Buy Bets Odds and House Edge. As mentioned previously, Buy bets are some of the most favorable in craps where odds are concerned. Unlike many of the other betting options, Buy wagers pay true odds, meaning that you receive a payment equal to the probability of winning the bet. This is the best possible ratio that you can get at any casino game.
With only a little searching on the internet, you'll find pages that claim to have 'solved' craps.
You'll also find sites promising to teach you how to win 'consistently' at craps.
They claim that you can make profits on a regular basis by shooting dice and betting on other shooters.
This isn't one of those pages.
That's because I'm not a liar.
- Craps (version 2) - Part 3 of 5: Video for the new Craps tutorials, Sucker Bets. AUG 7 Vegas 2066: Fiction about a reclusive individual fifty years in the future and how the game of craps opens him up to the possibilities in the, 'Real world' JUL 29 Craps (version 2) - Part 2 of 5: Part 2 Video for the new Craps.
- Put bets are simply the pass+odds or come+odds combination bet where the player foregoes the come out roll. The bet is paid exactly like how a pass+odds or come+odds would be paid. The casino has the advantage on the flat bet portion of the put bet, but on the odds portion of the put bet, there is no house edge.
- In order to activate the odds bet, you need the shooter to roll one of the point numbers (4, 5, 6, 8, 9, 10). Remember that the odds of rolling any point number is better than the odds combined of rolling a 7.
Here's the truth about how to win at real money craps almost every time you play.
Winning Craps Systems
I can tell you where to find the winning craps systems. They're right next to the unicorns in the zoo and the mermaids in the aquarium.
How do craps systems work?
They use a combination of bets that are meant to hedge against losses. They also usually involve raising and lowering the size of your bets based on what's happened on previous rolls and previous bets.
Often, they try to capitalize on hot and cold streaks.
Here's the problem:
Some of those negative numbers are bigger than others, but they're all negative.
And if you double or triple those bets because of something that happened on a previous bet, you still have a negative number.
And yes, you will see winning and losing streaks at the craps table.
The problem is that you have no way to predict when these winning and losing streaks will begin or end. They're only available in hindsight.
The nature of gambling games – craps especially – is to be streaky.
But a streak can win or end at any time.
Here Are 10 Easy Steps to Beat Craps – Yeah, Right
I don't have a problem with writers offering tips for how to beat craps. Heck, I offer tips for craps players in some of my posts, too. My problem is the overselling of these tips.
But heck, even that's not too bad.
What's really bad are people who take your money in exchange for some kind of unbeatable craps system. These craps systems are NOT unbeatable. In fact, in the long run, they can't win.
You can't defeat the math at the craps table by combining various bets at the table. There are NO craps bets with a positive expectation. The closest you can get is a bet called the odds bet which has no house edge at all.
But just because that bet is a break-even bet doesn't mean it can help you get an edge at the other bets. In fact, you're not able to place an odds bet unless you've placed a pass bet first, which has a house edge.
But there's one possible exception to this…
Taking the Odds Bet on Someone Else's Bet
I read a book by Frank Scoblete where he suggested becoming the 'odds man.' I haven't tried this in a casino, so I don't know if it's a viable strategy or not. I do know that it won't get you an edge over the casino.
Here's how it works:
You find a craps player who's betting the pass line or the don't pass line – but who isn't taking or placing odds.
You ask that player if you can make odds bets on his bets.
If the casino allows this, and if the other player allows this, you can place or take odds without having to make the negative expectation bet that precedes the odds bet.
Craps House Edge Chart
But this still doesn't give you an edge.
The odds bet is, in the long run, a break-even proposition.
There's a big difference between breaking even and making a profit. Sure, in the short run, you might see a quick profit, but over enough time, this strategy is just a break-even strategy.
A break-even strategy is far better than a losing strategy. I suppose if you take advantage of some comp drinks, it might even be considered marginally profitable.
Why Does the House Have a Mathematical Edge in Craps?
The mathematical edge in craps resembles the mathematical edge for every other casino game. It's just a function of offering bets that pay off at less than the odds of winning.
The easiest example to understand is the even money bet.
