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

The policy at MGM properties remains the same that you pay the commission ONLY on wins for all numbers. Definitely helps as a dont bettor for some insurance on the come out roll.

After it being in place now for about a year this is probably a strategy all casinos should implore. It keeps the game moving faster, people lose slower, and it just makes it easier all around. Whoever thought this up was smart to roll it out. I assume it’s working out well for them too since they have not rolled it back.

Place bets should be eliminated from the table. Buys are lower vig, even on the 6/8 with a $35 bet. No more funny payout ratios of 7/6, 7/5 and 9/5.

I forget what the payout on a buy 6,8 is but it's one of the bets that I still do place instead of buy on the bubble craps machine. I buy the 4,5,9,& 10 to get better payouts on a win. The buy 4,10 pays $1.95 (instead of $1.80) for a $1 bet & the buy 5,9 pays $1.45 (instead of $1.40) for a $1 bet, basically a nickel vig per win at that level. 20 wins of that and I'm already down one $1 bet. So betting PL & odds would take out the vig excluding the PL vig. But it always seems like I'm trying to hit the number twice for the payoff before a 7-out when trying to win an odds bet on a line bet.

If I place the 6 for $6 after the point gets established, and I put $1 on the PL with $5 odds (if it was a 5X odds table, which it isn't) and establish a point of 6, I'd have to hit the 6 a second time to win the $7 on the PB 6 and a second time to win the $7 on the PL + Odds bet. But if I also had a PB 8 up for $6, I'd only have to hit the PB 8 once to win on that, but I'd be $1 ahead if a 7-out came before a 2nd hit, if I wasn't pressing my bet. I usually half-press my 6 & 8 bets, so to come out even with them compared to flat betting, I have to hit one number twice anyway.

Quote: Ace2

Place bets should be eliminated from the table. Buys are lower vig, even on the 6/8 with a $35 bet. No more funny payout ratios of 7/6, 7/5 and 9/5.
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Last time I was there it was only vig on win for the 4 and 10 buys. Not on 5/6/8/9. Has that changed?

Read the thread

Quote: Ace2

Read the thread
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Boring