Bet $5005 at craps with 1000x odds, expected loss is 7.5cents.
Bet $5005 at Bac, the expected loss is about $50. That's a monster difference.
1000x odds is AWESOME!!
BTW, it does cost the casino money on the odds bet.
While the casino does not make money on the odds bet itself, there is a loss in that it will cause people to bet on the odds, rather than on something where the house does make money.
It is analogous to this...if you intend to spend $100 at the supermarket, and you see a loss leader where the supermarket makes no money on the product, and you wind up spending your budget on the loss leader, the supermarket did not make money on the loss leader, but the supermarket lost money because, if not for the loss leader spending, it would have made money on the products what you would have purchased otherwise.
It's the same thing at the craps table. If you are going to bet $100 per roll (or per hand, whatever), and you would have bet it place bets of $25 each on whatever numbers, the house would have made money on those place bets. But if you instead bet on the odds, the house is technically losing money BECAUSE IT IS NOT MAKING MONEY.
I run a successful business (AlanMendelson just finished, today, shooting one of my infomercials, and we were arguing about odds at craps), and as a business owner, every minute that ticks by costs me money. Unless I am making money, I am losing money. It's the same thing for the casino. When the casino's time is going by, and people are betting odds, they run out of time to pay the bonds, the taxes, the employees, etc. Time is money. That's why it mystifies me when people in this thread knock the Riviera for giving 1000x odds. Whether or not people use it, it will definitely divert action away from the more profitable house bets. THATS A GOOD DEAL for the players.
If the house is losing money, the players are making money BECAUSE THEY"LL BE LESS LIKELY TO BET STUPID STUFF LIKE THE HORN OR THE YO!!
Well, thats true.
The most common form of whale craps that I see is $10,000 each on the hardways. $5000 horn high YO. $10,000 on the pass, and $5 on the odds (half joking).
I just booked my ticket to Riviera. See you guys there this weekend.
I called the pit and they verified 1000x odds is going on right now.
Come say hi and play craps with me.
Alan, come to the Riviera!!!!!!!!!!!!! I'll be there all weekend. 200x odds, here I come!!!!!!!!!!!!!!!!!!!!!
If you were a smart craps player, you wouldn't be betting the field (at that %) OR hop bets.....ever. So I really don't care much about it.
But that's my opinion.
1000x odds is just too gimmicky. What kinda high roller wants to play at the.....Riviera. Blegh.