House Edge Craps
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*House Edge At Craps
*House Edge Calculator Craps
Craps is a game where different bets have a different house edge. If you stick with the basic bets, pass and come, you face a house edge of 1.41%, which is relatively low. The more “exciting” wagers on the craps table come with a higher house edge. Roulette comes in 2 main versions—single zero and double zero. So back to the house edge aka HA. During the come out roll, for players who use the higher HA bets as a hedge or insurance - how does the monetary value work with or against the house edge. At a $10 table a $2 any craps is a 20% insurance or hedge vs about 11% HA that generates a 4% return should a craps roll. Not only do you have to demonstrate an influence over the dice outcomes, but that influence needs to exceed the house edge of those bets on the craps table. For example; if you appear to toss more 4 or 10s in your practice sessions and analysis shows that your controlled toss creates a 3% positive influence on those numbers that’s great!
If you spend any time at all reading about online casino games and gambling in casinos, you’ll encounter an expression—“the house edge.”
You’ll see writers explain that blackjack house edge is the lowest in the casino, and that the slots have the worst.
You’ll see them mention that some of the bets at the craps table have a house edge of less than 2%, while other bets at the craps table have a house edge of more than 16%.
But what is the house edge in a casino game and how does it work?
This site covers some similar concepts as they relate to the math of sports betting, but the casinos’ house edge works slightly differently.
The casino’s revenues are built on the statistical probabilities of the outcomes, payouts and house edge of each of the bets in the casino and at the craps tables over the long term. (24/7, 365 days a year). On some craps bets, the house edge drops to zero while on others, the house’s advantage skyrockets to a two-digit figure. That is why, smart players choose bets with lower house edge which helps them to exploit the game and end their betting session on profit. Let us demonstrate how the house edge works with an example.Some Probability Background that Matters
You can’t understand the house edge if you don’t understand some of the basics of probability.
Probability is just a mathematical way to measure how likely something is to happen.
When a weatherman says there’s a 50% chance of rain, he’s using probability (as well as meteorology) to express that likelihood.
And most people have an intuitive understand of probability when it’s stated as a percentage, because we use it all the time.
If you paid attention in 8th grade math, you probably already know that a percentage is just another way of expressing a fraction, and that’s all a probability is—a fraction.To determine the probability of something happening, you just look at the number of ways it could happen and divide it by the total number of possible events.Here’s an Example:You’re rolling a 6-sided die, and you want to know what the probability of rolling a 6 is. A 6-sided die has 6 sides numbered 1 through 6. There’s only a single 6.
Since there are 6 possible outcomes, and since only one of those outcomes is a 6, the probability of rolling a 6 is 1/6.
You can convert that to a percentage of 16.67%.
You can also convert it to “odds format,” which just compares the number of ways it can’t happen with the number of ways it can. The odds of rolling a 6 on a 6-sided die are 5 to 1.
Once you have a basic understanding of probability, you can move on to the next step, which is determining the house edge of a bet.What Is the House Edge and Why Does It Matter?
Every bet has a payout if you win and an amount you lose if you lose. This is often the same amount, or even money.For Example:If you’re playing blackjack, you bet one unit, and most of the time, if you win, you win one unit. If you lose, you just lose that one unit.
In other words, if you bet $100 on a hand of blackjack and win, you usually win $100.
If you lose, you usually lose $100.
That’s called even money.
(And some bets in blackjack result in bigger winnings, and you sometimes have the option of surrendering, which means you only lose half your stake. But that’s a complication that doesn’t help you understand the house edge, so I’m going to save that discussion for another blog post.)
A bet’s payout can also be expressed using odds, though.
An even-money bet pays off at 1 to 1.
A bet that pays off at 5 to 1 is also possible—if you win, you get 5 units, but if you lose, you only lose 1 unit.
In the die-rolling probability example I used above, if you have a payout of 5 to 1, you’re playing a game with no house edge.
That’s because in the long run, you’ll win as much money as you lose.
But suppose I reduced the payout for rolling a 6 to 4 to 1?Do you see how the casino would have a mathematical edge in the long run by paying out less for a win in that situation?
You can use statistics to determine an average amount you’ll lose per bet in this situation.
You assume 6 statistically perfect rolls of the die. This means you’ll win once and lose 5 times.
If you’re betting $100 every time, you’ll have a single win of $400 along with 5 losses of $100 each, or a $500 total loss.
