Lay the Odds is a term used in gambling, particularly in the game of craps, but it can also be found in sports betting. In craps, it refers to a type of bet that is the opposite of a traditional (odds) bet. While an odds bet is a wager that a point number will be rolled before a 7, laying the odds is betting that a 7 will be rolled before the point number.
- Craps Context: In craps, “laying the odds” is an option available to players who have made a don’t pass or don’t come bet, which are bets against the shooter. After a point is established, players can lay the odds against that point.
- Payouts: The payouts for laying the odds are the inverse of an odds bet. They are based on the likelihood of a 7 being rolled before the point number. For example, laying odds against a point of 4 or 10 pays 1 to 2, against 5 or 9 pays 2 to 3, and against 6 or 8 pays 5 to 6.
- No House Edge: Like an odds bet, laying the odds is a fair bet with no house edge. The payout accurately reflects the true odds of the outcome.
- Sports Betting: In sports betting, to “lay the odds” means to bet against a particular outcome. It’s often used in the context of betting exchanges where one party bets that an event will happen (backing) and another party bets against it (laying).
- Risk Management: Laying the odds in craps can be seen as a way to manage risk. Players who have bet against the shooter (via don’t pass or don’t come bets) can potentially win more money if they correctly predict that a 7 will come up before the point number.
- Strategy Considerations: The decision to lay the odds should be based on a player’s overall betting strategy and their view of the current game dynamics. It’s a way to increase potential winnings on bets that are already considered safe.
- Bankroll Impact: Laying the odds requires additional money to be placed on the bet. Players need to consider their bankroll and the potential risk versus reward of these additional wagers.
- Casino Rules: Not all casinos allow laying the odds, and those that do may have different limits on how much can be laid. It’s important for players to understand the specific rules of the casino they are playing in.
