Lay Bets: House Advantage
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Obviously, 4% is beneficial for the player, but my question is: How much exactly does it lower the House Edge?
Quote: Beethoven9thI don't make very many lays bets, but I noticed that Station Casinos allows players who lay the 4 or 10 to pay vig on the win. I also noticed that dealers subtract only $2.00 when a $100 lay bet wins (which, of course, is 4% commission). With 5% commission, the HE is 2.44% when paid up front on the 4/10. On the win, 1.67%
Obviously, 4% is beneficial for the player, but my question is: How much exactly does it lower the House Edge?
This is standard, I think. It's how it works at MGM grand, for sure, betting no 4 or no 10.
Paying 4% commission instead of 5% commission lowers the house edge by 20% (4/5). You win 2/3 of the time (and when you win, you win 50% of the bet) so it is the same edge as on buying the 4 or 10 -- 1.333...% for 4% commission and 1.666...% for 5% commission.
Park MGM changed their rules today on craps where you don’t pay any vig upfront on the Lay bets. I was curious about this 4% you’ve been talking about. I have played at Red Rock for almost four years, and never seen 4% and you ALWAYS have to pay the 5% vig up front on the Lay bet. What station casino was charging only 4%?
Quote: WABJ11Sorry I’m late, I am a don’t player and came across this post after googling no vig upfront and lay bets.
Park MGM changed their rules today on craps where you don’t pay any vig upfront on the Lay bets. I was curious about this 4% you’ve been talking about. I have played at Red Rock for almost four years, and never seen 4% and you ALWAYS have to pay the 5% vig up front on the Lay bet. What station casino was charging only 4%?
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I typically lay the last number for the All, Tall, Small bets as a hedge.
4, 10 $50 lay, $1 vig
5, 9 $60 lay, $2 vig
6,8 $60 lay, $2 vig
I do these at Red Rock and Suncoast. The vig is paid when the bet is made.
$2 on a $60 bet is 3%, isnt it?
Quote: AlanMendelson
I typically lay the last number for the All, Tall, Small bets as a hedge.
4, 10 $50 lay, $1 vig
5, 9 $60 lay, $2 vig
6,8 $60 lay, $2 vig
I do these at Red Rock and Suncoast. The vig is paid when the bet is made.
$2 on a $60 bet is 3%, isnt it?
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No this is incorrect. You’re not charged vig on the amount you wager, you’re charged vig on the WIN of the bet. So $50 4,10 Lay would win $25 and 5% is $1.25. They round down to $1. 5,9 $50 Lay would win $40, and 5% is $2.
So it’s a misunderstanding on your part.
In any event I’m more curious to know more about when casinos don’t charge you vig up front and only charge you on a win.
Quote: WABJ11Quote: AlanMendelson
I typically lay the last number for the All, Tall, Small bets as a hedge.
4, 10 $50 lay, $1 vig
5, 9 $60 lay, $2 vig
6,8 $60 lay, $2 vig
I do these at Red Rock and Suncoast. The vig is paid when the bet is made.
$2 on a $60 bet is 3%, isnt it?
link to original post
No this is incorrect. You’re not charged vig on the amount you wager, you’re charged vig on the WIN of the bet. So $50 4,10 Lay would win $25 and 5% is $1.25. They round down to $1. 5,9 $50 Lay would win $40, and 5% is $2.
So it’s a misunderstanding on your part.
In any event I’m more curious to know more about when casinos don’t charge you vig up front and only charge you on a win.
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Thanks for correcting me on the vig on lay bets.
Most casinos have dropped the vig when you buy the 4 and 10 and charge the vig only when the bet wins. I dont think I've paid a vig on the 4,10 when placing those bets in 20 years.
Caesars in the old days charged the vig when buying the 4,10 but that was the old days. You've paid it on the win for the past 20 years or so.
For both bets, the Vig is often rounded down for convenience or courtesy. For one Quarter, Vig is $1. For two Quarters, Vig is $2. Larger bet amounts will be evaluated using the 5% rule.
Most USA casinos now collect Vig after the win for Buy bets and upon placement for Lay Bets.
Competitive rivalries may induce some casinos to begin postponing the Vig on Lay Bets as well. This Forum would be a good place for sharing such good news.
Quote: DeMangoCongrats on digging up 8 year old thread!!!
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Reminds when I was digging in the back yard, I ran across some of the previous owners pets.
