How to Calculate the Craps Odds
Craps odds are basically a measure of the casino’s win-win situation in the game. By calculating how much the casino actually stands to gain from each individual hand, the craps odds give the gambler an idea of what hand he or she should place his bets with. Comparing the odds of a craps bet against the potential payoff, a gambler may view how much money he or she will need to wager to win. This informational piece digs deep into the best way to evaluate the craps odds and presents findings that are comparable to other casino games. It also extracts the casino’s house edge, which is the difference between the expected earnings from each hand and the amount that can be wagered; for instance, two people can double their expected earnings by doubling their craps bets.
It’s important to remember that calculating the craps odds is not rocket science. Knowing the basic math of probability is all that is required. All you need to know are the odds when you multiply their values: One is your chance to win, two is your chance to lose, and so on. You have to know the odds when you take into account the number of players, number of beds, number of rounds, etc. This is where the six ways to figure out the odds come in handy. Here are the six ways to figure out the craps odds.
The first way to figure out the craps odds is to know your pool, or die roll. This is simply the combination of numbers that has been rolled up into a die. For example, if you are playing craps at a five-dice table and have a twenty-one, you would have a fifty percent chance of getting a straight five or a flush. Knowing this is the first step towards estimating the best bet.
The second way to figure out the craps odds is to figure out the house edge; this is the difference between the amount of money that a player can win or lose before the house edges them out. For instance, if a player wins a hundred dollars before the house edges them out, that would be their best bet and they will likely win the money. If the player were to lose one hundred dollars before the house edges them out, that would be their second best bet and they would most likely lose the money. This means that the value of betting increases or decreases depending on the difference between the bets. Also, it should be noted that the higher the house edge, the greater the odds of losing. As such, it is generally a good idea to bet only after the edge is at a reasonable level.
The third method to calculate the odds is to use binomial models which are mathematical equations used to calculate the probability of different possible outcomes. These come in two ways; the binomial tree root and the binomial mode. The first allows for probability using the normal distribution, while the second uses probability using the logistic series. These are both used to calculate the odds of specific possible outcomes. It should also be noted that there is no mathematical equation to use here which makes these methods unreliable as well as hard to understand.
The final method for calculating the craps odds is to use the graphical representation of the logistic curve. The graphical representation uses the probability of rolling over a number of numbers between one and infinity. This gives a graphical representation of the odds of each possible outcome, which can then be used to calculate the odds of each specific possible outcome. All of the six ways to calculate the odds are based off of the graphical logitics.