Deal Me In: 100x odds are going, going ... gone!

Dear Mark: Do you know where in Las Vegas they still offer 100x odds in craps? Steve K.

I recently tweeted (you can follow me at @markpilarski) that the Casino Royale and Hotel in Las Vegas was the last casino to offer 100x odds on its crap games. Well, Steve, "Bonsoir, elle est partie!" or French for "So long, she's gone!" Unfortunately, now you can only back up your pass/don't pass bet up to 20x your original bet at the Casino Royale and Main Street Station Casino Brewery and Hotel.

For those unfamiliar with what Steve is inquiring about, here’s the scoop. Odds are a wager that is distinct from all other craps bets in that FREE odds carry NO house edge. All odds bets are paid off at true odds.

For example, let’s say you find a $5 joint and you place a $5 bet on the pass line, followed by the point becoming a 4. On a 100x odds table, you can back your pass line bet ($5) with $500 ($5 X 100) in free odds.

So how does the word FREE come into play? Well, with two, six-sided dice, there are six ways of making a 7 (loser) and three ways of making a winner 4. The odds against your winning are 2-1 but if you win, your pass line bet is paid at even money, fetching you $5 in winnings. Your odds bet, though, is paid at the 2-1 actual odds, bringing you a $1,000 payoff on them.

Your pass line bet has a casino advantage of 1.4 percent, but when backing it with free odds, the two wagers grouped together now becomes a minuscule 0.02 percent house edge. With Vegas eliminating 100x odds, a 20x odds wager now becomes the best crap bet in Las Vegas with a casino advantage of 0.065 percent.

A house edge of just 0.02 percent that is no longer available might sadden some, but five hundred on the layout is some serious Ka-ching. Dice showing cinco dos twice and you are adios. Your daily gambling bankroll wiped out after a couple quick seven-outs. The lesson here is to only bet as much odds as your gambling budget allows.

I always welcome readers to correct me when/if the multiple odds information becomes outdated.

Dear Mark: I live in Reno and love your column. You have taken me from a novice who enjoyed gambling to someone who loses less and enjoys it even more. I recently read a book, "The Art of Thinking Clearly," which reminded me of your columns. It is a great read with 99 short chapters in about 350 pages. Many of the chapters are good discussions of why people lose at life and gambling and a great discussion of risk vs. uncertainty. Keep sending us that good advice. There are some who follow it religiously and have read all your books, listened to your audios and use your strategy cards. Richard M.

I am familiar with Rolf Dobelli’s book, The Art of Thinking Clearly. Yes, Richard, it is a great eye-opening look at human psychology and reasoning. The book spends a great deal of time avoiding “cognitive errors” and teaches you to make better choices in all aspects of your life. Along the lines of better choices when it comes to casino gambling, I have always stated you can avoid most gambling mistakes by focusing on wagers that have a casino advantage of less than two percent.

Correspondingly, Richard, thank you for your kind words and support of my casino educational products. I am so intent on spreading the gospel of sound gambling that now all of my books, audios and strategy cards are priced less than one yank of a slot handle, a buck. Readers can click through to get what they want/need via my website: http://markpilarski.com. Allow me, Richard, to remind everyone for the umpteenth time that in the end, the smarter you play, the luckier you’ll be.

Gambling Wisdom of the Week: “Believe it or not, the beautiful lights, the around-the-clock activity, and the festivity and fast-paced action can sometimes make idiots of otherwise well-oriented, clear-minded individuals.” – Len Miller, Playing Games for Fun and Profit