Your net loss after that is $100.
Since that’s a net loss of $100 over 6 bets, you’ve lost an average of $16.67 per bet.
That’s the same thing as lose 16.67% of each bet, and that percentage is the house edge.
There are other ways to arrive at that number, but that’s the easiest method I’ve seen used.
With every online casino game you play, the house pays off your bets at odds lower than the odds of winning. This results in a mathematical edge for the house.
That’s why casinos are profitable in the long run, even though every, a percentage of their customers go home with winnings in their pockets.
Probabilities—and the house edge—are always long-term phenomena. In the short run, anything can happen.
Individual online casino gamblers are always playing in the short term.
Online casinos are always playing in the long term.If the House Has an Edge, Why Do People Still Play Casino Games?
So if, in the long run, the house can’t lose because of the math behind the games, why do people still play?
The answer is simpler than you think:Most people don’t think about things from a long-term perspective. If they did, everyone in the United States would save 10% of everything they earn and retire early because their cost of living would be low enough to be easily affordable.
I have a friend who visits the casino at least once a week. He loses money on 4 out of 5 visits to the casino, but on one of those 5 visits every month, he comes home a winner.
He doesn’t care that he’s losing money hand over fist in the long run. He just wants to keep getting that buzz from his occasional wins.
The human brain is irrational, especially when it comes to gambling.How the House Edge for Various Casino Games Compare
The house edge is only one factor that affects how much you’re going to lose when you’re gambling on online casino games. Other factors include how many bets you place per hour and how much you’re betting every time you place a wager.
That being said, if everything else is equal, you should play the casino games with the lowest house edge.
Keep in mind, too, that game conditions affect the house edge, too. For Example:In some blackjack games, a natural pays off at 6 to 5 odds instead of 3 to 2 odds. The house edge on such a blackjack game is higher.
And, in fact, blackjack is a good place to start a discussion of the house edge for various casino games. It’s widely known that the house edge for blackjack is between 0.5% and 1%, but that number assumes that you’re making the optimal move in every situation. The average blackjack player is probably giving up 2% or so in mistakes.
Craps is a game where different bets have a different house edge. If you stick with the basic bets, pass and come, you face a house edge of 1.41%, which is relatively low. The more “exciting” wagers on the craps table come with a higher house edge.
Roulette comes in 2 main versions—single zero and double zero. The double zero version of roulette is predominant in the United States, and the roulette house edge for that game is 5.26%. By removing one of the zeroes, the online casino reduces the house edge to 2.70%.
Slot machines have a house edge that varies based on the PAR sheet for the game. (That’s the logic behind the game which determines the probability of getting various combinations of symbols and the payouts for those combinations.) You can find slot machines with a house as high as 35% or as low as 5%, but you never know what the number is.
Video poker machines look like slot machines, but they offer a better house edge—if you play the hands optimally. Depending on the pay table, the house edge for video poker can be as low as 0.5% or as high as 5% or 6%.Conclusion
And those are the basics of the house edge as it pertains to casino games.
Now that you have an understanding of the probability behind casino games and how it affects your winnings and losses, are you going to be more or less likely to play casino games?
Are you going to change the amounts you bet or the games you play?
Let me know in the comments.
Craps is one of the most popular dice games in the world, with a rich history that can be traced back to the Roman Empire. The dynamic pace of play and the wide range of betting options are what have caused craps to become an absolute staple in both online casinos and landbased gambling establishments.House Edge At Craps
Since craps relies heavily on chance and there is no way to affect the outcome of the dice toss, many inexperienced players wrongly assume craps is an easy game to play. This is not necessarily true as the sheer number of betting options will suffice to overwhelm any craps novice. While there is no way for players to predict the outcome of the dice with certainty, they can still turn up a good profit as long as they take the time to learn the bet types and the possible dice combinations. Understanding the house edge, the true odds, and the payouts certainly can work to the advantage of craps players. Understanding the House Edge
Gambling establishments do not generate profits because the personnel manages to outplay the customers. The casinos’ profits result from the built-in advantage they have over their players. This built-in advantage is referred to as the “house edge” and is the key thing inexperienced players need to understand prior to joining the craps table.
All casino games are tilted in favor of the house as it utilizes the law of averages to gain its edge over the players. The house edge is typically expressed as a percentage and represents the average profit the casino collects from each wager the players make. Please note the house generates a profit on every single bet, regardless of whether it is a winning or a losing one.
