Casino Occasion For Teens

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Date: 6-21-14
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Craps Probabilities and the House Edge

The house edge is the difference between what the house pays out on a bet and it's true odds. For example, if a casino pays $30 for a $1 bet that someone will roll a 2, it's making a profit, because the true odds are 35 to 1. To be a break even bet, the casino would need to pay out $35 on that bet. (And return the $1 bet.) But if a casino had nothing but break even bets, it wouldn't make a profit. Without a profit, they'd have no reason to exist, and one wouldn't get to play craps.

It's good to understand how probabilities and odds are calculated because not all bets have as high a house edge as other bets. If one understands the math behind the odds, one can then choose the better bets, the ones with the lowest house edge. Choosing the bets with the lowest house edge is just good craps strategy .

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