Most people realize that if you place an even money bet and have a 50% probability of winning that bet, you'll break even in the long run. By definition, a 50% probability of winning means you'll win as often as you lose.
And since even money means you're betting the same amount you'll win, you'll eventually see results close to a net loss or win of $0, regardless of the size of your bets.
But you don't have a 50% probability of winning the even money bets in craps. The probability of winning an even money bet in craps is always slightly less than 50%.
In this case, the probability of winning the pass line bet is 49.3%, which is close to 50%, but it still gives the casino an edge. The casino will win this bet 50.7% of the time.
In the long run, you can't win with those odds.
And that's arguable the best bet at the table. (The probability of winning the don't pass bet is higher by 5/100 of a percent, but that's such a small number that it's not especially interesting.
What if I Hedge My Bets?
Hedging your bets doesn't work. The idea is that you bet on one outcome, but you also place a bet on another outcome that will compensate for when your initial bet loses.
This sounds good in theory, but it doesn't work in the long run for one simple reason:
Your original bet AND your hedge both have a house edge.
In other words, you're just adding one negative expectation bet with another hoping to get a positive expectation.
But that's not how negative numbers work.
Add any set of negative numbers together, and you'll get a negative sum.
Okay, But What if You Could Control the Outcome of the Die Rolls?
The biggest potential I see for beating craps is learning how to exert some control over the outcome of the die rolls. The idea is that by holding the dice in a specific position ('setting the dice'), and then by throwing the dice without a lot of force ('a controlled throw'), you can reduce the probability of losing by enough to shift the already low house edge in favor of the bettor.
Is this possible?
Frank Scoblete thinks so, but he suggests a lot of hare-brained strategies, so I don't lend him much credence.
But I've also seen Michael Shackleford say that he's seen some pretty impressive demonstrations, and I have a lot of respect for him.
Do I think it's practical to become a controlled dice shooter?
Let's talk about what that would involve in the next section.
Is this possible?
Frank Scoblete thinks so, but he suggests a lot of hare-brained strategies, so I don't lend him much credence.
But I've also seen Michael Shackleford say that he's seen some pretty impressive demonstrations, and I have a lot of respect for him.
Do I think it's practical to become a controlled dice shooter?
Let's talk about what that would involve in the next section.
What Would It Take to Become a Controlled Shooter?
I've seen being a controlled shooter called different things. Scoblete calls such shooters 'rhythmic rollers.' I've also seen them called 'dice setters.'
The verbs used to describe this approach varies, too. I've seen it called 'controlled shooting' or 'dice setting' more often than anything else.
The idea is to learn how to roll the dice well enough that you can reduce the odds of rolling a 7 by a significant enough margin that you flip the odds from favoring the house to where they favor the bettor. (This assumes that you're betting the pass line, of course.)
The first thing you would need to do to learn how to set dice is to find an instructional video, a book, or a coach. Those aren't hard to find, but I wouldn't spend a lot of money on such a thing.
The next thing you'll need is somewhere to practice. This includes having a realistic craps table with similar dimensions to what you'd find in an actual casino. It also includes having room for that craps table.
Then you need to practice what you've learned from the video, book, or coach on that table.
Finally, you'll need to track your results. This is where the rubber hits the road. To be statistically sure of how well you're affecting the odds, you'll need at least 1000 trials.
And the more trials you record, the more accurate your accounting of your skill at dice throwing will be.
One more thing…
I suspect that dice control might be like other feats of athleticism or skill. Some people just might not have a knack for it. It's possible that some people just might be able to learn how to do it, even if it is possible, and even if they do practice.
95% of poker players lose money in the long run. This means that only 5% get an edge.
My guess is that a similar percentage of dice shooters have the knack for controlling the dice. It might even be a smaller number than that.
Conclusion
Craps is a great game, and I love it. And you can win a fortune playing craps in almost no time at all.
But the idea that you win at craps consistently or 'almost every time you play' is ludicrous.
If the casinos thought you had a way to beat craps, they'd back you off the game – just like they do with card counters.
When's the last time you saw the casino tell a craps player he's too skilled?