As was mentioned earlier, there is a great number of bets you can place in craps. But what is more important, the house edge tends to fluctuate between the different bet types. On some craps bets, the house edge drops to zero while on others, the house’s advantage skyrockets to a two-digit figure. That is why, smart players choose bets with lower house edge which helps them to exploit the game and end their betting session on profit.
Let us demonstrate how the house edge works with an example. Bets on the Pass Line have a low edge of 1.41%. This means that for each $100 players wager on the Pass Line, the casino will collect an average of $1.41. Whether players win or lose is irrelevant – either way, they will lose $1.41 on average per every $100 they wager on the Pass Line. There are players who prefer to place Proposition bets because the latter have more substantial payouts. However, this is not always a good idea since the house edge for Proposition bets ranges between 5.56% and 16.67%.
Pass/Don’t Pass Line bets and Come/Don’t Come bets are considered a smarter option, especially for inexperienced players. The tilt in favor of the casino is smaller with such bets and the probability of the shooter rolling a winning dice combination for these bets is much greater. Because of this, such bets have lower payout ratio and pay even money.
Players, who wager on the Pass Line are allowed to lay or take odds on their bets. Once the shooter rolls his point, players can collect money on their Pass Line bets but will also be paid at true odds. This causes the house edge to drop to 0% and is the only instance in which the casino does not have an advantage over craps players. How winning bets are paid also influences the house edge. When paying out winning multiple-roll bets, the casino typically rounds the sum down to the nearest number.For instance, if a given player is supposed to collect $34.38 in profit, the house will round the number down and pay the winner only $34.00 which further boosts the casino’s built-in advantage. That is why players are recommended to adopt bet sizing where the sum is as round as possible.Dice Combinations in Craps
In order to calculate the house edge on craps bets, players are required to acquaint themselves with the dice combinations and the probability of each number being rolled. As we know, craps is played with two dice and each die is a cube with six equal-sized sides. There are 11 possible outcomes of a two-die toss, namely 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, and 12.
The number of possible combinations is calculated by multiplying the number of the sides of the two dice. Thus, we get 6 x 6 = 36, from which it follows there are 36 combinations that all will total one of the eleven outcomes we have listed above. You can check the dice combinations and the totals they add up to below. Dice Combinations in CrapsOutcomePossible Combinations with Two DiceWays to Rolls the Outcome21 – 1131-2, 2-1241-3, 3-1, 2-2351-4, 4-1, 3-2, 2-3461-5, 5-1, 2-4, 4-2, 3-3571-6, 6-1, 2-5, 5-2, 3-4, 4-3682-6, 6-2, 3-5, 5-3, 4-4593-6, 6-3, 4-5, 5-44104-6, 6-4,5-53115-6, 6-52126–61
It certainly is not difficult to notice there are more combinations for some of the outcomes. There are more ways for the shooter to roll out 7 than any other number as becomes evident by the diamond shape of the middle column. Since there are 6 combinations of the dice that total 7, the chances of this particular number being rolled are the greatest. This is yet another thing players need to consider carefully when deciding which types of bets to place at the craps table. How to Calculate the House Edge in Craps
As craps is a negative expectation game, it is mathematically impossible for players to gain advantage over the house. The only exception is when players are taking or laying odds on their bets. However, understanding the probability of specific numbers being rolled and the house edge on different bet types is essential as it would enable players to make better-informed decisions when placing their bets.
The two dice used in the game of craps allow for a total of 11 outcomes with totals from 2 to 12. There are 36 different ways in which the shooter can roll these 11 outcomes. From this, it follows that the total of 3 can be rolled in two different ways meaning that the probability of this number being thrown is 2 to 36. Similarly, there are six different combinations that add up to seven, so the chances of throwing this number are 6 in 36. The probability of rolling any of the other numbers can be calculated in the same fashion.
Once players understand how to calculate probability, they can proceed to calculate the house edge. It would be best to provide an example to make things as clear as possible. The Craps 2 bet wins whenever a total of 2 comes up on the next roll of the dice. In other words, there are 35 ways to lose and a single way to win with this type of bet. If it wins, the payout will be 30 to 1. Since there are only two outcomes for this type of bets, win or lose, its expected value can be calculated in the following way: (1/36)x30 – (35/36) = -5/36 = -13.89%.
