Funny Craps story

[cardcounter0]

The house edge is 1.414% on your pass or come bet amount.

[Photoc]

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The house edge is 1.414% on your pass or come bet amount.

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Yes, on the pass or come bet. There is NO house edge on the odds as they are true odds. Thus lowering the house edge if you play max odds to roughly .5%.

[cardcounter0]

I think that is an incorrect way to look at things.

You pay 1.414% on the amount you bet on the pass or come.
The fact that you make an additional wager in odds doesn't change that. Trying to combine both bets and coming up with an "overall" EV distorts things. It is a false way of looking at things.

I could claim I actually get paid to play craps, since I save so much on my car insurance.

The odds bet has a 0% house edge. The pass and come bet has a 1.414% house edge. period.

So what ever amount you bet on the pass and come, 1.414% goes to the house. And whatever you bet on the odds, 0% goes to the house, you are only at the mercy of short term variance.

A $2 pass bet with full odds, or no odds, or 5x odds, or 10x odds, or even 100x odds, is going to pay the house 3 cents in vig. [img]/images/graemlins/grin.gif[/img]

[Photoc]

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The point comes 10. I put up $7 odds and Photoc puts up $5 odds. His roommate puts up $250 laying odds AGAINST the 10. He was going to BUY the ten, but changed his mind at the last minute and bet the don't.


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Well, you're a little off on the story, but not too far.

I had 2 on the line with 15 odds and my roommate had 10 dont with 190 lay against the 10. His only words after we high fived were... "now that's [censored] up" LOL

[Al_Capone_Junior]

[ QUOTE ]
You pay 1.414% on the amount you bet on the pass or come.
The fact that you make an additional wager in odds doesn't change that. Trying to combine both bets and coming up with an "overall" EV distorts things. It is a false way of looking at things.


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This is simply wrong. It's stated in Mason Malmuth / Lynn Loomis book "fundamentals of craps" as well as other texts on the statistics of gambling. The odds bet does in fact lower your overall vig. My copy is loaned out or I would quote the exact page for you, but it's only $5 anyway so perhaps you should pick it up. The layman's explanation is that you're increasing your wager once there's a point and getting better overall odds than if you'd just left your pass line out with no odds. Since there is by definition no vig on the odds, the only place that the overall reduced vig can be coming from is your pass bet.

al

[Knyte260]

You are wrong...

The odds bet lowers the house edge against your total amount of money on the table. But since the amount is now higher (placing 3 or 5 or 10 times odds), a lower percentage edge on that total, will still come out to the edge -EV.

You are right in that you aren't making a bad decision gambling with craps at these stakes however. With free beer and any comps, you could be winning with how slow this game moves.

-Chris

[nmadd]

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I'll send you the half-penny to cover your theoretical loss (so you don't have a heart attack and die because you made a -EV bet).

al

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lol

Good story.
I don't travel to Las Vegas often but when I do, I make sure I spend some time at the cheap craps tables. I know I'm not going to make money but it is easily the most enjoyable game to play (and drink at) with a bunch of friends (or a bunch of strangers for that matter). I don't know how many times I've hugged a complete stranger after they made a couple of passes. [img]/images/graemlins/grin.gif[/img]

[mosta]

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This is simply wrong. It's stated in Mason Malmuth / Lynn Loomis book "fundamentals of craps" as well as other texts on the statistics of gambling. ... My copy is loaned out or I would quote the exact page for you, but it's ...

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I'm sure Malmuth et al. would hope earnestly that it doesn't take a citation to authority to settle a dispute over 8th grade level math.

[Dex]

[ QUOTE ]
[ QUOTE ]
You pay 1.414% on the amount you bet on the pass or come.
The fact that you make an additional wager in odds doesn't change that. Trying to combine both bets and coming up with an "overall" EV distorts things. It is a false way of looking at things.


[/ QUOTE ]

This is simply wrong. It's stated in Mason Malmuth / Lynn Loomis book "fundamentals of craps" as well as other texts on the statistics of gambling. The odds bet does in fact lower your overall vig. My copy is loaned out or I would quote the exact page for you, but it's only $5 anyway so perhaps you should pick it up. The layman's explanation is that you're increasing your wager once there's a point and getting better overall odds than if you'd just left your pass line out with no odds. Since there is by definition no vig on the odds, the only place that the overall reduced vig can be coming from is your pass bet.

al

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Wagering $2 on the pass line (or come), your expectation is -$0.02828, no matter how much you wager on the odds bet.

Your EV described as a *percentage* of the *total* amount wagered (pass + odds) will change depending on how much you bet on odds, of course. But your absolute EV in $ remains the same: -$0.02828.

In other words, you are not gaining anything in terms of $EV by making an odds bet - you are simply increasing variance.

[AsSeenOnTV]

The post was about some guys out having a good time....I think a few of you are wound WAY to tight!