Field bet question
offer to pay double if 2 craps hits, and triple if 12 craps hits, how much money
would the casino make if they changed the payouts to both pay double for the 2
and 12 if they hit? Can you explain the math, and an example of the math for a
casino that has 2 tables in play for 5 days, and 4 in play for the weekend
action? Your help is greatly appreciated!!
Quote: HardrockRebelI would like to know if a casino is offering field bets that
offer to pay double if 2 craps hits, and triple if 12 craps hits, how much money
would the casino make if they changed the payouts to both pay double for the 2
and 12 if they hit? Can you explain the math, and an example of the math for a
casino that has 2 tables in play for 5 days, and 4 in play for the weekend
action? Your help is greatly appreciated!!
answer is in here if I understand your question.
Why make the field a neutral bet?
The casino makes its money by offering bets that are NOT neutral. The house is favored to win, but the bet is still reasonable and the gambler gets his festive atmospher, his free drinks, ... and his dreams.
The casino often offers some sweeteners in the field but they don't want to turn it into a fair bet situation.
How many players would it attract to the casino who can not already be accommodated at those craps tables?
Quote: FleaStiffI rather doubt it would happen.
Why make the field a neutral bet?
The casino makes its money by offering bets that are NOT neutral. The house is favored to win, but the bet is still reasonable and the gambler gets his festive atmospher, his free drinks, ... and his dreams.
The casino often offers some sweeteners in the field but they don't want to turn it into a fair bet situation.
How many players would it attract to the casino who can not already be accommodated at those craps tables?
somebody pointed out that the pass or don't pass bet requires a minimum, other bets only one dollar... so they arent going to let you just bet a dollar and get the same low house edge
Under the normal 3 to 1 payout with house edge of 2.27%, you can see that if you are making bets with low payouts (from 1:1 to 3:1) you are better off playing craps. However if you want to make proposition bets with larger payouts (4:1 up to 36:1) you are better off playing roulette.
Quote: odiousgambitQuote: FleaStiffI rather doubt it would happen.
Why make the field a neutral bet?
The casino makes its money by offering bets that are NOT neutral. The house is favored to win, but the bet is still reasonable and the gambler gets his festive atmospher, his free drinks, ... and his dreams.
The casino often offers some sweeteners in the field but they don't want to turn it into a fair bet situation.
How many players would it attract to the casino who can not already be accommodated at those craps tables?
somebody pointed out that the pass or don't pass bet requires a minimum, other bets only one dollar... so they arent going to let you just bet a dollar and get the same low house edge
The field bet is the same minimum as the pass/don't pass. The lower $1 bets are made the high house edge / high payout prop bets in the center of the table. I have also seen the table minimum applied to the minimum action required when you bet -- in other words, on a $10 minimum table they would not allow you to make only $1 bets on the hardways; you would have to bet an additional $6 on some other prop bets (or bet $10 on the line, field, place, etc.)
Quote: pacomartinThe house edge is 2.27% if the 12 pays 3 to 1 or 5.56% if it pays 2 to 1. We assume that 2 pays 2 to 1 always.
Under the normal 3 to 1 payout with house edge of 2.27%, you can see that if you are making bets with low payouts (from 1:1 to 3:1) you are better off playing craps. However if you want to make proposition bets with larger payouts (4:1 up to 36:1) you are better off playing roulette.
To calculate house bet, you total up the total wins/losses over all dice combinations. The field bet offers 20 ways to lose (5, 6, 7, 8) and 16 ways to win (2, 3, 4, 9, 10, 11, 12). Because the 2 and 12 pay 2:1, you win 18 units and lose 20: -2/36 = -5.56%.
If the 2 or 12 pay 3:1 you win 19 units and lose 20: -1/36 = -2.78%.
Quote: seattlediceQuote: odiousgambit
somebody pointed out that the pass or don't pass bet requires a minimum, other bets only one dollar... so they arent going to let you just bet a dollar and get the same low house edge
The field bet is the same minimum as the pass/don't pass. The lower $1 bets are made the high house edge / high payout prop bets in the center of the table. I have also seen the table minimum applied to the minimum action required when you bet -- in other words, on a $10 minimum table they would not allow you to make only $1 bets on the hardways; you would have to bet an additional $6 on some other prop bets (or bet $10 on the line, field, place, etc.)
oops, I guess this shows I don't make such bets and don't know the drill!