Other wagers, like the Any Craps bet, allow for more winning combinations. The Any Craps bet pays out 7 to 1 whenever numbers 2, 3 or 12 are rolled. There is one combination for number 2, two combinations that add up to number 3, and one combination that adds up to 12. Thus, there are 4 ways to win out of 36 possible combinations, so the probability of collecting a payout with this bet can be expressed like this: 4/36 = 1/9. This means that out of every nine Any Craps bets, one will win and the other eight will lose. The expected return for this bet can be expressed as follows: (4/36)x7 – (32/36) = -4/36 = -1/9 = -11.11%.
As you can see, the house edge in craps tends to fluctuate greatly depending on the type of bet you place. With some bet types where the outcome is determined by multiple rolls of the dice, calculating the built-in house advantage is a mean feat. Players, who experience difficulties performing such complex calculations, can try to learn the house edge of craps bets by heart.In order to calculate the built-in casino advantage of craps bets, players need to first acquaint themselves with the probabilities of the rolls’ outcomes. Understanding the True Odds
You may have noticed there is a discrepancy between the probability of winning with specific bets and the way the winnings are paid out. This discrepancy is exactly what gives the house its edge. The house succeeds in maintaining an advantage over players by paying less for winning bets than the true odds would dictate. For instance, bets on the Pass Line pay even money and have the lowest house edge of 1.41% only, which means players will lose $1.40 on average per every $100 they wager at the craps table. Basically, the only exception to this rule is when free odds are taken or laid on the bet – in this case, the house holds no advantage over players because winnings are paid at true odds.
You may wonder why players persist in betting on craps when the game is obviously tilted against them. The truth of the matter is smart players exploit a phenomenon, called distribution variance, which is precisely what causes the hot and cold streaks when the dice are rolled repeatedly, because perfect, even distribution is something that occurs rarely, if ever, in nature.
Also, it is important to remember that it takes prolonged periods of time for the odds to balance out so that the house can make a profit. Thousands of hundreds of dice rolls are required for the odds to follow their natural path and maintain equilibrium. However, many players remain at the craps table for short periods of time only. It is precisely during these fleeting moments of time that variance creeps in and allows craps players to turn up a profit. At least, if they bet smartly, manage their bankroll properly, and
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*House Edge At Craps
*House Edge Calculator Craps
Craps is a game where different bets have a different house edge. If you stick with the basic bets, pass and come, you face a house edge of 1.41%, which is relatively low. The more “exciting” wagers on the craps table come with a higher house edge. Roulette comes in 2 main versions—single zero and double zero. So back to the house edge aka HA. During the come out roll, for players who use the higher HA bets as a hedge or insurance - how does the monetary value work with or against the house edge. At a $10 table a $2 any craps is a 20% insurance or hedge vs about 11% HA that generates a 4% return should a craps roll. Not only do you have to demonstrate an influence over the dice outcomes, but that influence needs to exceed the house edge of those bets on the craps table. For example; if you appear to toss more 4 or 10s in your practice sessions and analysis shows that your controlled toss creates a 3% positive influence on those numbers that’s great!
If you spend any time at all reading about online casino games and gambling in casinos, you’ll encounter an expression—“the house edge.”
You’ll see writers explain that blackjack house edge is the lowest in the casino, and that the slots have the worst.
You’ll see them mention that some of the bets at the craps table have a house edge of less than 2%, while other bets at the craps table have a house edge of more than 16%.
But what is the house edge in a casino game and how does it work?
This site covers some similar concepts as they relate to the math of sports betting, but the casinos’ house edge works slightly differently.
The casino’s revenues are built on the statistical probabilities of the outcomes, payouts and house edge of each of the bets in the casino and at the craps tables over the long term. (24/7, 365 days a year). On some craps bets, the house edge drops to zero while on others, the house’s advantage skyrockets to a two-digit figure. That is why, smart players choose bets with lower house edge which helps them to exploit the game and end their betting session on profit. Let us demonstrate how the house edge works with an example.Some Probability Background that Matters
You can’t understand the house edge if you don’t understand some of the basics of probability.
Probability is just a mathematical way to measure how likely something is to happen.
When a weatherman says there’s a 50% chance of rain, he’s using probability (as well as meteorology) to express that likelihood.
And most people have an intuitive understand of probability when it’s stated as a percentage, because we use it all the time.
