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

1. Details of the casino craps free odds bet
2. How free odds affect the player’s bankroll.
3. What is your definition of free?
4. 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.

There are lots of ways to strike it rich in a casino. Go on a major blackjack run. Hit a roulette longshot. Crush a World Series of Poker tournament. But for sheer excitement, it’s tough to beat the exhilaration that comes from putting chump change into a slot machine, pressing a button, and suddenly being rewarded a princely sum.

Right now, just a little bit more than halfway through 2025, there already exists an unofficial struck-it-rich club of slot machine winners. Here is a roundup of fortune hunters who found what they were looking for by playing what used to be known as one-armed bandits. Maybe you will be next to welcome a windfall.

If this article interests you, keep reading. Alternatively, explore other topics like blackjack strategy and how to play roulette.

Wheel of Great Fortune

In May, a Virginia man by the name of Thomas Shaver happened to be at Ocean Casino in Atlantic City. Some casinos are closer to where he lives than the ones in AC, but, clearly, he was in the right place at the right time.

Shaver inserted $7 into the machine – Ocean was playing up its seventh anniversary and promised $7 million worth of events and prizes – pushed a button, and watched the machine’s screen light up with a $670,915 payout. Seven was definitely the auspicious number that day in Atlantic City.

Casino of the Sky-High Prize Money

There are plenty of good reasons to visit Casino of the Sky at Mohegan Sun in Connecticut. The casino within a casino features the world’s largest indoor planetarium, a dance club, and an indoor waterfall. But, of course, the real draw is a 119,000-square-foot gaming floor with more than 1,800 slot machines.

In January, a guest at the hotel was lucky to find himself drawn to a progressive slot machine – with a jackpot that builds up and waits to be hit – based on the movie Jumanji: The Next Level. Playing for $3 per spin, the player hit the huge jackpot, taking down $1,374,307.

Considering that he became an instant millionaire, you can argue that, suddenly, the gambler was taken to the next level in his own right.

The Wheel Strikes Again!

A man identified as Michael H. and his wife had a habit of visiting Gila River Resorts & Casino, in Arizona, on Sundays. But, for a range of reasons (including a dog sitter backing out at the last minute), they wound up at Gila River on a Saturday afternoon in May. That may not have been the couple's slot machine strategy, but the move paid off.

Michael, a veteran of the U.S. military, played the Wheel of Fortune slot machine and all the pieces of good luck locked in: He  suddenly won $1,033,590 on the spin of a lifetime.

Michael and his wife are putting the money to good use. Freshly flush, they plan to purchase a new home and spend more time with their grandchildren. 

Ever the gent, Michael gave well-earned credit to his better half. Speaking to the local TV 6 news, he acknowledged that the Saturday casino visit was her idea.

“I’m glad I listened to my wife,” he said. “Now we’re leaving [the casino] big winners.”

They Don’t Call It Megabucks For Nothing

A woman on her way to a store planning to do a little shopping, stopped at Eagle Mountain Casino in California. Reportedly, she hoped to win a few dollars so that she could purchase a few extra things at the store.

Considering that the Megabucks slot machine paid off for $3.1 million, she might now be able to buy the entire store. Initially, though, she seemed unsure about what exactly happened with her slot machine wager.

“At first she was shocked,” a casino worker told the local ABC News. “I don’t think she knew she won. When I told her, it was a blank stare. [The massive score] made her happy.”

No kidding.

Family members went further, calling the win “an unexpected blessing.” Best of all, the lucky slot player seemed adamant to not let her millionaire status upend her life. The next morning, it’s been reported, she went to work as usual.

Two’s a Charm

It’s one thing to feed a load of money into a slot machine – and have lots of cash in reserve on the way to a big haul. But in March, a gambler at Circa Resort & Casino in downtown Las Vegas found out that you don’t have to bet big to win big. The person, identified as James, also discovered that sometimes the lucky moment comes when you need it most.

This player put $2 into a Dollar Storm slot machine. After that wager, according to a Facebook post, James had only $2.10 in his pocket. But that small sum became a moot point when everything went right with the Dollar Storm machine and James became the recipient of $1,016,145.

