Isn't the odds bet at craps a big mistake?

Dear Frank:

I don't see how you can say that the odds bet at craps is a good bet. It only makes it appear that it reduces the house edge but in fact the amount of money you lose is always the same. If I make a $25 pass line bet my expected loss is 35 cents. The house edge is 1.41%. Now say I decide to put $100 in odds behind the bet. The house edge goes down but I still expect to lose the same 35 cents. No difference.

So can you tell me why everyone screams that the odds bet is so great? I just don't see it. I'll just bet my $25 and to heck with the odds since the odds are really meaningless.

Jim

Dear Jim:

The odds bet is a great bet if used properly. You want to bet $25? Okay, what is the better bet: $25 on the pass line with no odds or $5 on the pass line backing it with $20 in odds? Your expected loss as you stated on $25 is 35 cents but your expected loss on the $5 pass line bet is only 7 cents. The casino is giving you the opportunity to bet the same amount but to have one bet come in with a bigger hit on your bankroll and another bet come in with a smaller hit on your bankroll. Which bet is the one you should make? The answer is obvious.

The rule of thumb is therefore: Bet less on the pass or come and back those bets with the highest you can get and afford in odds.

I am giving you a free 30-day subscription to my private member's only website at www.goldentouchcraps.com. We have over 5,000 members on this site and I think you will enjoy it.

Frank Scoblete