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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.

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.