The free odds bet is actually the greatest bet in the entire casino and in the game of craps. The reason this is such a wonderful bet is the fact that they pay out true odds, which means the actual odds of winning are the same as the payout odds. This also means the house has no edge, advantage or profit margin. Basically the house has a 0% edge!
The odds bet is usually made as a complement to the pass line or don’t pass line bets. They also apply to the come and don’t come bets as well. When you place any of these line bets, you wait until the shooter rolls the dice. If you don’t crap out or seven out (depending on what you are betting on), then a point number will be established. It is only after the point is made that the odds bets become available.
Players may only place odds bets in multiples of their original line bet wagers. For instance, players can bet in 1x, 2x or 3x their bet increments. Large casinos like those in Las Vegas, Atlantic City, Reno, Monte Carlo and etc., will allow 10x, 50x and even 100x odds bets. This can also be found at some online VIP casinos as well depending on if the casino will allow players to customize their craps tables like it has been known at the CasinoMax. Take a look at our Las Vegas multiple odds percentage chart to see how much your odds improve as you increase your odds bets.
The general rule of thumb is the higher the multiplier of odds bets you place, the lower the house edge gets. Remember, the odds bet itself is pays true odds, but you are using this in addition to your line bet, which already includes a small house edge. Placing an odds bet will just reduce the mathematical house edge to fall in your favor as you put more money on odds. Also, the pass and come odds are the same thing as well as the don’t pass and don’t come odds. True odds is true odds! Remember, the don’t pass line has just slightly better odds than the regular pass line bet.
I put a lot of links in this post because there is a lot of information about this bet since it is more of an advanced strategy. I would suggest reading a lot about the rules in order to get a good grasp of this part of the game. Once you understand this aspect of free odds, you will get a huge appreciation for the game as I have and just how rare it is to get such great odds and luck.