If you paid attention in 8th grade math, you probably already know that a percentage is just another way of expressing a fraction, and that’s all a probability is—a fraction.To determine the probability of something happening, you just look at the number of ways it could happen and divide it by the total number of possible events.Here’s an Example:You’re rolling a 6-sided die, and you want to know what the probability of rolling a 6 is. A 6-sided die has 6 sides numbered 1 through 6. There’s only a single 6.
Since there are 6 possible outcomes, and since only one of those outcomes is a 6, the probability of rolling a 6 is 1/6.
You can convert that to a percentage of 16.67%.
You can also convert it to “odds format,” which just compares the number of ways it can’t happen with the number of ways it can. The odds of rolling a 6 on a 6-sided die are 5 to 1.
Once you have a basic understanding of probability, you can move on to the next step, which is determining the house edge of a bet.What Is the House Edge and Why Does It Matter?
Every bet has a payout if you win and an amount you lose if you lose. This is often the same amount, or even money.For Example:If you’re playing blackjack, you bet one unit, and most of the time, if you win, you win one unit. If you lose, you just lose that one unit.
In other words, if you bet $100 on a hand of blackjack and win, you usually win $100.
If you lose, you usually lose $100.
That’s called even money.
(And some bets in blackjack result in bigger winnings, and you sometimes have the option of surrendering, which means you only lose half your stake. But that’s a complication that doesn’t help you understand the house edge, so I’m going to save that discussion for another blog post.)
A bet’s payout can also be expressed using odds, though.
An even-money bet pays off at 1 to 1.
A bet that pays off at 5 to 1 is also possible—if you win, you get 5 units, but if you lose, you only lose 1 unit.
In the die-rolling probability example I used above, if you have a payout of 5 to 1, you’re playing a game with no house edge.
That’s because in the long run, you’ll win as much money as you lose.
But suppose I reduced the payout for rolling a 6 to 4 to 1?Do you see how the casino would have a mathematical edge in the long run by paying out less for a win in that situation?
You can use statistics to determine an average amount you’ll lose per bet in this situation.
You assume 6 statistically perfect rolls of the die. This means you’ll win once and lose 5 times.
If you’re betting $100 every time, you’ll have a single win of $400 along with 5 losses of $100 each, or a $500 total loss.
Your net loss after that is $100.
Since that’s a net loss of $100 over 6 bets, you’ve lost an average of $16.67 per bet.
That’s the same thing as lose 16.67% of each bet, and that percentage is the house edge.
There are other ways to arrive at that number, but that’s the easiest method I’ve seen used.
With every online casino game you play, the house pays off your bets at odds lower than the odds of winning. This results in a mathematical edge for the house.
That’s why casinos are profitable in the long run, even though every, a percentage of their customers go home with winnings in their pockets.
Probabilities—and the house edge—are always long-term phenomena. In the short run, anything can happen.
Individual online casino gamblers are always playing in the short term.
Online casinos are always playing in the long term.If the House Has an Edge, Why Do People Still Play Casino Games?
So if, in the long run, the house can’t lose because of the math behind the games, why do people still play?
The answer is simpler than you think:Most people don’t think about things from a long-term perspective. If they did, everyone in the United States would save 10% of everything they earn and retire early because their cost of living would be low enough to be easily affordable.
I have a friend who visits the casino at least once a week. He loses money on 4 out of 5 visits to the casino, but on one of those 5 visits every month, he comes home a winner.
He doesn’t care that he’s losing money hand over fist in the long run. He just wants to keep getting that buzz from his occasional wins.
The human brain is irrational, especially when it comes to gambling.How the House Edge for Various Casino Games Compare
The house edge is only one factor that affects how much you’re going to lose when you’re gambling on online casino games. Other factors include how many bets you place per hour and how much you’re betting every time you place a wager.
That being said, if everything else is equal, you should play the casino games with the lowest house edge.
Keep in mind, too, that game conditions affect the house edge, too. For Example:In some blackjack games, a natural pays off at 6 to 5 odds instead of 3 to 2 odds. The house edge on such a blackjack game is higher.
And, in fact, blackjack is a good place to start a discussion of the house edge for various casino games. It’s widely known that the house edge for blackjack is between 0.5% and 1%, but that number assumes that you’re making the optimal move in every situation. The average blackjack player is probably giving up 2% or so in mistakes.
Craps is a game where different bets have a different house edge. If you stick with the basic bets, pass and come, you face a house edge of 1.41%, which is relatively low. The more “exciting” wagers on the craps table come with a higher house edge.
