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Comparing Bets in Craps
Craps and roulette are two online casino games that offer a large number of bets to players. In roulette each bet offers the same long term return to the player and hence no one bet is more favorable than the other. However in craps the long term return differs widely for different bets. Hence some bets are more advantageous than others. Another advantage in roulette is that the payouts are standardized and do not vary from online casino to online casino. However in craps it is possible for the same bet to have differing payouts in different online casinos. This makes it necessary for players not only to compare different bets within an online craps game but to compare the same bet across online casinos as well.
The house edge is the perfect measure for comparing different bets. It puts a value to the percent of each wager retained by the casino in the long run. However, online casinos do not report house edges for each wager. They only indicate the actual payout offered for each wager. The house edge is related to the actual payout and the mathematically correct payout. The mathematically correct payout is the property of the wager and cannot vary from online casino to online casino. This interrelationship is explained using the one roll bet on number 12. The mathematically correct odds for this bet are 35 to 1. Microgaming online craps offers a payout of only 30 to 1. This difference results in a house edge of 13.7%. Suppose another online gaming software provider offers even lower payout of 29 to 1. This results in an increase in the house edge to 16.7%.
The mathematically correct odds, the Microgaming online craps payout and the corresponding house edge are listed below for some of the more common craps wagers.
Hardway 6 or 8
Hardway 4 or 10
One Roll 2 or 12
One Roll 3 or 11
Big 6 or 8
Place 4 or 10
Place 5 or 9
Place 6 or 8
There are some bets in online craps that have multiple outcomes and the mathematically correct odds or the payouts cannot be simply stated. The house edges for these bets are being directly listed based on the payouts offered in Microgaming online craps.
One way of looking at the bets in craps is comparing them to online slots. Slots generally have a house edge of 5%. Hence if a craps bet has a house edge of less than 5% then go ahead and wager but if the craps bet has a house edge of more than 5% then leave it alone and play slots instead.
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