Yeah, me neither.
The game of craps is one of the most diverse and versatile that you will find on the casino floor. You can often guess the craps table simply by the sheer number of spectators, which often outnumber the players themselves. Indeed, craps is one of the most popular casino games out there and one of its advantages are the multiple betting options at your disposal. This allows you to experience craps in several different ways since each bet type offers its own unique payout ratios and odds.
In this guide, we would like to bring to your attention the so-called Buy bets that you can place. Below, you will find detailed explanations about the bets themselves, the house edge and odds, as well as, our recommendation regarding this bet type.
Buy Bets Explained
The term ‘Buy bets' refers to a number of betting options on the craps table which bear a slight resemblance to the place bets, which we cover in a different article. However, where the two bet types differ makes all the difference. The main difference between place and Buy bets lies in the amount of money that you receive at the end of the roll. A typical place bet will feature house odds very close to the true odds, with a small difference. On the other hand, Buy bets pay the true casino odds with no house edge. But there is a twist. For every winning Buy bet, you have to pay a commission of 5% on the amount wagered.
This is referred to as ‘vig' or ‘vigorish' in the world of casino gambling. Essentially, but bets are called such since you are paying for the privilege of receiving a true odds payout. While that might sound somewhat contradictory it is the way of things and Buy bets are by far the best wagers featured at the craps table, where odds are concerned.
At land-based casinos, you announce that you wish to place a Buy bet. You place your chips where the stickman tells you to, after which they will pull them closer and place a ‘Buy' marker on them. Once the bet is concluded and you have won it, the stickman will give you your winnings and ask for the house commission. Typically, most casinos do not have chip denominations worth less than a dollar, so it will be rounded to the nearest whole number. Therefore, you are expecting to pay a minimum of $1 in commission. At online casinos, the process is much more streamlined since the software handles everything for you and all you have to do is sit back and enjoy the game.
As far as what the Buy bets in particular are, you will have multiple numbers to bet on. Specifically, 4, 5, 6, 8, 9 and 10, though betting on certain numbers will pay more than on others. Much like place bets, Buy bets are ‘standing bets' and as such, they are not automatically lost on the first roll of the dice. Buy bets can remain on the table until the bet is won or until a roll has a total of 7. Keep in that Buy bets can have a minimum value, though this is more dependant on the establishment or the software provider – in the case of online casinos – more than anything else.
Buying the 4 and the 10
Buying the 4 and/or the 10 is the most worthwhile Buy bet on the craps table, both in terms of odds and payout. Whenever you make such a wager, you are betting on whether or not the next roll of the dice will result in a 4 or a 10. A winning 10 or 4 Buy bet will pay even money (2:1), whereas a place bet on the same numbers will pay 9:5. As a result, Buy bets are the way to go when wagering on these numbers.
Buying the 5 and the 9
Buy bets on 5 and 9 come with the same odds of winning of 3:2 and the payout odds are the same. Generally speaking, this is the middle of the road wager where Buy bets are concerned, worse than 4 and 10, but better than 6 and 8. As far as how worthwhile this bet is, one has to look at how the casino applies the commission. If it is charged only on winning bets, then this bet is worth it. We will go more into that later.
Buying the 6 and the 8
The 6 and 8 Buy bets are the third and final Buy bet type that you will find on the craps table. As it happens, this bet is the one that gets the short end of the stick in terms of odds and payouts. Unlike the previous two, the 6/8 Buy pays only 6:5, meaning that for every $10 that you wager, you stand to win $12 before the commission is charged. As far as its Place equivalent is concerned, the 6/8 Buy features worse odds and a lower payout ratio in all circumstances.
Buy Bets Odds and House Edge
As mentioned previously, Buy bets are some of the most favorable in craps where odds are concerned. Unlike many of the other betting options, Buy wagers pay true odds, meaning that you receive a payment equal to the probability of winning the bet. This is the best possible ratio that you can get at any casino game. Though there is also the commission to consider, so in this point, we will discuss everything you need to know about the mathematical aspect of Buy bets.
