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If there’s one thing you learn from this site, the Boneman hopes it’s that you shouldput as much of your craps money on the Free Odds bet as possible.
Let’ssee what the Free Odds bet is, and why the Boneman is so insistent that you favorit over most of the other bets.
To understand why the Free Odds bet is so important you first have to understandthe house edge.
The house edge is the casino’s average profit on any bet.
In craps, the house edge on the Pass Line bet is 1.41%.
That means that for every$5 wager on the Pass Line, the casino will keep seven cents as profit on average.($5 x 1.41% = $0.07) This doesn’t mean on a single wager the casino will keep $0.07and pay you back $4.93.
The house edge is the mathematical average for thelong run.
If you made $1,000,000 in Pass Line wagers, $5 at a time, by the end you’dprobably have lost around $14,100, or 1.41% of what you wagered. The 1.41% for the Pass Line bet ispretty low for a casino game, and is one of the best bets in the casino.
The houseedge on roulette is around 5% and slots are often 7-8% or more.
Even in craps thereare sucker bets with a high house edge, such as Hardways (9-11%) and the Propositionbets (up to 17%). This is the only bet you can make on a table game where the odds aren’t againstyou.
When you gamble it’s important to seek out the bets with the lowesthouse edge, because you’ll lose less money that way and have a greater chance ofwinning. How can the casino make this bet available when they don’t make any money onit?