Odds Behind the Line?

Everyone talks about the odds behind the line as leading to a great low house edge. I understand that by taking the odds the house edge is reduced. But I'm not really sure why this matters if you are trying to minimize losses. The house edge at craps is always against you. If you try to find the lowest minimum bet game and want to minimize your dollar losses, why would placing the odds matter? Placing odds seems to me to be a "doesn't matter" bet. All you are doing is increasing your money at risk and reducing the odds against you. But the amount of money you are likely to lose to the house edge doesn't change. If you are a non-minimum bet player, say $10 chip kind of person, then betting the minimum and saving the rest for odds is great. But for minimum bet people like me, the odds don't seem to matter.

Is this analysis wrong? If so, what am I missing?

I understand what you're saying.

Personally, I chalk it up to semantics.

I don't understand why so many people link the two. After all, the PL bet can win or lose before you even get a chance to put odds behind it, so how does it effect the edge?

On the flip side, I DO take the odds, only because I like the idea of placing a bet that has a house edge of zero. I'm just too timid (or maybe it's my short bankroll) to put down max odds. (Unless max is 2X LOL)

If you're trying to minimize losses, you don't play at all.

If you're trying to get the best value for your bet at craps, you play odds.

The logic doesn't necessarily mean that you should bet more than you are able or willing. It just means you may want to bet differently. Say you are at a $10 table and you have $10 to bet. You put it on the pass line and your number comes in, you win $10.

If you were to play a $5 table instead, you can put $5 on the pass line and $5 odds. It's the same $10 bet; but this one will win you $11, $12.50 or $15 instead of just $10.

Odds do matter.

I wouldn't play if I didn't enjoy it. I like craps. I feel it is the most exciting game in Las Vegas. In every other game, with the partial exception of sports book, you and your fellow player win or lose independently. I guess in blackjack if the dealer goes bust everyone wins. But generally in a casino the most us against the house action is at a craps table. That is why the yelling and wooping it up generally comes from there. I just don't want to spend any more than i have to in order to participate.

Quote: FinsRule

If you're trying to minimize losses, you don't play at all.

If you're trying to get the best value for your bet at craps, you play odds.

I would make an additional point about playing odds, to add something to FinsRule quote:
- If you're trying to get the best value for your bet a craps, you play odds within reason.

Increasing exposure has to be considered. Would you mortgage your home to play 100,000 times odds, thinking "what a deal!", only to get slammed with a seven-out? The difference between 1% and 0.5% HE and 1% and 0.000000001% HE is meaningless in a session, but exposing an affordable $50 on the turn of the dice, versus an utterly unaffordable $500,000 on the same roll is huge. Losing a fortune and your ass only to say, "Hey, it's okay, because the HE was essentially zero - I was smart" is not smart play. I can play 3x-4x-5x odds and be happy with it, because my exposure is balanced.

Quote: zeekm

Say you are at a $10 table and you have $10 to bet. You put it on the pass line and your number comes in, you win $10.

If you were to play a $5 table instead, you can put $5 on the pass line and $5 odds. It's the same $10 bet; but this one will win you $11, $12.50 or $15 instead of just $10.

Odds do matter.

Very well stated.

Here's how I describe it:

The first time I ever tried to play craps seriously, I'd bet $10 on the pass line, with $10 odds when someone else was shooting. When it was my turn, I'd make that $25 and $25. After doing that a few times, the player next to me suggested I bet $10 on the pass line, and $40 odds. When it won, and I collected so much more than I had before, it was as if a new world of gambling had been opened.

I actually use a similar philosophy. I bet the pass line and then only bet the odds when the point is 4 or 10. I think of this "system" as betting to maximize excitement. Oh boy!

Since the odds of winning the Powerball Lottery are 173,000,000 to 1 (app) I won't buy a ticket unless the payoff is more than $173,000,000.

Quote: ncfatcat

Since the odds of winning the Powerball Lottery are 173,000,000 to 1 (app) I won't buy a ticket unless the payoff is more than $173,000,000.

That's bad logic because:

- There are thousands of ways to win small prizes that lower the ratio, and

- There is the chance of mutiple winners which will lower the payoff.

Mind you, I don't play it at all...