As a fellow Circa customer posted on Facebook soon after the big win, “Wow! I was playing next to him at other machines last night. Who knew I was sitting next to a millionaire?”

A Speedy Win

Most people who win money at slot machines in casinos maintain their anonymity. They might give a first name. But they usually avoid sharing a whole lot of information.

Such was not the case for Denny Hamlin, a NASCAR star who was in town for a race at Las Vegas Motor Speedway. Prior to hitting the track, he happened to be in a casino where he put $300 into a slot machine. He snagged a $126,000 jackpot.

Despite the fact that he routinely races for lots of dough, this win nevertheless flipped out Hamlin in a good way.
Like most people who win big at the slots, he jumped up and started yelling with excitement. Making it even better, he returned a night later and won an additional $85,000 and change.

Before his first Speedway lap, Hamlin reaped a total in excess of $211,000. Ultimately, however, he had more luck at the slots than on the track. Most likely, though, his slot machine windfall must have taken some of the sting out of a 25th place finish in the race.

From blackjack in the Nevada desert to algorithms in the skyscrapers of Hong Kong, Bill Benter didn’t gamble – he calculated. And in doing so, he became the richest professional gambler in history.

Who Is Bill Benter?

Bill Benter is an American professional gambler, software developer, and philanthropist who transformed the gambling world by creating the most successful horse racing prediction algorithm in history. While most people go to the racetrack hoping to get lucky, Benter showed up with a computer and walked away with hundreds of millions, eventually becoming a billionaire.

Born in Pittsburgh in 1957, Benter studied physics and philosophy at Case Western Reserve University but left before graduating. Instead of pursuing an academic career, he applied his mathematical talents to gambling.

Starting with card counting in Las Vegas, he evolved into a pioneer of algorithmic horse racing and eventually built an empire that continues to influence the gambling, tech, and finance industries today.

“There’s a fine line between gambling and investing,” Benter said. “We just ran our numbers better than the next guy.”

Throughout this piece, I aim to paint not just a profile, but a deeper narrative, a kind of character study of one of the most analytically brilliant and elusive figures in modern gambling history.

If this article interests you, keep reading. Alternatively, explore other topics like blackjack side bets and roulette strategy.

From Card Counting to Code: How Bill Benter Made His Money

Blackjack Beginnings (Las Vegas)

After university, Benter began his gambling career in Las Vegas casinos by mastering card counting techniques popularized by Edward Thorp. For seven years, he consistently beat the casinos using statistical edges.

Though eventually banned from most casinos, he walked away with more than experience – he had learned card counting blackjack strategy,  bankroll management, risk control, and the discipline needed to exploit small advantages at scale.

“We didn’t beat the races overnight,” Benter said. “It was more like a machine learning problem that took 20 years.”

Algorithmic Horse Betting in Hong Kong

In 1984, Benter took his $150,000 bankroll and moved to Hong Kong, teaming up with fellow gambler Alan Woods. They started building data models to try and beat the Hong Kong Jockey Club horse races.

Initially modest in returns, the model matured rapidly. By 1988, Benter had made $600,000. In 1989, he cleared $3 million.

Over the next decade, Benter refined his algorithm to include over 130 variables – each applied individually to every horse in a race, from weather conditions and track speed to jockey performance and bloodline.

The system used the Kelly Criterion for optimal bet sizing and, at its peak, was generating over $100 million annually across syndicate-managed accounts.

Benter’s edge came from calculating the true odds of each horse — not relying on the bookmaker’s prices. If a horse was listed at 3-1 (25% chance), but his model showed a 33% chance (closer to 2-1), he’d bet. That gap between market odds and statistical reality was where his profit lay. By backing only those horses where the odds were in his favour, Benter turned small mispricings into consistent, long-term gains.

His biggest theoretical win came in 2001, when his model successfully predicted a Triple Trio (a near-impossible wager requiring the top three finishers in three consecutive races). The ticket was reportedly worth HK$118 million (estimated at approximately £12 million), but Benter chose to leave it unclaimed to avoid attention.

