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Craps Odds

When you hear the word “odds,” it is often associated with casino games. It is heard very often in playing tables, and can be used to mean three different things when you are playing Craps, a popular dice game. First, it can be as the probability that a shooter (dice thrower) will hit a point in the come-out roll. Second, the odds may pertain to the payouts in terms of ratios or percentages. In other words, the odds are how much you will actually win or lose given the amount of bet you placed on the table. Third, craps odds can also pertain to your chances of winning or losing on your bet.

Craps Odds Defined

Many beginners make erratic calculations in probabilities by trying to come up with patterns every time a dice roll produces a come-out. Fact of the matter is that the dice has a mind of its own that no one can actually read. It is short of saying that there is no way to predict what number will come out next. So if you think that you are winning after every eighth round for example, think again. It might just be because of luck. The next eighth round might not give you another win. In each round, you will never know if you will be lucky or not.

Try to observe for hours while going through a hundred same bets and you will notice that the results will not perfectly match the ideal probability you computed. Odds are just predictions after all but in an actual game, anything can happen. Truth is, if want to equal the theoretical versus the actual you will have to play continuously for so many years so that your computation will equal the actual outcome of probabilities. The viable explanation to this is that as that craps has a limited possibility of outcomes. As more and more rounds are played, the number of occurrences will soon reach infinity such that the theoretical will match the actual fractional probabilities. Mathematicians refer to this as the Law of Large Numbers. It does not only apply to a game of craps but to any others that involve a limited number of possible outcomes versus unlimited number of possible occurrences.

To explain it further, there are two possible genders of a baby, male or female. That is and odds of 50-50. But it does not mean that if one pregnant woman gives birth to a boy, the next would give birth to a girl. But in the course of a thousand or million years, the number of males and females are pretty much 50-50.

Perhaps therefore a craps player should learn to disassociate probability from occurrence. One is ideal, the other an actual outcome. This is important to note so that a player will stick to reality whenever playing craps, especially if involved with actual betting money. The life of his bankroll will depend greatly on how wisely he will manage his bets.

Also worth noting is the difference among three important terms in craps – probability, odds and payouts. Probability is defined as the likelihood of an outcome and this is expressed in fractions or ratios. It is the number of ways to win a bet over the total of possible outcomes. On the other hand, “craps odds” is defined as the likelihood of a bet occurring and expressed in fractions of desired outcome over undesired outcome. Another way to put it is to ask the question, “How many ways can you lose in a bet?”

Many players confuse odds and payouts because both have colons when written. To tell the difference, payouts are posted in casinos while odds are not. Payouts have something to do with the house edge of a casino that gives them an advantage over their playing clients. Hence, payouts have nothing to do with the number of possible outcomes. The payout ratio will affect your bets especially if you win. It could double your money, triple or more. A useful tip therefore when playing craps or any other casino game is to look at the payout table because from there you could immediately infer how much your potential cash winnings can be.

How Odds and Payouts Work

Given a die with six sides, there is one out of six chances of rolling any number. Depending on how you look at it, this ratio can be exciting for some while frustrating for others. Statistically, it indicates what should happen, but in reality, you will never know what number will come out in every roll. And that is just for one die. If you roll two dice which is typical in craps, the statistics totally change.

Yet, learning the odds in craps will still help in improving your strategy. If you cannot control the outcomes of a dice throw, you can at least work on your betting strategy. This can be explained further through a demonstration. One of the popular bets in craps is called the initial pass bet even if it only pays even money. Players still go for it because statistics show that if offers near even odds at 251:244. A single roll bet on 2 will pay much better but only the lucky players (or the persistent) will ever see it pay because of the 35:1 payout odds. Thus, before you play, try to first read about all your betting options in craps and see how to make it work to your advantage, and see which bets to use more or will work complementary to your bankroll.

As a tip, casinos do not pay the actual odds. They profit this way, or their business will lose. Bear this in mind as you learn the different betting options. If you make a pass bet for example, it will pay even odds although the offer is slightly better than 50-50 of winning. The difficult 2 bet pays 30:1. It chances of getting 2 is quite low but the payout is very high. When you play online craps, the rules and strategies will be basically the same. Just that in the online version, there will be slight variations to suit to online environment.