Craps Bets and House Edge
The game of craps offers players many different betting options to choose from, and some are better than others. Each bet holds a house edge, a mathematical percentage that the house will win over time. The house edge combines the concepts of both probability and payout. The bigger the house edge over the player, the worse of a bet it is on which to wager. In order to calculate the house edge for a craps bet you first have to know the probability of your bet hitting.
Figuring out the probability of a bet is simple enough. There are 36 possible rolls that can be achieved with a pair of dice. If you want a nine to be rolled, you’ll have four possible combinations that will be a winner for you. 4/36 is a 1 in 9 chance that you will hit the roll you want. The probability for the other possible totals can be calculated in the same way.
Once you know the probabilities you need to know what the game pays out for a winning bet. For example, if a player bets on Any Seven they will have a 1/6 chance to hit their bet. Most online Any Seven bet pays out only 4/1 on a winner, and this difference is the house edge. They pay out less than the probabilities offer, and that is how the casino makes its money. In this case the Any Seven bet will hold a huge edge of over 16.6% over the player.
Lowering house edge is a constant battle for any gamer. Learning which craps bets are the best and which give up too much to the house should be a priority if you intend to play the game with any regularity. Find out what the game pays out for each bet and compare it to the probability of the bet hitting. Stay away from bets that give the house too big of a percentage and your long-term results will be much better. Games will vary in payout from one casino to the next, so don’t assume that it’s the same every time.