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100x Odds! Going, Going... Gone!

Author: Mark Pilarski

Dear Mark: Do you know where in Las Vegas they still offer 100x odds in craps? Steve K.

I recently tweeted (you can follow me at @markpilarski) that the Casino Royale in Las Vegas was the last casino offering 100x odds on crap games. Well, Steve, "Bonsoir, elle est partie!" or French for "So long, she's gone!" Unfortunately, now you can only back up your pass/don't pass bet up to 20x your original bet at the Casino Royale and Main Street Station.

For those curious about what Steve is asking, here’s the scoop. Odds are a wager that is distinctly different from all other crap bets in that FREE odds carry NO house edge. All odds bets are paid off at true odds.

For instance, let’s say you find a $5 craps game and you place a $5 bet on the pass line, followed by the point becoming a 4. On a 100x odds table, you can back your pass line bet ($5) with $500 ($5 X 100) in free odds.

So how does the word FREE enter into play? Well, with two, six-sided dice, there are six ways of making a 7 (loser) and three ways of making a winner 4. The odds in opposition to your winning are 2-1 but if you win, your pass line wager is paid at even money, giving you $5 in winnings. Your odds bet, though, is paid at the 2-1 actual odds, bringing a $1,000 payoff on them.

Your pass line craps bet has a casino edge of 1.4%, but when backing it with free odds, the two wagers together now come to be a minuscule 0.02 percent house edge. With Vegas disposing of 100x odds, a 20x odds wager now grows into the best crap bet in Las Vegas with a casino advantage of 0.065%.

A house edge of just 0.02 percent that is no longer possible might dishearten some, but five hundred on the layout is some serious cha-ching. Dice showing cinco dos twice and you are adios. Your regular gambling bankroll wiped out after a couple quick seven-outs. The lesson here is to only bet enough odds as your gambling budget allows.

I always appreciate readers correcting me when/if the multiple odds information become out-of-date.

Dear Mark: I live in Reno and love your column. You have taken me from a novice who enjoyed gambling to someone who loses less and enjoys it even more. I recently read a book, "The Art of Thinking Clearly," which reminded me of your columns. It is a great read with 99 short chapters in about 350 pages. Many of the chapters are good dialogues of why people lose at life and gambling and a great discussion of risk vs. ambiguity. Keep writing that good advice. There are some who follow it religiously and have read all your books, listened to your audios and use your strategy cards. Richard M.

I am familiar with Rolf Dobelli’s book, The Art of Thinking Clearly. Yes, Richard, It is a great startling look at human psychology and acumen. The book spends a great amount of time avoiding “cognitive errors” and teaches you to make better choices in all facets of your life. Along the lines of making wiser choices when it comes to casino gambling, I have always insisted you can avoid most gambling errors by concentrating on wagers that have a casino advantage of less than two percent.

Additionally, Richard, thank you for your kind words and support of my casino educational products. I am so intent on spreading the gospel of sound gambling that now all of my books, audios and strategy cards are priced appropriately, less than one pull of a slot handle, a buck. Readers can click through to get what they want/need via my web site: Allow me, Richard, to point out to everyone for the umpteenth time that in the end, the more intelligent your play, the luckier you’ll be.

Gambling Wisdom of the Week: “Believe it or not, the beautiful lights, the around-the-clock activity, and the festivity and fast-paced action can sometimes make idiots of otherwise well-oriented, clear-minded individuals.” – Len Miller, Playing Games for Fun and Profit