Picking the first three horses in three consecutive races has odds of about 1 in 48 million. It’s nearly impossible for casual bettors, but Benter cracked it using data and algorithms. His ability to beat the system helped build Benter’s net worth, now estimated between £1–2 billion – cementing his legacy as the most successful professional gambler in history.

Imagine placing a bet worth millions and then walking away without ever cashing the ticket. That moment alone captures the essence of Benter's mindset: calculated, unemotional, and strategic to the last decimal point.

Business Ventures & Investments

Benter didn’t just stop at gambling. He diversified into:

• Acusis LLC: As Chairman and International CEO, Benter leads this Pittsburgh-based medical transcription and data services company, founded in 2001.
• Real estate & global investments: His portfolio includes properties in Asia and the UK, along with a diverse mix of traditional investment vehicles.
• Quantitative finance consulting: Benter is often credited with pioneering techniques now foundational to algorithmic trading. He consults for financial institutions looking to replicate his statistical betting strategies in financial markets.

Academic Contributions

Benter shares his insights through lectures at prestigious institutions including the University of Southampton (as a visiting professor), Harvard, Stanford, Carnegie Mellon, and the Chinese University of Hong Kong. His topics cover risk management, statistics, and the intersection of math and economics.

Bill Benter Net Worth

So, what is Bill Benter's net worth? Estimates vary, but most credible sources agree it sits between £1–2 billion. The wide range reflects the private nature of his finances and the difficulty in valuing his diversified holdings.

Breakdown of Wealth Sources:

• Horse racing profits: Estimated at approximately $100 million per year at peak.
• Business ventures: Ongoing income from Acusis and other companies.
• Investments: Traditional assets and stock portfolios.
• Real estate: Properties in the UK and Hong Kong.
• Consulting: High-value advisory roles in finance and technology.

Personal Life: Private, Purposeful, Philanthropic

Benter is married to Vivian Fung, a Hong Kong national. The couple wed in a Tibetan Buddhist ceremony in March 2010 and have a son, Henry, born in 2015. They split their time between Hong Kong and the UK.

Though known for extraordinary gambling acumen, Benter avoids the spotlight. He is described by peers as cerebral, methodical, and modest. His departure from gambling was as calculated as his entry. He retired gradually, eventually ceasing all major bets after 2001.

Inside Asian Gaming noted: “He wasn't solely motivated by money.”

Lifestyle, Friends & Habits: The Anti-Gambler Gambler

Unlike the stereotypical high roller, Bill Benter is more Silicon Valley than Las Vegas. He reportedly lives a modest life despite his wealth, favouring tailored suits and simple but elegant attire when appearing in public. His preferred clothing style reflects his analytical, understated personality: classic, unfussy, and functional.

Cars & Residences

While not known for owning flashy cars, Benter has been seen in practical luxury sedans in Hong Kong and the UK. He reportedly owns:

• A discreet apartment in Hong Kong’s Mid-Levels area.
• A classic townhouse in the UK, near the city’s tech and university corridors.

Diet and Dining

There is no known record of a specific culinary preference, though colleagues describe him as someone who enjoys quiet, quality meals with close companions over lavish dining. He has been seen at private member clubs and exclusive but low-key restaurants in Hong Kong.

Famous Associates

Through his Hong Kong betting days and statistical work, Benter formed a close early partnership with Alan Woods, the late Australian gambler. Though their business relationship ended, they shaped modern betting together.

Other associations include:

• Edward Thorp: Indirect mentor through blackjack.
• Charles Barkley (rumoured acquaintance during Vegas years).
• Various academic collaborators: Particularly in Hong Kong and the UK.

Though not a socialite, Benter is connected through philanthropy and academia to political and business leaders across the US and Asia.

The Benter Foundation: Quiet Wealth, Loud Impact

Founded in 2007, the Benter Foundation channels his wealth into philanthropy focused on education, public health, the arts, and economic development, particularly in the UK.

Key initiatives:

• Education: A $1 million scholarship to Carnegie Mellon University for math students.
• Literacy: $250,000 to Dolly Parton’s Imagination Library to boost early literacy.
• Urban renewal: Supports restoration projects including the lobby of Pittsburgh’s historic stock exchange building.
• Health & arts: Donations to local hospitals and arts institutions.
• Global health: $3 million donation toward worldwide immunisation efforts.

