Casino craps is a lively game. It is full of camaraderie, action, cheers, and groans. Usually, all the players are betting with the shooter meaning they want the shooter to win. That means the entire table will cheer when something good for the shooter happens and groan when something bad happens.
It is also a very complex game. The complexity comes from the huge variety of bets that can be made. This amplifies the excitement of the game because it is possible to win several different bets on each craps roll with some of them paying as high as 25-to-1 and, on some tables, even more.
Unfortunately, several bets can also be lost on each roll – potentially every bet the player has made.
This is why savvy online or live casino craps players are mindful of how much they have at risk. They either know the exact house edge of each bet made, or they have a very good idea if the bet has a good, moderate, horrendous house edge. Then they bet accordingly.
What does all this have to do with the free odds bet in craps? The name “free odds” refers to the fact that there is no house edge on this bet. Of course, there is no player edge on this bet either.
This article looks at the free odds bet in more detail. The question, “is the free odds bet in casino craps actually free?” will be answered below.
Contents
- Details of the casino craps free odds bet
- How free odds affect the player’s bankroll.
- What is your definition of free?
- Summary
Details of the casino craps free odds bet
Not all bets on a craps table allow odds to be placed – place bets, field bets, all of the bets that are in front of the stickman in the center of the table do not allow an odds bet.
Only pass line, don’t pass, come, don’t come and put bets (bets that are similar to pass or come bets but allow the player to choose the number) allow odds to be included with the base bet.
When calculating the house edge for these craps bets, it is common to include the odds portion of a craps pass, don’t pass, come, don’t come, and put bets (also called contract bets). The base portion of those bets are subject to a house edge of 1.4 percent, meaning that over time the base portion will lose $1.40 for every $100 bet.
Note: Put bets are slightly different from the others. The base portion is subject to a higher house edge because it cannot win on come-out 7’s or 11’s since the pass line number has already been set.
The odds portion, however, is paid at true odds. This is assuming the amount bet is a proper multiple of the odds against that number appearing
For example, the true odds against a 6 or 8 appearing before a 7 is 6 to 5. Therefore, the odds bet must be a multiple of five to win six dollars – a $5 odds bet wins $6, a $10 bet wins $12, etc. A $3 odds bet on a 6 or 8 wins only $3.
There is no house edge on the odds portion of a craps bet. Because of this, the odds bet is often referred to as “free odds.” But is this bet truly free?
How free odds affect the player’s bankroll
When players hear the word “free,” they sometimes erroneously assume that the money placed as odds is not at risk. But that is simply not true.
In any casino game, all money bet is at risk. In craps, unless a bet is called as “not working” all the money bet is at risk. Even when a player calls his or her bets as not working, the base portion of contract bets continue to work and are at risk.
If you bet $10 on the pass line with no odds, the house edge is 14 cents – on average after thousands upon thousands of rolls. In actual play, you may lose 10 hands in a row for a loss of $100. If you chose to also add an odds bet as part of your craps strategy of $100, for a total of $110 bet, those lost 10 hands would cost you $1,100.
On the flip side, if the ten $10 hands were winners, you would win 100 dollars with no odds bet. With the addition of a $100 odds bet, you would win $1,300 – $100 on the base portion and $1,200 on the odds.
Over time (thousands and thousands of decisions) you would lose six times for every five times you win and would end up losing, on average, 14 cents for each hand played – the house edge on the $10 base portion.
What is your definition of free?
Adding odds to the base bet increases variance (or volatility). Because of the larger amounts lost or won, the swings in the bankroll are also larger.
This means a larger bankroll is required as the odds bet is increased. It is true that when you win, you win more, however when you lose, you also lose more. Craps players must have a large enough bankroll to handle these deeper loss cycles.
Regular craps players already know this. They know they must have a larger stake to add odds bets. They plan accordingly. Do you consider this “free?”
Summary
Even though there is no house edge on the odds portion of contract bets, there is still a cost to the craps player. That cost is the size of the bankroll required to handle betting those odds.
“Free odds” are not free. They add excitement to the wins and the anxiety to the losses, but they do impact the bankroll in the short run. When it comes to casino play, beware of falling into casino traps such as “free” odds.
If this article interests you, explore other topics like how to play roulette and blackjack side bets.
