Odds in the game of craps are much like other casino games, but of course,
with a couple of exceptions. If you're looking for information on free
odds in the game of craps, follow the link. This page discusses craps odds
in general, not the specific free odds bet.
If you are familiar with the free odds bet however, you're likely to understand
the concept of craps odds that much easier. The free odds bet is the one bet
in craps (and possibly, in the entire casino) which holds no inherent house
edge. It is a fair bet. The trick is, before you can place a free odds bet in
craps you need to place another bet, which is invariably negative expectation.
To call a bet a fair bet is to say a great deal about hit. Take this simplified
example: I take bets that if I flip this coin it will come up heads or tails.
If you bet 5 dollars that the coin will come up heads, you would expect to be
paid back your original five dollars, plus another five for winning your bet.
But what if I decided that it costs you 5 dollars to bet on the coin, but when
you win you only win your five dollars back plus 4 more. You can see clearly
that this bet is not fair. Why? Because we know inherently that a coin flip
is a 50/50 chance. So to bet and win on a coin flip means you have overcome
odds 50% against you, and you deserve to be paid back in full what you bet.
If you'd bet that it will come up heads at least 1 flip in 2, you have better
than 50% odds, and I as the bookie should feel no guilt if I paid you less then
5 bucks for winning.
In the casino, craps odds operate like the crooked bookie. Every bet on the
table is a negative expectation bet. This means that whenever you win one of
these bets, you are not paid back the cash you deserve, you are not paid equal
to the odds you've overcome to win the bet. This is how the casino makes money
all of the time, not just when they win. Consider the roulette wheel: if you
bet on the number 3 being hit, and it gets hit, you've overcome 38 to 1 odds
by winning, but you are only paid back 35 times what you bet. The casino wins
In craps, odds are you'll be playing the free odds bet at one point or another.
Now at least, you understand a little better why it is you do that. Because,
although the pass line or come bet you made before you placed your odds wont
be paid back as you deserve (if you win), all of the money you put into free
odds will be paid back correctly.