1.TAKING THE ODDS The most important craps bet form the standpoint of the smart gambler
is the
free odds wager. When you make a pass bet, if the shooter rolls a point
number on the come-out, your are allowed to make a second bet, equal in
size
to the first, called a free odds bet. This is a wager saying that the
shooter will make his point. The unique thing about this bet is that it
is
paid off by the house at true odds. If you make a free odds bet on
point 6
or 8 and win, the casino will pay your bet at 6 to 5. These are the
correct
odds of winning the bet - six ways of rolling a 7 versus five ways of
rolling a 6. If the odds bet is on point 5 or 9, it will be paid off at
3 to
2.
On the 4 or 10, the payoff is 2 to 1. If you remember what we
learned
about the way of making the various numbers, you realize that in every
case
these payoffs reflect the true odds of winning the bet.
Because the casino is paying off at true odds, it is not making any
profit
on the bet. That is why it is called a free bet; the house is not
charging
any secret tax of the kind we discussed before. Of course, in order to
make
a free odds bet, you must first make a line bet. That's where the
casino
makes its profit. Nevertheless, when you take the odds, you reduce the
house
advantage as it applies to the total amount wagered. If you make a
ten-dollar bet on the pass line, the house will enjoy a 1.414 percent
edge
on those ten dollars. If instead you make a five-dollar line bet, if
the
shooter rolls a point on the come-out, and if you then make a
five-dollar
free odds bet, you will still get ten dollars worth of action, but the
edge
that the house enjoys on the ten dollars is reduce to only .8 percent.
In
the long run, you money will last almost twice as long, giving you that
much
more opportunity to catch a lucky run and perhaps build your bankroll
into a
real bundle.
The amazing thing is that many players will make a pass-line bet
without
taking the odds. I can only assume that either they don't understand
why the
wager is to their advantage or they don't really know how to go about
making
the bet. At this point, you should understand why the bet is such a
smart
move, so let me tell you how to make the wager. After making your
pass-line
bet, if the shooter rolls a point number (4,5,6,8,9, or 10) on his
first
roll, you should place your odds bet on the layout outside the pass
line but
directly behind your first bet. There is no space on the layout
designating
the free-odds bet. Come to think of it, this may be why many bettors
don't
take the odds. Because it's not written down anywhere, they may not
even
know it exists. Because you odds bet goes directly behind your line
bet,
taking the odds is also called backing the bet.
The casino will also allow you to make a free odds bet when you have
made a
come bet and the shooter rolls a point number on the next roll. It is
definitely in your interest to bet the come odds since it will reduce
the
house advantage against you in exactly the same way it does when you
back
your pass-line bet. When the dealer moves your odds bet to the proper
point-number box, place your odds wager in the come box and tell the
dealer
what bet it relates to. For example, you might say, "Odds on the 9."
The
dealer will place the odds bet on top of the come bet but offset so
that the
two can be distinguished. This is called heeling the bet. If the come
bet
wins, the dealer will pay the come bet a t even money and the odds bet
at
true odds. If the shooter rolls a 7 before repeating the come-point,
both
bets will lose. The odds on come bets are off on the come-out roll.
This
means that for determining the outcome of the come odds bet, the
come-out
roll does not count. If the come bet should win or lose on the
come-out, the
odds bet will simply be returned to you.
Casino offer free odds only as a way of encouraging players to make
more
line bets. Since the house makes no profit on the odds bet, it imposes
restriction on how much a player can wager on the odds. In most
casinos,
your odds bet cannot be larger than you line bet. This limit is called
single odds. You are allowed to bet less, but it is in your interest to
make
the largest odds bet permitted by the size of your line bet. This is
known
as taking full odds.
However, except in those few casinos that have twenty-five-cent
minimums at
their crap tables, the casino will not pay off in less than one-dollar
sums.
If you had five dollars on the line and the shooter rolled a 4, 6, 8,
or 10,
this would present no problem. You could take the odds for five dollars
on
the 4 or 10 or twelve dollars on the 6 or 8. However, if the point were
5 or
9, a five-dollar on the 6 or 8. However, if the point were 5 or 9, a
five-dollar bet would be unacceptable. Since points 5 and 9 pay 3 to 2,
the
payoff on a five-dollar wager would be an unwieldy seven dollars and
fifty
cents.
Rather than deal with small change, the house will let you bet
six
dollars on the line to collect nine dollars if you win. Although this
can
vary some from casino to casino, most clubs will let you bet one unit
more
than your line bet if it is necessary to allow a round payoff when
taking
odds on 5 or 9. What constitutes a unit depends on what you are
betting. For
a five-dollar with green chips, or multiples of one hundred dollars
with
black chips, that would be your unit. A fifteen-dollar et on the pass
line
would permit you to make a twenty -dollar odds bet if the point were 5
or 9.
The same issue can arise when taking odds on points 6 or 8. Since these
numbers pay off at 6 to 5, such a bet must be make in multiples of five
to
permit a round-payoff. Most casinos will permit you to round off up or
down
to the nearest multiple of five. An eight-dollar wager would permit a
ten-dollar odds bet on 6 or 8. However, a seven-dollar wager would
permit
you to make a five-dollar odds bet on 6 or 8. However, the casino will
only
pay the bet at true odds up to the highest multiple of five; anything
over
that is paid off at even money. Therefore, a winning seven-dollar odds
bet
on point 6 would collect an eight-dollar payoff: six dollars for the
first
five-dollar of the wager and tow dollars (even money) for the remaining
two
dollars of the wager. This gives the house a large edge on the
two-dollar
portion of the bet. For that reason, the player should only make odds
bets
in sums that permit a full payoff at true odds. For points 5 and 9,
that
means making odds bets in even sums; for points 6 and 8, it means
making
odds bets in multiples of five units. Since the policy may vary from
casino
to casino, if you are unsure of the maximum odds wager that your line
bet
entitles you to, just as the dealer. see more > > >
