The craps odds bet is the best bet in the casino because there is no house edge. The bet is not listed on the craps layout but knowledgeable craps players know all about it. Here is how it works.
After you make a pass line bet, the casino allows you to make an additional bet known as the odds bet. This bet is placed behind your original pass line bet on the craps layout. When a shooter makes his point, you are paid even money for your pass line bet and you are paid true odds for you odds bet.
If the point is 4 or 10 you are paid 2 to 1.
If the point is 5 or 9 you are paid 3 to 2.
If the point is 6 or 8 you are paid 6 to 5.
Most casinos allow you to take double odds on you pass line bet. That means if you put $5 on the pass line, you would be allowed to make an odds bet of $10.
Your pass line bet has a house edge of 1.41 percent. When you make an additional odds bet, which has no house edge, you lower the house edge on your passline bet. A pass line bet with single odds has a house edge of 0.85 percent and with double odds the edge is 0.61 percent.
Over the last few years, many casinos have been allowing the players to take larger odds bets. Some casinos actually compete with each other to see who can offer the highest odds. Some casinos are offering 100 times odds. Although this sounds great, it is unpractical for average players to wager this much unless they have a very big bankroll.
4, 5, 6 Times Odds
The casinos are always looking for ways to speed up the game. Some casinos have incorporated a clever way to do this by varying the amount of odds a player can take. A player is allowed to take three, four or five times odds, depending on the point number.
If the point is 4 or 10 you can take 3 times odds
If the point is 5 or 9 you can take 4 times odds.
If the point is 6 or 8 you can take 5 times odds.
Look at this example for a $5 passline bet using these odds. Look at the chart below.
When you take full odds, you are paid $30, no matter what the point number is. This speeds up the game and makes it easier for the dealers and the players. You don't have to take full odds, but it's a good bet to do so.
Craps Odds Bets
|Odds for $5 Bet|
|Point||Times Odds-Pays||Your odds bet.||You are paid.|
|4 or 10||3 times pays 2 to 1||$15||$30|
|5 or 9||4 times pays 3 to 2||$20||$30|
|6 or 8||5 times pays 6 to 5||$25||$30|