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Alan Krigman Gaming Guru - Page 31  Playing it smart - Buying the six or eight at craps23 July 2007
If you want to risk $20 or more on a number at craps, Buy bets may offer some opportunities to reduce the house advantage relative to their Place counterparts. Buying doesn't affect the chance of winning a coup. The benefit accrues because it raises the return on a win relative to how much you go down on a loss. ... (read more)
Playing it smart - Buying five or nine at craps16 July 2007
If you bet $20 or more on the four or 10 at craps, you should Buy rather than Place the number. Chances of winning are the same. But you earn more for the money at risk, and accordingly give the bosses less edge. This, regardless of how much you bet. However, edge and earnings for every dollar you can lose vary with the size of the wager. ... (read more)
Playing it smart - Buying the four or ten at craps9 July 2007
Solid citizens betting $20 or more on fours or 10s at craps "Buy" rather than "Place" the numbers. The benefit is that edge is less Buying than Placing, so earnings per dollar up for grabs are more. The reason is not that odds against winning change. They're 2-to-1 either way. It's the payout structures that differ. ... (read more)
How casinos choose payoffs: Ranked hands with elective probabilities2 July 2007
Casinos set returns on bets -- primarily to achieve a desired edge, and secondarily to get payoffs in round numbers for the convenience of all concerned. On wagers with unalterable probabilities, such as those at craps, options are limited. For instance, the odds against winning a Place bet on a 10 are 2-to-1. ... (read more)
Playing it smart - How casinos choose payoffs18 June 2007
Many gambling propositions either win, lose, or push, and have probabilities that can't be adjusted within the constraints of the game. Double-zero roulette offers examples. A wager on a 12-number column has a probability of 12 out of 38, roughly 31.6 percent, because of the design of the wheel. Casinos have little choice as to what they pay for bets like this. ... (read more)
Playing is smart - How casinos choose payoffs11 June 2007
Ever wonder how casinos decide what to pay on various bets? Or why returns in some games are always the same while those in others not only vary among casinos but from one table or machine to the next within a single joint?
Payoffs are governed chiefly by chances of winning and the edge a casino gets on a bet. ... (read more)
Playing it smart - Gamblers should repeal, or at least forget, the law of averages4 June 2007
More than a few solid citizens believe that if they're losing and continue to play, the law of averages will eventually turn the situation around. They assume that when random tests are run repeatedly, results get closer and closer to what's predicted by multiplying theoretical probability times number of trials. ... (read more)
Playing it smart - Gurus shun side bets; players make 'em - Who's right?28 May 2007
Some casino games feature small "side" or "bonus" bets ancillary to the primary action. Gambling gurus typically advocate avoiding such wagers except under unusual circumstances. Mainly because, although the bets are small, the house takes a big cut from them.
Yet, some side action is more than just popular. ... (read more)
Playing it smart - Should you Buy, rather than Place, the four or 10 at craps?21 May 2007
Players who wager on the four or 10 at craps make "Place" bets at the $5, $10, and $15 levels, but generally "Buy" the numbers at $20 and above. They know that buying is supposed to be a break for players who bet bigger. But, few solid citizens understand the why and how. Or more importantly, the best way to take advantage of whatever benefits the opportunity offers. ... (read more)
Playing it smart - What every gambler should know about progressions14 May 2007
Progressions are important to gamblers. In betting strategies. And in figuring the probabilities of winning or losing sequential or combined wagers. Progressions are also key elements in fields as diverse as economics, engineering, biology, and epidemiology. Which goes to prove once again, as if proof were needed, that everything you need to know in life you can learn in a casino. ... (read more)
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