Craps odds

The rules vary slightly from one casino to another, but the expected value of most bets is only slightly negative (the most favorable bets with the most favorable rules offer a house advantage of as little as 0.18%). All bets have a negative expectation, except the "free odds" bet with an expectation of 0, that the player is allowed to make after a point is established on a flat (line) bet. Since there is no correlation between die rolls, there is no possible winning strategy over any given period of time. While experienced blackjack players who learn to count cards can gain a small mathematical advantage over extended playing sessions by diligent study, there is no comparable strategy for craps.

Occasionally, players win several bets in a row, and such players are said to be "on a roll." Those who increase their bets during a winning series can rapidly win substantial sums. On the other hand, money can be lost back just as quickly, as there is no statistical likelihood of a "hot streak" continuing for any given duration. To counter this, experienced players take full advantage of "free odds" -- bets on which there is zero house advantage. Maximizing the size of your odds bet in relation to your line bet will minimize but never eliminate the house edge. Many casinos have limitation on how large the odds bet can be in relation to the flat bet, with single, double, and five times odds common. Some casinos offer 3-4-5 odds, referring to the maximum multiple of the line bet a player can place in odds for the points of 4 and 10, 5 and 9, and 6 and 8, respectively. During promotional periods, a casino may even offer 100x odds bets, which renders the house edge to almost nothing but dramatically increases volatility. Horseshoe Casino founder Benny Binion once quipped that if every player took the 100x odds, the house "wouldn't be able to keep the lights on," referring to the overhead required to run casino games.

The only casino currently in Las Vegas to offer 100x odds was the Casino Royale located next to Harrah's on the strip. The Stratosphere offers 10x odds and most of the other casinos such as MGM and Bellagio offer 3x4x5. Some casinos such as the Riviera, Orleans and Gold Coast offer 2x odds which is considered an anathema to craps players, in equal footing with 6:5 payouts on single-deck blackjack. Most downtown casinos offer 5x Binions or 10x odds Plaza & Main Street Station (Golden Nugget offers the unusual 6x8x10 odds) with a few offering the horrible 2x odds, Sam Boyd's Fremont.

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