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Craps "Odds" Bet: Page 2 of Sample Learning How to Play Craps

- DICE ILLUSTRATED -

UNIQUE ONLY TO THE GAME OF CRAPS, "ODDS" HAS AN EXCLUSIVE MEANING THAT DIFFERS FROM ALL OF ITS STANDARD DEFINITIONS!

Most of us understand "ODDS" to mean "the probability that something has of occurring or not," and also, "how much extra a winning wager is paid for its disadvantage in a bet." But, in craps, "ODDS" not only relates to probabilities and handicaps, the term is also applied as the TITLE of a very specific bet. This ingeniously conceived wager, called the "ODDS" bet, is by far the most confusing and misunderstood bet in the game!

"ODDS" bets can be waged pertaining to ONLY SIX numbers (#4, #5, #6, #8, #9 & #10) in very specific contests opposing #7. These are LINE POINT contests and neutral number BOX contests. The areas on the table in which these two types of contests occur are the ONLY AREAS of the layout where "ODDS" bets can occur AT ALL. "ODDS" bets can ONLY be waged in these TWO specific types of contests and, in either contest, "ODDS" BETS CANNOT EXIST UNLESS THEY ACCOMPANY "FLAT" BETS.

In these specific contests, winning "ODDS" bets "FOR" #4, #5, #6, #8, #9 or #10 "AGAINST" #7, receive payments from the casino as follows:

#4 rolls before #7, "ODDS" bet "pay out" ratio is 6 to 3 (2:1).
#5 rolls before #7, "ODDS" bet "pay out" ratio is 6 to 4 (3:2).
#6 rolls before #7, "ODDS" bet "pay out" ratio is 6 to 5.
#8 rolls before #7, "ODDS" bet "pay out" ratio is 6 to 5.
#9 rolls before #7, "ODDS" bet "pay out" ratio is 6 to 4 (3:2).
#10 rolls before #7, "ODDS" bet "pay out" ratio is 6 to 3 (2:1).

On the surface, looking at the above list, it might appear that these "ODDS" bets include NO "COSTS" to the bettor. In fact, the casinos use the terms "TRUE ODDS" and "FREE ODDS" to describe "ODDS" bets. Those terms might lead anyone to presume that these bets are paid "true" ratios that are without "costs" to the players.

While you already know that every bet has a built-in profit margin for the casino (and "ODDS" bets are NO exception), you may not know that these "ODDS" bets are based on the slickest and most interesting built-in "cost" factors of any wagers in the game. They are based on the following "catches": No "ODDS" bet may be waged UNLESS it accompanies a "FLAT" bet, and winning "FLAT" bets NEVER get paid more than "even-money" (an EQUAL amount to the "FLAT" bet amount, no extra).

These "ODDS" bets ONLY exist as ONE part of a TWO-PART wager in which both parts share equal risk since each part is a wager on the same game-number. But, the winning "ODDS" bet is the ONLY part that gets paid extra at the "true" ratio of probability, while the "FLAT" bet portion gets NO extra for its equal disadvantage.

You should also know, casinos "LOCK-IN" all "FLAT" bets waged "FOR" any of the numbers 4, 5, 6, 8, 9 or 10 "AGAINST" #7, once the dice roll. In other words, once there is a roll of the dice after the bet is waged, the bet must remain in the game until a decision roll on which the bet either wins or loses. Because it is "locked" into the game, this "FLAT" bet is known as a CONTRACT "FLAT" bet (a favorite "delicacy" of the casinos).

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