In the game of Craps, the Odds bet is considered one of the best bets because it has no house edge, meaning the game’s outcome is purely based on chance, and the player’s expected value is as high as possible given the nature of the game.
The Odds bet is an additional wager that can be made after a player has established a Point (which happens when a 4, 5, 6, 8, 9, or 10 is rolled on the come-out roll, and it is not a 7). Once a Point is established, the player can then bet additional money on the Odds bet. This bet is paid off at true odds, depending on the Point number:
– If the Point is 4 or 10, the Odds bet pays 2 to 1.
– If the Point is 5 or 9, the Odds bet pays 3 to 2.
– If the Point is 6 or 8, the Odds bet pays 6 to 5.
The true odds are determined by the probability of rolling the Point number before a 7. Because the Odds bet pays true odds, it reduces the overall house edge of the game when combined with the Pass Line bet (or Don’t Pass bet), making it a very player-friendly bet. It’s important to note that the Odds bet can only be placed after a Point has been established and is not a standalone bet.