Above, we stated that the commission is charged on Buy bets but what we did not mention was that land-based casinos choose to implement on their own discretion. Certain establishments charge commission on the bet regardless of the outcome, a few even charge it on the end sum, while there are even some that choose to forgo it on particular bets. However, it is becoming common practice to apply the commission only on the initial bet and only if it wins. We will use the last metric for the purposes of this guide, as it is the common form of commission that you will experience.
For comparison, the Place bet equivalent would feature a payout of 9/5 and on a $10 bet, our net balance would be $18. While a $1 difference may not seem to much too you, this is because we are dealing with smaller numbers. As soon as you start placing higher bets, the difference will be much more pronounced. In terms of casino advantage, the Place 4/10 bet has a 6.67% house edge, much higher than the Buy bet with its mere 1.67%.
Craps: A Simple Beginner's Guide To The Free Odds Bet - Road ...
The 5/9 Buy bet is where things start to become interesting. This bet has a payout ratio of 3:2 and still comes with a 5% on winning bets. So for a $100 bet, we stand to win $150 without the commission. When it is applied, we pay $5 to the casino and come out with a net balance of $145. This translates into 1.96% casino advantage as long as the commission is charged only on wins. The 5/9 Place bet, on the other hand, offers a payout of 7:5, which is somewhat lower than its Buy counterpart. For a winning $100 Place bet on 5/9, we will have a net balance of $140. As a result, the house edge of the Place bet is 4%. What you should take from this is that the Buy 5/9 bet is worthwhile if the casino charges the commission only on winning bets and in all other cases, you should take the Place option instead.
Finally, the 6/8 Buy bet comes with a payout ratio of 6:5. So if we take a $100 Buy bet on 6 and 8 and we win, then we will bring in $120 before the commission. After the commission is charged, we will be left with a net balance of $115. This makes for a house edge of 2.22%, provided that the commission is only charged on winning bets. For comparison, the 6/8 Place bet has a payout ratio of 7/6, so a $100 Place bet would bring in $116, resulting in a house edge of 1.52%. This makes the Place 6/8 bet more worthwhile than the Buy 6/8 counterpart. The odds shift even further in the favor of the Place bet, if the casino charges commission on all Buy wagers, regardless of the outcome.
Are Buy Bets Worth It?
Buy bets are certainly some of the better ones that you can place on the craps table. You have several different options when it comes to choosing, though you should always keep the commission in mind. While the idea of Buy bets are sold to the public as offering true odds, this is only half-way true. The vig will take a small percentage of your winnings and it, in turn, serves as the house edge in this sense. Even after the commission is charged, however, the difference is not too big.
Additionally, the commission also makes serves to disincentivize small-scale betting. A 5% vigorish does not sound too much, and it really is not, but once you factor in that the minimum commission stands at $1.00 you will have a different outlook. Since land-based casinos do not offer chips in lower denominations than $1, the commission is rounded up to the nearest full number. Moreover, the commission has to be paid, so by default, it is $1. This means that for bets of $50 and lower, the commission will always be $1.
Another thing you also need to take into account is that certain Buy bets have higher house edge values than particular Place bets. Namely, the Place 6/8 will always have a lower casino advantage than the Buy 6/8, albeit the difference is small. The Buy 5/9 will have worse odds than the Place 5/9, IF the commission is charged on all bets, rather than only on winning ones. However, the Buy 4/10 will always be a better choice than the Place 4/10, with a difference of ~2-4%, depending on how commission is charged.
Of course, you should do your research and look over the other possible betting options available at the craps table. On our website, we have guides for every aspect of craps that you need to concern yourself with, so be sure to check out the other craps bets.
Conclusion
Overall, the Buy bets at craps are some of the simplest out there. This game really lends itself to all kinds of players and the variety of betting options makes it worth the trouble. As far as the Buy bets are concerned, they certainly have their uses. Based on our descriptions above, you should now understand that certain bets are more appropriate than others, taking into account payout ratios and house edge values. Therefore, you need to carefully consider where you will place your stack of chips. Truth be told, you can do a lot worse than Buy bets and even if you do not play at the best possible way, you should not see much in the way of consequences.
