Odds Bet

Odds Bet is a term predominantly used in the context of the casino game craps, although it can also refer to general betting odds in other contexts. In craps, the Odds Bet is a type of side bet that can be made in addition to your initial bet and is considered one of the best bets in the casino due to its fair payout.

  1. Craps Specifics: In craps, an Odds Bet is placed after a point has been established by the come-out roll. This bet is placed behind the pass line bet (or don’t pass bet) and pays out if the point is rolled again before a seven.
  2. True Odds Payout: The key feature of the Odds Bet in craps is that it pays at true odds. This means there is no house edge on this bet; the payout is equal to the probability of winning. For example, if the point is 4 or 10, the odds bet pays 2 to 1, which are the true odds of rolling a 4 or 10 before a 7.
  3. No Marked Area on Table: Unlike most other bets in craps, there is no marked area on the table for odds bets. Players place their chips directly behind their original pass line or don’t pass bet.
  4. Betting Limits: Casinos usually limit the amount you can wager on an Odds Bet. This limit is often expressed as a multiple of your original pass or don’t pass bet. Common limits are 3x, 4x, 5x, or even higher, depending on the casino.
  5. Reduction of Overall House Edge: While the Odds Bet itself has no house edge, it is always made in conjunction with a pass or don’t pass bet, which do have a small house edge. By placing an Odds Bet, you lower the overall house edge on your total wager.
  6. Player’s Advantage: The Odds Bet is one of the few casino bets that do not inherently favor the house, making it an attractive option for players. Knowledgeable craps players often look to maximize their Odds Bet to take full advantage of its fair payout.
  7. General Betting Term: Outside of craps, “odds bet” can simply refer to the odds offered on any bet. In this broader context, it’s about the ratio of payout to the stake, reflecting the probability of the event occurring.