MGM No Vig Up Front

Quote: WABJ11

All the MGM properties have finally changed to no charge on vig/juice up front for craps buys and lay bets. They only charge AFTER the win. This reduces the house edge by half and is a big deal.
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Sorry for the late arrival.

First, it's my understanding as someone who very rarely plays craps that most casinos do the following:

6 and 8 -- pay the 7/6 place bet odds
5 and 9 -- pay the 7/5 place bet odds
4 and 10 -- charge 5%, based on the bet amount, after a win only, for bets of $20 or more. For less, they pay 9/5 place bet odds.

I see this policy affecting the 5 and 9 only.

The 7/5 place bet odds have a house edge of 4.00%.
If the commission were always charged, the house edge would be 4.76%.
If the commission were charged on wins only, the house edge would be 2.00%.

I'll try to verify this my next visit to an MGM property, but until then, who can confirm that MGM properties charge the Vig after a win only on the 5 and 9?

Note to Dieter:

See how Wizard's post appears twice.

I believe all casinos would automatically convert a place bet on 4/10 to a buy bet. Even when the commission is collected up front, buying has a lower edge (4.76%) than placing (6.67%).

With commission on win only, it’s also more favorable to buy the 6/8 for amounts >$30 and <$40. The same would go for laying the 6/8 for between $36 and $48

Place bets are mostly obsolete at casinos that charge commission on win only. And it’s easier math than using the awkward 7:6 ratio for place bets on 6/8