On Craps

by john on November 10, 2005

I’m going to be in Vegas from the 12th through the 20th, most of the time actually working as my team is responsible for the IT function of our user conference held that week. I will have some time this weekend to gamble a little bit but after that it’s going to be all work.

I received the following in an email today from someone who knew where I’ll be:

bq(quote). Have fun in Vegas. Don’t forget that Craps is the only casino game where the house doesn’t have an advantage.

Were it only true! Of course, Casinos are in the business of winning money and they do that through their house advantage which they do indeed have in Craps. In fact on certain bets they have an advantage as high as 17%.

She was close though, there is a bet in craps in which the house has no advantage on those chips and that is the odds bet on the pass, don’t pass, come or don’t come lines. These odds bets pay the true odds with no house advantage. However, since to make these bets you first need to make a bet that carries a house advantage of about 1.4% (still pretty small for a casino game) the overall house advantage of your pass + odds bet is going to vary from about .85% (1x odds) to .02% (100x odds).

So you can get that house advantage pretty low but to get there you have to risk a lot of money (100x odds if you are in a casino that offers it) and be sure you make no other bets with a higher house advantage. And even then the house will have an advantage on you.

Read more about “craps”:http://en.wikipedia.org/wiki/Craps at Wikipedia. I’ve “written”:http://www.google.com/custom?domains=www.johnsjottings.com&q=craps&sa=Search&sitesearch=www.johnsjottings.com&client=pub-8814790628205710&forid=1&channel=3630340328&ie=ISO-8859-1&oe=ISO-8859-1&cof=GALT%3A%23008000%3BGL%3A1%3BDIV%3A%23336699%3BVLC%3A663399%3BAH%3Acenter%3BBGC%3AFFFFFF%3BLBGC%3A006600%3BALC%3A0000FF%3BLC%3A0000FF%3BT%3A000000%3BGFNT%3A0000FF%3BGIMP%3A0000FF%3BFORID%3A1%3B&hl=en about the game some too.

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