Bill Benter’s Legacy: The Man Who Turned Horse Racing into a Math Problem

Who is Bill Benter? He's the man who made billions by treating horse racing like a data science problem. He didn’t get rich by being lucky, he did it by being right more often than the market.

Benter’s story isn’t just about gambling. It’s about using math to create value, taking a system most believe is unbeatable, and proving them wrong through intellect and persistence.

His legacy reaches far beyond the racetrack. Benter is revered in gambling, respected in academic circles, and admired in philanthropy. In many ways, his quiet influence continues to shape how we think about risk, reward, and how far raw intelligence can take you.

What You Can Learn from Bill Benter

• Systems beat hunches.
• Patience is a long-term edge.
• You don’t have to be loud to win big.
• Private wins often outlast public fame.

The Hidden Pattern: How Benter Foreshadowed the AI Era

What Benter achieved in the 1980s and 90s, using large datasets and statistical models to predict racing outcomes, closely mirrors how today’s AI operates.

If you're asking who Bill Benter is, he was applying machine learning principles decades before the term became popular. His system was so effective that the Hong Kong Jockey Club eventually banned him from placing bets, just as Las Vegas casinos had banned him for beating them at blackjack.

But even after being shut out, he still won. That’s the hallmark of a true systems thinker: when your edge is built on logic, not luck, the results speak for themselves. With an estimated Bill Benter net worth between £1–2 billion, his legacy proves that in horse racing, as in life, the smart money is always on math.

Philip Dennis Ivey Jr. represents a fascinating case study in the world of casinos. Born in 1977 in Riverside, California, and raised in Roselle, New Jersey, Ivey developed a profound understanding of mathematical and psychological aspects of games of chance that transcends traditional gambling.

Most people know him as one of the greatest poker players of all time. With 11 World Series of Poker bracelets to his name, his reputation is hard to argue with. But Ivey’s relationship with casinos isn’t just about poker. Over time, he realized he could apply his technical approach to poker to other casino games. That shift became a turning point in his career, opening up ways to navigate games with completely different odds and house edges.

His story, though, isn’t just about full houses and royal flushes. It’s really about what happens when raw instinct and technical skill meet the highly-controlled world of casino gaming. Ivey figured out how to play that bigger game, too.

Phil Ivey – An Elite Gambler Was Born

Ivey’s story as a professional gambler started unconventionally. In the mid-1990s, at the age of 16, he used a fake ID to access Atlantic City’s casinos. While this was legally questionable, it guaranteed him early exposure to the casino environment, setting the basis for something that would soon be an epic run in the gambling world.

During these clandestine sessions at the lower stakes poker tables, Ivey developed an understanding of real-time probabilities while observing behavioral patterns at the same time. He evaluated each play not by its immediate result, but by its mathematical expectation in the long run.

Soon, these ventures at the lower-stakes cash games turned into poker tournament success. In 2000, at 23 years old and now playing legally, Ivey played his first World Series of Poker and his debut guaranteed him three cashes, two final tables and a win at the $2,580 Pot Limit Omaha event for $195,000 and his first bracelet.

How Ivey Became One of the Most Feared Poker Pros of All Time

That first bracelet was just the start of something huge. Over the next 20 years, Ivey built the kind of career most gamblers only dream about: 11 WSOP bracelets, millions won in nosebleed cash games, and a reputation that made even veteran pros think twice before sitting down at his table.

What really sets him apart, though, is the way he blends sharp mathematical thinking with a kind of instinct you simply can’t teach. While many players dominate one aspect or the other, Ivey managed to master both.

That balance didn’t just make him a poker legend; it gave him the tools to branch out into other casino games too, where reading odds and managing risk are just as valuable.

While poker was the game he staked his name on, other traditional casino games would soon be important down the line. Reflecting on those formative years in the book Deal Me In, Ivey wrote that “It was obvious very early that [I] had a gift when it came to gambling”.

