This section honestly isn’t as advanced as I may make it out to be. It exists to differentiate the very basic category of knowledge and betting covered in our rules section. There we looked at the pass line bet, the single most important thing to know when walking up to a craps table. The next step and the most important thing to know about the pass line bet is the ability to make a pass line bet with odds.
The odds bet is a supplement to the original pass line bet which can range depending on the house odds anywhere from 1 to 100 times your original bet. Casinos almost always have their odds published on the table. As was mentioned earlier a pass line bet with odds cannot be made on the come out roll, as it can only be made after the point is set. For example, if you were betting $5 on a pass line bet and the point got set to ‘4’, you could put down the equivalent to or a larger bet just below your original wager. Physically place the chips half on and half off of the bottom of the pass line. If on the next roll a ‘4’ is hit you win your pass line bet back, and an additional sum of money derived from the odds bet. In this case he is paid 2 to 1 on the odds bet. What determines the payout on odds bets is the actual number the point is set to. If the point is set to 4 or 10, odds bets are paid back at 2 to 1 odds. If the point is set to 5 or 9, odds bets are paid back at 3 to 2 odds. If the point is set to 6 or 8, odds bets are paid back at 6 to 5 odds.
The odds bet is usually explained as being an intelligent bet in the game of craps. This is because of the more you wager (double, triple, quadruple odds bet) the lower the house edge drops. A standard pass line bet holds a house edge of 1.41% – respectable and compared to many other casino games you have to choose from its downright excellent, but take into account the potential for odds betting and it’s a whole different story. The house edge on a pass line bet with ten times odds is an incredible 0.18%.
For quick reference here is a chart showing the advantage derived from each stage of odds bets.