Do Casinos Make a Profit on Odds Bets?

Dear Frank:

Question: We know that the "odds bet" on the passline is paid with "no house advantage" and at true odds. But is the casino more likely to win the "odds bet" and does the casino make a profit on "odds bets" even though "odds bets" have no house advantage?

ML

Dear ML:

Yes and no.

On the 4 and 10, the casino will win twice and lose once. However, the odds bet will pay 2 to 1, so the game is even, although the house wins more times on these two numbers because the true odds of the bet are 2 to 1. On the 5 and 9, the house will win three times and lose twice. However, the true odds payout is 3 to 2. Again, a break even situation monetarily for the house and the player. On the 6 and 8, the house will win 6 times and lose 5 times but the house pays out 6 to 5 on its losing bets. It's another break even proposition.

The house has no edge on these bets. While the casino is more likely to win the odds bets, since it pays out the long-end of the bet on its losses, the bet is break even in the long run and the casino will not win any money on the odds bet.

All the best in and out of the casinos!

Frank Scoblete