When Phil Ivey Transitioned to High-Stakes Casino Gambling

After poker domination, Ivey has done something that not many players can do: he applied the same mental discipline and mathematical analysis to other casino games. It wasn’t a casual transition either – it was a calculated expansion of his skills.

The Love for Baccarat

At some point, Ivey started to gravitate toward baccarat, and it’s easy to understand why. For a guy used to calculating pot odds and reading opponents, the simplicity of baccarat must have been refreshing: clear rules, binary outcomes, and the house edge isn’t brutal. More importantly, it’s a game where focus and discipline, two of Ivey’s greatest strengths, make all the difference.

Ivey’s baccarat sessions became legendary in high-roller circles. We’re talking single bets worth hundreds of thousands of dollars, sessions that lasted for days, and an approach to the game that impressed even the most seasoned dealers. He didn’t play on impulse or emotion; every bet was a cold calculation.

What set Ivey apart from other high rollers was not the size of his bets, but the way he approached each session. While a lot of different sharks saw the casino as an expensive form of entertainment, Ivey regarded it as another arena where he could excel.

Players who watched him play baccarat describe sessions where he was able to keep focused throughout 15-18 consecutive hours, maintaining detailed patterns and anomalies registered in his mind. The superior ability to focus developed at the poker felt proved invaluable at the baccarat tables.

If this article interests you, keep reading. Alternatively, explore other topics like blackjack strategy, roulette strategy, and craps strategy.

When Skill Becomes Problematic: The Legal Battles

Sometimes, though, being too good at what you do can become problematic. Ivey figured this out when his techniques took him to court on two different continents.

The saga began in 2012, when Ivey and his partner Cheung Yin “Kelly” Sun started a series of baccarat sessions that would be forever in the history books. Between April and October 2012, they made four trips to the Borgata Casino in Atlantic City. By the time they were done, they’d walked away with $9.6 million in winnings, thanks to a technique known as “edge sorting.”

The idea was simple, at least in theory: they spotted tiny imperfections in the card backs and used those imperfections to figure out what cards were coming.

The pair didn’t mark the cards or physically alter anything. They simply asked the dealer to turn certain cards in a particular way, a perfectly legal request that many casinos accommodate for high-rollers. The issue arose when the casino realised that these seemingly harmless requests were part of a sophisticated system.

In August of the same year, Ivey used the same method at the Crockfords, one of London’s most prestigious casinos, winning £7.7 million. Contrary to the Borgata, Crockfords refused to pay out the winnings, suspecting foul play, which led Ivey to sue the casino in 2013, alleging his methods were legitimate.

While the Borgata had paid out the winnings immediately, after it came to light that they were using edge sorting, the casino took the case to court, demanding the return of all the Ivey’s winnings plus comps and an estimate of how much the casino would have won in normal conditions, totaling $15.6 million.

The courts had a fascinating question in hand: did Ivey cheat? Technically, Ivey and Sun hadn’t manipulated a thing. They simply used available information by careful observation and legitimate requests.

In 2014, a UK judge ruled that while Ivey genuinely believed his actions were legitimate, they still constituted cheating under civil law. In the U.S., the court ordered Ivey to return $10.1 million to the Borgata for violating New Jersey’s Casino Control Act. After six years of legal battles, both cases concluded in 2020 with a confidential settlement.

For a full, in-depth analysis of these legal cases, check out our comprehensive guide to edge sorting and Phil Ivey’s legal battles.

Phil Ivey’s Legacy in Casino Culture

Ivey has left a mark that goes beyond just numbers. Following the well-publicized edge sorting scandal, casinos and card manufacturers significantly tightened their security measures and improved their methods.

The truth is that Ivey forced an entire industry to evolve. He proved that even the most sophisticated properties could be vulnerable to players with exceptional analytical abilities.

It created a weird dynamic in which casinos chase after the same elite players they also keep an eye on. Phil Ivey ended up right in the middle of that tension: prized for the attention he brought, but also viewed with suspicion every time he played.

He’s become something of a symbol for that paradox. No matter how airtight the systems seem, there’s always someone sharp enough to find a crack. Perhaps that’s part of why people keep coming back. It’s not just about the money, it’s about the idea that the house might not always win.

** Lead image courtesy of PokerGO