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 Question for craps players
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
There's a great website I look at to get the house advantage on craps wagers. I am however baffled by how a basic calculation is done on placing the 6 (I could substitute the 8 in this example also)
The site says the house edge on those wagers is 1.52% per bet resolved. The way I see it, a fair payout for me to roll a 6 before the 7 is 1.2 for a $1 wager (6 pays 5). The actual payout is 7 pays 6 or 1.167 (rounding up) for a $1 wager. So if I was able to place a $1 wager, the house seems to get slightly over 3 cents more than they should on this outcome.
I'm guessing perhaps I'm just missing a step here, but I'm not understanding how the 1.52% house advantage is calculated.
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Re: Question for craps players
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
I'm kinda surprised there aren't more craps players here who are into the math of the game. I got my answer from another forum. For those that care, here's the calculation (I was missing one step as I expected).
The fair odds on a winning six would be 6 to 5, but it actually pays only 7 to 6. The difference is 6 / 5 - 7 / 6 = 1 / 30 ≈ 3.3%.
However, to get the house edge of the place bet on six, we divide the above number by one plus the fair odds, so the house edge is (1 / 30) / (1 + 6/5) = 1 / 66 ≈ 1.52%.
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Re: Question for craps players
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Joined: Dec 2000
Posts: 281,932 Likes: 3028 Time to play the Game
Owner
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Owner
Joined: Dec 2000
Posts: 281,932 Likes: 3028 Time to play the Game |
I don't play craps and wouldn't have had a clue. Sorry brother!
A post a day and your access will stay!
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Re: Question for craps players
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
I don't play craps and wouldn't have had a clue. Sorry brother! No worries. I just figured there would be some craps players around. I started really looking at house edges quite some time ago as a big part of the comp program at casinos is duration (in addition to average wager). My goal is to play the long game to get free rooms. At 1.52%, I expect to lose $152 on $10k in wagers. In return, I usually get 3 comp nights at hotels where the rooms go for between $200 to $375 per night. It works well for me so I stick with wagers with the lowest house edge possible that doesn't exhaust my bankroll.
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Re: Question for craps players
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Joined: Sep 2023
Posts: 1,173 Likes: 1
Sophmore
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Sophmore
Joined: Sep 2023
Posts: 1,173 Likes: 1 |
Sorry, I’m a don’t pass player
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Re: Question for craps players
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Joined: Sep 2023
Posts: 1,318 Likes: 26 pa.
Junior
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Junior
Joined: Sep 2023
Posts: 1,318 Likes: 26 pa. |
I play both 6 and 8. You won't win much but won't get buried neither.
Just curious as to where your getting rooms for tables. Most casinos i go to are giving you tier credits at slots and hardly anything at tables.
good luck!
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Re: Question for craps players
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Joined: Mar 2024
Posts: 159 Likes: 3
JV Squad
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OP
JV Squad
Joined: Mar 2024
Posts: 159 Likes: 3 |
I play both 6 and 8. You won't win much but won't get buried neither.
Just curious as to where your getting rooms for tables. Most casinos i go to are giving you tier credits at slots and hardly anything at tables.
good luck! The two casinos I frequent are Venetian/Palazzo and Red Rock. The vast majority of time I receive comps when I go to Vegas. These are usually issued by their marketing department. Venetian/Palazzo is usually once a quarter (2 or 3 nights) and I fill in the other times at Red Rock (they've become a little tighter lately but usually offer us nice spiffs during the holidays...last year was comp room, $125 in match play chips, and a $50 food credit). Playing the 6 and 8 tends to make my bankroll last so I get the duration part of the equation in. Although the casino edge is less if I play pass or don't with max odds, that can sometimes burn through my bankroll if things are going south.
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2 members like this:
ArizonaGolf, jaws072 |
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