Craps is an online casino game that has a large number of bets. A skill that a craps player has to develop is to be able to decide which bets to wager on and which bets to leave. One of the more popular bets in craps is the set of bets known as the place bets. In this bet a player wagers that a specified point number will be rolled before a 7 is a rolled.
The following numbers are the point numbers in craps: 4, 5, 6, 8, 9 and 10. A player has three options in connection with wagering on place bets. The first option is the most straightforward one in which the player wagers on the payoffs given by the online casino. These payoffs do not correspond to the mathematically correct odds because the casino operates on a house edge. This house edge helps the online casino recover its costs and make some profits. In the second option the online casino offers the player the mathematically correct odds but recovers its costs by charging the player a 5% commission. The third option that the player has is not to wager on the place bet at all.
Because of the symmetry involved the mathematically correct odds and the payoffs given by the casino are the same for a place bet on 4 and on 10. Similarly the correct odds and the payoffs are the same for 5 and 9. Also the correct odds and the payoffs are the same for 6 and 8. Because of this it is not essential to analyze each of the six place bets separately but these bets can be analyzed in three sets of two numbers each.
The place bets on 4 and 10 are being considered first. Most online casinos offer a payoff of 9 to 5 on these bets. The mathematically correct odds are 2 to 1. This leads to a house edge of 6.7%. 6.7% is a fairly large house edge and it does not make sense to wager on the place bet on 4 or 10 in this manner. It is better to go for the second option and pay the online casino a 5% commission. Unless the player is in the mood to take undue risks, even 5% is too much and the correction tip in the case of place bets on 4 or 10 is to avoid wagering on these bets altogether.
In the case of place bets on 5 and 9 most online casinos offer a payoff of 7 to 5. The mathematically correct odds are 3 to 2. This leads to a house edge of 4.0%. Since the house edge is less than 5% it makes no sense to follow the second option of paying a 5% commission for the correct odds. Therefore if players want to wager on the place bets on 5 or 9, it is best to do it directly with the house payoffs instead of paying money for the correct odds. However a 4.0% house edge is also quite high and the advice in this case also would be to avoid this wager.
In the case of place bets on 6 and 8 most online casinos offer a payoff of 7 to 6. The mathematically correct odds are 6 to 5. This leads to a house edge of 1.5%. Since the house edge is much less than 5% it makes no sense to follow the second option of paying a 5% commission for the correct odds. 1.5% is a reasonable house edge and players wanting to wager on place bets should bet on 6 or 8, and bet directly without buying the correct odds.