$70 and 6 X -$12 = -$72 for a loss of $2. However our total money at risk was $12 X 16 = $192. A loss of $2 in $192 is a losing percent of only 1.0416666667 (or 1 and 1/24 %). - < the second point will be addressed in a future article >
Tony
Dear Tony,
You have an interesting way of looking at these bets. On the surface it appears quite logical. However, you must do a separate calculation for each bet - placing the 6 and placing the 8. You cannot lump them together, since they are two distinct bets. Each bet would have about a -1.52% edge.
Since you will probably not take the statement above as proof, let's look at this in another way.
You are using the correct formula for calculating the edge for each bet: Sum of all profit (or Loss) divided by the sum of all bets made. Consider the following table.
Roll | Roll Frequency | Profit / Roll | Pro-rated Profit | New Bets After Roll | Pro-rated Bets/Roll |
2 | 2.78% | $0.00 | $0.00 | $0.00 | $0.00 |
3 | 5.56% | $0.00 | $0.00 | $0.00 | $0.00 |
4 | 8.33% | $0.00 | $0.00 | $0.00 | $0.00 |
5 | 11.11% | $0.00 | $0.00 | $0.00 | $0.00 |
6 | 13.89% | $70.00 | $9.72 | $60.00 | $8.33 |
7 | 16.67% | -$120.00 | -$20.00 | $120.00 | $20.00 |
8 | 13.89% | $70.00 | $9.72 | $60.00 | $8.33 |
9 | 11.11% | $0.00 | $0.00 | $0.00 | $0.00 |
10 | 8.33% | $0.00 | $0.00 | $0.00 | $0.00 |
11 | 5.56% | $0.00 | $0.00 | $0.00 | $0.00 |
12 | 2.78% | $0.00 | $0.00 | $0.00 | $0.00 |
Total | 100.00% | <![if !supportEmptyParas]> <![endif]> | -$0.56 | <![if !supportEmptyParas]> <![endif]> | $36.67 |
In order to determine the edge of any bet we need to determine the profit from each roll. To do that we need to multiply the bet by the roll frequency to come up with the 'Pro-rated Profit' Then we must determine the 'Pro-rated Bets/Roll' by multiplying the new bets after roll by the roll frequency. You calculate the edge by dividing the 'Pro-rated Profit' by the 'Pro-rated Bets/Roll.'
In the above table I used larger bets to get more accuracy in the final calculations. Using the numbers above the edge would be -.56 divided by 36.67 or -1.527 percent - not -1.04 percent.
Tony, you still may not take the above as proof, possibly thinking I am playing with numbers, but will you take the results of a simulation?
Using the Smart Craps simulator, I set up a simulation which assumed a random thrower betting a $30 6 and a $30 8. The simulation ran for 10,000,000 rolls of the dice (actually 10,000,003 rolls in order to finish the last hand). The result --- an expected edge of -1.521498 percent.
Three strikes and you are out. All the other books are right - the house edge on placing the 6 and 8 is 1.52 percent, not 1.04 percent.
Best Bets In Craps And Why
Sorry Tony, no RFB and no hooker on this one.
Jerry 'Stickman' is an expert in craps, blackjack and video poker. He is a regular contributor to top gaming magazines. The 'Stickman' is also a certified instructor for Golden Touch™ Craps and Golden Touch™ Blackjack. For more information visit www.goldentouchcraps.com or www.goldentouchblackjack.com or call 1-800-944-0406. You can contact Jerry 'Stickman' at stickmanGTC@aol.com
How To Play Craps
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