Roulette comes in 2 main versions—single zero and double zero. The double zero version of roulette is predominant in the United States, and the roulette house edge for that game is 5.26%. By removing one of the zeroes, the online casino reduces the house edge to 2.70%.
Slot machines have a house edge that varies based on the PAR sheet for the game. (That’s the logic behind the game which determines the probability of getting various combinations of symbols and the payouts for those combinations.) You can find slot machines with a house as high as 35% or as low as 5%, but you never know what the number is.
Video poker machines look like slot machines, but they offer a better house edge—if you play the hands optimally. Depending on the pay table, the house edge for video poker can be as low as 0.5% or as high as 5% or 6%.Conclusion
And those are the basics of the house edge as it pertains to casino games.
Now that you have an understanding of the probability behind casino games and how it affects your winnings and losses, are you going to be more or less likely to play casino games?
Are you going to change the amounts you bet or the games you play?
Let me know in the comments.
Craps is one of the most popular dice games in the world, with a rich history that can be traced back to the Roman Empire. The dynamic pace of play and the wide range of betting options are what have caused craps to become an absolute staple in both online casinos and landbased gambling establishments.House Edge At Craps
Since craps relies heavily on chance and there is no way to affect the outcome of the dice toss, many inexperienced players wrongly assume craps is an easy game to play. This is not necessarily true as the sheer number of betting options will suffice to overwhelm any craps novice. While there is no way for players to predict the outcome of the dice with certainty, they can still turn up a good profit as long as they take the time to learn the bet types and the possible dice combinations. Understanding the house edge, the true odds, and the payouts certainly can work to the advantage of craps players. Understanding the House Edge
Gambling establishments do not generate profits because the personnel manages to outplay the customers. The casinos’ profits result from the built-in advantage they have over their players. This built-in advantage is referred to as the “house edge” and is the key thing inexperienced players need to understand prior to joining the craps table.
All casino games are tilted in favor of the house as it utilizes the law of averages to gain its edge over the players. The house edge is typically expressed as a percentage and represents the average profit the casino collects from each wager the players make. Please note the house generates a profit on every single bet, regardless of whether it is a winning or a losing one.
As was mentioned earlier, there is a great number of bets you can place in craps. But what is more important, the house edge tends to fluctuate between the different bet types. On some craps bets, the house edge drops to zero while on others, the house’s advantage skyrockets to a two-digit figure. That is why, smart players choose bets with lower house edge which helps them to exploit the game and end their betting session on profit.
Let us demonstrate how the house edge works with an example. Bets on the Pass Line have a low edge of 1.41%. This means that for each $100 players wager on the Pass Line, the casino will collect an average of $1.41. Whether players win or lose is irrelevant – either way, they will lose $1.41 on average per every $100 they wager on the Pass Line. There are players who prefer to place Proposition bets because the latter have more substantial payouts. However, this is not always a good idea since the house edge for Proposition bets ranges between 5.56% and 16.67%.
Pass/Don’t Pass Line bets and Come/Don’t Come bets are considered a smarter option, especially for inexperienced players. The tilt in favor of the casino is smaller with such bets and the probability of the shooter rolling a winning dice combination for these bets is much greater. Because of this, such bets have lower payout ratio and pay even money.
Players, who wager on the Pass Line are allowed to lay or take odds on their bets. Once the shooter rolls his point, players can collect money on their Pass Line bets but will also be paid at true odds. This causes the house edge to drop to 0% and is the only instance in which the casino does not have an advantage over craps players. How winning bets are paid also influences the house edge. When paying out winning multiple-roll bets, the casino typically rounds the sum down to the nearest number.For instance, if a given player is supposed to collect $34.38 in profit, the house will round the number down and pay the winner only $34.00 which further boosts the casino’s built-in advantage. That is why players are recommended to adopt bet sizing where the sum is as round as possible.Dice Combinations in Craps
In order to calculate the house edge on craps bets, players are required to acquaint themselves with the dice combinations and the probability of each number being rolled. As we know, craps is played with two dice and each die is a cube with six equal-sized sides. There are 11 possible outcomes of a two-die toss, namely 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, and 12.
The number of possible combinations is calculated by multiplying the number of the sides of the two dice. Thus, we get 6 x 6 = 36, from which it follows there are 36 combinations that all will total one of the eleven outcomes we have listed above. You can check the dice combinations and the totals they add up to below. Dice Combinations in CrapsOutcomePossible Combinations with Two DiceWays to Rolls the Outcome21 – 1131-2, 2-1241-3, 3-1, 2-2351-4, 4-1, 3-2, 2-3461-5, 5-1, 2-4, 4-2, 3-3571-6, 6-1, 2-5, 5-2, 3-4, 4-3682-6, 6-2, 3-5, 5-3, 4-4593-6, 6-3, 4-5, 5-44104-6, 6-4,5-53115-6, 6-52126–61
It certainly is not difficult to notice there are more combinations for some of the outcomes. There are more ways for the shooter to roll out 7 than any other number as becomes evident by the diamond shape of the middle column. Since there are 6 combinations of the dice that total 7, the chances of this particular number being rolled are the greatest. This is yet another thing players need to consider carefully when deciding which types of bets to place at the craps table. How to Calculate the House Edge in Craps
As craps is a negative expectation game, it is mathematically impossible for players to gain advantage over the house. The only exception is when players are taking or laying odds on their bets. However, understanding the probability of specific numbers being rolled and the house edge on different bet types is essential as it would enable players to make better-informed decisions when placing their bets.
The two dice used in the game of craps allow for a total of 11 outcomes with totals from 2 to 12. There are 36 different ways in which the shooter can roll these 11 outcomes. From this, it follows that the total of 3 can be rolled in two different ways meaning that the probability of this number being thrown is 2 to 36. Similarly, there are six different combinations that add up to seven, so the chances of throwing this number are 6 in 36. The probability of rolling any of the other numbers can be calculated in the same fashion.
Once players understand how to calculate probability, they can proceed to calculate the house edge. It would be best to provide an example to make things as clear as possible. The Craps 2 bet wins whenever a total of 2 comes up on the next roll of the dice. In other words, there are 35 ways to lose and a single way to win with this type of bet. If it wins, the payout will be 30 to 1. Since there are only two outcomes for this type of bets, win or lose, its expected value can be calculated in the following way: (1/36)x30 – (35/36) = -5/36 = -13.89%.
Other wagers, like the Any Craps bet, allow for more winning combinations. The Any Craps bet pays out 7 to 1 whenever numbers 2, 3 or 12 are rolled. There is one combination for number 2, two combinations that add up to number 3, and one combination that adds up to 12. Thus, there are 4 ways to win out of 36 possible combinations, so the probability of collecting a payout with this bet can be expressed like this: 4/36 = 1/9. This means that out of every nine Any Craps bets, one will win and the other eight will lose. The expected return for this bet can be expressed as follows: (4/36)x7 – (32/36) = -4/36 = -1/9 = -11.11%.
As you can see, the house edge in craps tends to fluctuate greatly depending on the type of bet you place. With some bet types where the outcome is determined by multiple rolls of the dice, calculating the built-in house advantage is a mean feat. Players, who experience difficulties performing such complex calculations, can try to learn the house edge of craps bets by heart.In order to calculate the built-in casino advantage of craps bets, players need to first acquaint themselves with the probabilities of the rolls’ outcomes. Understanding the True Odds
You may have noticed there is a discrepancy between the probability of winning with specific bets and the way the winnings are paid out. This discrepancy is exactly what gives the house its edge. The house succeeds in maintaining an advantage over players by paying less for winning bets than the true odds would dictate. For instance, bets on the Pass Line pay even money and have the lowest house edge of 1.41% only, which means players will lose $1.40 on average per every $100 they wager at the craps table. Basically, the only exception to this rule is when free odds are taken or laid on the bet – in this case, the house holds no advantage over players because winnings are paid at true odds.
You may wonder why players persist in betting on craps when the game is obviously tilted against them. The truth of the matter is smart players exploit a phenomenon, called distribution variance, which is precisely what causes the hot and cold streaks when the dice are rolled repeatedly, because perfect, even distribution is something that occurs rarely, if ever, in nature.
Also, it is important to remember that it takes prolonged periods of time for the odds to balance out so that the house can make a profit. Thousands of hundreds of dice rolls are required for the odds to follow their natural path and maintain equilibrium. However, many players remain at the craps table for short periods of time only. It is precisely during these fleeting moments of time that variance creeps in and allows craps players to turn up a profit. At least, if they bet smartly, manage their bankroll properly, and
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